Protesters Demand Shutdown Of Gas At Indian Point Power Plant June 24, 2018
NY Agencies Urge FERC To Cut Pipeline Risks Near Indian Point Nuclear Plant June 25, 2018
(Reuters) – New York State agencies urged the Federal Energy Regulatory Commission (FERC) to take action to reduce pipelines risks near the Indian Point nuclear facility in Westchester County, the Department of Public Service said.
The New York Division of Homeland Security and Emergency Services, and the Departments of Public Service, Environmental Conservation, and Health called on the FERC to ban additional natural gas capacity on the Algonquin pipelines, the Department of Public Service said in a press release on Friday.
The agencies urged the FERC, which regulates interstate pipelines, to take additional action to minimize risks and protect public safety.
Now even politicians are telling you a reset is coming!
New Economy, New Finance, New Bank – speech by Mark Carney June 21, 2018
At his annual Mansion House speech, the Governor outlined how the Bank of England was changing to support the development of the UK financial system. He said that the Bank was building infrastructure that would allow UK households and businesses to transact anywhere, anytime – with counterparts around the corner, or around the world.
It is amazing to me that Americans just accept this nonsense. This is nothing better than a state ruled under the reign of Bokassa or Idi Didi Amin!
DOJ Won’t Release Top Secret Loretta Lynch Intercepts Suggesting Secret Deal To Rig Clinton Probe June 26, 2018
The Department of Justice (DOJ) is refusing to release intercepted material alleging that former Attorney General Loretta Lynch conspired with the Clinton campaign in a deal to rig the Clinton email investigation, reports Paul Sperry of RealClear Investigations.
The information remains so secret that Justice Department Inspector General Michael Horowitz had to censor it from his recently released 500-plus-page report on the FBI’s investigation of Clinton, and even withhold it from Congress.
Not even members of Congress with top secret security clearance have been allowed to see the unverified accounts intercepted from presumed Russian sources in which the head of the Democratic National Committee, Debbie Wasserman Schultz, allegedly implicates the Clinton campaign and Lynch in the scheme.
“It is remarkable how this Justice Department is protecting the corruption of the Obama Justice Department,” notes Tom Fitton of Judicial Watch, which is suing the DOJ for the material.
Chinese Official Raises Specter Of ‘Financial War’ With The United States June 20, 2018
As the trade row between the United States and China heats up, a previously dovish senior Chinese government economist has taken the gloves off, quoting Mao Zedong in an interview with SpiegelOnline: “You lead your war, and I lead mine.”
Mei Xinyu, a member of the Commerce Ministry’s Chinese Academy of World Trade and Economic Cooperation, warned that the two economic giants might be on the brink of a “financial war” with a potential outcome that is “beyond our imagination.”
He told the German website that the dispute over tariffs with the US, which he provocatively dismissed as a country that is going “downhill” and has “lost its fighting spirit,” had undeniably escalated into a full-blown trade war.
“We’ve been in a trade war for about two months. US President Donald Trump has imposed punitive tariffs on Chinese imports worth $50 billion and threatens to expand by $200 billion. If this is not a trade war, what else?”
American Totalitarianism and the Culture of Fake News June 26, 2018
. . .
This culture of systematic brainwashing – in a much-vaunted democracy by a self-declared free, independent news media – is undoubtedly a factor in why American citizens seem to have such a hard time telling facts from fiction. The fake news phenomenon in the US is neither new nor unexpected. It’s a corollary of the way the population has for decades been degraded to a status of controlled subjects. This has long been the objective of US elite propagandists like Edward Bernays who in the 1920s strove to “control the habits and thoughts of the populace”.
As former CIA chief William Casey would later cynically brag to President Ronald Reagan during a cabinet meeting: “We’ll know our disinformation program is complete when everything the American public believes is false.”
The fascinating and distinguishing thing about the de facto US totalitarian system is the illusion that the public has of being “free” – the biggest fake news of all.
This complacent acceptance of “freedom” as a seeming “fact” is perhaps the key factor in why the US and Western capitalist system perpetuates. Few suspect that they are in actual fact nothing but captives, slaves, subjects, in a menagerie of fakery, or false consciousness, about the oppressive condition of their lives.
You don’t become a candidate for a President of the United States if you are not vetted…by the people who actually run the US.
