Stocks have gone very green today. Footsie up 3.8%, Dow has just began trading and is up 3.4%, oil is nearing a high since it collapsed, while gold is down.
Bitcoin though seems to have front-run these other assets, rising during the weekend when other markets were closed as pictured above.
Bitcoin has gained about $500 since Friday and at one point nearly overtook $10,000 with the crypto asset fully recovered from the March Red Monday and Black Thursday.
Stocks have some way to go to reach the pre-March levels, with Fed chair Jerome Powell stating America should expect an incredible 20% or even 30% contraction this year.
All is fine however because now there’s no limit to what fed can do.
Asked whether the Federal Reserve Banks have done all they can, Powell said:
“Well, there’s a lot more we can do. We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot.
No, there’s really no limit to what we can do with these lending programs that we have.
So there’s a lot more we can do to support the economy, and we’re committed to doing everything we can as long as we need to…
We can enlarge our existing lending programs. We can start new lending programs if need be. We can do that.
There are things we can do in monetary policy. There are a number of dimensions where we can move to make policy even more accommodative.
Through forward guidance, we can change our asset purchase strategy. There are just a lot of things that we can do.”
There is indeed a ton of things they can do, including collapsing entirely the country by mass money printing sending one bitcoin to one billion
Suddenly at that point the market is all important, spending must be cut to restore confidence, VAT/Sale Taxes should be raised because bread eaters have least voice in governance, while papers attempting to shame the rich get a response that amounts to:
taxes, what taxes it’s the law’s fault, change the law, not paying taxes fully legal so blame the government.
But these are not things to consider now. For now we loot, we buy up all these cheap assets with printed ‘loaned’ money, and then we ‘consider’ things when we get our puppets in government to make the bread eaters pay for it.
Beautiful, except some countries were already on the brink and now they’re in tragedy.
Lebanon is becoming a well known one, but Argentina was barely managing under galloping inflation. There’s others too, with one of them perhaps daring enough to ditch the Chicago school for maybe the German one?
They claim Britain won against Napoleonic France because of its then somewhat new debt system, so proving thus the superiority of the current financial money printing.
And maybe they’re not too wrong. If you can stealth tax your citizens – as in primarily the bread eaters – and do so at will without debate or requiring consent, then temporarily you can basically by a stroke of pen so take over the entire resources of a country.
To what gain is a different question. They talk about science and yet it is difficult to name the latest actual physical invention at the scale of the car or electricity, with bitcoin and the rest being more in the computer field where there is plenty of invention, but what about other fields?
They clap for the NHS and yet there has been no cure from the medical profession in decades.
There are no flying cars even though we know how to do them and a lot of other things, but centralization of course comes with its huge costs.
We have not physically been to the moon in half a century, for example. Where are all these resources produced by earth and some eight billion people going to then?
Isn’t it better to have these resource allocation matters openly debated and consented instead of them being taken in a stealth manner by no-limit Jerome?
Wouldn’t it have been better if the government did not have the power to forcefully house arrest all of us with no consideration of how to pay for it because of course they can just take our resources by running the printing presses at full swing?
Doesn’t this fundamentally translate to the current system technically being a communist system where we have private property in name but not in practice for the government can just take it in a sophisticated manner, instead of by seizing it, making it worth far less as they take the value for themselves.
Because ultimately money and its nature is the value allocator. So if you’re printing such money, you’re changing such value ownership, you’re basically stealing.
Hence why counterfeiting money is a crime and a very serious one, yet Powell is saying there is no limit to just how much money they can