Financial Collapse, May 2022 Update

Let’s start with the truly ridiculous and work our way out. At its height, the cryptocurrency bubble was capitalized at almost $3 trillion. Yesterday it stood at $1.17. Between $110 and $160 billion is leaking out of it daily. Over the past few weeks cryptocurrencies lost between 30 and 99% of their value. The only reason for the recent blossoming of this crypto-idiocy was excess liquidity that resulted from insane fiscal and monetary policies of the US, the EU and the rest of the collective West. It resulted in a loss of faith in fiat currencies and prompted a search for a financial surrogate. When liquidity was spurting out of every nook and cranny, all sorts of contrived mechanisms were need to soak up this impulse of monetary madness. Cryptocurrencies were one of these mechanisms: their fundamental value is precisely zero, yet they prompted the creation of entire analytical centers within investment banks charged with seeking out the best and the most brightest among virtual coins, looking for a kernel of rational sense where none can possibly exist.

Continue reading…

%d bloggers like this: