The Survival Economist
Premiered Feb 14, 2022
The US Dollar is the original shitcoin with an unlimited supply, inflation at any time controlled by a small group, no accountability to the holders, and backed by violence instead of assets.
We are in a debt-based, debt soaked system that requires continual growth of dollars to satisfy the debt. But then the creation if those dollars makes the debt even deeper, so more dollars are created, thereby making the debt even more significant.
We have reached a point of negative return on new dollars created. All systems of exponential growth come to an end.
Welcome to The Atlantis Report.
Rumors has it Deutsche Bank files for bankruptcy tomorrow. It will be interesting to see what Christine Lagarde will say when she speaks for the first time from her new position. Deutsche Bank is the most significant domino in Europe’s very shaky financial system. When it fully collapses, it will set off a chain reaction that nobody is going to be able to stop.
David Wilkerson once warned that the financial collapse of Europe would begin in Germany, and Jim Rogers has warned that the implosion of Deutsche Bank would cause the entire EU to disintegrate. If this did, in fact, take place, prepare for economic upheaval, the likes of which this world has never seen. There are also rumors that the fed has been feeding Deutsche Bank in order to delay the fallout.
Currencies are trading in a false paradigm. It is the coordinated collusion of the major central banks that have allowed this charade to exist. It is essential to understand that wealth is contained within a rather closed system of fiat money by-laws and rules that discourage freedom of movement into tangible assets. This has sheltered currencies from a storm of volatility.
The failure or significant repricing of any of the world’s four major reserve currencies will destroy the myth that major currencies are immune to the same fate that has haunted so many currencies throughout history. Simply put, when the nations granting them have proven unable to control their budgets, their currency is crushed under the weight of debt.
In 1971, with the so-called “Smithsonian agreement,” a final attempt was made to save the old system when the United States devalued its currency against gold and a series of other currencies. However, soon thereafter, it became evident that there was no chance of revival for the old regime.
In 1973, with the adoption of the new rule that each country could choose its own currency arrangement, the Bretton Woods System was officially declared as dead. Since then, the US dollar has entered into a long decline. 1971 turned the “exorbitant privilege” into an outright scam – theft on a massive scale from other countries to the US.
Their Currencies had to be backed by goods or services; we just printed ours. Accelerating now, with counterfeiting by the Fed to the trillions of dollars, abandonment by Congress of any sound fiscal management. The miracle is we got away with it for so long. But we might be the biggest victim – wrecked productive capacity, massive social trauma, absurd financialization of our economy.
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