Pepe Escobar Covers The World: From ‘New York Aristocracy’ To The End Of America’s Hegemony June 25, 2018
Brazilian-born journalist Pepe Escobar, who is perhaps best known for predicting the War on Terror in a column he published for the Asia Times just weeks before 9/11, sat down for an interview with Balkan info earlier this month,m during which they discussed a wide range of topics, ranging from the Deep State’s role in green lighting President Trump’s rise to power, to the imminent Soviet-style collapse of the US. Along the way, he shared his views on the US’s complex and often adversarial relationships with China and Russia, as well as the hidden motives undergirding the US’s relationship with the Kingdom of Saudi Arabia.
The interview began – as these interviews so often do – with an examination of the Trump presidency, with Escobar explaining the dualistic nature of Trump’s unique position as both an “insider” and an “outsider” in US politics.
Trump, Escobar explains, wasn’t born into the Manhattan aristocracy. And though the “Masters of the Universe” – a group that includes the country’s top bankers along with the leaders of the military and intelligence communities – were initially reluctant to embrace him (as were many factions within the Republican Party), they eventually changed their minds once they understood that he would advocate for their interests.
“He’s not born in lower Manhattan…and he’s not part of the New York aristocracy, the establishment that’s been there for some 150 to 200 years…he’s still regarded in New York as a wealthy outsider. But in the end, he was accepted by some sectors of the Republican Party – even though they initially didn’t want to accept him – Washington, some sectors of the Republican Party.”
Everything is converging and when one factor breaks, significantly the rest will follow.
China Panic: 250% Debt/GDP And A Staggering $30 Trillion Of Debt June 27, 2018
As the world hurtles toward the next crisis, there is now panic in China as now face 250% Debt/GDP and a staggering $30 trillion of debt.
Debt/GDP Of 250%!
June 27 (King World News) – Gerald Celente: “Look at what’s going on in emerging markets. You are watching one currency after another hit new lows or yearly lows. Emerging markets are $10 trillion in debt. And when you look at 2nd quarter Chinese growth, there’s a sharp decline in a lot of sectors. It has nothing to do with the trade war. They have some real problems…
Gerald Celente continues: “China’s Debt/GDP ratio is roughly 250%! They have $30 trillion in debt. Now things are slowing down so they are printing more money in order to boost their economy. China’s currency is not going down because they want to gain more trade exports. It’s going down because they are juicing their markets with more cheap money. It goes back to gold. Gold is still the ultimate safe haven asset. And if this thing breaks out to war in the Middle East, kiss the markets goodbye. And watch inflation and gold prices skyrocket. And you…To continue listening to Gerald Celente discuss the top trend for the back half of 2018 as well as what surprises to expect CLICK HERE OR ON THE IMAGE BELOW.
His policies bend like branches of a tree in a strong breeze.
Stiff tariffs until someone or something (like a market meltdown) confronts him.
Then it’s “Just Kidding!”
Either stick to your guns or lose credibility in the world.
CIGA Wolfgang Rech
Muchin: “Unfortunate” Market Got Mixed Messages; CFIUS Won’t Target China Specifically June 27, 2018
Confirming that the Trump administration was clearly spooked by the market’s Monday drop, following news that Trump “blinked” on the escalating trade war, and had decided against creating a new regime to review Chinese investment in the US and will instead rely on the existing CFIUS approach to protect US technology, Treasury Secretary Steven Mnuchin told CNBC that it was “unfortunate” the market got mixed messages and that all Trump advisors were unanimous on this decision.
“If there are mixed messages, that’s something that is unfortunate,” Mnuchin told CNBC’s “Squawk Box.” “What happened over the weekend there were leaks saying that president had made a decision had been made. It was completely not true.”
“When the president and I discussed this, he suggested I tweet on behalf of him to clarify that a decision had not been made,” Treasury secretary added. “Those leaks were not helpful to the markets or not helpful to the process.”
Mnuchin blamed White House trade advisor Peter Navarro for sending mixed signals Monday about the Chinese investment restrictions.
* * *
Earlier on Wednesday, the White House announced that it won’t be looking to block companies with 25 percent or more of Chinese ownership from buying certain U.S. tech-related companies. Instead, the government will rely on the newly-strengthened Committee on Foreign Investment in the United States, or CFIUS, to deal with concerns.
Futures Spike After Trump Blinks, Decides Against Harshest Measures On China Investment June 27, 2018
Confirming yesterday’s report that Trump was ready to offer China an “olive branch” following the sharp market drop following reports that the US would crack down on Chinese investment, moments ago Trump administration officials said that the White House would push Congress to strengthen the CFIUS inter-agency panel that it will employ as its main tool to curb Chinese investments in sensitive U.S. technologies.
