It’s apparent now that companies in the UK we’re borrowing off the bond gains in their pensions to fund their operations.
This was not the intention of LDI which stood for “Liability Driven Investments”. The purpose was to match the liabilities exposure to rates with assets. Long duration bonds did the trick.
That companies spent the gains on operations and not matched their liabilities with them is pure corruption and they deserved to be liquidated last September when their collateral impaired.
That these companies had to pilfer their pension plan to fund their operations speaks to the malinvestment of their existence to begin with. That they were 1) allowed to do so; and 2) bailed out when it broke speaks to how corrupt the UK is and how little they actually care about those pensioners.
The question we ask now as TSY yields make another climb is: who else was looting their pensions and who is about to get caught?
It’s very clear reading Cryptosovereignty that you are all in - but also why we need to be all in as well. This is Exodus.
The sovereign is he who may declare the exception.
Thinking about this quote a lot as I read @erikcason Cryptosovereignty.
The quote is from Carl Schmitt who’s biography is impossible to verify. Modern historians cast him as an unrepentant Nazi, but looking into his work - that just seems impossible.
No people exercised the act of sovereignty by exception as hard as European Jews for the last 2000 years - at least up until 80 years ago.
Prior to the internet, Jews were the torchbearers for sovereignty in Diaspora. After a 2000 year “Then they fight you” phase, they were bought and are now generations removed from their based outlaw grandparents.
There is no exception more egregious to the state than rejecting Christianity. The bigger the exception, the greater the sovereignty.
We should be learning from them and not falsely associating the Fiat cumlords who bought them (who happen to be Jewish) with them.
Meetups, midwits, bombing on stage, and how everybody has a price
It’s not you - it’s them. You might be to honest to earn fake money. That’s a good thing in my book.
By the way - your a baller for getting your company to tell you to stop talking about Bitcoin! If there was a distributor at my company who did that I’d definitely want to meet them.
Interesting - I work in insurance as well. I touch deferred comp - that’s my exposure to exec benefits. I would never recommend Bktcoin to anyone working with my company - but I’d the ETF gets approved I’ll try to get products made that have Bitcoin cause I’ll be able to hedge it with the ETF.
My wrath is exclusively for financial planners. They’re useless. Thought I was clear about that. I don’t care what friends discuss among themselves.
Do you charge for your service and write books making people think your career is necessary?
Or are you just a guy who likes to tell others what to do.
Dedicated to Justin Trudeau
Those are the ones you have to beware the most - especially if they convince you they know what the right “bitcoin allocation” is for you.
They just want your Bitcoin with no accountability for what happens to you.
Why Financial Planners are fiat charlatans and you should eliminate them from your life if you’re a Bitcoiner:
There are only 3 choices to make if you have savings:
1. Hold on cash and pray you don’t get heavily debased or confiscated.
2. Go all-in on debt and YOLO and pay back pennies on the dollar. This is the current Cantilonairre strategy and it’s not bad if you’re a Nihilist and know you’ll stay one forever.
3. Go all-in on Bitcoin and protect your savings from debasement and confiscation.
The only allocation choice is between 1 & 3 or all in #2. You don’t need a planner to do this for you.
The mere suggestion that another can do this for you makes them liars and frauds. If you can’t do your own financial planning under these scenarios, you may as well enjoy life and go with #2 but not pay 2% or more for the privilege.
In the middle of reading it. Have to stop regularly to write about the other things Fiat has ruined.
Fiat Ruined Football
Everybody remembers the golden age of football - where defensive struggles and ground attacks determined who were the toughest men. Occasionally a super fast player who could stay on his feet would make a huge difference and dominate the game. But this era thrived in the 70s with the a Steelers and peaked in the 80s with the likes of the Redskins, Bears, and Giants being challenged by offensive upstarts like the Dolphins and 49ers.
Bill Parcells had a saying: There are 3 things that can happen when you throw the ball and 2 of them are bad. He was referring to the 1 good outcome of a lot of yards but the 2 bad outcomes were either an interception or a sack. Under such a risk assessment, it’s no wonder that Bill Parcells rarely let Phill Simms throw the ball and focused all his attention on his beastly offensive line.
Today the equation is different. Now there’s a good chance of a penalty being called on a pass play. Pass interference, defensive holding, roughing the passer - there are so many ways that teams can benefit from passing plays that the incentive is now to throw on every down. It’s convenient because it’s a version of the game that high-time preference fans seem to like more as well. It’s all in the name of protecting the players but as I remember, Joe Montana, John Elway, and even Phil Simms throwing every 3rd down into a blitz had long and satisfying careers. The big money is in football and they want big numbers, high scores, and Tom Brady protected at all costs.
Football became high-time preference. And it sucks now. Fiat ruined football.
Get your MBA in 3 hours - one that actually confers knowledge and understanding
Like Maoist China and Nazi Germany, the world powers created a utopian vision and used every captured method of communication to spread it.
The utopian vision was “We can end the pandemic if everyone takes the vaccine” and the cost of noncompliance would be severe if not deadly.
Trillions of dollars were spent buying the obedience of the public. Most of it was censoring people who knew the vision would not only be achieved but would be deadly.
The rest went to the followers in the form of PPP loans and direct payments.
If the powers ever want to attempt such an expensive and coordinated power play again, it will cost 5-10x more. 2x on the monetary debasement alone, and the rest because we all found out it was a big lie.
Now we know why we rushed to raise interest rates as high as we did. We need to lower the cost of manufacturing the next crisis.
Bitcoin SOOOO fixes this.
The reason that the money supply must be capped is that everybody has a price. Everybody can be bought.
Creating new money allows people to be bought. Bought by who? By those who were allowed to create the money, of course!
Debasement will require more printing to keep buying people.
The inflation rate reflects the decreased purchasing power the state had on its people.
Bitcoiners have a money that reflects a lower bound on their price to be bought. We’re bought by Bitcoin and it requires no further debasement of Bitcoin - the opposite - our loyalty depends on the adherence to the monetary policy that bought us to begin with.