via The News Glory
via The News Glory

It seems that Lebanon's multi-year banking nightmare is coming to an end... with the state declaring bankruptcy. It's very tragic. Lebanese citizens who poured their life force into many years of hard work are waking up to the realization that many of those efforts were in vain as their savings are officially wiped off the face of the earth due to chronic mismanagement of their money and government by the central bankers and politicians in charge. You may be sitting there thinking, "That sucks for them. I truly do feel for the Lebanese people." And this is a very human feeling to have. Congrats, you have sympathy.

However, if your savings are currently being stored in any of the many fiat currencies that still exist across the planet those two thoughts should be followed by, "I realize that over a long enough time horizon my savings will suffer the same fate. I should probably act."  If this can happen to the Lebanese people it will certainly happen to you at some point. This is the nature of fiat currencies backed by nothing but the "full faith of [insert system subject to human greed and hubris here]". Bankruptcy is the end state of every fiat currency that has ever existed.

If you really care about the safety of your savings you would be wise to store them in a monetary good that is not subject to human greed and hubris. They should be parked in an asset that does not have levers that can be easily tinkered with by a few well connected men with perverse incentives and a complete disregard for your well-being. Your savings should be preserved in an asset that is extremely hard to change, no matter how hard some men may want to change it. They should be stored in an asset that allows you to trivially verify its authenticity. They should be stored in an asset that aligns the incentives of everyone who holds it.

Your savings should be stored in bitcoin. If you don't act to move your savings into bitcoin, over a long enough time horizon you will find yourself suffering the same consequences that the Lebanese are currently experiencing.

As you can see from the article above, it doesn't seem like the Lebanese government has learned this lesson as they work with the parasitic IMF to restart the vicious cycle of inevitable savings debasement by spinning up another fiat currency.

Don't say Uncle Marty didn't warn you.

Final thought...

I can't wait to not have to travel for an extended period of time.