You want to know why our central banks aren’t honest? (Aside from the fact that they are by their very nature dishonest.) You want to know why politicians (when they have a clue what is going on economically) aren’t honest? Perhaps it is the mind boggling amount of debt which has kept the game going.
The entire economic activity of the USA constitutes $17 trillion. There is $100 trillion in debt floating around the globe right now according the Bank for International Settlements.
It’s time for the former head of America’s central bank to make bank.
The bankers truly, deeply fear Bitcoin. Again, I say this not as an advocate. I prefer the old gold and silver. But I love, I mean love that Bitcoin is tying the establishment in knots. It is super fun to watch. Read, please read, the attached article as the author waxes on and on about how only white males like Bitcoin anyway so it should be taken down.
We wrote a couple of weeks ago that Bitcoin was under all out assault. The cryptocurrency was being attacked (and it continues) on all fronts, legally, through DOS attacks, in the media, by Jamie Dimon who surprise surprise said that the government would just regulate the alternative currency out of existence and “that would be the end of them.” Of course JPMorgan, Dimon’s company, has been trying to get its own rival “alternative” currency off of the ground.
It is the young who have been most hurt by the economy over the last 5 years. This is a case in point. Many younger people are mired in debt (student or otherwise) and have tenuous holds on jobs if they have a job at all. Many college graduates are waiting tables to get by. A good number of younger people resort to mom and dad’s place as the funds run out.
(Alternatively just keep your head down and keep working hard, which is probably best.)
QE is failing. (It was destined to, as we have said many times.) They may be able to jack the system up again. That is extremely possible. But I think it it is equally possible that an alternative scenario plays out here.
Keep watching Japanese debt.
Oh Ben, Ben, Ben. We’re gonna miss you. Not really, but it did seem like yesterday that you swept in in the wake of “The Maestro” (no one calls him this anymore) Greenspan. So much water under the bridge. So many dollars printed out of thin air.
What will this mean for the average American, the middle class, and especially the poor?