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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: David who wrote (172183)	5/23/2021 5:01:30 AM
From: TobagoJack	Respond to of 217705

Re the <<I don't know if what I said then was right. I don't like how the last year has gone with government spending either, and I didn't agree with the economic shutdown (I did not have a job when it happened). An expanded space program doesn't seem like the worst idea with government spending the way it is. What are the chances of the national debts ever being paid? Why do we still have taxes? There is lots I don't know about the monetary system. To me it seems like the current system is a fraud and won't last so I have been trying to build a portfolio of company shares, of companies that will still be companies if/when there is a currency reset. I don't know what a new currency would look like but think the existing companies will have to work with whatever the new currency is, and I hope they continue to pay a dividend. When I was still actively investing in gold and mining stocks I once read an article on the internet that was purportedly written by someone who lived through the German hyperinflation, the advice in that article was to be a producer so you have something to trade with. When the hyperinflation is happening money is everywhere, when it ends money is scarce. Those were different times with a gold standard.>> You were likely correct and probably right again. Might be a good time to consider gold miners again. The run 2009 to 2011 was very good. In the meantime, I am agnostic but do not want to take a chance, did well and hope to again do well or better, with properly sized crypto-gold, not so much as gold but more as startup companies in a different format. I do not believe in digital gold, because I have faith in gold. The fact that Summers said what he said makes me suspicious, because Summers is about as deep-state as deep goes. Whichever direction he points us we need to be very careful, which does not mean we do not go as directed, at least for some time, I reckon. Deep-state might be simply teeing uo crypto as a monetary weapon. bloomberg.com Summers Says Crypto Has Chance of Becoming ‘Digital Gold’ Simon Kennedy 23 May 2021, 04:38 GMT+8 Former U.S. Treasury Secretary Lawrence Summers said cryptocurrencies could stay a feature of global markets as something akin to “digital gold,” even if their importance in economies will remain limited. Speaking at the end of a week in which Bitcoin whipsawed, Summers told Bloomberg Television’s “Wall Street Week” with David Westin that cryptocurrencies offered an alternative to gold for those seeking an asset “separate and apart from the day-to-day workings of governments.” “Gold has been a primary asset of that kind for a long time,” said Summers, a paid contributor to Bloomberg. “Crypto has a chance of becoming an agreed form that people who are looking for safety hold wealth in. My guess is that crypto is here to stay, and probably here to stay as a kind of digital gold.” If cryptocurrencies became even a third of the total value of gold, Summers said that would be a “substantial appreciation from current levels” and that means there’s a “good prospect that crypto will be part of the system for quite a while to come.” Comparing Bitcoin to the yellow metal is common in the crypto community, with various estimates as to whether and how quickly their total market values might equalize. Yassine Elmandjra, crypto analyst at Cathie Wood’s Ark Investment Management LLC, said earlier this month that if gold is assumed to have a market cap of around $10 trillion, “it’s not out of the question that Bitcoin will reach gold parityin the next five years.” With Bitcoin’s market cap around $700 billion, that could mean price appreciation of around 14-fold or more. Photographer: David Paul Morris/Bloomberg But Summers said cryptocurrencies do not matter to the overall economy and were unlikely to ever serve as a majority of payments. Summers is on the board of directors of Square Inc. The company said this month that sales in the first quarter more than tripled, driven by skyrocketing Bitcoin purchases through the company’s Cash App. Summers’ comments were echoed by Nobel laureate Paul Krugman, who doubted crypto’s value as a medium of exchange or stable purchasing power, but said some forms of it may continue to exist as an alternative to gold. “Are cryptocurrencies headed for a crash sometime soon? Not necessarily,” Krugman wrote in the New York Times. “One fact that gives even crypto skeptics like me pause is the durability of gold as a highly valued asset.” Summers also said that President Joe Biden’s administration is heading in the “right direction” by asking companies to pay more tax. He argued policy makers in the past had not been guilty of pursuing “too much antitrust” regulation although he warned it would be “badly wrong” to go after companies just because of increasing market share and profits. Returning to his worry that the U.S. economy risks overheating, Summers said the Federal Reserve should be more aware of the inflationary threat. “I don’t think the Fed is projecting in a way that reflects the potential seriousness of the problem,” he said. “I am concerned that with everything that’s going on, the economy may be a bit charging toward a wall.” (Adds Summers is on Square’s board in 8th paragraph) Before it's here, it's on the Bloomberg Terminal. LEARN MORE