In this video, I talk with author and economic analyst John Sneisen about the recent revelations from US Treasury Secretary Mnuchin in Davos at the World Economic Forum where he claimed that a weak US Dollar is a good thing for America which quickly led to it falling to its 3 year low versus the Euro and sank in comparison with the Japanese Yen.
Now it's not entirely innacurate to say that the a weak dollar is good for the United States. Temporarily in the Keynesian mindset it does bring more people to buy things in the United States. HOWEVER, (and that's a big however) it leads to certain crisis.
We're talking about something that will lead to massive inflation and debt. Something that will cause a dramatic amount of instability in the monetary system.
Of course all fiat currency eventually reverts to its intrinsic value of zero. It always has, it always will going back to 1024 AD in China. This time will be no different. Except... it will be far more epic as the stakes are much higher.
As countless countries swap out of the US Dollar as the world reserve currency we are seeing a lot of the Davos elite looking towards the SDR at the IMF and desperately attempting to install a centrally planned cashless society before interest rates hit below zero. As the Federal Reserve desperately attempts to push interest rates up to manipulate the economy further into temporary security, it will not be enough to sustain it and we will see a massive crash of the dollar with interest rates in negative territory.
This is why the central banking system is desperate to push into this cashless system because it secures them from any bank runs and people will then be in perfect servitude to the banking system via legal tender laws on a global basis. They will truly have their pawns.
Now it's important to leave this article off by saying the fundamentals are off the table due to the level of manipulation in the monetary system, so there's no saying WHEN the crash will happen, but we know it WILL indeed happen which is why we need to be prepared. It's better to be over prepared than under prepared. Self sustainability and financial responsibility is a hallmark of freedom itself and if we don't look towards individualism and responsibility we will find ourselves on the wrong end of the inevitable crash.
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These bankers are terrible people.
I think US dollar is worth more than many other currencies.Our currency is Rps and 1 US dollar=108 rps
Rupees are heavily devalued too. Both are terrible. All fiat currency eventually reverts to its intrinsic value of zero. What makes the US dollar stand out is that it's the world reserve currency which makes a crash far more volatile on a global scale.
Josh, is there any currency or anything at all that has intrinsic value? Things get value if people attribute value to it. Even Bitcoin, gold or meat (e.g. for vegetarians) have no intrinsic value, in my opinion.
The fact is, there is a maximum supply of Btc and gold out there, meat needs to be produce which is time and ressource consuming. It's more difficult to loose trust in those. Fiat currencies can be print into existence without any effort, there is no limit supply.
It is not just that unlimitless capablity to print, but rather who will get the money. I do agree that careless printing causes troubles, but I don't believe that currency needs to be hard-capped for it to retain or gain value in a long run.
My question would be:
what would you @joshsigurdson suggest for me to diversify my savings into to protect from any sort of problems during a looming crash? Please advise me as if I were your closest family member... I ask because I wonder is there any truly safe medium to transfer value to that won't be effected? I'm so trying to diversify across numerous alt coins... but I've found steemit to be amazing thus far...even at my minnnow status:)
Without electricity crypto is worth zero. No electricity no crypto.
Without taxes, FIAT is zero. No taxes, no force.
It's funny. Did you know GOVTs dont even need taxes... thinka bout it, they PRINT money out of thin air. I'm not even talking about paper print, I mean DIGITAL printing - which means they can do it without proof. Taxes are a fraud, a machanism to scare you into paying up. Why do they need taxes when they can make money up without providing any proof?
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This is a fallacy. I urge you to stop listening to the propaganda and think more critically. How much power do all the banks around the world use? To keep lights on, print money, keep their electronic systems running, power their offices, tellers, communications - and think about what it's for.. a highly manipulated money that is worthless. The energy consumption for crypto is actually efficient. You don't hear about the smart businessmen that are turning unused renewable energy plants into crypto farms. Please stop falling for this new trick that the banksters and traditional elite try to shove down your ears...
Edit; typos
PS. I like your name!
No electricity no anything. You think anything can operate without power... think about how you make payments to day and the things you buy... don't they need electricity? I'm not sure where you live but even undeveloped nations rely on power for banking, creating products, consuming etc. Dont just recycle what you hear. Be a critical thinker.
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"if we don't look towards individualism" What does this mean? You are some kind of anarchist right? That part does not make any sense to me. What is it supposed to mean?
WAM makes awesome videos. Keep up the great work.
Wow the video image quality was wicked clear when watching on my cell phone. Great purchase with that new 4K camera. It makes watching your videos even more enjoyable. Keep them coming!
A currency without backing (gold, silver) is always weak. A weak currency is a kind of hidden protectionism (see China).
I wonder how long it will take for USD to crash and a full transition to digital/crypto currency.