HOME

Cryptocurrency Has Changed the Dynamics of Savings and Investment: Will Banks Survive the Storm?

Leave a comment

Cryptocurrency Has Changed the Dynamics of Savings and Investment: Will Banks Survive the Storm?

Cryptocurrency has changed the dynamics of savings and investment, but the effects of this change are not yet fully understood. This article discusses the impact of cryptocurrency on the global economy and the implications for banks.

Blockchain technology is revolutionizing the banking industry. As banks continue to evolve and adopt new strategies, they may need a strong understanding and implementation of blockchain technology if they want to remain relevant in the future.

A blockchain is a public ledger that stores data without a centralized intermediary such as a bank or government agency that could become corrupted by fraudulent transactions, data loss, or malicious behavior on its part. Instead, it relies on consensus protocols that ensure trust between all users on the network when recording financial transactions on the shared ledger across multiple participants (called nodes).

Blockchain technology provides a secure way to store information and track transactions because it is not stored in any one place but dispersed across multiple networks.

Background of the Digital Currency 

Cryptocurrencies are a new form of digital currency that can be used to make purchases and transfer money anonymously. These currencies have no physical form and exist only in the digital world. The emergence of cryptocurrency has affected the banking industry: will banks survive the storm?

Cryptocurrency is decentralized, meaning any government or central authority does not control it. The transactions are verified through a process called mining, which involves solving complicated math problems with powerful computers to crack cryptographic codes. Blockchain technology enables cryptocurrency users to purchase goods and services online without having to worry about fraud or identity theft because all transactions are recorded on this shared public ledger for anyone to see.

The blockchain technology industry has been developing rapidly in recent years. Some projects are being used by well-known global organizations, including JPMorgan Chase and Accenture, to streamline the supply chain process. Others have been developed specifically for cryptocurrencies such as Bitcoin and Litecoin (although they can be applied to any form of digital currency).

However, despite the widespread interest in blockchain and how it could revolutionize business processes, there remains a lack of understanding among many businesses around its actual value and potential use cases, which limits their ability to benefit from using it.

Image courtesy of Vecteezy

Impacts of Cryptocurrency on the Global Economy

Cryptocurrency has a significant impact on the global economy. It affects the exchange of goods and services and the transfer of funds from one country to another, weakening the foreign exchange rates. As of March 2022, there are approximately 18,000 cryptocurrencies in existence. The number of cryptocurrencies is growing daily and its market capitalization is estimated to grow to $5 trillion by 2025.

Blockchain technology has already penetrated many industries, including the financial sector, government, healthcare, media, retail, etc. However, many issues with cryptocurrencies still need to be resolved before they can be used in a mainstream society like traditional currency.

Its significant benefits of being fast, easy, cheap, and secure have been widely accepted and embraced by people worldwide for years despite some shortcomings such as volatility, lack of regulation, etc. The digital currency has been used in various ways so far, most notably for online gambling, but also as an alternative to fiat currencies in some countries where they offer a better exchange rate (and are sometimes even preferred).

The use case of cryptocurrencies is also evolving; while many people will continue to use them as a form of money or payment systems, many others might use them for trading, which includes buying goods and services; using cryptocurrency instead of fiat currency.

Cryptocurrency and the Banking Industry 

Bitcoin, the first and most popular cryptocurrency, was created in 2009. It was created as a decentralized form of currency that is not controlled by any one country. It functions as a peer-to-peer payment system that does not require any middlemen, and a network of nodes verifies transactions.

Bitcoin and other cryptocurrencies have gained traction in recent years, but the regulatory environment for cryptocurrencies is still unclear. There are advantages to using cryptocurrencies, such as security, transparency, and no central control.

However, there are also disadvantages to using cryptocurrencies, such as price volatility, potential hacking, and lack of regulatory oversight. There are two sides to the cryptocurrency debate. One side argues that cryptocurrencies are the future of money and will replace cash, credit cards, and other payment methods. The other side argues that cryptocurrencies are a speculative bubble that will soon burst.

Some say that the implications of cryptocurrency on the global economy are not yet fully understood, but there are some apparent effects. For example, cryptocurrency has allowed individuals to transfer money internationally without banks or a third-party service. Cryptocurrency has also led to a decrease in demand for gold and other precious metals, as well as a reduction in cash usage.

The effects of cryptocurrency on banks are unclear. Some argue that banks will be irrelevant shortly, while others argue that banks will survive the storm. Cryptocurrency has caused a decrease in demand for banks' services and has led to an increase in financial risk. Banks may likely weather the storm by embracing cryptocurrencies and exploring new technologies like Blockchain. But will this ever happen? Who knows!

Roles of the Banking Sector in an Economy

In an economy, the banking sector plays a crucial role in facilitating the flow of money and providing loans to businesses and individuals. They have the power to regulate the money supply, which means they can determine how much money is in circulation.

This gives them control over inflation and deflation in the economy, so their actions must be responsible and transparent to avoid economic instability and financial crises such as the Great Recession from December 2007 to June 2009 and the recent financial crisis.

The central banks also determine whether the banks charge interest on loans and, if so, what the interest rate will be (known as the "prime rate" in the United States). Since banks can lend funds out of their reserves, there is a limit to the amount of capital they must hold; therefore, banks should borrow from other banks when necessary rather than from the public.

According to the conventional wisdom of financial economics, financial crises are inevitable in any economy that runs on fiat money because they occur when banks borrow more than they have and then fail to repay what they owe (Minsky, 1973).

The Federal Reserve System has attempted to prevent financial panics by keeping the supply of money constant and increasing it through open-market operations whenever the volume of outstanding debt increases by an amount greater than or equal to the Fed’s target for M1, which represents currency plus demand deposits at commercial banks. This method is commonly referred to as “monetizing the deficit.”

Why Are the Banks Cautious of Cryptocurrencies?

