This YouTube video by GoldSilver W/Mike Maloney reviews news of the day concerning precious metals, cryptocurrency, and the degrading value of fiat currency. Mike Maloney hosts the channel with Jeff Clark, and guest Adam Taggart. Taggart works for the money management firm Wealthion and recently hosted a conference of financial experts.
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The first topic they cover is an article by ZeroHedge, questioning the Federal Reserve’s claim that current inflation is transitory. Markets supposedly believe the Fed, but Maloney thinks that can only happen with deflation, followed by more long term inflation. Taggart refers to experts in his circle, who say it would be transitory under current conditions. However, the Fed may change its policy at any time, for whatever reason, and inflation would likely continue. In any case, the value of the dollar is at the mercy of the central bank.
The panel moves on to the news of El Salvador officially adopting Bitcoin as legal tender. The country’s native currency, the colon, has been useless for decades, so they switched to the US dollar. With the dollar’s inflation in the past year, El Salvador’s president suggested the inclusion of Bitcoin. Not only is Bitcoin inflation-proof (due to its programming), it’s accessible to a large portion of the population who are cut off from banking services.
The International Monetary Fund sees “legal and economic issues” with El Salvador’s move, according to Reuters. Maloney views this as a crack in the fiat system’s facade; the IMF, Federal Reserve, and all other central banks have nothing to back their currency with. Gold has substance and has been used for thousands of years, while Bitcoin is decentralized and is made secure by cryptographic programming. Fiat currency is controlled by unelected bureaucrats.
Next, the group examines a chart from the United Kingdom measuring the price of real estate in British pounds and in gold. The line representing pounds moves steadily upward, but the gold line hovers at the same general level. This shows that the value of gold and real estate haven’t changed, but the value of the pound has. The lines on the chart split in the late 1960’s, which means the pound used to be backed by gold, but not anymore. The US dollar went off the gold standard in 1971.
I have linked to Mike Maloney’s video page below for access to his products and resources. I also posted a referral link to ITrust Capital, which is a financial service letting you start a retirement plan in cryptocurrency and physical gold and silver. The value of precious metals has been manipulated by paper contracts and rehypothecation, so you should buy physical metals any way you can. Using the link supports my blog.