ONE DAY, A LONG LONG TIME AGO...
By Mauro Marturano
...your Ito told you about good money, bad money and excellent money.
The current currency (the euro) is good money. Because, TODAY, holding it gives us rights. The right to travel, the right to consume, etc.
Too many rights, as I always tell you, relative to the real ability to actually own real goods. And this huge quantity of rights with no underlying asset creates dangerous conditions for what the ECB calls "financial sustainability."
Meaning... and you need to get this into your heads once and for all... FINANCIAL UNSUSTAINABILITY is not having holes in the banks. Holes, in a fractional-leverage system, have always existed, exist now, and always will. Holes in banks are structural, from the moment it was decided (and it was decided a long, long time ago) to operate with a 2% fractional reserve (or 0%, like in the US).
THE REAL FINANCIAL UNSUSTAINABILITY is not being able to guarantee that X euros correspond to Y liters of gasoline.
This is Ito's definition of FINANCIAL UNSUSTAINABILITY. A definition that ties back to the REAL problem.
If they can't let us convert all our current euros into digital euros, if they can't let us convert them because "it would undermine financial stability," it follows that the current system has already failed.
Because, if they can only let us convert fewer new euros for our current ones, because "otherwise the system wouldn't hold up," that means that, with as many euros in circulation as there are, the current system already doesn't hold up today.
Complicated syllogisms, but you know this is the house of Logic 😂.
Let's try repeating their reasoning together:
we can't convert all your old euros into the new ones; if we did, the system wouldn't hold up; so, if we consider the current situation, is the system holding up?
Eh 😂😂😂.
One way or another, ladies and gentlemen, ostriches all 😁, we always end up right there.
We live in a failed economic/financial paradigm. Already failed. That it's not officially declared failed, what difference does that make?
As I've always told you, there necessarily need to be culprits, justifying events. That's why something media-huge is needed in Europe. There's no other possibility.
But let's get back to currencies.
The bad currency is clearly our current currency (the one they don't want to let us convert 😂).
The bad currency will only be used in Europe for things made in Europe (??? 😂😂😂). Not much, then.
The bad currency will only be accepted in Europe. Or it will be accepted outside, but its purchasing power will surely shrink drastically.
The good currency, the one that will let us buy goods coming from other parts of the world, will be RATIONED.
It will be RATIONED because that's how you get rationing of goods, which is the real problem, as I always explain.
They're talking about 3,000 euros per person as a cap. And what if, instead of 3,000 euros (numbers floated around so you'll then accept ridiculous numbers anyway), it were 30,000? 😂😂😂
To get people to accept such a divide, THERE WILL NECESSARILY HAVE TO BE A CORRALITO.
The excellent currency will be whatever crypto survives.
Because crypto will be Noah's ark in this whole mess.