Technically money is whatever people agree on as an exchange for goods and services. Bitcoin checks most of the "good money" boxes that gold and silver do, but also checks a couple of boxes that they can't. Buy all three!
It hasn’t been a free market for a long time!!! It takes some time to see the consequences of government intervention in money prices (rates), but sooner or later it happens. The URSS didn’t fall because their weapons were inferior, pr because they had lack of natural resources. They fall because they didn’t had free prices to guide capital allocation and went bankrupt. Same will happen to us if we don’t correct it asap. It is not too late, but we are very close.
Bitcoin may go to zero. Below 0 if it still consumes megawatts of prescious electricity. Gold has merely gone up 60x or so since Nixon. There is still value there, especially if mining is done conservatively. Platinum is under valued, but I expect palladium to fall in value (in 2022 US$) the last time I bought a palladium was in the 1980s at 100 bucks an ounce.
“People went crazy over how Reagan initiated deficit spending. In 1983, the federal budget deficit was $55 billion for the entire calendar year. This past year, as you're aware, it was $2 trillion.”
INFLATION BABY... In the meantime let Them keep the modern moron slaves entertained! https://postimg.cc/xqCRcz9s
'Gold and Silver [not Bitcoin] are money. Everything else is credit.'
Technically money is whatever people agree on as an exchange for goods and services. Bitcoin checks most of the "good money" boxes that gold and silver do, but also checks a couple of boxes that they can't. Buy all three!
It hasn’t been a free market for a long time!!! It takes some time to see the consequences of government intervention in money prices (rates), but sooner or later it happens. The URSS didn’t fall because their weapons were inferior, pr because they had lack of natural resources. They fall because they didn’t had free prices to guide capital allocation and went bankrupt. Same will happen to us if we don’t correct it asap. It is not too late, but we are very close.
Bitcoin may go to zero. Below 0 if it still consumes megawatts of prescious electricity. Gold has merely gone up 60x or so since Nixon. There is still value there, especially if mining is done conservatively. Platinum is under valued, but I expect palladium to fall in value (in 2022 US$) the last time I bought a palladium was in the 1980s at 100 bucks an ounce.
One might think of Bitcoin as a way to store electricity.
Don’t some power companies use it for balancing during low demand ?
Great podcast, Chris. I love Larry’s views, they are sometimes brutal but that’s what masses need - to wake the F! up.
“People went crazy over how Reagan initiated deficit spending. In 1983, the federal budget deficit was $55 billion for the entire calendar year. This past year, as you're aware, it was $2 trillion.”
INFLATION BABY... In the meantime let Them keep the modern moron slaves entertained! https://postimg.cc/xqCRcz9s
Clueless Yellen
I wouldn’t blame Yellen. I would blame the system that allowed a Yellen making that type of decisions.
What was the Substack Chris mentioned about 1/2 way through his convo with Larry?
I bet that the large majority of MMS in the USofT is unable to write the number 2 trillion, much less 1 quadrillion!