Undoubtedly, cryptocurrency has given rise to new, disruptive technology for money transfers and payment systems at large. Still, the central banking industry remains skeptical about its potential for displacing fiat currency as a medium of exchange or store of value, particularly when considering the risks associated with digital currencies like Bitcoin. 

The cryptocurrency pioneer relies on decentralized networks and cryptography for security purposes instead of traditional regulation and oversight methods employed by central bank regulators worldwide and their regulatory bodies (the Financial Services Authority in the UK is an example).

According to research conducted by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and the U.K.’s Royal United Services Institute (RUSI), nearly 63% of survey respondents who work in the banking sector view cryptocurrency as a potential risk rather than an opportunity.

Bitcoin has been around for over a decade and is the most well-known cryptocurrency. But as more and more digital currencies come into the marketplace, banks are starting to get cautious. They are concerned about potential losses resulting from transactions on these platforms. They don’t know what regulations governments will put in place to ensure these cryptocurrencies are not used for illicit purposes such as money laundering or terrorism financing.

One of the world’s largest bitcoin exchanges, Bitfinex, was hacked in August 2016 and had millions of dollars worth of bitcoins stolen from its customer's wallets and accounts. This has raised many valid questions about why the banks are concerned about the emergence of cryptocurrency.

Cryptocurrencies can also circumvent government-imposed capital controls, and it is now increasingly being used by international companies to avoid or evade taxes in various countries around the world.

This is due to the use of cryptography, allowing people worldwide to send funds to each other with complete anonymity and in a decentralized manner, using a peer-to-peer network of computers rather than a central server as traditional financial institutions do today.

However, because of its decentralized nature, bitcoin poses a risk of anonymous money laundering and terrorism financing, especially when combined with other forms of digital anonymity, such as “mixers” and other privacy-enhancing technology like Tor (The Onion Router) and VPNs (virtual private networks), which are used to mask IP addresses.

Can Cryptocurrency Eliminate the Banking Sector?

​​​​​ Image Courtesy of Medium

The latest trend in the financial sector is the rise of cryptocurrency. In 2009, a person or group under the pseudonym Satoshi Nakamoto published a paper describing digital currency. The paper introduced bitcoin, which became the first decentralized cryptocurrency in the world. Bitcoin and other cryptocurrencies have since become increasingly popular but also volatile.

For example, the price of Bitcoin rose from $2,500 in January 2017 to $19,000 in December 2017. Cryptocurrency is decentralized and relies on blockchain technology, and a central bank or government does not regulate Bitcoin and other cryptocurrencies. This makes cryptocurrency appealing to those weary of the unpredictable monetary policies of central banks and governments.

Many advantages come with cryptocurrency, such as its decentralized nature and independence from government interference, making it a great alternative to fiat currency systems (e.g the $USD).

However, it is essential to note that not all currencies have the same benefits as Bitcoin or other cryptocurrencies. It is also safe to say there is no guarantee that Bitcoin will be successful in the long run when compared to fiat currency, which has been around for thousands of years and has proven itself over time to be a stable medium of exchange for both individuals and businesses alike.

Nevertheless, if you look at the current state of cryptocurrency and the new development of blockchain technology today, many believe that it could be the future of money in this century. So they are trying to create more decentralized systems like Bitcoin or Ethereum, etc., but these systems are still in the early stages of development. We need more time before we can see what will happen with these currencies and applications.

So, for now, we need to find ways to secure our money from banks and other traditional financial institutions because as long as we have centralized systems that control how much currency and transactions are allowed, it is very easy for them to steal your funds or freeze your account whenever they deem it necessary.

In Summary

The Central Banks are at the heart of the modern global financial infrastructure in the current economic system, and as such, they have become a powerful force in society. In many cases dominating the economic life of nations to the extent that can be likened to that of feudal rulers controlling their kingdoms and duchies during times past. 

Today we have what amounts to the equivalent of the Royal Family controlling central banks worldwide! In recent years, with the onset of a global economic collapse and with the Federal Reserve’s power over the American economy and the global economy increases, the Federal Reserve has become ever more influential over the entire planet.

Blockchain technology depends on algorithmic confidence, and its decentralized system offers an option to the current system. But the cryptocurrency has little adoption rates, and its legal reputation is still under the cloud. Cryptocurrencies are a new digital asset class with no central authority or bank behind them. 

Instead, it relies on a distributed network of computers and users to maintain order and security in exchange for incentives and rewards, which is why they are often called “digital cash” as opposed to more traditional means of storing value like paper currency and gold. Many different cryptocurrencies are available today: Bitcoin Cash, Litecoin, Ethereum, Ripple, Dash, Zcash, Monero, Dogecoin, and so on.

There are possibilities at this point that Central Banks will start to introduce their own central bank digital currencies (CBDC). The problem is that nobody has yet been able to provide a solution for what happens when CBDCs across international borders fail. The associated costs and risks become more challenging to manage than they currently are today for national fiat currency systems. 

The global financial system remains reliant on national monetary policymakers being willing to let the exchange rate of their respective countries weaken over time as part of ‘internal devaluation to encourage domestic consumption and investment spending via the money multiplier mechanism – something that can only be achieved if there are sufficient savings available.

 

References:

Investopedia 

​​​Wolfandco

Wikipedia

 

 

Tim Moseley

HOME

Federal Reserve raises rates addressing inflation at 86 the highest YoY spike since December 1981

Leave a comment

Federal Reserve raises rates ¾%, addressing inflation at 8.6% the highest YoY spike since December 1981

The Federal Reserve took the most aggressive action since 1994 announcing that they would raise rates by 75 basis points (3/4%) taking the fed funds rate to between 150 – 175 basis points. Traders and analysts had been factoring in a more aggressive rate hike on Monday and Tuesday following the release last week of the May inflation numbers vis-à-vis the CPI. Inflation rose to the highest level since the start of the pandemic which led to a recession that was followed by other disruptive events including extreme supply chain bottlenecks, Russia’s invasion of Ukraine, and Covid-related lockdowns in China.