This means that contrary to earlier reports, the White House won’t be look to block companies with 25% or more of Chinese ownership from buying certain U.S. tech-related companies. Instead, the government will rely on the newly strengthened Committee on Foreign Investment in the United States to deal with concerns about foreign purchase of sensitive domestic technologies.
As Bloomberg notes, this strategy is a less confrontational approach toward China than many had expected. As the FT and WSJ reported on Sunday night, the administration had considered employing a little-used national emergency law called the International Emergency Economic Powers Act of 1977 to curb prospective investments.
Stock futures are erasing early losses Wednesday after the Trump Administration announced a softened stance on limits to foreign investment in certain industries. After threatening a ban on all Chinese investment earlier in the week, the new plan appears to be broadening the powers of the Committee on Foreign Investments in the United States, an inter-agency panel that already conducts a security review of mergers where foreign ownership is involved. The new standard would apply to all countries, not just China. Elsewhere in markets, oil prices are rising after the U.S. stepped up pressure on foreign buyers to stop doing business with Iran. The Dow Jones is up 0.01%, the S&P 500 is down -0.05%, the Nasdaq is down -0.27%.
See the definition of psychopaths and why they are so dangerous!
The only problem I have with this article is that they the author fails to make a proper distinction between the Old and New Mob.
The Old Mob had order, respect, rules, organization, legal and business defenses in place. Women and children plus blood family were never hurt.
The Mew Mob are all Psychopaths with immense power and no redeeming human qualities whatsoever.
Spygate Blown Wide Open! Psychopaths Scattering!
June 25, 2018
A psychopath will do anything, anytime, anywhere to win.
They have no scruples and therefore have no constraints on their utterly reckless behavior. Because they completely
lack empathy, they care not about the extreme pain and suffering they cause others. They lack the capacity to even consider the horrendous consequences of their actions.
Hence, they feel unrestrained to commit any wrong, any crime, or any shocking atrocity in order to achieve their objectives. For them, the end always justifies the means… no matter how barbaric or repugnant their actions are.
On the other hand, people of conscience are significantly limited in what they might do in the attainment of their goals. They will not deliberately perpetrate evil deeds.
Unlike psychopaths, they do not perform actions to win; rather, they act out of righteousness for the greater good of all.
Dennis has a point, have you prepared and put food back?
Preparedness is Fundamental April 30, 2017
(*This is a post that I made in October of 2011. It was prescient then and even more so today.)
It’s the doomsdayer’s perfect storm. On the same day the Dow crashes, a small asteroid hits the earth just as an earthquake triggers a tsunami … you get the idea. It doesn’t look good.
A few weeks have passed, the cupboards are bare and you’re hungry – really, really hungry. So hungry you could almost bring yourself to eat Tofu. Someone sees your plight and makes you an offer. You can have a pound of gold or a pound of peanut butter, what would you do?
It’s a no brainer. Unless you were Ebeneezer Scrooge, you’d be all over the peanut butter. I’m not saying gold isn’t a terrific investment, but in the scheme of things, everything needs to be prioritized. If you’re like most Americans, and are having trouble making ends meet, you need to look at the big picture. You can go weeks without food and just a few days without water, so the top priority becomes obvious.
Trade War Hits Stocks as $8 Trillion in Bear Market: Inside EM June 26, 2018
Stocks in developing nations slumped as heightened concern that a trade war will sap global economic growth put equity gauges worth $8 trillion in a bear market. Currencies also retreated and are heading toward their worst month since November 2016.
The MSCI Emerging Markets Index sank to the lowest in 10 months, while 18 out of 24 currencies tracked by Bloomberg fell. The Shanghai Composite Index has tumbled 20 percent from its peak in January, with China joining nations such as Turkey and Pakistan in crossing that threshold. The risk premium on sovereign bonds over U.S. Treasuries widened.
Traders are grappling with conflicting signals after President Donald Trump hinted Tuesday at a less confrontational path toward curbing Chinese investments in sensitive U.S. technologies. His remarks seemed to favor the approach of Treasury Secretary Steven Mnuchin over National Trade Council Director Peter Navarro. Earlier, President Xi Jinping reportedly said he would strike back. In addition to tension between the world’s two biggest economies, traders are assessing a scenario of accelerated tightening by the Federal Reserve and impact of higher oil prices.
