Globalization might not be the answer...
Sorry for the tardiness today. Frankly, I'm mentally and physically exhausted after this week considering everything that's unfolded and getting my family out of NYC.
Today's rag is going to be short, but I hope it leaves you asking hard questions about our current condition and how we may need to drastically change our economy and way of viewing the world.
I had the immense pleasure of hopping on a call with @Jkylebass and @parkeralewis after the markets closed today to discuss the current chaos hitting the markets and the reaction needed to right the ship in the United States. Enjoy.https://t.co/t4DVjcYpFI
— Marty Bent (@MartyBent) March 12, 2020
Last night, I had the pleasure of hopping on a call with Kyle Bass, CIO of Hayman Capital, and our good friend Parker Lewis. I highly recommend you check out the 45-minute conversation when you get a chance.
During the conversation, it became apparent to me that the US may be under economic attack from foreign enemies. By China, on multiple fronts. And by Russia and Saudi Arabia on the oil front.
We have to seriously consider that the globalization experiment has gone terribly awry for the US. We must seriously consider swinging the pendulum back towards producing a significant portion of our goods on home soil.
The balkanization of the world has begun in earnest.
— Marty Bent (@MartyBent) March 8, 2020
For those asking about Bitcoin's status as a safe haven during these turbulent market conditions, Dan McArdle had you covered two years ago.
2/ It's value over the long haul stems from inflation resistance, being able to function as money if confidence in fiat is lost, & inability for banks/govs to seize it.
— Dan McArdle (@robustus) June 22, 2018
4/ I think many people have this generic notion that ~"bitcoin is a hedge against traditional markets", and they intuitively think that means it'll perform well in a recession.
— Dan McArdle (@robustus) June 22, 2018
6/ Same dynamic seems likely with bitcoin: selloff under liquidity-crisis scenarios, ramp on sovereign-debt/fiat-confidence crises.
— Dan McArdle (@robustus) June 22, 2018
7/ Just want to lay this out now so I can point back to it down the road when BTC haters are trying to take a victory lap because BTC is underperforming in a typical recession. :)
— Dan McArdle (@robustus) June 22, 2018
CC: @JamesGRickards @Nouriel @paulkrugman
Final thought...
I am ready to read and write a lot more.
Enjoy your weekend, freaks.
