17 February 2021 — theplanningmotivedotcom
It is not commonplace for the bourgeois or financial media to provide an insightful article into the workings of the capitalist economy. The modern version of the invisible hand would be the self-driving economy, and we know that such an economy is a car crash waiting to happen. The value of the Financial Times article is that it deals with just such an event, literally the canary flying in front of the car startling its optics. https://www.ft.com/content/16a37710- cbff-41b1-af96-7dc8b2de0c43 by Rana Foroohar 14th February.
Quoting Luke Gromen in his newsletter Tree Rings she shares his comment that Bitcoin is not so much a bubble as the last functioning fire alarm warning of large geopolitical changes ahead. By this Mr Gromen means a diminished role for the US economy and particularly the Dollar in the future. Ms Foroohar agrees with this prognosis, declaring that the activity or should we say generosity of central bankers over the last 10 years has quashed price discovery. By this she means asset prices no longer provide a sense of the health of the underlying economy nor its indebtedness.