Four Presidents Conspired To Give $100 Billion to Israel June 25, 2018
The New Yorker staff writer Adam Entous revealed on June 18 that four sitting U.S. presidents beginning with Bill Clinton signed secret letters agreeing never to publicly discuss Israel’s undeclared nuclear arsenal. According to Entous, President Trump’s aides felt “blindsided” by Israeli ambassador Ron Dermer’s urgent demand to sign a fourth letter. Only a small number of “senior American officials” in the previous three administrations even knew about the existence of such letters. Though said not to specifically mention Israel’s arsenal, Israeli leaders interpret the letters as binding American pledges not to publicly mention Israel’s nuclear weapons or press Israel to sign the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). The letters add to growing evidence of a longstanding multifaceted executive and federal agency conspiracy to violate the US Arms Export Control Act on Israel’s behalf.
US Foreign Assistance to Israel Since the Clinton Administration (US Billion)
Source: 2018 GAO report “US Foreign Aid to Israel,” MOU commitments, inflation-adjusted, excludes black budgets.
US Dollar Will Crash & Burn Because Of Trade War With China – Investor Peter Schiff June 25, 2018
The idea that a trade war between US and China is good for the dollar is complete nonsense, according to investor Peter Schiff. He believes that greenback will only depreciate.
“The thinking is – at least when it comes to trade – is that the dollar is going to benefit from a trade war, which I think is wrong. I think it’s just as wrongheaded as the concept that the dollar is going to benefit from larger budget deficits,” Schiff said.
According to Schiff, while one may think that a trade war or US budget deficits can create a dollar deficit that will prop up the greenback, in reality the world will be flooded with American currency. “The thinking is this is going to absorb all the dollars out there and there is going to be a dollar shortage, which is complete nonsense.”
Rather than write on a planned topic, I received at least 20 e-mails yesterday on the same subject so had to switch gears. The e-mails were all panicky because an analyst who works in the precious metals industry suggested that silver will not perform as gold will in the coming reset. I feel the need to address this because I believe it is faulty analysis and may have motivation behind it. I will not name the analyst but can be easily discerned.
In an interview it was said that during the Weimar experience, gold performed extremely well but silver lagged. It is for this reason they suggested not to pay attention to the current out of whack silver to gold ratio north of 80-1 and it will not narrow. This is just wrong for so many reasons. First, the ratio of silver to gold worldwide at the time was roughly 15-1. Silver was priced at $1.385 per ounce while gold was at $20.67 per ounce in dollar terms. This 15-1 ratio was much closer to the ratio of silver versus gold in the Earth’s crust and extracted via mining. Silver actually exists at a ratio of slightly less than 10-1 versus gold, this is what I call “God’s ratio”.
Please see the video we posted today, Sunday, about a Sino-USA War that could easily grow out of the present trade war that is just beginning. Ten years ago I told everyone that the South China Sea was all about oil, and could create a Sino-USA war, but no one listened. It was like me being sixteen years ahead in telling you gold would go to $1650. Now it will go to $50,000 between a close Friday and an open Monday in the form of a gap never to be filled. Do you now understand why China, and their ally Russia, are buying all physical? Now do you understand why nations are taking their gold bullion home out of the USA and Great Britain?
I pointed out that Pakistan was a major enemy, not an ally to the USA a long time ago. Then, living in India it was not hard to see in advance.
If Africa actually dumps the cancer of corruption, its significance will be huge. However, it will take a Very Strong Scary Man to make it happen. Maybe it is the Hon. President Magafuli of Tanzania who is the man to make that continental change. That key point is invisible to the world’s extractive industry. In people’s minds, it is questionable if Africa even exists to them other than outside of an undefined continent. Tanzania is the treasure trove of rare earth and strategic metals and materials. Tanzania is the resource center and gold lockbox for the entire world, not RSA or DRC. What is wrong with “Africa for Africans” if “America First” is palatable. Colonialism is dead everywhere, but in the management of extractive industries understanding. The miners simply have no clue of the future of Africa or of the items they extract.
Why do I see all of this clearly, and seem so impotent to communicate to the many? I actually see it like others see a movie, but who listens. Did you before? Do you now? So what good is knowing the ending of things before the beginning of things? I do, but so what?
Currency War Can End Global US Dollar Dominance & Those Who Own Gold Have Power June 24, 2018
The world is facing a currency war and the only hedge against the crash of the US dollar is real gold, a precious metal analyst has told RT. With geopolitical power shifting from West to East, US dominance may be ending.
