Renowned entrepreneur and author Jeff Booth has endorsed Bitcoin as a ‘“must have” investment in times when central banks are exacerbating the escalating debt problem.
The comments came in a tweet thread discussing the notion that central banks believe they can somehow escape a massive debt problem by exponentially adding more debt.
Central banks believing they can escape a massive debt problem by exponentially adding more debt makes me think of this quote from Mises –
“There is no means of avoiding the final collapse of a boom brought about by credit expansion…
…The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
PS – that debt (BEFORE Covid) was $250 trillion on a global economy of $80 trillion, with $185 trillion of that $250 trillion of debt being added in the last 20 years. And that’s looking backwards….adding at an exponentially faster rate now.
Author of The Price of Tomorrow, a book about deflation, Jeff Booth pointed out that even before the COVID-19 pandemic threw fuel to the fire, global debt was $250 trillion in a global
economy worth around $88 trillion — with $185 trillion of that total debt added in the last 20 years. According to usdebtclock.org, the United States tops the list for national debt with over 10% of the global total, and an ever ballooning figure of $26.7 trillion
Booth believes the only two choices left are grim with the first being governmental default on global debt through a deflationary depression, which would include a banking system collapse, or default through hyperinflation, which appears to be starting already with mass money printing.