Bitcoin fukking DESTROYED

[Tanko]

Lets see what happens here. I think the next weak support level is ~$14k with stronger support level at $10k. It could drop to that point before EOY if not sooner IMO.

 

[chilidog]

i'm all for that. drop back down to $3500 and i'll keep on buying.

 

[hazliam]

Minny, you seem to be making s#it up now. My niece from Wharton never was bullish. She just explained how inflation was not a "Biden" issue, its a worldwide issue. Stop making stuff up.

I can say Biden is a contributing factor to inflation, but the bulk of it isn’t his fault.

Factors that contributes to it, when did we easy Covid restriction.

Over pushing environmental policies and tightening on big oil projects.

Trade relations with China.

Not saying was he right or wrong in his approach, but these are factors that would effect inflation under his watch.z

 

[Tanko]

Binance reverses course and will not rescue FTX.

This was a setup by one of the founders of Binance. C. Zhao owned a load of crypto at FTX ($2B) and stated he was dumping it. This would have crushed all people holding crypto there, so FTX dropped like a rock as everyone was trying to sell ahead of the curve.

FTX quickly ran into liquidity problems and Binance said, "Hey we may have caused this problem but now we'll buy you out at a huge discount".

Then just today, Binance said nevermind. We aren't buyng FTX.

Binance Walks Away From Deal to Rescue FTX

Crypto exchange Binance said it would walk away from an initial offer to acquire its competitor FTX after a review of the company’s finances.

www.wsj.com

 

[Tanko]

I can say Biden is a contributing factor to inflation, but the bulk of it isn’t his fault.

Factors that contributes to it, when did we easy Covid restriction.

Over pushing environmental policies and tightening on big oil projects.

Trade relations with China.

Not saying was he right or wrong in his approach, but these are factors that would effect inflation under his watch.z

This, I 100% agree with. No doubt Biden's policies and actions contributed to the problem but its not a "United States" issue caused by Biden.

 

[hazliam]

This, I 100% agree with. No doubt Biden's policies and actions contributed to the problem but its not a "United States" issue caused by Biden.

Differently not, I mean there are factors that he inherited from Trump too. The approach Trump took to Covid, delayed national respond creating a more severe lockdown down the road.

Easy Monterey and fiscal policy during Trump administration, also would create more adverse tightening during Biden period.

Global supple chain issues. Not a Biden issue.

Now the issue is how is he handling inflation. Which I don’t think he is doing a great job. At least I would try to talk to China more and see can the two countries find more middle ground and loosen some sanctions to create a healthier economy.

 

[Tanko]

Now the issue is how is he handling inflation. Which I don’t think he is doing a great job. At least I would try to talk to China more and see can the two countries find more middle ground and loosen some sanctions to create a healthier economy.

This would be wise. The two largest economies working together to resolve inflation issues.
Is China suffering with inflation like the rest of the world? I've heard they are still in a covid lock-down mode in many places which may be limiting demand and, in turn, making inflation less of a factor there.

 

[Enikk]

21% down this week. Only gonna get lower. Wait until the week before Xmas and pounce if you have extra cash laying around IMO

 

[MinnesotaFats]

Minny, you seem to be making s#it up now. My niece from Wharton never was bullish. She just explained how inflation was not a "Biden" issue, its a worldwide issue. Stop making stuff up.

It's 100% a Biden issue as the world economy follows the strength of the US Dollar.

When Dollar is KING (as it currently is), because Biden over printed and the FED must now destroy excess float, the rest if the World cannot trade in parity with the World's largest economy (THE USA).

When the dollar is weak, as it was basically from the 91 tax reform onward (The Greenspan bull market of 30 years), the world's various economies enjoy a favorable rate of trade w America, who herself manages her position on inflation with growth in private sector GDP (usually between 1.5-2% inflation & equivalent GPD)

Bidens 1st term spending was $7Trillion more than our economy could even spend, and that was FORCED onto the Fed Reserve balance sheet and is now what MUST come off.

It is 100% a Joe Biden issue. And to illustrate 1 more FACT on that, it's why McConnell & the Republicans in 2020 would only go up to $400 in covid relief stipends, not the $2k Trump wanted and Biden promised....McConnell knew that was the limit of US currency policy.

