Financial markets have become a complete joke. From GameStop to Dogecoin to non-fungible tokens (NFTs), a plethora of assets have been pushed to laughable heights with the help of the Federal Reserve’s funny money.
The deleveraging tremors to follow will reduce the asset side of the global ledger by perhaps nine or ten zeroes as deflation runs its course. The sucking power of this black hole will come from..
The recently reported March and April statements of account of the Bank for International Settlements disclose a decline in gold swaps from the record high estimated at 552 tonnes as at February 26, 2021.
The current throng of unemployed workers, nearly 10 million who have lost their livelihoods owing to virus-related layoffs/ business closures, contributes to another problem — less people working means fewer contributions to the needy.
The US wants to preserve not just its global dominance but also its security and prosperity by depriving China of advantageous technologies that can be used for military purposes.
I’m not saying nothing else can do the job before inflation fully gets here, just that the kind of inflation I’ve been writing about certainly will do it if nothing else does.
Over the years, I’ve learned to keep one hand on my wallet and one hand on my physical gold and silver safe when a Fed official promises more transparency.
