1) Central banks believing they can escape a massive debt problem by exponentially adding more debt makes me think of this quote from Mises - "There is no means of avoiding the final collapse of a boom brought about by credit expansion......
2) ....The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
3) PS - that debt (BEFORE Covid) was $250 trillion on a global economy of $80 trillion, with $185 trillion of that $250 trillion of debt being added in the last 20 years. And that's looking backwards....adding at an exponentially faster rate now.
4) The unwind in whatever form it takes is going to be brutal.
5) Only two choices now - all around the world. Default through a deflationary depression (including banking system collapse) or default through hyperinflation.
6) In my humble opinion - Bitcoin is a "must" Not just for your wealth but as a lifeboat. Please do your own research. Follow @PrestonPysh @johnkvallis @RaoulGMI @APompliano @Breedlove22 @princey1976 @PeterMcCormack @MartyBent @LynAldenContact
7) Be safe out there - and please be kind. People are hurting and it's going to get much worse. Most of what is happening is not because of bad people (no matter what you think) but because of an economic system trying to fight gravity and catching all of us in its vortex.

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More from @JeffBooth

29 Aug
1) My wish! - that policy makers (on both sides of the isle) economists and major media would "actually" debate the merits of Deflation on a first principles basis instead of blocking out all rational thought to protect a system that is so clearly failing society.
2) That way, instead of dividing society further through policies designed for a different time - and pointing fingers, we could start to imagine a world where 1) the economic systems work - 2) the abundance from technological progress is broadly shared.
3) Change your worldview - Change your world!
Just because the transition is hard to imagine - doesn't change the facts.

Read 7 tweets
8 Aug
1) Just another example of a completely incoherent strategy......That will end miserably. @APompliano @PrestonPysh @CaitlinLong_ @RaoulGMI @LynAldenContact
2) Federal reserve (in a desperate effort to drive inflation) takes rates to near zero and start the printing press. marketwatch.com/story/trump-pr…
3) In doing so, they waste a staggering amount of stimulus $$ by manipulating markets and removing free market price discovery.
Read 14 tweets
1 Jul
1) In the game Monopoly, once enough properties are owned by a single player, renters can't afford to pay rents and are therefore forced into bankruptcy - and the game ends.
2) For those who have played, you will notice how systems work. ie - Once you have an early advantage, the game becomes easier (because you have the rents) to acquire more properties, add more houses/hotels. A "positive feedback loop" is created - concentrating wealth.
3) You might also notice that the wealth in the game "might" be due to luck - landing on the right squares early in the game gives you a massive advantage. Right place right time.
Read 12 tweets
10 Jun
We are told we need inflation. This is not true. It only seems true because the rules of the game were designed that way.
An inflationary environment that was manufactured by central banks - and once they were caught in it, they didn't see a way out. So, instead of facing new facts - That technology brings efficiency and allows prices to fall, they "doubled down" on inflation.
2) We are now part in a system that requires ever more inflation, jobs and higher taxes to pay for a "black hole" of debt that can never be paid back. Unable to reach escape velocity from the "debt gravity" Central banks actual fuel the thing they fear most. "deflation"
Read 18 tweets
5 Apr
1) Technological deflation was impacting economies long before Covid19. With technology you would continue to get more for less. If natural forces were at play, prices of EVERYTHING would fall.
2) That didn't happen. It was hidden - through massive injections of debt that could never be re-paid. 185 trillion added in last 20 years to achieve 46 Trillion of GDP growth. Creating a problem so BIG - that governments continue(d) to be "forced" to bail out existing system.
3) Not because they wanted to - but, because letting the system fail and go through a disorderly unwind (as Capitalism calls for) might have been a worse alternative in a set of bad choices. ie - a global banking system collapsing and entering into a prolonged global depression.
Read 10 tweets

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