Marty Bent: “This Is Surreal” (The Daily Bent Newsletter #1172)

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This is Surreal

Well this is something I wasn’t expecting. Federal Reserve Chairman Jerome Powell spoke the “unspeakable” while on Capitol Hill today; highlighting the fact that it is possible for people to adopt a currency other than the US dollar as a reserve currency. He explained that the process would “happen slowly over time” but it is a possibility and there could actually be more than one reserve currency.

Powell’s comments were an attempt to downplay the growing realization that the weaponization of the US dollar via sanctions is pushing other countries to seek alternatives. He’d like the world to believe that this isn’t really a big deal. Nothing to worry about. However, history will look back on this comment as one of the most significant comments to ever be uttered by a Federal Reserve chairman. You see freaks, the dollar system is a pure confidence game at this point. The dollar is propped up by nothing more than future promises of production that attempts to outpace the interest rate of the debt that’s been accrued. Many will tell you that the dollar’s strength comes from the military mite of the US or its economic power, but it is truly rooted in faith. Faith that others will believe that the mite of the US and/or its economy is enough to ensure the dollar is the reserve currency of the world.

The reserve currency status is really propped up by posturing from the banking and political class. Posturing that reassures everyone that everything is under control and there is nothing to worry about. To date, there has never been any questioning of the dollar’s status as the apex fiat money of the world. Doing so would reduce confidence and open up the floodgates for a cascade of questions.

Well, this morning Jerome Powell, for some reason or another, opened the floodgates. He has allowed doubt of the dollar’s dominance to enter the equation. Of course there have been many individuals who have been calling out the absurdity of the dollar system for some time, myself included, but this doubt has been confined to the dark corners of the internet and sound money circles. Having a fed chairman acknowledge the potential for something to compete with the dollar for reserve status, let alone supplant it, is a major inflection point.

Powell is probably making these statements to front run the inevitable roll out of a parallel monetary and financial system in the East that is being expedited by sanctions on Russia and questions that will inevitably arise from that. However, this attempt to front run a narrative serves a glitch in the confidence game that causes people to question and explore alternatives.

As I tweeted on Sunday, this week will be pinpointed in history as the final nail in the coffin of the USD as the reserve currency of the world. Decades of printing and weaponization via sanctions has finally forced the world’s hand. A vacuum has been ripped open. There is blood in the water and sharks are en route to begin circling the wounded confidence game. The competitors are going to get more aggressive from here on out.

It’s important to highlight that Chairman Powell saying that competition of reserve currencies is possible is wrong. Yes, during transitionary periods there will be competition between aspiring reserve currency replacements, but that competition is temporary. A world with multiple reserve currencies is an unorganized and unstable world. The market will coalesce on a singular reserve currency. The currency that will inevitably win out will win out because it has the properties of a good money that the market needs and recognizes. 

We have officially entered the transitionary period from a USD reserve system to a bitcoin standard in earnest. Buckle up, freaks. 

Nation States (and other political jursidictions)
Mexico to Consider CBDC Legislation as Senator Promises Bitcoin Adoption


NFT (Tokenization)
Snoop Dogg Collaborates With Clay Nation to Launch NFT Collection on Cardano
-Coinbase to Produce Bored Ape Yacht Club Animated Short Films
Epic Games Secures $2 Billion From Sony And LEGO To Build ‘Child-Friendly’ Metaverse


Regulation, Legislation & Legal Matters
Uniswap Faces Lawsuits for Unregistered Offer and Sale of Digital Tokens


Stablecoins
President of Central Bank of Brazil: Real Digital Will Enable Banks to Issue Stablecoins


Taxation


The Wall Street
KEEP AN EYE ON THIS –> https://bitcointreasuries.net/
CHECK IT OUT –> https://www.buybitcoinworldwide.com/treasuries/

Do Kwon’s Luna Foundation Guard becomes top 20 hodler of Bitcoin
Most US Financial Advisors Want a Crypto ETF, Survey Finds
MicroStrategy Will Buy More Bitcoin: Michael Saylor
Former Crypto Sceptic Larry Fink Says BlackRock is Studying Digital Assets


Time Capsule


Outside News


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Download the Exodus wallet for you PC and smartphone

coinami

Download the Coinami wallet for your PC and smartphone



Categories: bitcoin, Commentary and Opinions, Marty Bent, Pomp, Robert Breedlove

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