The Federal Reserve’s statement concluded, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.”

The Federal Reserve statement said that the issues mentioned are the primary reasons that members of the Federal Reserve decided to raise their target interest rates to 1 ½% – 1 ¾%. The Fed also anticipates that interest rates will continue to increase to above 3% by the end of 2022.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1‑1/2 to 1-3/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt, and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.”

The Federal Reserve has long maintained a dual mandate of maximum employment and an inflation rate of 2%. Chairman Powell alluded to a strong possibility that there would be more 75 basis point rate hikes at the next FOMC meeting in July. During his press conference Chairman Powell said that further rate hikes of either 50 or 100 basis points would “most likely” be the appropriate outcome of the central bank’s next meeting in July.

Today’s statement also addressed the Fed’s current economic outlook which anticipates an economic contraction taking the GDP growth rate to 1.7% this year, unemployment rising to 3.7%. Furthermore, they are forecasting that unemployment will rise to 4.1% through 2024. These numbers indicate that it is obvious to the Federal Reserve that its plan to continue to raise interest rates will lead to a further economic contraction and a higher unemployment rate. The committee also acknowledged that inflation levels will remain elevated with the PCE index trending at approximately 5.2% throughout the remainder of this year and gradually reducing to 2.2% in 2024.

The Federal Reserve’s aggressive rate hike and downward revision of GDP were factored into market pricing over the last two trading days. That being said. I still believe that market participants' reaction to today’s aggressive rate hike and downward revision of their economic outlook was an odd one resulting in U.S. Treasury yields moving lower, dollar weakness, along with rallies in U.S. equities and the precious metals markets.

Gold futures gained $22.80 and as of 5:20 PM EDT, the August contract is currently fixed at $1836.10. Silver futures gained 3.51%. The September contract gained almost $0.74 today and is currently fixed at $21.69. This is the opposite reaction for gold and silver prices than was anticipated after the Fed announced the aggressive 75-basis point rate hike today.
 

By Gary Wagner

Contributing to kitco.com

Time to buy Gold and Silver on the dips

Tim Moseley

HOME

The Great Migration of Americans Out of Dysfunctional Cities

Leave a comment

 

The Great Migration of Americans Out of Dysfunctional Cities

by Doug Casey, founder, International Man Communique

 

The Great Migration of Americans Out of Dysfunctional Citiesleave nyc.jpg
 

International Man: After the outbreak of the Coria and subsequent government actions, many Americans decided to move to a new state.

For example, it's estimated that 319,020 residents fled New York state between July 2020 and July 2021, which amounted to about 1.6% of its population. It was the largest outflow of any state during this period.

What is going on here?

Doug Casey: It's quite simple and obvious: people are getting away from what they don't like.

In essence, that means taxes, regulations, corruption, street crime, and a "woke" social ambiance. These are all things that relate to government. As late as the 1950s, the local government wasn't a major factor when deciding where to live. Now it is.

Some states now have up to a 13% income tax, and some have 8 to 10% sales tax. These are huge considerations where they were once trivial. So there's a huge difference between various states regarding the costs imposed upon you by the government.

Generally speaking, the highest tax states are also the most woke and the most regulated. That's because the wokesters approve of high taxes in principle. They believe a big government is good and necessary. Furthermore, the high taxes go to promote woke policies. So high taxes and woke policies naturally reinforce each other.

The places with the most woke governments and highest taxes generally have the highest levels of welfare spending, which draws in a certain type of person. As a result, they have hundreds, or even thousands, living on the streets.

They used to be termed "bums" or "vagrants." Then you were supposed to call them "the homeless." That sounded better because it didn't imply a moral failing, just the lack of a permanent residence. Now, however, you're supposed to call them "the unhoused." This further softening seems to imply that they just don't have a house for the moment—that sounds no worse than not having a car, airplane, or perhaps a diamond ring, or maybe a pension. They're "underprivileged" and should have a home in our hearts. No moral failing there.

I prefer to call these people bums, the traditional term. But it's almost passed out of the language. It should be re-instituted. It's crazy what the progressives and the wokesters have done to the language. Their euphemisms have made words as dishonest as their policies and philosophies.

Places like New York, Baltimore, Chicago, San Fran, and scores of other liberal bastions have the worst crime because they draw in and retain the worst kind of people—those who want to take advantage of their woke policies. And they scare away people who value the opposite values—hard work, prudence, temperance, self-reliance, justice, and the other traditional virtues. The politicians in these places promise bread and circuses to the degraded hoi polloi in exchange for their votes. They draw in the worst people and scare away the best. It's a self-reinforcing type of situation that can become a death spiral. The US is no longer a democracy but a kakistocracy.

Although moving can be inconvenient, it's insane to stay rooted in a place that's degrading, with the worst conditions but the highest costs. Get a load of this article written by a liberal in "The Atlantic."

International Man: How have the policies the local politicians enacted led to these conditions?

Doug Casey: People who get into politics are generally narcissists. They're interested in popularity. Their priority isn't the good of society but self-aggrandizement. They don't create anything and can only take from some people and give to others. They do what's good for themselves, building their own brand names, hoping that successful manipulation of the hoi polloi will enable them to move from being a big shot in their municipality to a big shot in their county, then a big shot in their state, and finally making the big time in Washington DC. 

What's going on here? Why do people support their destroyers? How is it that, of all animals, only humans install the most venal and stupid as their leaders? There must be some basic flaw in humans that, at least when they're in a large enough group, causes them to act irrationally. Why else would people support the kind of people who want to be politicians?

It doesn't matter whether they're Democrats or Republicans. Although I've got to say that in many ways, I respect the Democrats more than the Republicans. That's because the Democrats, as bent as they are, at least have a philosophical center. They actually believe in some things—even if they're bad things. The Republicans, however, don't believe in anything—except that the Democrats are just moving too far and too fast towards statism and collectivism. That makes the so-called conservatives hypocrites, allowing the so-called liberals to masquerade as the party of principle.

