Altucher: Antique Banking and Modern Solutions

For a crypto enthusiast, James Altucher doesn’t think Bitcoin’s the answer. [The Rude Awakening] November 06, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Altucher: Antique Banking and Modern Solutions [Sean Ring] SEAN RING James Altucher was a chess master at an age when most of us were still bashing the bishop. He was programming AI in the form of Deep Blue while he was still in college…. over thirty years ago! James is a bestselling author, crypto enthusiast, and all-around Renaissance Man. It’s a privilege to be his colleague here at Paradigm Press. [Click here to learn more]( Click the pic to watch the interview… or [here](. In my [recent eye-opening interview]( with James, the intricacies of cryptocurrency, its origins, its potential, and its contrast against traditional financial systems were meticulously dissected. The discussion not only shines a light on the remarkable capabilities of blockchain technology but also paves the way for beginners keen on navigating the crypto investment landscape. [[A.I. Supplier]: $100 Billion Sales Surge Coming?…]( Nvidia’s little-known supplier is set for a [$100 BILLLION sales explosion]( …and it’s thanks in part to this mysterious device you see here: According to our research… This $100 billion sales boom could even turn this little-known supplier… …into the [the next trillion-dollar stock](. To see how to take advantage of this little-known supplier – before it’s $100 billion sales surge —— [go here now.]( [Click Here To Learn More]( To Bitcoin or Not To Bitcoin? We kicked off [the conversation]( with James sharing his perspective on Bitcoin. The narrative swiftly moved on to how Bitcoin emerged as a response to government and central bank bailouts. This segment of the discussion unveils the fundamental flaws in our outdated financial systems, primarily human error, and how blockchain's transparent, immutable nature offers a profound solution. As the conversation unfolds, the spotlight shifts to the rise of James’s favorite cryptocurrency (Hint: it’s not Bitcoin) and the limitless possibilities encrypted within blockchain code. It’s a deeper dive into how cryptocurrencies, being deflationary, stand in stark contrast to traditional currencies. The marketing of coins and the multi-trillion dollar case for the crypto realm is another highlight of this engaging talk. Upgrading and AI One striking point of discussion was how cryptocurrencies can upgrade, a feature that starkly sets them apart from static dollar bills. This part of the discussion also touches on President Biden's recent legislation around Artificial Intelligence. As Altucher simplifies the essence of Artificial Intelligence, he debunks the dystopian view of AI. The conversation then transitions into a golden segment for crypto novices, providing a roadmap on how to commence their crypto investing journey. This interview is not just a dive into the crypto and blockchain world but a comprehensive guide for anyone looking to understand the financial systems' evolving dynamics. Whether you're a seasoned investor or someone just curious about what the buzz around crypto is, [this discussion between James and me is a must-watch.]( As we navigate through the labyrinth of modern-day finance, insights from experts like James Altucher are invaluable. The interview is a blend of expert opinions, simplified explanations, and a gateway for those keen on stepping into the crypto realm. [Catch the full interview on YouTube]( to decode the crypto buzz and equip yourself with a nuanced understanding of today’s financial landscape. The journey from traditional to digital finance is riveting, and this discussion is your perfect companion for the ride. This interview offers a balanced mix of expert opinions and beginner-friendly advice, making it a valuable resource for anyone interested in the evolving world of finance and technology. We’ve not listed [this video on our YouTube channel]( which means it’s only available to those with the link, like you. We want you to have first dibs on knowledge like this. I hope you find it illuminating and valuable. Just click on the big picture above or any links included in the piece, like [this one](. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening X (formerly Twitter): [@seaniechaos]( P.S. I will write full Rudes most of the time, but I wanted to ensure you watched this informative and actionable video with James. If you like the video, gently click the like button, leave a comment, and subscribe to our brand-new YouTube Channel. As this is a new way of presenting our groundbreaking views to you, we’ll only know that you’re happy if you tell us. Have a great week ahead! In Case You Missed It… Strong Like Bull… in China’s Shop [Sean Ring] SEAN RING Oh, the hilarity of it all. “The Federal Reserve prints so many dollars, it may as well be toilet paper!” WRONG! The baffling truth is the Fed can’t print enough dollars to satisfy global demand. Once again, Jim Rickards, Paradigm’s Oracle of OhMyGod, was spot on. When Jim and I were in Vegas for the Paradigm Shift Summit 2023, we sat down for a chat. I asked him if the USD was strong because the world was disappointed BRICS didn’t come up with an alternative currency at their August meeting in Johannesburg. “Sean, this has nothing to do with BRICS. There’s a dollar shortage out there.” It’s a supreme irony - especially to economists of the Austrian School - that it won’t be a weak dollar that brings the financial system down… it’ll be a strong one. But before I continue, a quick word: Naval aviator, Harvard grad, and ace rock kicker Byron King is on [Rickards Uncensored]( today! Join Matt Insley and Byron at 10 a.m. ET for their discussion on gold, oil, and the Middle East. Byron’s stories and analyses are always informative and entertaining. [Click here to get your seat.]