Max Keiser Bitcoin - Why I Feel Sorry For Those Without Bitcoin

Max Keiser Bitcoin - Why I Feel Sorry For Those Without Bitcoin

Max Keiser and Stacy Herbert explain why the dollar is bound to shrink as a result of money printing and the impending global revolt by the starving masses. They also suggest Bitcoin as the best option to protect personal wealth from devaluation. Below are the highlights of the discussion.

Fiat billionaires are getting ready to flee the incredible shrinking dollar and seek refuge in Bitcoin, a digital asset that is revealing the truth. Back in 2011, Richard Branson had been a Bitcoin holder since 2012. Virgin Galagtic has also adopted Bitcoin because it has seen the handwriting on the monetary wall.

Amazingly, Virgin Galagtic took Bitcoin to secure places on his space shuttle and fiat money didn't hold any space on his balance sheet. So, those who bought the tickets when Bitcoin was a few $100 are probably regretting their choice. For example, putting up a quarter of a million dollars for two seats in 2011 is now worth over a billion dollars. It was the Winklevoss twins who bought two tickets, spending 215 Bitcoins to secure a spot.

The world reserve currency, the incredibly shrinking dollar, now has an identity crisis. Printing money went to China, and it's coming back in the form of higher prices. This is a structural and not a temporary situation. It is the beginning of an inflation era. We have to look for the bond market to confirm this.

We'll still enter a new cyclical and more inflation-oriented time. The rising cost of food globally is now causing insecurity and open revolt. Millions of people worldwide in the last few months have experienced food insecurity because the prices of goods have gone beyond their ability to survive.

$6 trillion has been shared as a stimulus. Domestic flights in the US are booked up. The freight costs of containers from China to Shanghai to Los Angeles are 500% higher than last year. The printed money is making its way to China.

Policymakers have known for 20 years that all of the central bank policies like quantitative easing are a huge drain on the economy and a huge wealth transfer from the 98% to the top 1%. Now, many people are starving to send Jeff Bezos to outer space.
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