Neither the Democrats nor the Republicans are worth the powder it would take to blow them to hell. As H.L. Mencken correctly said, politicians are America's only native criminal class. 

It's foolish and a moral, philosophical, and—usually—a practical mistake to support either of them. Both should be decried. Don't feed either Tweedledee or Tweedledum. They're the problem, not the solution. 

International Man: While New York saw the largest outflow of residents, Texas and Florida were among the top recipients of new residents.

What do you think the long-term impacts will be on these states, and what are the implications?

Doug Casey: There are two possibilities.

Many of the emigrants are so shallow and thoughtless that they don't realize that it was their own views and habits that destroyed the places they want to get out of. They're likely to take many of their stupid ideas and bad habits with them because they can't change their basic psyche. They can't reform their basic worldview. Most don't think logically about cause and effect.

But some may have been mugged enough by the reality that they've changed their views. Some are ethically upright but have just been buried in a negative environment. I have a number of AnCap friends who started out as Marxists. So there's always hope…

But my guess is that most of the people moving from New York and California to places like Texas and Florida are reasonably conservative, rational people. That's why they're moving. So most of them will actually reinforce and improve the situation in their new states. So it's cause for optimism. Perhaps it will lead to the secession of some regions.

A bigger problem is that the country, as a whole, still seems to be moving more statist. The Blue people—the socialist-leaning people—have control of the State apparatus most everywhere. And once they have control of the apparatus of the State, it's very hard to take it away from them.

Worse yet, as the economy goes into a real crisis with the Greater Depression deepening over the next few years, both the Red people and the Blue people will clamor for a man on a white horse who will claim to kiss everything and make it better—if he has enough power.

International Man: Many formerly prosperous US cities have degenerated into conditions more akin to an impoverished Third World country in certain areas. This trend shows no sign of reversing and seems to be accelerating.

What is the cause of this, and where is this all headed?

Doug Casey: As I've said many times in the past, science fiction is a better predictor than any think tank of what's likely to happen.

Let me draw your attention to the Kurt Russell movies Escape from New York and Escape from LA, showing how dystopian big cities can get. And the earlier Charles Heston/ Edward G. Robinson movie, Soylent Green. Could things get that bad? Yes, they could. The more advanced civilization gets, paradoxically, the more unstable it can become if the foundations aren't sound. We discussed why the foundation is crumbling in our last two conversations (link here and here)

Look at ancient Rome. It had a million or more people at the time of Caesar Augustus. But after the collapse of the empire, the population fell to perhaps 20,000 people during the dark ages that followed. Cows and goats grazed in the forum. The peasants disassembled Rome's buildings to have something better than straw shacks to live in.

Civilizations and cities have collapsed many times in the past 5000 years. It could happen to New York, Chicago, San Francisco, or the US itself—unless they radically change their policies. But, notwithstanding the recent recall of SF's disastrous district attorney, there's no indication that they will. In fact, most jurisdictions are raising taxes so the government can "do more." Which, of course, just makes things worse for the reasons we just discussed.

Take a look at Detroit. There are 20 and 30-story office buildings downtown with market values of only a few million dollars. During the 1950s, Detroit was the fourth-largest city in the country and one of the wealthiest.

How do we turn the situation around? It's not by voting. That just transfers power from Tweedle Dee to Tweedle Dum. But that doesn't mean you should be quiet and say or do nothing. For that reason, I try to speak out whenever I hear people saying things that are commonly accepted but destructive. 

In that regard, let me mention a club that I belong to here in Argentina. It's a group of American businessmen who get together for lunch every two weeks and talk about the world at large. 

At our last meeting, an American/Argentine dual citizen went on about how politicians ought to say this or not say that—whatever works—to get people to vote for them. Our James Carville lookalike tells politicians how to appeal to the masses. He particularly spoke out against Javier Milei, an AnCap who—rather improbably—has a serious chance of becoming the next president because he threatens to overthrow the country's totally corrupt Peronist/Kirchnerite system.

I couldn't let that pass and commented that not only is politics itself the problem, but the worst people go into politics. And those who instruct politicos on how to manipulate the hoi polloi are the worst of all. I took the opportunity to broach the thought that the State was their enemy, and its powers to tax, regulate, and inflate the currency should be ripped out by the roots, with Agent Orange poured on the ground they grew in. 

Will my words change anything? No. But I told them that these things need to be said. Otherwise, the enemy's victory is certain. We're fighting a psychological and philosophical war.

International Man: What is your advice to people considering moving to a new city, state, or country.

Doug Casey: Things will continue to deteriorate for the foreseeable future. Trends in motion tend to stay in motion, and this trend is still accelerating. Actual Jacobins and Bolsheviks will be running the US for at least another 30 months.

However, if you want to stay in the US and you live in a major city—it doesn't matter where—I would move to a rural area. People in rural areas are closer to the earth and reality. They have more traditional values and fewer bad habits. Their general worldview is more conservative. In big cities, it's always more liberal. Like tends to draw like. In cities, urban gangs may start taking over in "no go" zones.

Let me draw your attention to another seminal sci-fi movie from the early 1980s, The Warriors. You'll recall that New York seemed on the edge of collapse back then. One of the movie's subplots posited the gangs of New York uniting to take over the city and how they almost do it. It could happen.

There's every reason to move to a rural community. Costs are always much lower, while modern telecommunications, FedEx, Amazon, Walmart, and the rest of it give you all the material advantages of living in a big city with much less crime and fewer wokesters.

The only reason not to move to a small town is if you're still in your twenties or maybe thirties, unmarried, and want to be in the dating scene. Small rural towns aren't very active from that point of view. But otherwise, there's every reason to live in the countryside as opposed to the big city today.

If you're going to stay in the US, move out of the city, pick a nice small town, and beat the last-minute rush.

 

New Opportunities Are Emerging For Citizens of The World.

Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives through the democratization of power and opportunity.

Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.

Markethive.com for example will be releasing its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".

Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.

Be sure to check it out today – Markethive.com

Markethive

Tim Moseley

HOME

Europe Faces Its Worst Food Crisis In Decades

Leave a comment

 

 

The Food and Agriculture Organization (FAO) of the United Nations, headquarters located in Rome, was established in October 1945 by the United Nations assembly in the wake of World War 2. Its aim is to improve nutrition and living standards, agricultural productivity, and the conditions of farmers and make the best use of the world's food resources. It provides food and nutrition advice, technical assistance, and other support to people in need in both emergency and non-emergency situations.

During a meeting on 8th June 2022, FAO Director-General, Qu Dongyu, participated with dozens of ministers at the summit in Rome to tackle higher prices for food, fertilizer, and fuel. Acknowledging a “very complicated” global scenario, he urged countries in the Mediterranean to work together to mitigate food security risks that the war in Ukraine has further exacerbated. 

The Mediterranean Sea region includes 22 countries on three continents, each with diverse natural resources, agricultural traditions, and production potential. The Ministerial Mediterranean Dialogue on Food Crisis, an event convened by Italy’s Minister of Foreign Affairs, Luigi Di Maio, drew ministers and government participants from more than 24 countries.

 

Minister Luigi di Maio opened the Dialogue, noting that seldom has hunger had such a high profile on the public agenda and emphasizing the importance of sustainable agrifood systems.

Qu noted that,

“We must keep our global food trade system open and ensure that agrifood exports are not restricted or taxed.” 

Qu Dongyu outlined four major focal points across which cooperative efforts should be made: 

  1. More investment in countries that are severely affected by the current increase in food prices. 
  2. Reduction of food loss and waste. 
  3. Better and more efficient use of natural resources, especially water and fertilizer. 
  4. A focus on technological and social innovations that can significantly reduce market failures in agriculture.

“We are facing the worst food crisis in decades,” said Svenja Schulze, Germany’s Minister for Economic Cooperation and Development, who co-chaired the event.

Participants agreed that high prices for fertilizers and fuels, both critical agricultural inputs, are urgent matters for global food security.

 

European countries are now looking at options for compensation for individual industries, which have enormously high costs due to energy prices.

Before the war in Ukraine began, the European Union was an exporter of grain, like Ukraine and Russia. Export from Ukraine went mainly to the Middle East and North Africa. But that is likely to change now.

The Arab states now have grain stocks purchased, so prices would not have to go up again in the autumn. So far, the harvest looks good in the rest of Europe, but also in countries such as Australia and Canada.

Rising food prices could stabilize after this year's grain harvest, estimates the Food Chamber of the Czech Republic. According to her, current agricultural prices are speculative, with a good harvest, growth could calm down.

Following this, the prices of feed, flour and meat would no longer have to rise – however, food will not return to last year's values. "An absolutely crucial signal will be how this year's harvest ends, because prices now do not fully reflect reality," said Miroslav Koberna, director of the Chamber of Programming and Strategy of Czech Republic.

 

How Do Food Process Compare Across Europe?

Food prices are skyrocketing across Europe. In some countries, however, it does not burden people's wallets as much as in the Czech Republic. Experts say that this is due to higher incomes and different levels of food taxation.

In the Czech Republic, most foodstuffs are subject to 15% VAT. But some states are more lenient. For example, in Poland, several foods are not subject to VAT. They have a similar situation in Hungary.

For example, according to the so-called Big Mac index, the famous hamburger Big Mac earns the fastest in Luxembourg or Switzerland; it takes them about ten minutes. The longest then on one Big Mac they work in Ukraine, almost an hour. It'll take the Czechs about half an hour. 

 

Czech households spend 17.1% of their income on food, which is close to the European average. A quarter of the senior pension falls on basic foodstuffs in the Czech Republic. Comparing Czech food prices – in Italy are 22% more expensive. Lower prices of foods are in Bulgaria and Poland, about 20-25% more than in Czechia are the food prices in Greece, Austria, Italy or France.

In Czechia, the prices of foods in comparison to last year grow extremely. In May 2022  flour prices  accelerated to 64.6% year on year, for butter to about 52 %, for semi-skimmed long-life milk to about 42% and for eggs to about 34%.

 

        “Yellow prices” are reduced – very often quickly sold out

 

People in Ireland or Scandinavia spend the least on food. On the contrary, they pay the most for them in Romania and the Baltic states. In Germany the average income is about three times more than the Czechia, so of course Germans can afford to buy more food, says one Czech economist.

European countries are currently dealing with compensation options for individual sectors, which have enormously high costs due to energy prices.

 

Germany will pay about 32 million euro, Poland 800 000 euro and France will according to experts be the clear winner in the food industry due to its highest investments in rescuing processors. 

Food Inflation In Europe – The Numbers Say it All

This table shows the percentages of inflation in European countries – highest inflation in food prices has Moldova with 30.2%, second place is Lithuania with 24.8% and so on. Absolutely in the best situation is Switzerland with only 1.1% food inflation.

 

 

 

Source:

Ceskenoviny.cz

Idnes.cz

Fao.org

tradingeconomics.com

 

 

 

Tim Moseley

HOME

Gold silver continue sell off amid strong greenback rising bond yields

Leave a comment

Gold, silver continue sell off amid strong greenback, rising bond yields

Gold and silver prices are solidly lower in midday U.S. trading Tuesday, with both metals notching four-week lows. A strong U.S. dollar index that this week hit a 20-year high and U.S. Treasury yields that this week hit multi-year highs are significantly bearish elements keeping the metals prices under selling pressure. Gold and silver bulls got no help from another hot U.S. inflation reading today. August gold futures were last down $19.60 at $1,812.10. July Comex silver futures were last down $0.400 at $20.855 an ounce.