( Let’s dig into the news. The Dollar’s Explicable Strength No matter how often I say it, it doesn’t sink in. The dollar index is a basket of currencies traded against the dollar. 81% of that basket is made up of the euro, pound, and yen. Can you think of a single reason to own euros, pounds, or yen? Me, neither. Charlie Munger recently called Berkshire’s Japanese trade “awfully easy money.” Does Charlie mean to tell us when a country’s central bank (The Bank of Japan) purposely destroys its currency (the Japanese yen), its stock market (the Nikkei) goes up? Wow, then it works just like ours! From [Markets Insider]( Warren Buffett's surprise bet on Japan during the pandemic was a once-in-a-lifetime chance to make a boatload of money with virtually zero risk attached, Charlie Munger says. Buffett's Berkshire Hathaway disclosed stakes worth a combined $6 billion in five Japanese trading houses in the summer of 2020. The bets stood out because the investor and his team famously favor American companies like Apple and Coca-Cola. Munger, Buffett's right-hand man and Berkshire's vice-chairman, said the opportunity was too juicy to resist. "If you're as smart as Warren Buffett, maybe two, three times a century, you get an idea like that," he told the Acquired podcast in an interview released this week. "The interest rates in Japan were 0.5% a year for 10 years, and these trading companies were really entrenched old companies," Munger said. "They had all these cheap copper mines and rubber plantations, and so you could borrow for 10 years ahead all the money and you could buy the stocks, and the stocks made 5% dividends, so there's a huge flow of cash with no investment, no thought, no anything." I’ve got news for you: the European Central Bank and the Bank of England do the same thing. If they do that, how can you be anything but a dollar index bull? [SJN] That’s part of why we’ve had this big rally since July. The other huge reason is that the world needs dollars and is sucking up as many as it possibly can. But they resent having to acquire those dollars and are sick of it. Here’s why. [New Biden Bucks Follow-Up Available Now]( Since posting the original Biden Bucks presentation online, millions of people have viewed it. Snopes and the Associated Press have even attempted to “fact check” and claim some warnings are false: Point being, the message has raised a storm and caused a lot of controversy. But in the time between the message and now, a lot of new developments have come to light. That’s why an update to the original prediction was just released… one which will likely be even more controversial. [>> Click here now to access the new 2023 Biden Bucks follow-up](. [Click Here To Learn More]( Why a Strong Dollar Hurts Foreign Countries Debt Service Costs: Many countries and foreign companies borrow in U.S. dollars to take advantage of lower interest rates than those available in their home countries. When the USD strengthens, the cost of servicing these debts rises significantly in local currency terms, leading to financial strain or defaults. Trade Dynamics: Countries with weaker currencies relative to the USD find it more expensive to import goods and services priced in dollars. This leads to a trade imbalance and exacerbates current account deficits. On the flip side, a strong dollar makes U.S. exports more expensive, impacting countries with strong trade ties to the U.S. Commodity Prices: Most global commodities are priced in USD. A stronger dollar increases the price of commodities in local currency terms, which leads to higher costs for countries and companies reliant on importing commodities. Conversely, commodity-exporting countries benefit from higher revenue in local currency terms. Capital Flows: A strong USD influences global capital flows. Investors often seek assets denominated in strong currencies, leading to capital flowing into the U.S. at the expense of emerging markets. This puts pressure on emerging market currencies and increases interest rates as countries try to attract investment. Competitiveness: Companies exporting goods to the U.S. find it more challenging to compete on price if their home currencies strengthen against the dollar. Similarly, U.S. companies may find it easier to compete abroad when the dollar is strong. Foreign Exchange Reserves and Exchange Rates: Countries holding significant reserves in USD see the local currency value of those reserves increase when the dollar is strong. On the other hand, countries might need to intervene in foreign exchange markets to stabilize their currencies, which depletes reserves (see: Asian Currency Crisis of 1997) and leads to a vicious cycle of weakening currency and dwindling reserves. