For thirty years, I bet on honesty, hard work, reliability, skill, knowledge. But these days normies are often low-integrity and underhanded so in 2017 I hedged my financial bet against "integrity" and today the Federal Reserve rewarded my lack of faith.
Awesome. They're diluting the value of paper assets and most of my assets are physical. If you're a creditor, have a pension, or own fixed interest debt... you may want to change your bet, too, like the world did last year.
I wouldn't hold any US paper now, either. The 2nd, 3rd and 4th largest banking failures in US history were this month and the Federal Reserve will devalue everyone's savings to keep the Federal rattletrap running another year or two.
Addendum: In pre-trading:
- First Republic Bank, -66%
- PacWest, -53%
- Western Alliance, -80%
Dishonest money creates dishonest people and we've taken a clear step towards an inflationary depression, i.e. like the end of Weimar Germany. We're experiencing 9 of the top 10 bank failures but the Biden admin will do what it always does - lie. Then jam billions of off-book cash (Bank Term Funding Program) into the banking system.