So you’re forced further and further on the risk branch to speculate in something. You get nothing, even in junk bonds, in inflation adjusted yields. So Bitcoin becomes this new seductive siren against which those ships you’re talking about are going to crash into the rocks at some point, at some point. Gold will never be that siren that will destroy it will ultimately get the last laugh. I’m not saying that as a gold bug or a gold bias. It’s common sense, this common sense, this historical understanding of money, this historical understanding of cycles of bubble assets from tulips to railroads to Bitcoin. How is it, even, as you mentioned, Keynes or vanishes or even you can talk to Adam Smith or you can talk to David Hume in the 1007 hundreds, any smart person who studied Econ in College beyond high school, let alone a PhD level or Masters level, who works at a central bank, who has the title of an FOMC member, let alone a chairman or chairwoman. How can they not know that this is happening? How can they not know of this distortion? Of course they do. And yet they continue to do the same thing, the same definition of insanity, decade after decade, thinking they can solve a debt problem with more debt solved for by creating more currency, to buy that debt, to repress the yields on the bond prices, their own sovereign IOUs, they drink themselves their own Kool Aid.
How do they think that’s a sustainable solution? They must know. It isn’t, in my opinion, because they’re not stupid. They may not be ethical or moral, but they’re not stupid. So do you see a scenario where they’ll blame it on covet? They’ll blame it on a war, whatever war makes the headlines this month, this year, next year, they’ll never blame it on the man in the mirror or the woman in the mirror. So at some point do you see what the IMF has been telegraphing almost since Covid became the headline that we need a new monetary solution. We need a new Bretton Woods 2.0. We need a new reset of global chapter eleven, a restructuring, a new central bank digital currency, which again is fiction for another way to create another fake currency, to create more debt, to keep this game of musical chairs going with a new form of music. How long can this fantasy, I think this lie continue?
Keith: Either we change trajectory or end horribly when it collapses. It’s going to be terrible. And I think the closest real historical example we have is 476 Ad collapse of Rome. Very few people have any connection to food production anymore. Food production is done by a very tiny number of people with huge industrial scale equipment. And we’re talking about the collapse of industrial scale production. That’s going to be a collapse of not only food production but also food distribution. I live in Phoenix, which is a desert. There’s no water without electricity. Should we fail to produce energy, there’s no water. This is the killing zone.The Death Blow to Crypto | ZeroHedge