Posted May 30, 2018 by Martin Armstrong
COMMENT: I spoke this “pretend” analyst who use to be a goldbug and is now a cryptobug. Boy does he hate you. I really had to laugh for he said your computer is a fraud and your forecast on the euro was only correct because you organized it with central banks. I asked him who writes more than 500 reports on every market around the world each and every day? He said you did with staff. I asked him, how many people would it take to do that? He had no answer.
I probably would have lost an equal amount in BitCoin buying it at the high based on his emails. Thank you for opening my eyes to see everything globally. It really has helped.
REPLY: I know. I use to get real hate mail from the goldbugs. Now it is the crypto people. They really get all worked up all the time about this new technology and that how a central ledger will overtake the world. They seem to have forgotten it took 100 years for the Fax Machine to become practical. They are desperate to preach their theories because they are trying to convince the world they are right so they can make a fortune. They are like the people they hate. They are trying to manipulate the world to be as they desire rather than observing how does the world actually work.
Here is the S&P500 expressed in various currencies (click on image). This simple illustration shows how the world really functions. You will note that the S&P 500 is consolidating in US$ terms, but it is starting to breakout and make all time new highs in various currencies like the Euro. This is what I mean that each and every person will act according to their own self-interest. That is Smith’s invisible hand. The crypto advocates are actually cheering a one-world currency. They cannot understand that the Euro is failing because centralized planning fails. Their distributed ledger requires taking political power away from governments and installing a one-world economy where we all use the same cryptocurrency. They are blind to the simple reality that we do not have that much time left. We will still crash and burn BEFORE any reform can take place. Nobody fixes anything until it breaks. Sorry – that’s human nature. We don’t have decades here.
I really do not need this nonsense. I could care less what they say or do. They are an irrelevant distraction. Nothing will prevent the collapse of the monetary system. They cannot see that. It’s not my job to convince them of anything. Let them go down with their theories. I promised I would not leave anyone behind. That does not mean I must convert these type of people who will never listen. Nevertheless, we do not do ANY advertising and prefer to keep the individual readership small. Our bread & butter is institutions. If it was up to me, I would retire. But you see, there is no real future for we will have a choice. We move to a totalitarian state where the government will take even more power, or we move toward the light of reform and freedom. I do what I do for my posterity. That is my self-interest.
Institutions, on the other hand, prefer I do no interviews with mainstream media and to shun advertising. Naturally, they do not want to see millions of followers. Everyone wants an edge. It is a difficult road to follow through the raindrops. This is the cards we have been dealt. We just have to play them out. The crypto people would not be so nasty toward me if they were secure in what they believe. They know they have to sell their idea and convince an entire world. That is a tall order.
Less than 5% of the money is really physical. The bulk is already electronic entries. Things are changing and ONLY AFTER the crash and burn is there an opportunity for reform. But make no mistake about it, if we crash, but do not burn, then the government will gladly take them up on electronic currency so they can monitor and tax everyone on everything. Their dream is to eliminate cash. They argue it would also end crime and deficits because every querter you find on the groud they will now get their 50%+.