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14 Comments

  1. Bitcoin=Quatloos.

    The law of diminishing returns. Guaranteed to make those who invested first the richest.

    You can bet your sweet bippy someone will decide that 21 million fictitious COTR will not be enough, and more will be “minted”. 1011100111 is just a number, after all.

    Bitcoin will turn out to be not even worth the paper they are printed on. But not until all the thralls have been flogged sufficiently.

    Somewhere in Europe there is a terrarium with three big disembodied and glowing brains having yet another good laugh.

    2. Bitcoin, by design or not, proved out the ‘crypto’ currency concept. That accomplished, the ‘green light’ can be given to a sovereign crypto currency , that could be a globally accepted digital currency. The Chinese goober- mint is already cooking up their own crypto currency, so a competing western world version is imaginable and necessary. There could be not one, but several that replace the dollar as the reserve currency, yet because the majority of derivatives contracts, and most contracts are in dollars, there could be the original dollar, an international dollar that is mostly digital anyway, might be left on the vine to die, and a domestic digital dollar could coexist with other digital currencies. We can only speculate, yet the future does appear to have a digital current in it.
      How Bitcoin will fair is questionable. Because it is not a sovereign currency, yet is widely held, representing substantial digital wealth, who knows. If anyone can’t sleep at night, or thinks they are a genius for holding Bitcoin, I might sell some. I’d rather hold essential tangibles, and the real deal rather than a flash in the pan phony baloney when they flip the switch on something new. Buy low, sell high, and get the percentage gains while you can out of the next horse, but next time, only invest what you can loose. And diversify while you can, cause you need safety or you would not be reading this. Or best yet, if you’ve got more dough than you can roll in, buy precious metals and be done. It will be worth the wait, and it’s weight.

      I am a penniless old man and not an investment adviser, so good luck. Seriously, the Lord is your best adviser, so check in with Him on this.

    3. This is not related to any of today’s comments.
      When you allow comments from obviously deranged people you do a great disservice to your loyal followers.
      Beat the “Freedom of Speech” drum if you want but crazy by any other name is still crazy.
      We all have our opinions on every issue.I don’t think insanity is contagious.Hopefully.
      You know what I speak of.

        1. I’m referencing some of the comments that are completely off topic. Many are long winded
          rants that are odd,peculiar,nonsensical ramblings of what appears to be a troubled mind.
          The editors know who and what I speak of.

    1. Thank you Lily for the link; quite scary! Fake financial system is going to doom us.
      I’ve been watching the repro situation and the FED is now guaranteeing daily repro through the end of the year. 4th turning cycle is worrisome with its impact on fragile financial status. Grand Solar Minimum and farmer no plant 2020 possibility is entirely possible. Need to triple seed, wheat and corn orders now! Need to become more self-reliant.

  6. Re: QE or not QE

    A thought experiment, although a radical one.

    The Fed now owns a significant portion of the national debt. The Fed is a quasi government agency but not. In any event it is a construct of the government. What if the government and the Fed just decide to eliminate all that debt? Write it off?

    Perhaps this is crazy and I have no idea what the ramifications of this event would be. But my studies into social security, monetary policy, banking, Wall Street, etc. have revealed that it is all pretty crazy. 1 and 1 don’t make 2 in their world.

    I wonder about this because the Fed has been shedding Mortgage Backed Securities and other private debt. Would not forgive that debt. From all I have read this “not QE” is all about government debt.

    I also seem to remember Trump talking early on about some manner to reorganize government debt but for the life of me I don’t remember any details or even if my memory is correct.

    It is my view and probably most people’s view on this site that default on the debt will eventually happen. My thought experiment is very low probability but not zero probability IMO. I would have thought years ago that negative interest rates were not possible and yet they exist.

    1. While it is technically possible, it would probably be politically suicidal as well as grossly inflationary–effectively destroying confidence in the U.S. Dollar. . All that would need to be done is for the U.S. Treasury to mint a single gold coin, and stamp it “$10 Trillion Dollars.” That would symbolicly expunge the debt, in a sort of modern day Jubilee. The timing of this would probably have to be AFTER the introduction of a “Dollar” cryptocurrency, when paper dollars and the new e-currency already have separate exchange rates.

      1. Possibly but just to play devil’s advocate…

        I am not talking about defaulting on government debt held outside the Federal Reserve. In my fictional world, we would still honor that held by external parties whether they be US citizens, foreign governments, banks, etc. If only the Fed is defaulted on, would this actually destroy the US dollar?

        And I am not talking about the Fed injecting any more money into the economy than they are already.

        A related question. Who really owns the Fed? It was created by bankers but I am not certain they own it. It theoretically is separate from the Federal Government but can issue US currency. It is neither public nor private really.

        And to carry the thought further, many advocate abolishing the Fed. If the Fed were abolished where would it’s assets and liabilities go? Somehow I think they would go to the US Treasury which would answer the question who owns the Fed?

        So to go full circle, to me it looks like the US government has already printed a lot of money, and is continuing to do so, to buy back it’s own debt through essentially a front company. Would it really matter to anyone else what they did with their own internal accounting when they have already increased the money supply and have already taken trillions in government debt off the market?

        And politically, how many voters even know the Fed exists or what it is or fundamentally care about it. Some yes. Many no.

        Not really arguing this point as true or false, good or bad. Just trying to follow this thought experiment a little ways.

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