by John Galt
November 12, 2017 01:45 ET
This was not supposed to happen according to Geekdom Economics 101:
However, when you hear hucksters like Glenn Beck and others start to dump their gold promos for “wow, look at the pretty tulips” type of hype, you know the shit is about to crash.
And so it has.
Since Thursday, 11/9 Bitcoin on the open market has crashed almost 27% as of just about an hour ago. What does this mean for the bigger picture?
It means that this fiat currency, along with numerous others like the US Dollar, are about to face a period of instability as real war (aka, Saudi Arabia and Iran) begins to rear its ugly head. In addition to this instability, we have the politicians in America acting like morons and instead of injecting a liquidity push to prevent an economic contraction, they are debating measures which will accelerate a deflationary spiral.
Oh, and by the way, not on insignificant volume for a FRIDAY NIGHT THROUGH EARLY SUNDAY MORNING!!!!
Need proof for the latter?
Look at the bond spreads and crash of the junk bond markets.
If this is indeed the “big break” in Bitcoin many of us have been expecting, the the market could initiate panic in the virgin investors who have never experienced a bubble. For those who have not experienced this potential kind of slaughter, here is an old timer commercial reminder:
Yeah, technically speaking, Bitcoin and all the virtual currencies are worth just as much.
As is the US Dollar when the full faith and credit fails.