Renowned Banking Analyst Predicts U.S. Dollar Implosion, Endorses Cryptocurrency

STAFF NEWS & ANALYSIS

By Ben Bartee - February 04, 2024

Originally published via Armageddon Prose:

Forever Nero fiddling on rooftops, the Brandon regime would have us, the peasantry on their techno-fiefdom, believe the economy is humming along beautifully.

Via Politico:

“The blowout job growth in January adds fuel to President Joe Biden’s pitch to voters that the economy is solidly recovering* under his watch.

But it also probably shuts the door on an interest rate cut by the Federal Reserve next month, which many Wall Street investors and Democrats have been pressing for as inflation eases.

The Labor Department said Friday that the economy added a net 353,000 jobs in January, far surpassing economists’ forecasts, and unemployment remained near a half-century low at 3.7 percent. What’s more, growth in the labor market was also revised up for November and December.

‘We are currently seeing what I’ve called the holy grail of non-inflationary growth,’ EY-Parthenon chief economist Gregory Daco said before the report. ‘We have an environment where the economy’s still moving forward at a relatively decent clip, and we have inflation that’s falling back toward the Fed’s target. It’s the best of both worlds when it comes to policymakers.’

The strong job market, coupled with the end of price spikes, counters the campaign message of former President Donald Trump and other Republicans that the economy is weakening, though many economists are still projecting slower growth this year.”

*Note that outlets like Politico don’t bother to mention what the economy is allegedly “recovering” from. But I will, because the Public Health™ criminals that did it are still at large: brutal, unnecessary, vicious lockdowns of the economy that provided no real public health benefit whatsoever, drove 2/3 of small businesses into the ditch in the United States, and starved to death tens of millions of people in the Third World, all for nothing.

Rather, per Politico, the economy is simply “recovering” from some natural disaster, an unavoidable act of God, like a hurricane or whatever. That way, no person or institution (like the corporate state media itself) ever has to answer for what they did.

Anyway, this is all rank nonsense. There is no real economy any longer in the West in the sense of things of value traded for one another with a truly valuable currency as the medium. That went out the window in 1971, and arguably before, when Nixon ditched the gold standard.

We are now living in a dystopian fiat casino. The house of cards is going to fold. It’s only a matter of when.

Economist of note Dick Bove thinks that’ll be sooner rather than later.

Via The New York Times:

“’The dollar is finished as the world’s reserve currency,’ Mr. Bove said matter-of-factly, perched in an armchair outside his home office just north of Tampa, from which he predicted that China will overtake the U.S. economy. No other analysts will say the same because they are, as he put it, ‘monks praying to money,’ unwilling to speak out on the mainstream financial system that employs them.

Many analysts are rewarded for coming up with unique but inconsequential and ‘arcane’ ideas, he said, peppering his criticism with profanities. Mr. Bove worked at 17 brokerage firms during his career…

He sees the offshoring of American manufacturing as the ultimate threat to the financial sector and the dollar, because ‘the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money.’…

[Bove] endorses cryptocurrency — an area that few other financial analysts will touch — which he sees as a natural beneficiary of the decline of the dollar.”