Oddbean new post about login | logout They’ve printed trillions and those trillions have not been changing hands as is evidenced by the collapse in the velocity of money. This chart proves the COVID stimulus checks were nothing more than bread and circuses. This is your monetary system on fiat. Abject favoritism. https://m.primal.net/HVSd.jpg
If it’s irreversible how did it reverse after the Great Depression?
🧐🤔🧐 What happened in 1971?
Whitney Webb on WBD recently really took me and my bitcoin optimism to a dark place. I feel like bitcoin destroys all current business models but the whole idea that somehow legacy finance can / will co-opt bitcoin is incredibly disappointing. Also, Fred the finance boomer you had on recently also just made me mad … his apathy and entitlement … as I have learned bitcoin it feels like bitcoin is set to just expose so much about the legacy system(s) but Fred was pretty bearish outside of any value beyond ETFs. (Also, a caveat, I only listened to WBD because @jack linked out WW on NOSTR … PM is insufferable.)
I can't fish, farm or hunt (lack of skill and money). My hemorrhoids from a steady Taco bell diet prevent me from transporting gold properly. I was bearish after her podcast here but now 2 days later stacked hard bc wtf other option do I have.
I think you can be realistic without being pessimistic. A post-bitcoin world won't be the city on the hill- it will have corruption, and rent-seeking, and powerful men using power for their own benefit. and yet it will solve some problems, and things will improve. no rapture, no Utopia: just slowly solving problems, building capital, making things better
Honestly stay the fuck away from Whitney Webb.
Why?
Well I'm actually being a touch unfair. I think Whitney is highly useful in the sense that she is good at looking at situations from a different perspective and loves to turn over or look under rocks. We need those people. What I think Whitney sometimes gets wrong is the 'connecting of dots'. Or at least she makes connections using severely incomplete data that really leaves her conclusions exposed. I think this happened most recently with Neuralink. The thing we all need to guard against is the tendency to dig only deep enough to make the data fit our narrative bias. No one is perfect and I certainly can't expect perfection from Whitney when she is forced to operate in the dark with hands tied behind her back given the nature of the topics she tries to expose. Having written this reply I think I've realised my frustration is perhaps more directed at those who interview her and are not more robust in their interrogation of her conclusions.
This is fair, yes. I think the "took me ... to a dark place. ... disappointing" feeling happens to me sometimes when listening to Whitney. It can be almost like "here are the plans of the elite and there is nothing you can do about it" feeling. But I doubt that is the correct takeaway. The takeaway to build alternatives is better.
That chart is fucking wild
Here's the whole chart... I'm sure there's a good reason he left off the last 3 years🤔 https://image.nostr.build/bf722f67a89079e59d1a28cad8e102cc6cbf6b4bfb90d72673ebc9ad778b2003.jpg#m=image%2Fjpeg&dim=1710x1080&blurhash=r1RpIC00000N000000bd02%7E74mD%24D%25WEIUE1V%40Rk00%24d%7EAaJ-P%3FG-TV%40%3Fa%7ETMw00M%7BIVn%24D*M%7Bs%3A00MwxB%24z-Qs%2B%3D_IU-p004nMw%251xtM%7BxYWBRk&x=2fda9cab77bb7eceda2d50a4cd02e3c61153b18d133ca643b8015a4a7a15dc0d
Money velocity = GDP / Money Supply As the denominator grows it goes to zero.
I thought it was a measure of how much the money is exchanging hands?
It's an obscure metric but that is one interpretation. But as the money supply goes infinite velocity goes to zero and that's where we are now. The Tradfi interpretation is "well there can't be inflation because velocity is going down" which is backwards. This chart shows that for every dollar of GDP we make we print one dollar. GDP is an obscure measurement and so is M1 and M2. I don't think it's possible to measure GDP effectively and I don't think anyone knows the actual money supply.
This doesn't look accurate. Is this M2?
TLDW = A former big-time Fund Manager lays out how The Banksters have spent 40 years tweaking the laws so we don't actually own our pensions, 401k's, stocks, houses, etc. The coming Derivative Bubble Pop is the real "you'll own nothing" Great Reset they've been talking about. They will LEGALLY take everything, and I mean everything... https://www.youtube.com/watch?v=dk3AVceraTI
This chart excludes data beyond 2020. DYOR to see what happened to the irreversible trend.
If you are in the money game, this is one of those metrics you want to go down the rabbit hole on nostr:note13kzv2eeflqknldxt0d3f2a70vhg5pu7sl9u3zdwd2nuu4nyyrgpqwwapdp
