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Gold, Bitcoin And Breaching The Laugh Threshold
We might've (b)reached the "laugh threshold."
During the pandemic, I was a staunch defender of mode
I am shocked the Euro has lasted this long.
If I remember correctly, Germany was a driving force behind the Euro- in order to get other countries to purchase the automobiles that Germany produced (Southern Spain, Greece, etc. needed a better currency to use for better purchasing power). And look at what a disaster Germany is today!!
Printing/borrowing money probably is ok, so long as the economy grows in lockstep. So, I guess it does matter how that money gets spent/distributed.
Also, I am watching what is going on in England with morbid fascination.
Fascinating times. 🙂
Funny thing… I remember well reading about the Greek debt crisis / Euro crisis in 2015 on Zero Hedge. The authors there had me convinced that the Euro was going to crater–that Greece and the rest of the PIIGS were going to have no choice but to bail out of the common currency. The complete and total failure of that to manifest is what ultimately awakened me to the realization that ZH was full of it and they were just posting doom bait for clicks. True story.
Funny how these things work out.
Brought to you in part by the quality wares of “LIQUORS” seen in the picture below looking every bit as luxurious as it is in real life. The barbershop there on the right’s pretty awesome, though. That’s Big al’s. Al’s not actually “big.”
https://heisenbergreport.com/wp-content/uploads/2025/10/Yonkers-scaled.png
Those of us who lived in Europe at the time were amazed at how ignorant US macro hedge funds were of the political dynamics within the Euro zone; it was clear the Powers that Were weren’t going to allow the euro to fail. It’s no longer as clear.
“But like all slippery slopes, the road to fiat currency collapse is one down which it’s best not to take even a first step, lest you should look up six steps later and find yourself carrying a thumb drive to the barber shop or a burlap pouch of ingots to the convenience store.”
I may have said it here before, but in my experience, buying gold leads to buying silver, and buying silver leads to buying “survivalist” supplies and the like.
John Travolta was in Swordfish? For some reason, I only seem to remember one thing from that movie.
Yep. You and everybody else.
In my defense, I was a teenager when that came out.
The rumor about a new “Trump One Dollar Coin” puts more focus on the “debasement trade”.
France having problems with stable government, yes. Italy, on the other hand, has had 70 new governments since 1946, a new one every 13 months. That’s unstable.
Thanks for the reminder on MMT. Agree it’s not new and not a theory.
Re gold (and bitcoin)–a mania is a mania is a mania. NY Fed just published an essay on Tulipmania. The crash can come without affecting the main currencies, debased or not. Currencies have value because they have the Trust of the public. Bitcoin has value because people are buying it. Separate things. The currencies have a System (clearing, netting, etc.). Bitcoin is magic beans. Can’t remember if that excellent designation was you or Krugman.
Re the euro: plenty of evidence it can’t work, shouldn’t work. And yet it does. The expectation of its demise is premature. Europeans fear war of any sort with one another more than they dislike the euro. I have followed FX daily since the 1980’s. Euro will survive. If Trump pulls too much more crap, it can become a far bigger reserve currency and numeraire. Quick, what else even competes? China–no chance. Would have to accept primacy of the right to privayte property. Not gonna happen.