Back in April 2021, nary a concern was being discussed when it came to the state of the equity markets (except, of course, from conspiracy theorists like Austrian economists).
Bitcoin was about $58,000/coin and Coinbase was getting ready to IPO at $375/share. The market was euphoric off the Fed’s year-straight of unlimited quantitative easing, dogshit stocks were ripping higher and the idea of valuations wasn’t even being discussed on financial news.
Which, of course, made for a perfect climate for Ross Gerber to take the stage and make one of his visionary predictions on “the new financial system” as he saw it, which included the bold, forward-thinking idea that JP Morgan, Goldman Sachs and Well Fargo “won’t exist” in 20 years.
Behold, the product of 0% rates and unlimited quantitative easing:
But but but as Axios says...$BTC is up >600% since June 2017...4 billion unbanked people with cell phones who’ve seen their fiat crash, rinse, repeat.
I’m no BTC fanatic but if I buy $100 a week and average porque no? Just one base covered. No paper markets suppressing the price like Au and especially Ag. What’s the spread between paper and physical, 35%? Shame on the FTC, but that’s another series of columns.
Seeing the future 20 years out is really hard…..visionary type stuff with a little luck…..18 months is a blip…..can’t say he’s wrong or right….I actually like Ross sometimes….that being said Ross needs to change oil in my diesel for me so he can get a little moxy in his life….I’ll even pay him in gold to complete the job!! Best of luck to all
It’s Amateur Hour on all fronts in the entire Western world; politics, media, business ‘leaders,’ the educational sector, the health care sector, science, etcetera. This is probably what Rome was like before it collapsed, the 3 D’s; Dumbed Down + Decadent. (p.s. perhaps this is what people mean when they talk about Trump’s 3D chess, lol!)
I am trying to figure out what will take the place of King Dollar though as it devalues to nothingness. The U.S. must default on its debt at this point, either through outright default (less likely) or monetizing the debt (more likely), which means hyperinflation if it’s the latter. People will find other ways to transact in times of hyperinflation, and potentially governments with dollar pegs will be looking for ways out. Bitcoin has established sufficient network effect at this point that it may well be a candidate, and of course you can’t print (much) more of it, so worth holding as a hedge I think.
But but but as Axios says...$BTC is up >600% since June 2017...4 billion unbanked people with cell phones who’ve seen their fiat crash, rinse, repeat.
I’m no BTC fanatic but if I buy $100 a week and average porque no? Just one base covered. No paper markets suppressing the price like Au and especially Ag. What’s the spread between paper and physical, 35%? Shame on the FTC, but that’s another series of columns.
Seeing the future 20 years out is really hard…..visionary type stuff with a little luck…..18 months is a blip…..can’t say he’s wrong or right….I actually like Ross sometimes….that being said Ross needs to change oil in my diesel for me so he can get a little moxy in his life….I’ll even pay him in gold to complete the job!! Best of luck to all
On a side note, JP has ~ $60 trillion in derivatives.
The FSB has named JP the world’s most important bank.
1 + i = ?
Thanks for running this. I’ve needed a new countdown ever since Al Gore predicted ruin by 2016. https://dailycaller.com/2016/01/02/limbaughs-al-gore-armageddon-clock-about-to-hit-zero-after-ten-years/
But then, between the cubs winning the World Series and Harambe’s murder in 2016 maybe he was right in a way 🤣
Chris, that’s unfair: Ross regularly researches the future by looking at ARK’s battle tested models. ;)
See if you just HODL forever you can stick it to the big banks - HAAA!
It’s Amateur Hour on all fronts in the entire Western world; politics, media, business ‘leaders,’ the educational sector, the health care sector, science, etcetera. This is probably what Rome was like before it collapsed, the 3 D’s; Dumbed Down + Decadent. (p.s. perhaps this is what people mean when they talk about Trump’s 3D chess, lol!)
I am trying to figure out what will take the place of King Dollar though as it devalues to nothingness. The U.S. must default on its debt at this point, either through outright default (less likely) or monetizing the debt (more likely), which means hyperinflation if it’s the latter. People will find other ways to transact in times of hyperinflation, and potentially governments with dollar pegs will be looking for ways out. Bitcoin has established sufficient network effect at this point that it may well be a candidate, and of course you can’t print (much) more of it, so worth holding as a hedge I think.
68 hundred days is quite a while to follow the tracker TBH.
Incredible how many people have fallen prey to these violin-strumming “experts” worthy of the Titanic band