Debasement (the expansion of the money supply beyond productive output) is occurring right now. As we’ve established, precious metals are capturing this through spot price appreciation against dollar weakness. Silver’s nose-bleed rally alongside gold at record highs confirm the dollar is losing purchasing power against real goods.

But Bitcoin isn’t... See more

Most Bitcoin advocates conflate monetary expansion with hard asset appreciation, assuming it automatically flows into scarce stores of value. This ignores a critical mechanism: cheap money doesn’t necessarily mean money flows to hard money without understanding the shape of the yield curve. When rates fall, duration-sensitive assets, especially... See more

Regarding 1) what happened to the value of money: the dollar fell by 0.3% against the yen, 4% against the renminbi, 12% against the euro, 13% against the Swiss franc, and 39% against gold (which is the second largest reserve currency and the only major non-fiat currency). So, all fiat currencies fell, and the biggest story and the biggest market... See more