Founder and acclaimed author Jeff Booth has supported Bitcoin as a “must-have” investment at a time when central banks are exacerbating the growing debt problem.
The comments appeared in a series of tweets that discussed the idea that central banks can somehow avoid the huge debt problem by adding significantly more debt.
Jeff Booth, author of the deflationary book The Price of Tomorrow, noted that even before the COVID-19 pandemic set fire to fuel, global debt was $ 250 trillion in a global economy worth about $ 88 trillion – to $ 185 trillion. Of this amount. Debt has increased over the last twenty years. According to usdebtclock.org, the United States tops the list of government debt with more than 10% of global debt and an ever-increasing figure of 26.7 trillion dollars.
He predicted that “it would be cruel to relax in any way.” Booth considers the remaining two options gloomy. The first is government defaults as a result of defaults on global debt as a result of a deflationary cycle, which may include a collapse of the banking system, or defaults due to hyperinflation, which appear to have already begun to print huge sums of money.
Continuing this story, Booth added:
“In my humble opinion, bitcoin is important.” Not just for your fortune, but also as a lifeboat. ”
Comments meet with inflation. In late August, US Federal Reserve Chairman Jerome Powell announced that the central bank would not view inflation as a major threat to economic growth.
He said on Wednesday that Fed officials decided that short-term interest rates would remain targeted at 0% -0.25% in the coming years, while inflation could be allowed to cross the 2% threshold if necessary.
The Federal Reserve, like most central banks, can change inflation targets that they consider acceptable and unacceptable. This includes the ability to print trillions of dollars in the name of stimulus. Governments essentially need to devalue their currencies to destroy the debt mountains they have created.
Jeff Booth is one of the many bitcoin advocates who has drawn attention to today’s banking problems, which seem to reflect what happened in 2008. His book, The Price of Tomorrow, is a sharp warning of two dangerous economic trends that he believes largely ignored. . He argues that technology and price deflation will lead to permanent large-scale unemployment, while the global economy is dependent on an unstable mountain of debt. With this in mind, Bitcoin may be one of the few remaining “lifeboats” available.