Collectivist Banking

One has to wonder how long the American wage earner/taxpayer is going to put up with a group of PRIVATE individuals deciding our national economy.

Whatever you might save isn’t rewarded with more than notional interest. Yet the mechanization of the constantly changing ‘Market basket’ items that show NO inflation. Meanwhile the real cost of living is near a 19% inflationary rate. Now do you understand why you can’t seem to gain ground toward retirement.

End the Fed…from Rico

Try getting a breakfast in NYC for 10-cents, go ahead, I dare you!

– The last time I had breakfast at the Tavern on the green there it was a LOT more than 10-cents, I assure you.

Why is that?

– It’s called INFLATION, and it’s what the Fed really’does’…

Don’t forget to ‘thank’ them for doing such a swell job!


All the EU economies are taking it on the nose. Any(which is most) country that went off the gold standard, on to a fiat currency is now suffering the same as the US.

The Governments spend more than they take in each month. To compensate, the US Treasury issues more bonds, T-bills and of course prints more money. What the value of that dollar is, the moment they print another dollar, the value drops by 50%. Keep doing this and soon one looks like California or Venezuela. At some point, Wiemar Germany becomes an eternal Oktoberfest.

The Eastern Europeans know to have a cache of negotiable metal. Paper currency is something you either don’t have enough or you have too much; there’s no right amount.

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Collectivist Banking

CRYPTO’S, ask not…from Rico

Crypto’s took a beating yesterday. Again.

– But ask not why they went down so much, but rather why the went up so much in the first place?

Unlike other investments/assets, Crypto’s have NO valuation metrics save for price. What does that mean?

– It means BTC at $20K is the same as BTC at $4.5K. Not much.

– It means Crypto’s are a self-growing Liability, not an Asset. [Think: A-L=E…Assets minus Liabilities equals Equity aka Net Worth.]

All that glitters

is not gold.

Collectivist Banking

Playing with fiat money produces inflation since one can spend with impunity. Playing with funny money guarantees at some point that you will lose your capital.

“People Have Panicked” – Crypto Collapse Accelerates, Bitcoin Plunges Towards $4,000

Having broken below 6k last week, and 5k yesterday, Bitcoin’s collapse is accelerating towards $4,000 as crypto-guru John McAfee wrote on Twitter, summarizing his thoughts: “People have panicked…” [snip]

Bitcoin traded to $4221 this morning before a brief bounce

As CoinTelegraph notes, the events mark a continuation of the unsettled conditions sparked Nov. 15 when altcoin Bitcoin Cash (BCH) experienced a contentious hard fork, which has since resulted in the emergence of two separate competing chains.

While BCH initially held onto much of its value, the 24 hours to press time saw a U-turn for investors, BCH/USD shedding almost 40 percent to test support at $200.

While BCH firmly took the lead as the worst performer of the top twenty cryptoassets, others also suffered heavy losses.

Ethereum (ETH) significantly widened its gap in market cap with Ripple (XRP), cementing its position as now the third-largest cryptocurrency. ETH/USD daily losses were circling 15 percent at press time, compared with XRP/USD’s 6.2 percent. [snip]

Bit coins have nothing to back up their value. This probably will prove to be louder than the dot.com bubble crash.

Prevaricators

The warm fuzzy feeling for the goodness of Globalization dissipates rapidly when one gets to sniff the gift offered.

Collectivist Banking

The Left doesn’t believe in the following since it cuts into their ability to control a population.

Collectivist Banking

This could be called the Iron Pyrite market; it’s called by another name: Fools Gold.

Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash

The Great Crypto Crash of 2018 looks more and more like one for the record books.

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000.

Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.

“It just shows what a massive, speculative bubble the whole crypto thing was — as many of us at the time warned,” said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform. “It’s a very likely a winner takes all market — Bitcoin currently most likely.”

Wednesday’s losses were led by Ether, the second-largest virtual currency. It fell 6 percent to $171.15 at 7:50 a.m. in New York, extending this month’s retreat to 40 percent. Bitcoin was little changed, while the MVIS CryptoCompare index fell 3.8 percent. The value of all virtual currencies tracked by CoinMarketCap.com sank to $187 billion, a 10-month low.

Digital Gold

The virtual-currency mania of 2017 — fueled by hopes that Bitcoin would become “digital gold” and that blockchain-powered tokens would reshape industries from finance to food — has quickly given way to concerns about excessive hype, security flaws, market manipulation, tighter regulation and slower-than-anticipated adoption by Wall Street.

Crypto bulls dismiss negative comparisons to the dot-com era by pointing to the Nasdaq Composite’s recovery to fresh highs 15 years later, and to the internet’s enormous impact on society. They also note that Bitcoin has rebounded from past crashes of similar magnitude.

But even if the optimists prove right and cryptocurrencies eventually transform the world, this year’s selloff has underscored that progress is unlikely to be smooth. [snip]

The dot.com crash was caused by hype but it did have something material backing it: Technology. The Crypto’s have nothing backing them except hype. This could be a delightful new variation of the old scam: Pump and Dump. Crypto must be run by P.T. Barnum’s offspring.

Observations

Any time you place money in the hands of strangers, don’t expect a return on investment, much a return of investment. Cryptocurrencies are much like the US dollar; A fiat currency with no set value and now getting a devaluation.

Crypto Wipeout Deepens to $640 Billion as Ether Leads Declines

The cryptocurrency bear market plumbed a fresh 10-month low on Monday as Bitcoin’s biggest rival tumbled and U.S. regulators suspended trading in two securities linked to digital assets.

Ether, the second-largest virtual currency, slumped 11 percent from its level at 5 p.m. New York time on Friday, according to Bloomberg composite pricing. Bitcoin declined 2.4 percent, while the market capitalization of digital assets tracked by CoinMarketCap.com shrank to about $197 billion — down almost $640 billion from its January peak.

Cryptocurrencies have declined for five of the past six weeks amid concern that a broader adoption of digital assets will take longer than some had anticipated. That worry was underscored over the weekend after the U.S. Securities and Exchange Commission temporarily suspended trading in two exchange-traded notes linked to cryptocurrencies and Ethereum co-founder Vitalik Buterin told Bloomberg that the days of explosive growth in the blockchain industry have likely come and gone.

“The temporary suspension of these products led to an initial knee-jerk reaction,” said Ryan Rabaglia, head of trading at cryptocurrency dealing firm OSL in Hong Kong. “But ultimately, it’s just another obstacle for the market to overcome.”

Read more: Crypto Growth Nears ‘Ceiling,’ Ethereum Co-Founder Buterin Says

[snip]