Today’s U.S. producer price index report for May came in a up 10.8%, year-on-year and up 0.5% from April. Those numbers were close to market expectations and the markets showed no major reaction. But make no mistake: inflation in the U.S. and around the globe is running hot and is problematic. History shows problematic price inflation is longer-term bullish for hard assets, including the metals markets.

Global stock markets were mostly lower overnight. U.S. stock indexes mixed at midday. The U.S. stock indexes are in bear market territory, meaning they are down 20% or more from their highs. Despite today’s stabilization in the U.S. indexes, traders and investors see their risk appetites as far from robust.

The data point of the week is the Federal Reserve’s FOMC meeting that began Tuesday morning and ends Wednesday afternoon with a statement. The Fed is expected to raise U.S. interest rates by at least 0.5%. Some reckon the Fed may raise the key Fed funds rate by 0.75%. Fed Chairman Jerome Powell will hold a press conference after the FOMC meeting concludes Wednesday afternoon.

Markets in chaos: Gold price down $50, Bitcoin price hits lowest level since December 2020, stocks plunge

The key outside markets today see Nymex crude oil prices higher and trading around $122.25 a barrel. The U.S. dollar index is firmer in midday trading and not far below this week’s 20-year high. The yield on the 10-year U.S. Treasury note is fetching around 3.3%. Monday the 10-year note hit the highest level in 14 years, at 3.371%.

Crypto currencies remain under strong selling pressure again, with Bitcoin at a 1.5-year low.

Technically, the August gold futures bears have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at this week’s high of $1,882.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at the overnight high of $1,833.30 and then at $1,850.00. First support is seen at the overnight low of $1,809.20 and then at $1,800.00. Wyckoff's Market Rating: 2.5

July silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $22.565 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at today’s high of $21.36 and then at $21.75. Next support is seen at $20.42 and then at $20.00. Wyckoff's Market Rating: 2.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

HOME

President Andrew Jackson and an Outrageous Crime Inflicted on the Next Generation

Leave a comment

President Andrew Jackson and an Outrageous Crime Inflicted on the Next Generation

by Nick Giambruno, contributor, International Man Communique

 

 

Jackson and Bank.png

 

With over $30 trillion in debt and counting, it’s hard to believe the United States government was ever debt-free.

But it happened once—in 1835—thanks to President Andrew Jackson. He was the first and only president to pay off the national debt completely.

One biographer says the former president viewed debt as a "moral failing," a sort of "black magic."

When he became president, Jackson was determined to rid the US of its national debt. After all, debt enslaves you to your creditors.

Jackson knew that being debt-free was essential to independence. This outlook resonated with many Americans back then.

With that in mind, Jackson attacked the institutions and powerful people who promoted and enabled the federal debt. This included the banking elites and the Second Bank of the United States, the country's central bank at the time and precursor to today's insidious Federal Reserve system.

While campaigning against the evils of national debt and central banking, Jackson miraculously survived an assassination attempt when an assassin’s two pistols both misfired. Shadowy interests tied to the central bank were almost certainly behind the effort.

However, Jackson survived and went on to "End the Fed" of his days. He successfully bested the central bank—and the powerful interests behind it—and shut down the Second Bank of the United States.

He also repaid the federal debt in full, which was no easy task.

Jackson couldn't squeeze the American people with a federal income tax to repay the debt. It didn’t exist at the time and would have been unconstitutional.

He also couldn’t simply print currency to pay off the debt. Perpetuating such an insane fraud—which the Fed does on a massive scale today—likely never entered his mind.

Instead, Jackson had to rely on tax revenue from other sources, mainly import tariffs and excise taxes, to pay down the debt. He also drastically cut federal spending and frequently vetoed spending bills.

Jackson's determination worked. By January 1835, the US was debt-free for the first time.

Unfortunately, it didn't last much more than a year. After that, the US would never again be debt-free—not even close.

 

Revenge of the Central Bankers

After Jackson succeeded in ending the Second Bank of the United States, anything associated with a central bank became deeply unpopular with the American public. So, central bank advocates tried a new branding strategy.

Rather than call their new central bank the "Third Bank of the United States," they went for a vague and boring name. They called it "the Federal Reserve" and managed to hide it from the average person in plain sight. As a result, over 100 years since its founding, most Americans have no idea what the Federal Reserve is or what it actually does.

Ironically, Jackson's face has been on the $20 "Federal Reserve Note" since 1928. So in a sense, this symbolic move is central banking advocates giving the middle finger to one of their most steadfast opponents.

After all, the Fed is really the "Third Bank of the United States." No doubt, Jackson would have been disturbed at having his face on its fake confetti money. 

In any case, most Americans today have no idea who Jackson is, what he did, or why he did it.

To the extent he is ever mentioned, the media, academia, and the rest of the establishment unjustly besmirch him as—you guessed it—a "racist."

That's exactly what the Deep State—the permanently entrenched bureaucracy—wants. It doesn't want the average citizen to understand why Jackson shut down the central bank and (temporarily) freed Americans from national debt bondage. Doing the same thing today would be a mortal threat to their power.

This is one of the reasons the establishment will try in the coming years to replace Jackson on the $20 bill with the more politically-correct Harriet Tubman… pushing Jackson further down the memory hole.

 

New Opportunities Are Emerging For Citizens of The World.

Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives through the democratization of power and opportunity.

Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.

Markethive.com for example will be releasing its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".

Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.

Be sure to check it out today – Markethive.com

Markethive

Tim Moseley

HOME

Gold suffers amid solid gains in USDX steep rise in US Treasury yields

Leave a comment

Gold suffers amid solid gains in USDX, steep rise in U.S. Treasury yields

Gold and silver prices are solidly lower in midday U.S. trading Monday, pressured by a U.S. dollar index that is solidly higher and trading near a 20-year high, and by sharply rising U.S. Treasury yields that are at multi-year highs. Gold prices did hit a five-week high overnight but those gains could not be held. August gold futures were last down $41.30 at $1,833.80. July Comex silver futures were last down $0.681 at $21.25 an ounce.

