RE: Fiat Pairs : Dangerous Game
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JP Morgan Chase is promising that nothing bad will happen, so terrible things lie ahead. For everyone. It's not just the US economy, it's a global problem. US QE policies led to big problems in China. China tried to dump all their worthless dollars and found slave markets to dump them in. It's a pun, because the Chinese government is also hugely complicit in human trafficking into their vassal states. Canada will probably be the first to go, then Australia. This recession will be global. And the worst part is that people do not have any savings. If they turn to their governments to save them, they will find no salvation. Government debt acquisition is just non-functional as a means of delaying the inevitable, any longer.
It's also really odd that Goldman Sachs fell from being the largest bank in America so quickly. A bank which has had really aggressive emerging markets positions has seen big losses, while the GDP of emerging nations is up massively.
Something is wrong, but nobody can really put their finger on what it is. The markets don't make sense and the rules are all made up. It really is like, suddenly, finding yourself in Bizarro World.
Marco does not represent me in this scenario.
Yeah, this is all more or less what I expected. It seems like most of the first world is willfully ignorant of what's going on. Behind closed doors I can easily imagine a lot of high powered people feeling powerless to stop the oncoming onslaught. The Chinese have more openly noticed and seem like they are posturing to grab more economic power when the crash comes but I'm not sure it's within their capability to benefit because they are so heavily exposed to the potential fallout.
I don't know what this will ultimately mean for crypto. My expectation is that it will initially take a hit in the same manner most asset classes will, after that there's a fair chance money will flood into it in a desperate attempt to escape the ever more obviously rigged financial system. Although it might take multiple cycles of this for it to shake off the stigma surrounding it and become a legitimate new frontier for financial management.
Also, I LOVE toblerone!
It didn't upload my Sealab 2021 .gif. How disappointing.
Almost a month back - Wow, time flies when you're having fun. - the VIX went insane, Credite Suisse's inverse ETF the XIV went equally bonkers and everyone who made the mistake of betting against the establishment was told:
It wasn't fun. A near-200% spike in volatility, which people predicted, should have made bold and wise men millionaires. It made them nothing.
China immediately shut down all trading on their XIV-equivalent ETF. Countries are just bracing as hard as they can so they can blame some other nation for the inevitable economic collapse.
What it will mean for Crypto is that nationally backed currencies will be viewed as the garbage they are. People might finally catch wise to the dollar as the single largest pump and dump scheme in existence. You're right. I expect a lot of monetary influx, but it won't be from individuals, as individuals don't even have enough money to buy in with all the high bank fees associated with crypto purchases. The rich will get richer and the poor will get poorer.
Savor the Toblerone. It is a haven in these troubled times.