...and no religion, too? Imagine! PV.
Nailed it, 100%. I visit with CEOs and CFOs in financial services all day long, and very few recognize their current situation at a first principles level ... and they get scared when you explain it, because their business models are flawed and strategies need to change. Whether corporate finance, or personal finance, the Bitcoin community is leading the way. We should be very proud.
Connect the dots...China and Russia are seizing the moment of US financial weakness.... Stay humble.
Connect the dots ... Russia and China are pushing aggressively to a post-USD world.
Kenya's president warns those holding USD, following conference in Moscow.
Chinese state owned banks are courting crypto businesses in Hong Kong.
Bitcoin hashrate is pumping; price is moving up.
Stay humble. Fight for what is right. Fight for humanity.
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We win because....
Fiat money is a political mirage, suffering from declining network effect, reliant on fear, failing to reflect the scarcity of the time and energy it is meant to store.
It is corrupt.
Pretty mind blowing. 15 minutes? Wow.
I wonder if it was better than Dyngus Day?
I worked a summer job in college as a janitor in a hospital. Toxic hierarchy. I saw nurses abused by doctors. I saw staff abused by nurses. It also shows up in terrible customer service. It taught me the lifelong lesson to never judge a book by its cover. Those that do are not worthy of their leadership positions.
As Russia rejects the western world, and strengthens alliances to grow its power and influence regionally, it feels the decision to remove Russia from SWIFT was collosally stupid. "Keep your enemies closer." The banking data is a source of intel, which is lost forever. And the decision weakens the USD, a significant source of strength for the US, leaving our enemies with no choice but to embrace other reserve assets and currencies. Dumb, dumb, dumb.
Excellent report, Marty. I'm a long-time freak, but never joined a social platform before nostr. I thank you for your ability to deliver thought provoking content, while recognizing the importance of friendship, community, and laughter.
All these bitcoiners preaching freedom and decentralization, yet still slaves to Twitter's network effect, posting there and not nostr.
If the world was ever going to lose confidence and trust in the USD, Biden/Yellen/Powell feels like the combo to make it happen. So inept, sleepy, and lost. I wouldn't trust them with the weekly shopping, let alone the world economy.
Same page, Jeff.
Similarly, thinking back pre-GFC, we saw hedge funds bring massive leverage which dampened natural market volatility and Brownian motion. It created the illusion that models and trades were working, which brought more leverage and distortion. But it was all a self reinforcing lie which grew and grew, until the illusion popped.
Trust is everything. Get close to that you trust implicitly, challenge the rest, and be a model of change. You are doing this, and we are grateful.
I fear US adversaries, and those looking to de-dollarize the world, could certainly make moves to destabilize the US and western economies, take advantage of the weak growth and over-indebtedness, lack of trust in our financial institutions, encourage scenarios "requiring" yet more currency printing, drive inflation and push closer to collapse.
Oil, as I recall, was a big factor leading up to the March 2020 Crash....
People on twitter are waking up to this being a duration bubble burst, not a credit bubble burst. A duration bubble is arguably scarier, as it is not confined to an industry or sector. It can also lead to a credit bubble burst.
Just read Lyn's latest. So well done. While Powell picks our poison (inflation or more collapse / bailout), and we feel for the poor (who get screwed regardless), does anyone still believe that 12 people, most of whom are political appointees, are smarter than the free market?
Question...when the Fed's tangible equity goes negative in the coming weeks(?), does this impact their ability to pay interest on deposits?