In a letter to investors released on July 29, Pantera Capital CEO Dan Morehead noted that the United States has printed a shocking amount of money to combat the pandemic-induced financial crisis.

“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”

Morehead made it clear that Pantera Capital sees Bitcoin as the solution for the current crisis. He also contrasted the effects of money printing in recent months, to how the equivalent amount of currency had performed across centuries.

Goldbug Peter Schiff is also concerned about the effects of money printing. He noted comments by the Chair of the Federal Reserve, Jerome Powell, who said this week that the Fed was using its “full range of tools” to respond to the pandemic: printing money, keeping interest rates close to zero, and making asset purchases steady at $120 billion per month.

“The U.S. is about to experience one of the greatest inflationary periods in world history,” Schiff said on Twitter. “Any credibility the Fed has left will be lost. Federal Reserve Notes soon won't be worth a Continental.” (Continental paper money in the U.S. was at one time exchanged for treasury bonds at 1% of its face value.)

https://cointelegraph.com/news/us-pr...-two-centuries

Inb4 the dollar crashes and everyone’s savings are no longer worth anything.

The great reset.

Brrrrrr !

I said this months ago everybody said this could never happen lol the chinese already stopped trading in dollars.

Who would’ve though having imaginary money not tied to anything real and shutting down the world over a flu would end badly.

Still find it hard to believe we are worse off financially now then at time’s like ww2. When the whole world was on war footing and 70 million plus people died.

Might as well spend all your money on other tangible investments while your cash is still worth something.

Hope I’m wrong and everything is fine lol but yeah right. Pannicels really ****ed us on this one.

This is why I believe in paying off your house asap. It may not be worth much in a crash but 1)It's a place to lay your head 2)Any minimum wage job can pay your property tax and utilities.

A lot of people would homeless if there was a big crash.

Peter Schiff? Lmfao the retarded goldbug.

This **** was crying about gold for 10 years, stocks outperformed gold by x fold.

If you want to follow a good economist, check Martin Armstrong.

Your thread title is inaccurate. That would be 200 years

Sucks, but I think these are right.

Also fits with how much real estate is moving right now even with some tightening of credit re:mortgages.

I've seen crummy stuff out in BFE that was on the market for a long time that is now "pending".

LOL @ people itt saying “pay off your house”. Dumbest idea on the planet when rapid inflation is taking place. Put all your wealth into productive companies with hard assets, then wait until the dollar is worth as little as possible, THEN pay off your outstanding loan balance when the loan is worth almost nothing and your assets are hedged. Then your wealth grows with inflation and your debt burden is reduced to almost nothing.

Paying it off immediately with rapid inflation is straight retarded.

lol wait til you read your loan agreement and find out your interest payments are inflation-indexed.

Do you have any thoughts about putting your money into gold coins as a hedge against a crash?

Everything is relative.

Stock prices are sky high. You are gambling that the company you are buying shares in will honor the contract.

There may in fact be real assets supporting said company, but the final value of those assets at the time you need to sell is unknowable, as is if there will be a market existing for the timely liquidation (or utilization) of those assets. Will there be a reliable system in place for those assets to be transferred to you in such a way that you can utilize them?

This could be a seizure that takes years to be unwound, not a hiccup.

If you have excess assets then sure, maybe you will come out aheadeventually. But if you are older or have fewer resources to cover your needs in the interim while everything is frozen then having a place to stay that the bank can't kick you out of is a better plan than being a homeless itinerant who has some pieces of paper or electrons that say you "own" a portion of a company which you can't liquidate for whatever currency is being used.

Put my money into overinflated stocks instead?

Mortgage rate for most people is ~3-4%.

Historic return for the market is 7%.

The market is grossly overvalued, with the s&p 500 having a pe ratio of nearly 30.

Unless the economy soars(hint: it isn't anytime soon), you're buying that market at the top, where the Fed has put it, which is a huge gamble for a 3-4% differential.

I'll take the guaranteed 3-4% return instead of gambling on a 3% net return and put my head down at night knowing that I own my house.

It might be a "retarded" move financially speaking(it isn't), but there's more to a decision like this than just money. There's also the emotional/security/risk appetite factor that varies from person to person.

No it's not a dumb idea. Say if you paid off your house in 2010, everything's gravy, a crash wouldn't matter because you'd have somewhere to lay your head any minimum wage job will pay the bills. Meanwhile everybody else is homeless

A lot of rich people committed suicide during the Great Depression