Bitcoin vs Fiat Currency: Which Fails First? – 12.11.2017

 

  • What if bitcoin is a reflection of trust in the future value of fiat currencies?
  • I am struck by the mainstream confidence that bitcoin is a fraud/fad that will soon collapse, while central bank fiat currencies are presumed to be rock-solid and without risk. Those with supreme confidence in fiat currencies might want to look at a chart of Venezuela’s fiat currency, which has declined from 10 to the US dollar in 2012 to 5,000 to the USD earlier this year to a current value in December 2017 of between 90,000 and 100,000 to $1:
  • On 1 December, the bolivar traded in the parallel market at 103,024 VED per USD, a stunning 59.9% depreciation from the same day last month.

Read more at: Bitcoin vs Fiat Currency: Which Fails First?

Source: oftwominds.com…

Pentagon To Undergo First Ever Audit After Decades Of Sloppy Accounting And Missing Trillions – 12.10.2017

 

  • After decades of waste, overpayments, trillions of missing or improperly accounted for dollars, and most recently losing track of 44,000 US soldiers, the Pentagon is about to undergo its first audit in history conducted by 2,400 auditors from independent public accounting firms to conduct reviews across the Army, Navy, Air Force and more – followed by annual audits going forward. 
  •  The announcement follows a May commitment by Pentagon comptroller David Norquist, who previously served as the CFO at the Department of Homeland Security when the agency performed its audit. “Starting an audit is a matter of driving change inside a bureaucracy that may resist it,” Norquist told members of the Armed Services Committee at the time when pressed over whether or not he could get the job done at the DHS.

Read more at:Pentagon To Undergo First Ever Audit After Decades Of Sloppy Accounting And Missing Trillions

Source: zerohedge.com

Paul Craig Roberts: America Is “Walking Into Armageddon” – 12.09.2017

 

  • The orchestrated hostility toward Russia, China, Iran, and North Korea protects the $1,000 billion annual budget of the military/security complex by convincing the American public that the US is threatened by enemies. It also keeps alive Democratic Party hopes that Trump can be removed from office, and it has prevented President Trump from normalizing relations with Russia.
     I have emphasized for some time that Washington’s gratuitous and aggressive actions against Russia and the constant barrage of false accusations against Russia and its government have convinced Russia that Washington is planning a military attack. There is nothing more reckless and irresponsible than to convince a nuclear superpower that you are preparing an attack on them.

Read more at:Paul Craig Roberts: America Is “Walking Into Armageddon”

Source: paulcraigroberts.org…

What Is Money? (Yes, We’re Talking About Bitcoin) – 12.07.2017

 

  • Good ideas don’t require force. That describes the Internet, mobile telephony and cryptocurrencies.
  • That is money? We all assume we know, because money is a commonplace feature of everyday life. Money is what we earn and exchange for goods and services. Everyone thinks the money they’re familiar with is the only possible system of money—until they run across an entirely different system of money.
  •   Then they realize money is a social construct, a confluence of social consensus and political force– what we agree to use as money, and what our government mandates we use as money under threat of punishment.
  • We assume that our monetary system is much like a Law of Nature: since it’s ubiquitous, it must be the only possible system.

Read more at:What Is Money? (Yes, We’re Talking About Bitcoin)

Source:.oftwominds.com…

The Cost Basis of our Economy is Spiraling Out of Control – 12.05.2017

 

  • What will it take to radically reduce the cost basis of our economy?
  • f we had to choose one “big picture” reason why the vast majority of households are losing ground, it would either be the stagnation of income or the spiraling out of control cost basis, that is, the essential expenses of households, government and enterprise.
  •  Clearly, both rising costs and stagnating income cause households to lose ground, i.e. their income buys fewer goods and services every year.
  • I’ve often covered the dynamics of stagnating income for the bottom 95%, and real-world inflation, i.e. a decline in purchasing power.

Read more at:The Cost Basis of our Economy is Spiraling Out of Control

Source: oftwominds.com…

BIS Issues An Alert: Tightening “Paradoxically” Leading To Excessive Risk Taking; Reminds What Happened Last Time – 12.04.2017

 

  • Valuations in asset markets are “frothy” and investors are basking in the “light and warmth” of the “Goldilocks economy”, believing that nothing can upset a future of “sustained growth and low interest rates”. We observe a heavy dose sarcasm from the media briefing coinciding with the Bank for  International Settlements’ (BIS) latest quarterly review. Specifically, we wonder why is it always the BIS which warns its central bank members and investors about the risk of an approaching financial  crisis…and why do most of them never listen. We’re not sure, but here we go again, with the BIS warning that conditions are similar to those before the crisis.

Read more at:BIS Issues An Alert: Tightening “Paradoxically” Leading To Excessive Risk Taking; Reminds What Happened Last Time

Source: zerohedge.com

 

You’re Just Not Prepared For What’s Coming – 12.02.2017

 

  • I hate to break it to you, but chances are you’re just not prepared for what’s coming. Not even close. 
  • Don’t take it personally. I’m simply playing the odds.
  • After spending more than a decade warning people all over the world about the futility of pursuing infinite exponential economic growth on a finite planet, I can tell you this: very few are even aware of the nature of our predicament.
  •  An even smaller subset is either physically or financially ready for the sort of future barreling down on us. Even fewer are mentally prepared for it. 
  • And make no mistake: it’s the mental and emotional preparation that matters the most. If you can’t cope with adversity and uncertainty, you’re going to be toast in the coming years.

Read more at:You’re Just Not Prepared For What’s Coming

Source: zerohedge.com…