The Biden administration, led by SEC Chairman Gary Gensler, and cheered on by progressives in the Senate like Liz Warren, are beginning an assault of crypto-currency freedom. The Wall Street Journal's Dave Michaels and Alexander Osipovich report: Securities and Exchange Commission Chairman Gary Gensler this week declared war on what he called the Wild West of crypto trading, promising a vigorous attack on fraud and misconduct. But progress is likely to be more piecemeal and incremental than wholesale and sudden. Mr. Gensler outlined his desire to regulate digital assets such as bitcoin and … [Read more...]
Gold, Silver, and Currencies
Young Research & Publishing has been providing research and insights on precious metals and currency markets to institutional investors, corporate financial officers, business owners, and individual investors for over four decades. Richard C. Young started Young Research & Publishing in the 70s to publish the authoritative Young's World Money Forecast, a 50-page monthly investment report on the precious metals and currency markets. Today, our research on gold, silver, and currencies is geared toward investors in or nearing retirement who are looking to preserve and protect wealth.
Famed Investor Says Inflation Will Be Long Term
Famed investor Mohamed El-Erian, who has correctly called some of the most pivotal moments in recent market history, is saying he is very confident that current inflation will not be transitory. Bloomberg reports: What bond-market guru Mohammed El-Erian said Friday was enough to make bond investors listen like they’re in an old E.F. Hutton commercial. “Inflation is not going to be transitory,” the chief economic adviser at Allianz SE said in an interview on Bloomberg TV’s The Open show. “I’ve been pretty certain in my mind about three prior calls. This is the fourth one.” El-Erian … [Read more...]
Crypto Trading Platform Pure Digital Gets Major Backing
BNY Mellon follows State Street in backing Pure Digital, a cryptocurrency exchange trading platform. Eva Szalay reports for the Financial Times: Two of the world’s largest custody banks have publicly backed cryptocurrency trading platform Pure Digital, in a move that points to growing demand from traditional asset managers for bitcoin and other digital tokens. Bank of New York Mellon has joined the consortium of six banks behind the launch of London-based Pure Digital, three months after State Street became the first to announce its support for the planned exchange. The step suggested … [Read more...]
Central Banks Pick Up Fight Against Crypto
Here comes the mainstream economics establishment (late to the party as always) trying to kill crypto before it gains too much acceptance and risks replacing fiat money. The Bank for International Settlements (BIS) is out with a report trashing crypto. According to the BIS, Bitcoin has no redeeming qualities. We can think of at least one. In contrast to the U.S. dollar, which can be printed and debased at will, there is a fixed supply of Bitcoin (or there will be). The U.S. dollar has lost over 80% of its purchasing power over the last 50 years. That has everything to do with an … [Read more...]
If This Man Thinks Inflation is Back, Worry
You have been telling me about the inflation you're seeing in your life. It's not good. Inflation can throw all the calculations of a well-planned retirement into chaos. Even people who are still working need to readjust in the face of higher prices. When those old dollars you saved after working hard aren't worth as much as you'd thought they'd be, life gets trickier. Now, Roger Bootle, the man who officially declared inflation dead in a 1996 book title The Death of Inflation: Surviving and Thriving in the Zero Era (no relation to my monthly Survive & Thrive newsletter, which you can … [Read more...]
Inflation and Destruction of the U.S. Dollar University
Biden's backdoor student loan forgiveness is as clear as day even though headlines read otherwise. With inflation running hot, team Biden is actually thinking about forgiving student debt by destroying the dollar. When you run out seven percent inflation (not impossible) for ten years, debt is half of what it was. Coincidence? Hardly. While Biden ratchets up inflation to pacify the radical progressives and students who put him in office, the American middle class will suffer. Kristin Tate writes in The Hill: The sharpest tax President Biden is levying upon Americans is one that was … [Read more...]
Boom! Bitcoin, Cryptos, Value, You, & Big Money
You’re asking me what I think of bitcoin and cryptocurrencies. I’m telling you, I love the idea of blockchain. But what about value? That’s more a function of what someone’s willing to pay. Not me, of course, but it’s somewhat irrelevant. How big can cryptocurrencies get? I don’t know. Big, I guess. But I don’t need to be the first one at the party. I certainly won’t be the last, or the last one to leave. Let this play out. Remember the Gold Rush? A lot of money was made investing in the rush itself and not just the yellow metal. I like the idea of utilizing the benefits of the new. In … [Read more...]
Are Regulators Waking Up to the Threat Crypto Poses to Fiat Currency?
After the Chinese government took a hard stand against cryptocurrency use in that country, the Biden administration is also clamping down on the use of cryptocurrencies as a tax evasion tool. The Financial Times reports: The US Treasury said cryptocurrency posed a “significant detection problem by facilitating illegal activity broadly including tax evasion”, echoing comments from the European Central Bank this week, which said that cryptocurrencies’ “potential use for illicit purposes” were a cause for concern. The US proposal is part of a Treasury report showing how Joe Biden’s White … [Read more...]
Volatile Plunge Reveals Weaknesses in Crypto Speculation
Cryptocurrencies took a nasty plunge yesterday after Chinese authorities cracked down on their use. That institutional response, shortly after Elon Musk revealed that Tesla would no longer be using bitcoin in transactions, was a double whammy that took the wind out of cryptocurrencies across the board. Since the drop, crypto prices have recovered some of what they lost, but nowhere near all. The Wall Street Journal reports: The recent price fall has accelerated after three Chinese entities published a statement that financial institutions shouldn’t accept virtual currencies for payment or … [Read more...]
Your Survival Guy: Cryptos, Stocks, Bonds & YOU
Other than what someone's willing to pay you, where does a cryptocurrency's value come from? Because when it comes to sources of value, with dividends from stocks and interest from bonds, you know where you stand. With cryptos, you hope someone doesn’t jump the line. When a company pays you a dividend (or a bond pays you interest), it worries about meeting its obligations to you. It sees you, unlike the anonymity of cryptos, banging your tin cup on the boardroom table saying: “Show me the money.” When a company issues stock, it’s giving up ownership, and with a bond, it’s taking on debt. … [Read more...]
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