Cross Post #1 from Hive

in #steemleo3 years ago

         Did everyone fork over okay? To be frank, this is the most smooth hard fork I have experienced from the Steem-based chain. Granted, I have only experienced through HF20-22. It's too bad, HF23 was going to be the SMT release, but the community developers will have to step up now.

         Anyways, amidst the COVID-19 outbreak, another great issue ran concurrent with it. That's right, that is the economy. If the virus doesn't kill you, the economic ramifications would leave many in bad shape.

         We are already in a recession. How much more would it take to bring us into a full blown depression? This is no financial advice, but here are the words of a respected trader from the LTC community:


         Yes, he has been right about a lot of things, but have always taken them with a grain of salt. Some people thought he was crazy when he brought this all up two years ago. Now, it all seem to make sense. The current financial system has severe flaws.

         Take a look at this tweet:



         Money printer in overdrive! The airline bailouts are nothing compared to that insanity. The current system doesn't encourage companies to have cash reserves. They squander their funds for stock buybacks. When they are in trouble? Uncle Sam might help them out.

         But here's the problem: Uncle Sam is $23T in debt. That debt has become meaningless. For decades, the government spent money it doesn't have to achieve its goals.

         This reminds me of the story of Joseph in Egypt advising the Pharaoh to prepare for the seven lean years. Then, take a look at our economy. The entire thing is unwinding in a matter of months. Of course, it took years of setup to reach the breaking point.

         Are we heading for a depression? Check out this thread on Reddit about the bears in the last 100 years. It shows how long it took the market to bottom out. It also includes the time it took for recovery. It will give you some insights.

         The next decade could very well be a bad time for everyone involved.

         I have already noticed in my local area, the banks aren't allowing you to withdrawal more than $1000 a day. The ATMs have reached the low of $300 max. If the banks are preparing for a run by the masses, things are not looking good.

None of this is financial advice.


For decades, the government spent money it doesn't have to achieve its goals.

What you talkin' 'bout? They have the presses and the plates. Problem is they're printing more money than they could if it were backed by some fixed commodity. Oh let me think... like gold maybe??? They're printing money to buy the fucking debt (bonds)! How crazy is that? Not sure what they are up to shutting down the economy over the flu.

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