One such sign is the recent repatriation of gold from the United States. Countries such as Turkey, Germany, the Netherlands have been moving the bullions home. The reason is the Cold War is over and countries don’t see Russia as a threat anymore, says Claudio Grass, an independent precious metals advisor and Mises Ambassador.
“Central banks moved their gold because they felt threatened by the USSR and saw the USA as their natural ally. The fact that central banks are repatriating their gold shows that this has changed. It also implies that they don’t see Russia as a bigger threat than the USA any longer. Europe stands in the center of this geopolitical power shift and some countries obviously believe it’s wise to store the gold in their home countries,” he told RT.
Russia Gets Rid Of US Treasury Securities And Buys Gold June 22, 2018
US sanctions have forced Russia to look at ways of securing its foreign reserves. In recent years, Moscow has increased purchases of physical gold and dramatically reduced its share of US debt bonds.
The political standoff started in 2014, shortly after the conflict in Ukraine and the referendum in Crimea in favor of joining Russia. Several rounds of US sanctions followed, with the latest affecting major Russian companies and individuals who run them.
In April, Russia sold half of its US sovereign debt bonds, getting rid of nearly $47 billion worth of securities, according to US Treasury data released last week. The sell-off is a signal that Russia’s financial regulators are diversifying the country’s foreign exchange reserves, say analysts at the Copenhagen-based Danske Bank.
“Some people ask whether the Russian Central Bank sold them to support the ruble in April, but it’s about changing allocation as reserves continue to grow,” Vladimir Miklashevsky, a senior economist at Danske Bank in Helsinki, told Bloomberg. “Rising US yields have fueled the sell-off.”
Inside The Deep State: “If Only We’d Listened To Ike June 23, 2018
Many Trump supporters, and even some on the left, like to talk about the “Deep State” secretly having complete control of our government, thus rendering our elected leaders to be nothing more than meaningless figureheads. Let’s investigate.
Long before the term ‘Deep State’ became popular, the term “Military Industrial Complex” was coined by President Dwight Eisenhower.
He gave his now famous Military Industrial Complex (MIC) speech on Jan 17, 1961.
During his ominous farewell, Ike mentioned that the US was only just past the halfway point of the century and we had already seen 4 major wars. He then went on to talk about how the MIC was now a major sector of the economy. Eisenhower then went on to warn Americans about the “undue influence” the MIC has on our government. He warned that the MIC has massive lobbying power and the ability to press for unnecessary wars and armaments we would not really need, all just to funnel money to their coffers.
The World Transformed and No One in America Noticed June 22, 2018
The world transformed and nobody in the West noticed. India and Pakistan have joined the Shanghai Cooperation Organization. The 17 year-old body since its founding on June 15, 2001 has quietly established itself as the main alliance and grouping of nations across Eurasia. Now it has expanded from six nations to eight, and the two new members are the giant nuclear-armed regional powers of South Asia, India, with a population of 1.324 billion and Pakistan, with 193.2 million people (both in 2016).
In other words, the combined population of the SCO powers or already well over 1.5 billion has virtually doubled at a single stroke.
The long-term global consequences of this development are enormous. It is likely to prove the single most important factor insuring peace and removing the threat of nuclear war over South Asia and from 20 percent of the human race. It now raises the total population of the world in the eight SCO nations to 40 percent, including one of the two most powerful thermonuclear armed nations (Russia) and three other nuclear powers (China, India and Pakistan).
Does the US Military “Own the Weather”? “Weaponizing the Weather” as an Instrument of Modern Warfare? June 24, 2018
First published in September 2017.
Environmental modification techniques have been available to the US military for more than half a century.
The issue has been amply documented and should be part of the climate change debate.
Note: There is no evidence of “weather modification” in relation to recent climatic disturbances (hurricanes), but at the same time there is no firm evidence that this climate instability is attributable to greenhouse gas emissions.
The broader issue of environmental modification techniques must be addressed and carefully analyzed. It should also be understood that the instruments of weather warfare are part of the US arsenal ofweapons of mass destruction (WMD) and their proposed use by the US military against “enemies” constitutes not only a crime against humanity but to put it mildly a threat to planet earth.
In this essay I am providing the reader with direct quotes from a US Air Force document on the use of environmental modification techniques which indelibly provide irrefutable evidence that the threats are real and must be addressed.
