Max Keiser Bitcoin - We Predicted This!

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In this report, Mark Keiser and Stacy Herbert discuss the history and consequences of the continuous rise in the costs of goods with little or no resistance from the citizens. Below is the summary of their discussion:

On August 15, 1971, then-President Richard Nixon closed the gold window. Since then, the American economy has been in monetary chaos. The incident was known as Nixon's shock. It was a monetary experiment because it was the first time to have a global all-fiat world based on nothing but paper-backed currencies, instead of hard money or hard wealth creation.

There are two parts to the event. First is monetary relativism, which means fiat money in one country was valuable relative to the fiat money in other countries. So, a standard of value became impossible to acknowledge or maintain. The other consequence of the monetary experiment was that central banks were autonomous and obliged to perform in the interest of the countries that they were in.

A headline from Wall Street depicts the consequences of the Nixon monetary experiment as follows:

No Resistance to Price Increases

Reports are coming from all directions from small mom-and-pop operations: input costs are surging, wages that companies have to pay to attract workers are rising, transportation costs are surging amid driver shortages, supply chains are tangled up, and there are delays and bottlenecks, and suppliers suddenly can't deliver because they've run out of something, and companies are furiously juggling these issues, and they're raising their prices to make up for those higher costs, and there is no resistance to those higher prices.

The last time America had resistance was in the late 70s and early 80s when Paul Volcker, the then Federal Reserve Chairman raised rates so high to form resistance or create scarcity. According to Alan Greenspan, Fed policies don't want to try to manage the economy; it's merely there to clean up the mess after the crashes.

But the idea of creating artificial scarcity or shortages could encapsulate what has now come to a halt. There's now runaway inflation from decades of money printing and the consequences are glaring.

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