More Signs of Economic Deflation: The Price of Bitcoin continues to retreat as patience for massive price appreciation becomes unrealistic – May 29, 2021,
Bitcoin is global, so it trades 24/7/365 and I’ve come t appreciate Bitcoin as it tends to mirror the data I follow, which shows clear signs of massive economic deflation. Now, most people equate fiat price inflation to the economy inflating, I base economic data on the price of gold.
Gold appears to be in a bubble as the gold hoarders are in no mood to sell and the gold speculators appear poised to sell as they run out of fiat government cash. A lot of the Gold speculators are a lot like the bitcoin speculators, both have a price point in which they want to sell, and many borrow to invest, which is a trend that I always follow.
Now although a record number of people paid down their credit card debt, what’s being ignored is that 51 million Americans increased their credit card debt because of Covid. But I thought Joe Biden was printing money, the morons will say! Again, just because the governments are giving money doesn’t mean that people are paying down debt. RESPONSIBLE PEOPLE are paying down debt, most people are using their newfound wealth to gamble, and Gold, Silver and Bitcoin are some of the gamblers choices.
51 million Americans increased their credit card debt because of Covid | cnbc.com
I’ve written about this in a post I titled why I prefer fiat money over a gold standard. I concluded in this article that I prefer fiat money over a gold standard because humans are retards. Democracy and a central bank are recipes for stupidity, Western society is based on Judeo-Christian values and most people in the modern era are atheists, so why in the hell would I invite the devil to my Gold?
I think whether the gold is back by gold or confidence it’s the same outcome because humans are retards and will run to the power source to solve problems they’re too lazy to fix themselves. This is why I’ve been writing about austerity measures. It’s coming and the way it’s going to come is unclear because I can’t control what the central banks or the governments do, but when they realize they’ve destroyed the cash flow incentive for STARTUPS, they’re going to something to allow the small and medium-sized business to compete.
Because you have to understand once businesses are forced to raise prices, price controls can’t fix it, if I’m sitting on inventory and the government tells me what to sell it for, if there’s no expiry date I might take my inventory off the shelf or better yet I might buy it myself! Because remember the government will have to incentivize me to lower my prices unless the government is going to nationalize my business?
So this is what of course leads to stock buy backs as an example, rent controls usually have a loophole, I can set the new price but the tenant gets rent welfare because once the tenant moves in and pays rent on time, the landlord can only raise prices a certain amount at a specified time of the year.
When price controls are enacted, there’s going to be a loophole, and if there’s not and the government buys the inventory, well that would be a sign to get the hell out of that currency. Because a currency without productivity or a currency not tied to productivity is a worthless currency.
So for myself, I’m not sure how the government combats economic DEFLATION but Bitcoin is showing me everything I need to know, I’ve been writing that I know people who are underwater because they borrowed money to buy bitcoin. Now, I also know rich people who look at crypto as a joke, and because they have so much fiat cash they pumped and dumped cryptos throughout the entire 2020 period.
I had been writing that there’s a big difference between Joe Bien and Donald Trump, but most people don’t follow the economics of politics, their whole schtick was Donald Trumps a racists and Joe Biden is going to win easy and it doesn’t matter whose in the white house because it’s the rhino party.
No, for me my position was that Republican Party is in trouble post-Donald Trump, because Trump was the best Democrat since Bill Clinton, but my hope at the time was Trump would renegotiate the debts. Boy was I dreaming, Trump did not cut government spending he increased, and not only did Trump increase spending he imposed tariffs that I said would backfire if Democrats won the election because Tariffs are a Leftist thing.
Anyway, Joe Biden in my opinion is dumber than FDR and Jerome Powell WISELY has become dovish. Nobody wants to take the blame for what’s coming but Bitcoin is showing me that something big is coming because the price of bitcoin coincides with the deflation data I follow. I’d like to remind the reader that deflation actually creates the most wealth for people.
Interesting times ahead!
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