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Issue #809: Nothing to see here. Move along.

Issue #809: Nothing to see here. Move along.

Aug 24, 2020
Marty's Ƀent

Issue #809: Nothing to see here. Move along.

Nothing can hurt the almighty dollar. This is something you should already know. The US Dollar is the reserve currency of the world. It is backed by the full might of the US Military. Other countries must convert their local currencies into dollars to purchase and import vital commodities. You know all of this to be true because it has been beaten into your brain by men and women who have a high incentive to maintain this status quo. Don't question it. You're an idiot if you do.

These "tried and true" tropes are going to be put to the test in earnest in the coming years. This is becoming glaringly obvious to anyone who is paying attention. Will the US government become only the second on this scary list to avoid default? We shall see, but many of the indicators your Uncle Marty is looking at suggest that no, we will not. Foreign central banks have decided to hoard gold over US Treasuries in recent years. Unfunded liabilities at the Federal level and public pensions at the state level will not be able to meet their obligations, but they continue ahead full bore anyway. The political class seems dead set on doing things that are politically expedient at the expense of our long-term health as a nation. This is soon to be taken to another level once MMT gets kicked into full gear.

All of these things depend on an increasing amount of debt from the US government and an economy that has hollowed out local manufacturing and supply chains. Making it impossible to even attempt to keep GDP growth in line with the debt we're accruing. A service economy dependent on increased financialization via complexity can only get you so far. The buck has to stop somewhere and I think we're getting close to that point. And at that point, we will see the global economy search for apolitical money to settle goods between and rebalance the system. Bitcoin will benefit greatly from this mad dash for sanity on the global stage.

If you haven't already, it may make sense to join the mad dash. More and more companies are starting to diversify their cash holdings into bitcoin. This is a new era for bitcoin and, if it continues, it will bring with it new severity in terms of upward price volatility.

Final thought...

I need to fall asleep at 9:30pm more often.


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