 

[MinnesotaFats]

This would be wise. The two largest economies working together to resolve inflation issues.
Is China suffering with inflation like the rest of the world? I've heard they are still in a covid lock-down mode in many places which may be limiting demand and, in turn, making inflation less of a factor there.

China economy not "subject" to inflation- its a Communist country w a currency not paired w any free market indicators.

The economy and Government we NEED is Japan. Japan is who we turn to to sell Federal Reserve assets and lower the balance sheet and reduce our inflation index.

Japan is in the middle of 40 years of stagflation caused by the exact same economic issues Biden is mishandling right now, as well as a population collapse. Japan is losing taxpayers annually, and as a result, has slowed it buying of US debt & Fed assets.

If that continues, this recession could last 5+ years, unless Biden agrees to cut entitlement spending, which is a 0 chance.

Again, the world economy is a chain of Domino's w respect to cause/ affect on monetary policy. The US goes 1st, Japan goes 2nd, UK 3rd, Europe 4th, 3rd world tth, and the Commies laugh all the way to the bank in the end.

 

[hazliam]

It's 100% a Biden issue as the world economy follows the strength of the US Dollar.

When Dollar is KING (as it currently is), because Biden over printed and the FED must now destroy excess float, the rest if the World cannot trade in parity with the World's largest economy (THE USA).

When the dollar is weak, as it was basically from the 91 tax reform onward (The Greenspan bull market of 30 years), the world's various economies enjoy a favorable rate of trade w America, who herself manages her position on inflation with growth in private sector GDP (usually between 1.5-2% inflation & equivalent GPD)

Bidens 1st term spending was $7Trillion more than our economy could even spend, and that was FORCED onto the Fed Reserve balance sheet and is now what MUST come off.

It is 100% a Joe Biden issue. And to illustrate 1 more FACT on that, it's why McConnell & the Republicans in 2020 would only go up to $400 in covid relief stipends, not the $2k Trump wanted and Biden promised....McConnell knew that was the limit of US currency policy.

You know monetary policy (easing or tightening the money supply) isn't controlled by the executive branch right? Biden have control over fiscal policy spending. But in terms of who is suppose to directly work the money supply issue, it is the Feds.

 

[stormtrooper8]

China economy not "subject" to inflation- its a Communist country w a currency not paired w any free market indicators.

The economy and Government we NEED is Japan. Japan is who we turn to to sell Federal Reserve assets and lower the balance sheet and reduce our inflation index.

Japan is in the middle of 40 years of stagflation caused by the exact same economic issues Biden is mishandling right now, as well as a population collapse. Japan is losing taxpayers annually, and as a result, has slowed it buying of US debt & Fed assets.

If that continues, this recession could last 5+ years, unless Biden agrees to cut entitlement spending, which is a 0 chance.

Again, the world economy is a chain of Domino's w respect to cause/ affect on monetary policy. The US goes 1st, Japan goes 2nd, UK 3rd, Europe 4th, 3rd world tth, and the Commies laugh all the way to the bank in the end.

How ya holdin up bud?

 

[MinnesotaFats]

You know monetary policy (easing or tightening the money supply) isn't controlled by the executive branch right? Biden have control over fiscal policy spending. But in terms of who is suppose to directly work the money supply issue, it is the Feds.

When Congress and the President ORDER BY LEGISLATION the printing of money, the TREASURY issues it (That's the executive branch).

In order to issue it, because it's debt, the TREASURY sells bonds.

Guess who bought all the bonds?

THE FEDERAL RESERVE OF THE UNITED STATES....the Feds balance sheet has ballooned to proportions that are unsustainable and as such, has no choice but to tighten the US MONEY SUPPLY.

so there ya, it's an executive branch issue as the TREASURY SECRETARY signature is on every bill printed as US CURRENCY (pull out your wallet and have a look)

 

[MinnesotaFats]

The Fed has bought nearly $4Trillion dollars of Joe Bidens money in just 24 months.

No other Country is buying our debt because it's frankly, unsustainable (the USA is bankrupt).

