Max Keiser Bitcoin - New Prices Extremes Worse Than We Thought

Max Keiser Bitcoin - New Prices Extremes Worse Than We Thought

In this report, Max Keiser and Stacy Herbert share their concerns about the effects of money printing and China's dominance of global trade.

Here is the summary of the report:

The Fed, Congress, and the Treasury think inflation is transitory and the solution to the economic problem is printing more money. But the inflation rate has hit 5%, the highest since 2008. Container freight rates spike to new extremes of 500% for Asia, the US, and the EU since early 2020. But Jerome Powell thinks it's a lot easier to create demand than it is to bring supply up to snuff.

Keynesian economists believe in creating demand by printing money. But we live in an age where the supply side of the equation is broken. Hence, we are entering into the supply shocks of almost everything. Runway inflation has caused food insecurity all over the world.

Once everybody got stimulus checks, people bought durable goods such as refrigerators, washing machines, etc, all coming from China. Average port-to-port spot rates from Shanghai to Los Angeles soared from $1,500 per 40-foot container in early 2020, and from a five-year average of $2,177 to $4,000 in September of 2020 to $8,000 in June of 2021 and $9631 in July. This is an increase of over 500% from early 2020.

In the last twenty years, money printing and China's entrance into the global economy have been trending. Note that money printing is going to China along with American jobs. However, American consumers don't notice it because the prices of Chinese goods are cheaper. So, the money printing is now spilling over as real inflation.

The past year has witnessed thousands of dollars sent to every single American. Added to this are PPP forgivable loans while tens of billions of dollars are given to small businesses. This is deal money filtered away into the economy without commensurate goods and services being provided.

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