Global stock markets were mostly lower overnight. U.S. stock indexes are sharply lower at midday and hit new for-the-move lows. The Russia-Ukraine war and its economic implications, and problematic price inflation are weighing heavily on trader and investor sentiment to start the trading week. Add to that mix Covid lockdowns on the rise in China, the world’s second-largest economy and a major supplier of products around the globe. Don’t be surprised to see gold and silver bulls buy this dip amid the keener anxiety in the marketplace early this week.

The key outside markets today see Nymex crude oil prices firmer and trading around $121.50 a barrel. The U.S. dollar index is solidly higher and near a 20-year high. The yield on the 10-year U.S. Treasury note is fetching around 3.4%–the highest level in 14 years.

Crypto currencies are under strong selling pressure again to start the trading week.

The data point of the week is the Federal Reserve’s FOMC meeting that begins on Tuesday morning and ends Wednesday afternoon with a statement. The Fed is expected to raise U.S. interest rates by at least 0.5%. Fed Chairman Jerome Powell will hold a press conference after the FOMC meeting concludes Wednesday afternoon.

Entire financial system is 'a black hole,' crypto will become the dominant force – Garry Kasparov

Also to be monitored closely will be Tuesday’s U.S. producer price index report for May, which is seen up 0.8% from April and compares to April’s reading of up 0.5% from March.

There wase no major U.S. economic data released Monday.

Technically, the August gold futures bears have the overall near-term technical advantage and regained power today. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at the June high of $1,878.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at $1,850.00 and then at $1,878.50. First support is seen at today’s low of $1,824.70 and then at $1,815.00. Wyckoff's Market Rating: 3.0

July silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $22.00 and then at $22.25. Next support is seen at today’s low of $20.91 and then at $20.42. Wyckoff's Market Rating: 2.0.
 

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

HOME

Are You Ready For The Next Gold Rush?

Leave a comment

Are You Ready For The Next Gold Rush?

by Luke Lango, editor, Hypergrowth Investing

 

Are You Ready For The Next Gold Rush?

 

Don't Try To Do The Impossible

During periods of elevated market volatility – such as the one we’re seeing right now – just do one thing: Focus On The Big Picture.

The simple reality, folks, is that it is nearly impossible to predict with any great certainty what’s going to happen over the short term. Inflation could keep rising. Or it may start decelerating. The Fed may hike rates 10 times. Or they may make a U-turn in the summer. Russia may try to invade mainland Europe. Or they may stop the fighting altogether.

There’s a lot of uncertainty out there right now. So, let’s do ourselves a favor and stop trying to do the impossible in predicting how all of those risk factors will play out.

Instead, let’s do something much easier. Let’s take a deep breath. Let’s zoom out. Let’s look at the big picture. And let’s realize that while today’s macroeconomic and geopolitical risks may seem like world-enders, they are not. Just like no macroeconomic risk or geopolitical risk before them was a world-ender.

COVID-19? The world kept turning. Great Financial Crisis? The world kept turning. Dot-Com Crash? The world kept turning.

Lather. Rinse. Repeat. In the big picture, the world, the U.S. economy, the stock market, and humankind generally have a multi-century track record of trumping crisis, after crisis, after crisis, after crisis.

That’s The Big Picture

Keep that in mind while stocks throw a little temper tantrum here. Because, in doing so, you’ll realize that what you should be doing amid this market meltdown is simply focusing on the long-term technological trends reshaping our world.

I’m talking artificial intelligence, electric vehicles, digital advertising and shopping, robotics, and more. Those trends are not going to be derailed, stopped, or even slowed all that much by what’s going on in the market today.

Just like computers weren’t stopped by Black Monday. Just like the internet wasn’t stopped by the dot-com crash. Just like cloud computing wasn’t stopped by the financial crisis.

Ultimately, world-changing trends always end up changing the world – regardless of what happens in the near term. All that is really a long-winded way of saying that the best investment strategy at the current moment is to ignore the noise and focus on the long-term megatrends reshaping our lives. Today the best such megatrend is… the "Battery Gold Rush."

 

Batteries Are Everything These Days

When you sit back and really think about it, pretty much every technological megatrend out there requires batteries to power it. Electric vehicles? They run on lithium-ion batteries. Energy storage systems? They, too, run on batteries. Artificial intelligence? Built on software, which is run on computers, which are powered by… you guessed it… batteries.

What about smartphones? VR headsets? Charging stations? All those end markets need batteries, too. Morgan Stanley aptly summed it up in a research note just a few weeks back by saying:

“We need batteries. Literally everywhere.”

The world is about to embark upon a battery infrastructure spending boom over the next decade so that countries and companies can produce enough batteries to power these tech megatrends.
Batteries will be the epicenter of our tech-dominated future. Demand for them is going to increase at exponential rates in the 2020s.

But there is not an infinite supply of batteries. If anything, we have a supply shortage today. Therefore, there is going to be a battery spending boom over the next decade, wherein companies all along the battery manufacturing supply chain will make a lot of money.

It Will Be A Battery Gold Rush

The “holy grail” of the coming “Battery Gold Rush” will be a special type of battery that I like to call a forever battery. And it’s going to change the world as we know it. To understand why we need to take a quick trip back to chemistry class…

Batteries comprise three things: a cathode, an anode, and an electrolyte. Batteries work by promoting the flow of ions between the cathode and anode through the electrolyte:

Conventional lithium-ion batteries are built on liquid battery chemistry. That is, they comprise a solid cathode and anode, with a liquid electrolyte solution connecting the two. These batteries have worked wonders for years. But, due to the physical constraints of dealing with a liquid electrolyte, they are now reaching their limit in terms of energy cell density. This basically means that if we want our phones, watches, and electric cars to last longer and charge faster, we need a fundamentally different battery.