Financial writer and precious metals expert Bill Holter thinks the long awaited debt reset has already started. Holter explains, “I think the reset is already in motion. . . . Credit is what created values and pricings that are incorrect. Just look at the Fed, they are talking about quantitative tightening (QT). They are talking about pulling $600 billion, I think, by the end of this year, and they can’t. There is no way. If you go back to Richard Russell ‘inflate or die.’ That is what this is. You cannot take capital out of a Ponzi scheme and expect it to stand up. That’s what this is. It’s a Ponzi scheme, and the Federal Reserve is bluffing, saying they are going to pull quantitative easing (money printing) out, and they are going to reverse it and take that out of the system. There is no way that can be done.”So, the Fed must know this. So, are they just playing for time? Holter contends, “They are timing it and . . . I do believe there will be some type of event that fingers can be pointed at and say, look, if it wasn’t for this, maybe a war or who knows what the false flag event or real event it will be, they are going to point at something and say our policies were working, and everything would have been fine except for x, y and z or whatever they point their fingers at. . . . The staggering figure today is the production rate is still 6% lower than when we went into this recession in 2007 and 2008. So, production is still below those levels, and that means we’ve gone 10 years with zero expansion . . . but debt has doubled. Production is not where it was 10 years ago, and debt has doubled.”
I think these so-called news reporting entities, channels and journalists should go to prison for intentionally misleading the people. What they do is a very dangerous practice!
Time Apologizes For Cover Story About Migrant Girl Who They Said Was Taken ‘Screaming’ From Her Mother By US Border Patrol Agents, After It Emerged The Pair Were NEVER Separated June 23, 2018
Time magazine has issued a correction to a controversial cover story about a Honduran migrant girl who they said was taken from her mother by US border patrol agents after it was revealed that the pair were never separated at all.
Three-year-old Yanela Denise became the unintentional face of the now defunct family separation crisis after photographer John Moore captured her agonized face screaming as her mother was questioned by agents on June 12.
After the picture was taken, the pair were taken together to a family detention center. Yanela’s father has since told DailyMail.com that they are ‘safe’.
As millions shared Yanela’s photograph on social media and attached to fundraisers for other children who have been separated from their families, Time used it on its cover. The magazine photoshopped an image to place her at the foot of a towering Donald Trump and the words ‘Welcome to America’ appeared next to it.
This could well be the greatest accomplishment of this administration over time.
The uninstalling of traitors to our Constitution and all laws continues.
Supreme Court Hands Trump The Power To Fire Thousands Of Judges June 23, 2018
Perhaps the biggest roadblock to Trump’s MAGA agenda has been radical, liberal judges. These men and women, appointed by previous presidents and other powers, have interfered with President Trump’s lawful authority.
But that’s all about to change.
Judges are supposed to be impartial. They have a solemn duty to uphold our laws. Decisions made by judges can decide the fate of not just one person, but millions. Judges that preside over federal issues can very well affect the lives of every last American.
We’ve seen how radical judges can harm our country. Obama-appointed judges have overstepped their bounds by attacking Trump’s lawful executive orders. They have allowed their personal, political views to violate their responsibilities.
Not only that, but certain groups within our government have been appointing judges—without the approval of the president. This is clearly a violation of the Constitution. Thankfully, the Supreme Court felt so too. Now many questionable judges are about to get their walking papers.
Anybody that believes that the authorities who suppress gold will allow a gold-backed crypto?!
Bitcoin Drops to $5,860, Lowest since October 2017. True Believers with Fake Hopes Got Cleaned Out by Early Movers June 24, 2018
In dropped to $5,860 at the moment, below $6,000 for the first time since October 29, 2017. It has plummeted 70% in six months from the peak of $19,982 on December 17. There have been many ups on the way down, repeatedly dishing out fakes hopes, based on the ancient theory that nothing goes to hell in a straight line (chart via CoinMarketCap):
If you’re a True Believer and you just know that bitcoin will go to $1 million by the end of 2020, as promised by a whole slew of gurus, including John McAfee – “I will still eat my dick if wrong,” he offered helpfully on November 29 – well you probably don’t need this sort of punishment. You’re suffering enough already. And I apologize. I feel your pain. I was a true believer too a few times, and every single time it was a huge amount of fun, and I felt invincible and indestructible until I got run over by events.
With 17.11 million bitcoins circulating today, if bitcoin were at $1 million today, it would amount to a market cap of $17 trillion. But new bitcoins are constantly being created out of nothing (“mined”) by computers that suck up enormous amounts of electricity. And by the end of 2020, there will be many more bitcoins, and if the price were $1 million each, the total would amount to about the size of US GDP.