Gosh, I have an email, and the subject matter is: The US dollar backed by bitcoin?
Yikes! This is hysterical.
I am well aware of the simple fact that western currencies are in disarray. Governments, masquerading as delinquent teenagers let loose with their first credit card, have recklessly spent money they didn’t have, and cant pay it back. To try and deal with this problem they have borrowed money, and now they cant pay back those funds, so they are recklessly printing the money, which is leading to a collapse in the value of the currency.
How on earth can a currency survive when things have reached such a perverse state of affairs?
What this means is that there is a move to get out of cash. Anyone holding more cash than is required to deal with immediate matters is losing money as a matter of course.
Many US states are embracing bitcoin and investing in the crypto currency as part of their statutory reserve. That’s what I’ve been doing for the past decade or more, and it’s served me very well so far, but crypto is at last becoming part of normal life, despite the fact that cryptos are still awkward to buy, and dont feel very safe.
The dollar, and linked currencies, are no longer a safe haven for value. They are an unplugged hole through which value is roaring at an increased rate.
I still maintain that the US economy is stronger than most people think, but the US currency is a disaster.
In another email I am told the US central bank (the Federal Reserve) is considering printing ten trillion dollars to bail out the system. Ten trillion? That is going to tank the currency.
The odd thing is, at the same time the USA government wants to fight Iran, Russia and China.
Yes, it’s hysterical. Does anybody believe in this lunacy? How is the government going to pay for this? The simple answer is that it can only do so by destroying its own currency. Where’s the sense in that?
If they do go down that road, it will do immense damage to the US economy. That means the essential question to ask is: How likely are the US politicians on Capital Hill to decide they really want to destroy the country.
The USA may have been top dog for half a century, but in the twenty-first century it is a laugh a minute.
That doesn’t worry me, but I am deeply shocked that Washington continues to support Israel in its genocide. That is beyond the pale.
Washington is hell bent on destroying the USA. Thank god I dont carry a US passport!
Unfortunately I carry a UK passport and am even hassled (illegally) by the Inland Revenue for money to support their rotten government, which is an embarrassment to an Englishman abroad.
Unfortunately, I am not sure who else would have me. But I’m not really a nuisance, and I do pay my way. But the EU wants to go to war with Russia.
Hold on. Almost every EU nation is hovering on the verge of bankruptcy, so how can they afford a war? The total fighting force they could raise would fill about three football stadiums. How long would such a fighting force survive? They have close to zero ammunition and only basic hardware, and hardly any manufacturing base to manufacture arms.
And how would the creation of an industrial complex to produce weapons chime with the drive for net zero carbon emissions? And how does the EU build state of the art munitions when China wont sell rare earths which are essential to the making of such munitions?
The populations in the vast majority of EU states are already seriously opposed to any such war, so who is going to act as backup to the regular armies? And, of course, where is the money coming from?
These political idiots are living in a dreamworld, or they are smoking weird substances. And apparently some of them have been caught doing precisely that.
So it’s back to searching for ever more ways to put one’s money to work in order to keep up with the constant attacks on one’s wealth by incompetent governments.
I’m currently in the process of checking out an investment that takes advantage of arbitrage anomalies in the price of gold. I’ll get to you on that.
In the meantime, we are living in a surreal world.
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