Insert The Solid-State Battery

With solid-state batteries, the name pretty much says it all. Take the liquid electrolyte solution in conventional batteries. Compress it into a solid. Create a small, hyper-compact solid battery that – because it has zero wasted space – lasts far longer and charges far faster.

The implications of solid-state battery chemistry are huge. Solid-state batteries could be the key to making our phones sustain power for days… enabling our smartwatches to fully charge in seconds… and, yes, allowing electric cars to drive for thousands of miles without needing to recharge.

That’s why insiders dub solid-state batteries “forever batteries ” — and it is why these 'forever batteries' are the holy grail of the Battery Gold Rush. Competitive advantages in the 2020s will be gained by companies using the best batteries. The better the battery, the better the performance of an electric vehicle, phone, energy storage system, and more.

Therefore, there won’t be any rush for old-school batteries built on old tech. But there will be an unprecedented mad dash for these solid-state batteries. Said differently, the Battery Gold Rush of the 2020s will be focused on solid-state batteries.

The Battery Gold Rush was always going to happen. But recent developments – specifically, Russia’s invasion of Ukraine unearthing the supply and price fragility of a fossil fuel energy system – have accelerated and enhanced it.

The Battery Gold Rush isn’t something that is going to happen in two, three or five years – it’s happening right now. And it will change the rules of the global economy over the next 12 months.

 

New Opportunities Are Emerging For Citizens of The World.

Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives through the democratization of power and opportunity.

Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.

Markethive.com for example will be releasing its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".

Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.

Be sure to check it out today – Markethive.com

Markethive

Tim Moseley

HOME

Gold is great but it’s not Bitcoin -Edward Snowden talks independent money

Leave a comment

Gold is great, but it's not Bitcoin – Edward Snowden talks independent money

Gold is Bitcoin without the Internet option, said Edward Snowden, whistleblower and president of the Freedom of the Press Foundation. He also sees the financialization hype dividing the crypto space, advising people to use cryptocurrencies instead of investing in them.

At the Consensus 2022 conference in Austin, Snowden stressed the need for an independent form of finance, which is how gold came up.

"Gold is great, but gold is not portable. Gold is not transmissible beyond borders at the tap of a button. But Bitcoin and crypto, more broadly, are. That is an astonishing thing. It gives us an indication of the power of how the world can be changed," he said virtually on Saturday. "We have too many currencies that are too unreliable. And that's what crypto beginning to address. We are seeing the transformation of cryptocurrencies moving to cryptographic monetary instruments."

The problem crypto is attempting to solve deals with the existing system being fundamentally unfair, Snowden said. "Look at the economy. There is an increasing concentration of recourses in fewer hands. We see this financialization creeping into the crypto ecosystem."

Snowden criticized the crypto industry for letting the financial aspect drive evolution of the space. "Everyone in crypto is fragmenting into tribes because of the financialization of cryptocurrency, they are more about making money," he said.

Snowden's fear when it comes to privacy is identity and money being used against the population. "I am worried about the world in which identity is used against us; our money is used against us. We need free money – in the independence sense."

Snowden once again reiterated that Bitcoin is not private, and that is a failure as an electronic cash system. In the past, Snowden has cited his concerns with this, saying that Bitcoin has a public ledger, not an anonymous ledger.

By Anna Golubova

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

HOME

The Bitcoin Law Announcement Was A Special Day In History

Leave a comment

The Bitcoin Law Announcement Was A Special Day In History

by Bap 

 

Jack Mallers announcing Bukele’s Bitcoin Law was a momentous occasion in history, not only for Bitcoin and El Salvador, but for the entire world.

It was June 2021 in Miami. Thinking back to that day, I recall the crowds and lines: It was a hot summer afternoon, the first Bitcoin event I’d attended, and one of the first outings I’d been to in over a year following the pandemic. To say that I was uncomfortable, both socially and physically, was an understatement. If that’s not enough, the adrenaline was hitting me from sneaking by the security guards who were removing those standing in the hallways and fire exits. There were basically people crowding on top of one another to get in — maybe they were just trying to get in the air conditioner, I don't know — but I do believe this was ground zero for a new BTC variant. This made it all the more special after I got through.

That’s because this was not a normal announcement full of press releases, fancy buzzwords and logos. It was a memory filled with emotion, energy and excitement — hope was in the air. After leaving that room, I really felt optimistic about the future of Bitcoin, El Salvador and the world. Jack Mallers went way over time too. He was so emotional that he could barely get his words out, and I remember really feeling his care and concern when he talked about his time in El Salvador. It was infectious.

That was a big day in history for Bitcoin. Not that Bitcoin needs governments to adopt it, but I do believe that the sooner governments adopt it, the sooner we can switch to a sound money system and the more peaceful and harmonious the transition will be. This will be marked in history, and in my mind, as the day that nation-state game theory began. As Mallers, the chess man, says, it's a “pawn to E4 moment.”

Before 2021, it was only speculation that governments would adopt bitcoin. Us Bitcoiners knew the game theory would make it happen eventually, but it all became real with the Bitcoin Law from El Salvador and its proposed status as legal tender. To put it in perspective, the only thing I knew about El Salvador before the announcement was the significant gang violence and high crime rates from a Vice documentary, and I’d seen pictures of the stunning beaches. That changed after the announcement, as I took a deep dive into the country and its history. It really had me start questioning who was developing my perspectives: the media or me. I'm glad to say that I now understand a lot more clearly about how Bitcoin first helps those who need help the most.

As I think back on the announcement one year later, I realize that perhaps everything is unfolding exactly how it's supposed to. I pause and reflect on the current frustration with my peers and the media in the United States and their resistance to Bitcoin, but now I see they'll be adopting later — because they don't need bitcoin just yet. This has been a big shock for me and really opened my eyes to a lot of differences in cultures around the world, and one of the most important points about Bitcoin: It’s for everyone. Thanks to Jack Mallers, President Bukele and the nation of El Salvador for pushing forward the goal of Bitcoin for all.

market

Tim Moseley

The Artist that came out of the Winter