Take That Jamie Dimon, Chinese Cronies: Bitcoin price bounces back by nearly $1,000 as market moves on from recent drama

This morning on CNBC the Chairman of Overstock.com echoed our sentiments from last week. – Big surprise that the dollar bankers and the Chinese powers that be don’t like Bitcoin. This is to be expected.

As we said last week this challenge to Bitcoin is an excellent stress test of a more mature crypto currency world. So bang on Jamie and Chinese officials, let’s see where the hard bottom is.

It is too early to determine if we found it over the last few days but things look generally bullish at this moment.

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Trump Administration Seeks to Avoid Withdrawal From Paris Climate Accord

“See, these people only want what is best for Americans…You can trust them.” 

Trump’s instincts were right on this to begin with. Or maybe they were Steve Bannon’s. Either way they were correct. The Paris Climate Accords should not include the US. We should not agree to the system of global income redistribution (sure to go to cronies in the “developing world”) that is embedded in this “climate” accord.

Climate change is an issue that should be explored and considered.

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What is sometimes called “crony capitalism” is just Pareto’s “bourgeois socialism.”

Big government is a religion. It is a failed, 20th Century religion built on a foundation of mythology and hope for heaven on earth.

Socialism is a cult of materialism that has enticed many of the best minds of the West over the last century it must be acknowledged however. But belief in the socialist dream is largely a reflection of a broad fashion, a meta-narrative that most socialists don’t (in my experience anyway) know they operate in.

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My prediction: the coming collapse of China’s Ponzi scheme economy

China is the world’s Ultimate Crony Capitalist State. It has been now for decades and despite the shiny buildings in many places the gears of the nominally communist country have been grinding down for a while now.

Many people have forgotten the serious economic tremor of the summer/fall of 2015 that was centered in China. At least many Americans have. The Brazilians who were sent spinning off into economic crisis because of the Chinese economic earthquake haven’t forgotten.

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Vox Steve Bannon Interview : “There’s no military solution [to North Korea’s nuclear threats], forget it”, “Ethno-nationalism—it’s losers… we gotta help crush it, you know, uh, help crush it more.”

 

Bannon is not the dark specter that many have portrayed him to be. I have found him to be super sharp, gruff in a generally positive way, and highly capable. (Which may be why some dislike him so much.) He has come out many times against crony capitalism, though he seems to hold some important parts of the libertarian economic critique at a respectful arm’s length. He never struck me as racist or anti-semitic in any way.

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The Dalai Lama Is the Latest Speaker to Cause a Campus Freakout

Chinese UC San Diego students felt the Tibetan spiritual leader “contravened the spirit of respect, tolerance, equality, and earnestness”

Spoiled little Marxist-nationalist brats. FREE TIBET you statists. FREE TIBET!

You people are defending an imperialist and nominally COMMUNIST China. – Man, I want to use more colorful language, but in the spirit of the of the Dalai Lama I won’t…

…Eh, I’m not Buddhist. Forget it.

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Central Bank of Central Banks warns next global crash could arrive ‘with a vengeance’

Dismiss these warnings at your peril.

Will it happen today? Tomorrow? In the next year? Next 3? No one knows for sure. But we are feeling increasingly extended in world markets (and not just in stock markets).

Yet there is deep value driving some of the economy too. There is no doubt about that.

That the EU types have been rebuffed with Brexit and Trump are positives – despite what you’ve heard –

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JIM ROGERS: The worst crash in our lifetime is coming, “Later this year or next.”

We still haven’t felt the full wrath of the ghost of 2008. There is still more to pay. Many of us of course already have paid dearly, but the banking system has not paid the way it must. Which means that WE, the non-bankers will pay again.

Keeping powder dry is always smart, if possible. It’s not for many Americans. Which makes any potential crash highly destabilizing. Then add in the current political risk in the USA.

Watch Puerto Rico.

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