The FED, a private entity, cannot continue to lose money, it's running a $100billion loss annually since Biden took office because of the interest it pays out on these bonds.

The "rate hikes" are a way to reduce the money supply AND make US Bonds more appealing to investors, thus allowing the Fed to dump these assets into private hands at the rate of about $90 billion a month. It will continue for at least another 48-60 months....so when they say 'inflation is transitory ' they lie, any economic novice knew this was a 5 year plan w a lot of pain coming. Inflation will contine as will rate hikes, until the housing market has died and businesses lay off enough workers to get the participants rate below 55% or the much outdated unemployment rate rises to about 6 or 6.5%. Then they will pause.

The rest of the developed world will at that time be unable to afford trade w the USA and have themselves probably regressed into a deep deep recession w unemployment rates nearer to 12% and average consumer borrowing rates over 15%....

The ONLY way to speed up this process is to either immediately raise rates again by something like 200 basis points or literally cease all federal spending programs for 24 months...basically asking one political party to fall on their sword for the good of the nation...but neither will.

 

[hazliam]

When Congress and the President ORDER BY LEGISLATION the printing of money, the TREASURY issues it (That's the executive branch).

In order to issue it, because it's debt, the TREASURY sells bonds.

Guess who bought all the bonds?

THE FEDERAL RESERVE OF THE UNITED STATES....the Feds balance sheet has ballooned to proportions that are unsustainable and as such, has no choice but to tighten the US MONEY SUPPLY.

so there ya, it's an executive branch issue as the TREASURY SECRETARY signature is on every bill printed as US CURRENCY (pull out your wallet and have a look)

The treasury prints the money, physically but the amount decided to be created is the job of the Feds. Any President and his Treasury don't go have lunch and say lets print $1T and make it happen.

 

[MinnesotaFats]

By the way these fiscal debates are nothing new in the history of our country.

Washington V Jefferson - Fed created (in Philadelphia)

Jefferson v Burr (ended in a duel) Fed dissolved

Clay v Randolph (duel, both lived) Fed created again

Clay v Calhoun Fed charter expired

Andrew Jackson v Congress no national bank allowed, States print private money

Lincoln v The Southern re-admission commission Federal Reserve recreated

Federal Reserve V JP MORGAN JP MORGAN bails out the Federal Reserve (it was bankrupt)

FDR v Fed led to the actual SEIZURE of all private US GOLD (yes, FDR was a tyrant)

Kennedy v Fed (pause in the gold standard)

Nixon v Fed (removed us from the Gold Standard) thus creating a fiat currency

....and then Obama v the Fed, as a point of last resort asked the Fed to buy up US assets, private mortgages, securities, etc

Biden v Fed, buying up $4TRILLION in 24 months.

It's a topic more people ought to familiarize themselves with, we would be much wealthier without the Fedral Reserve I feel.

 

[MinnesotaFats]

The treasury prints the money, physically but the amount decided to be created is the job of the Feds. Any President and his Treasury don't go have lunch and say lets print $1T and make it happen.

That's absolutely false.

Treasury prints what congress dictate them to print. To legally print it, they sell bonds. The Federal Reserve MUST buy those bonds if the free market won't, that's the problem with no gold standard. The FEDERAL RESERVE is "THE FULL FAITH AND CREDIT" of the US Government.

It will, by its charter, print whatever dollars ordered by the US budget or any resolution of congress. Most budgets are, in fact, merely continuing resolutions...that's why we always gear about "Government Shutdown" because treasury runs out of money and must print more...it can't do so without issuing debt (that pesky debt ceiling!!!) And once congress passes a new debt ceiling, treasury sells debts to the Fed and prints the money.

It is 100% dictated by the Legislature and signed by the President...since 2020 its 100% Joe Bidens fault, the Fed cannot refuse to buy US debt, because it is the full faith & credit (also stamped on every dollar in your wallet).

 

[vitterd]

Joe says hello

 

[Pimike]

I’m surprised how ignorant some people are.

 

[MinnesotaFats]

Joe says hello

FYI the Fed operates its purchases as the backstop in what's known as 'the open market committee '

Whatever isn't privately sold it is required to purchase to fulfill its charter obligations