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RE: Hey Americans Banks Owe You $70,000 For The Financial Crisis
Since the 2008 crash due to over leveraging of banks, we have not resolved the problems that caused it. Some would argue that the problems have been accelerated with lower interest rates, globalisation and legal fraud by banks. What happened with the Libor scandal, the HSBC money laundering etc. Nothing at all. These fat cats have had minor fines that are insignificant to the rewards they gained. Heads they win, tails they win. Greece and Ireland are paying back the EU with austerity, but they're really only paying back the backers of investment decisions gone wrong. So we are bailing out bad business. Socialism for the corporations, fascism for the rest of us.
The problems are worse now you're right. It would be in despair and hopelessness if it were not for crypto. I therefore feel sorry for all those people that have yet to discover crypto.
Hi Chris, Nice to see your animated face and energised aura rather than the Cryptoverse screen.
Perhaps Max K is correct about $100k btc? The only problem is that by the time it reaches that level, a Big Mac meal will cost $1,000.
The weakness of fiat currency around the world is a real problem for crypto: until this endemic weakness is remedied, I fear that the cypto house is being built on sand. Earlier this week, it is reported, Germany is calling for a new reserve world currency. Crypto-currency is only worth what backs it: with $trillions of debt hanging over the US, what will the dollar be worth in months to come? I fear that the $70,000 per US citizen you refer to in your excellent report will appear as chicken feed if the predictions of some doom merchants are correct with regard to the real impact of QE.
There are the Haves, the Have-nots and the Haves who have yet to pay for it. The latter might refer to the masses who will inevitably end up footing the bill!
Perhaps JP Morgan was correct when he suggested that gold is the only currency, everything else is credit!