Economy

My Cryptocurrency Investment

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My cryptocurrency investment was taking the time to learn and understand the bubble. Charles Mackay’s bestseller Extraordinary Popular Delusions and the Madness of Crowds discussed many historical bubbles and was published in 1841. The book sits on the shelf and remains a reminder not to get caught up and swept away by the madness of crowds. THERE ARE IDIOTS: Seven pillars of market bubbles is a good article and much more recent than 1841 https://www.acadian-asset.com/investment-insights/owenomics/there-are-idiots-seven-pillars-of-market-bubbles.

Greg Hunter’s https://usawatchdog.com/ is neither Democrat nor Republican, Liberal nor Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows. The following is an edited excerpt from an interview with Catherine Austin Fitts.

Bailout of the Big Boys. Be careful out there. Don’t get screwed.

“This is literally a Bitcoin for land-grab swap. . . . So, they take our retirement savings, what’s left of it, and they take our taxes and use it to buy Bitcoin.  The Bitcoin billionaires sell their Bitcoin into that at the same time they are taking advantage of the monetization of all the land and minerals.  They sell their Bitcoin at the top, and what can they do?  They can buy the land. . . . They want out of digital assets, and they want real assets.  Right now, the whole race on the planet is to grab the real assets such as land, mineral resources, water resources, etcetera, etcetera. . . . The land ownership of the top 100 landowners of America doubled.  They are not buying Bitcoin.  They are buying land.  Bill Gates is buying farm land.  The Harvard Endowment is buying farm land.  What you are really seeing is a discussion to sell the unreal assets to the taxpayer and the real assets to private parties.  If this succeeds, it will be the biggest robbery and financial scam in the history of the country. .  . The smart money is trying to control the real assets.” Catherine Austin Fitts former Assistant Secretary of Housing (Bush 41 Administration) https://usawatchdog.com/smart-money-buying-up-real-assets-not-bitcoin-catherine-austin-fitts/

Catherine Austin Fitts is the founder of Solari, a private company. Link to her company website is https://home.solari.com/ where I found the absolute best summary of the history of Bitcoin and what Fitts calls the BITCOIN BAILOUT: Why a Bitcoin Strategic Reserve Is a Bailout of the Big Boys https://home.solari.com/bitcoin-bailout-why-a-bitcoin-strategic-reserve-is-a-bailout-of-the-big-boys/

Scary Charts 12.01.24

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Office CMBS Delinquency Rate Spikes to 10.4%, Just Below Worst of Financial Crisis Meltdown. Fastest 2-Year Spike Ever – https://wolfstreet.com/2024/11/30/office-cmbs-delinquency-rate-spikes-to-10-4-just-below-worst-of-financial-crisis-cre-meltdown-fastest-2-year-spike-ever/

Yikes.

The world’s worst countries for binge-drinking – https://www.statista.com/chart/5357/the-worlds-worst-countries-for-binge-drinking/

Yikes.

Which Lifestyle Changes Can Make You Live Longer? – https://www.statista.com/chart/31766/reduction-in-the-risk-of-premature-death-after-age-40-when-sticking-to-the-lifestyle-factors/

Yikes.

The Worst U.S. States For Binge Drinking – https://www.statista.com/chart/12345/the-worst-us-states-for-binge-drinking/

Yikes. But a great day for Scary Charts!

Scary Charts 05.16.24

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After the collapse of a Surfside Building on June 24, 2021 that killed 98 people, the state passed a structural safety law that is now biting owners. Not only are insurance rates soaring, but owners are hit with huge special assessments topping $100,000. Florida Condo Owners Dump Units Over Six-Figure Special Assessments — https://mishtalk.com/economics/florida-condo-owners-dump-units-over-six-figure-special-assessments/

Ouch.

Scary Charts 12.26.23 Revised

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A very astute reader asked a very simple question: Why is this scary? So I went back and looked at my post. I thought I had completed the post but obviously not. The chart lacked context. So here’s the rest of the post I thought I posted. Welcome to my Senior Moment.

The relatively high labor force participation of Boomers may be beneficial both to them and the wider economy. Some retirement experts emphasize working longer as the key to a secure retirement, in part because the generosity of monthly Social Security benefits increases with each year claiming is postponed. For the economy as a whole, economic growth in part depends on labor force growth, and the Boomers staying in the work force bolsters the latter.

Baby Boomers are staying in the labor force at rates not seen in generations for people their age — https://www.pewresearch.org/short-reads/2019/07/24/baby-boomers-us-labor-force/

What I forgot to include in the post now follows.

After finishing and posting Even More Random Thoughts on Retirement – November 2023 something kept bugging me. So I thought about this for a while and uncovered what was bugging me. The following quote bugged me:

To ease the anxiety of retirement, consider delaying Social Security to get a larger monthly check and perhaps also purchasing immediate fixed annuities. I plan to do both.

What We Lose — https://humbledollar.com/2023/08/what-we-lose

Specifically the part of the quote in bold bugged me. I thought to myself, nice plan. But how many people can afford to buy an immediate fixed annuity? I can’t. How many people actually defer Social Security until age 70 to maximize their monthly payments?

Well, get ready for the ugly. It’s Scary Chart time.

Answer: 4%

Why just 4%?

Answer: 97% of people who retired sooner than planned did so due to health and employment issues.

Source: https://www.transamericacenter.org/retirement-research/23rd-annual-retirement-survey

Some retirees get fabulous bull markets right when they leave the working world while some retire into the teeth of a bear market.

How The Market Shapes Your Portfolio — https://awealthofcommonsense.com/2023/11/how-your-market-shapes-your-portfolio/

And some retirees will leave the working world straight into a world of high inflation.

Just beyond the guests and beyond the hornbeam trees where I’ve strung fairy lights for the party, I think I can see my future. The grind of work is finally over, my retirement dream cued up. April in Paris! Reading by the sea! Spanish lessons in Antigua so I can better speak to my grandson. I’ll be playing with him, too, in the open-ended days my children rarely knew with me. I’m not saying I deserve a life of ease. But I worked hard to earn my retirement, dropping giant chunks of my salary into company and government pension plans throughout those forty years. It’s time for the famous social contract to hold up its end of the bargain and take care of me, the way it did my father before me, to deliver on the idea that retirement is my right after a life of work and the promise that I will have the time and means to enjoy it.

Except none of that happened. The year since my retirement party has not been a dreamy passage to a welcoming future but a nerve-shattering trip into the unknown. My debt is swelling like a broken ankle; my hard-won savings may or may not be sucked into the vortex of an international market collapse. Can I keep my house? Who knows? The macro-economy is messing with my micro-economy. The future keeps shape-shifting. And none of the careful planning I put into my retirement is going to change that.

The End of Retirement — https://thewalrus.ca/the-end-of-retirement/

So beware of statistics. The reason why more Baby Boomers are working is because they have to.

Thank you Ol Red Hair.