There's no longer any doubt that the fiat currencies (which are really all variations of the US Dollar, practically speaking, sort of like Saturn's many rings in various color schemes) are headed for the crapper.
This is a done deal, not a matter of ifs and buts, just a matter of when. There's no way to extract the US from under that mountain of debt they've happily piled while building socialism and soon enough there won't be any way to even service it on tax receipts alone. There's no way to finance 2.1 trillion worth of imports on 1.5 or so trillion worth of exports. That striking sort of deficit in the 50% range simply can't be covered for. There's no way to make up for the deficits in the entitlements system, be they social security, retirement benefits, huge and exploding healthcare costs, social
bribes programs of all kinds.
Sure, palliative measures will be attempted, monetize the debt, buy up imaginary this with fake that, balloon balance sheets with larger and larger helpings of imaginary. None of it can in principle work except for a limited (and likely very short) interval.
Sure, the EU is much larger in terms of populationi, in terms of economic powerii, in terms of social developmentiii, carries much less debt either per capita or per trading capital and is bleeding a lot less in gifts to the useless and unemployable to coax them into not burning down their own city. Therefore it's quite likely that the bubble will burst West of the Atlantic, in spite of all the bullcrap propaganda units disguised as English press are trying to push. This is a purely academic distinction however : once burst the bubble brings down everyone. The euro can't survive the collapse of the dollar any better than the reverse, once one goes it's bye-bye for the entire fiat system, yen to dinar and kronor to pula.
People being what they are, however, nobody inside the system will ever admit this. The stock exchange will continue to soar grossly speaking for as long as anyone cares to look and they can somehow pay the power bill. The Congressmen will continue to thank one another for "their leadership", as if anyone's doing any leadershipping there. The Presidential Household will continue to expand at an ever increasing rate (how many
comissars czars are there yet, over a hundred ?). It will also continue to announce more and more absurd measures with firmer and firmer conviction, again for as long as anyone cares to listen. The judges will continue to sue the government to prevent it from cutting out their pay increases.
On the other hand, people also being what they are, as the disintegration of the welfare state systemiv enters its final phase early capitalism takes hold once more, and everything's for sale again. Wives, daughters, the process of law, the use of police cars, police weapons and police buildings to beat the shit out of one's enemies, everything and anything you might wish for as long as you're able to pay something in exchange.
Pay, you say ? But how would one pay, if the system has managed to render its own currency irrelevant ? Well, in Soviet Russia they took instant coffee bricks, cigarette cartons, even toilet paper. They didn't have Bitcoins yet, you see, the Internet is a child of the nineties not of the seventies.
So there we have it : once people start being asked to pay bribes in Bitcoins we know we've won. Just in case you were looking for a criterion, this is the criterion.
And yes, I'm saving some Bitcoins in a special wallet precisely to pay for the amusement of fucking interns in the oval office. The cigars are on the house.———
- About once-and-a-half the headcount. [↩]
- The US folks tend to firmly believe the colonies are the center of the world, but let's point out that Germany alone, one EU country out of twenty or so, does over 50% of the US gross export receipts. [↩]
- The shockingly rural (which is to say, backward) nature of the United States is something that squarely eludes the average American. However, of those half a billion Europeans maybe a tenth live more than twenty miles away from a train station. Compare that with about two thirds of the US population. [↩]
- Yet another fancy word for socialism. Isn't it shocking how that particular stupidity manages to call itself something else every coupla generations ? And isn't it fascinating there's always a majority of idiots willing to believe old shit in new plastic foil means all-new miracle cure ? [↩]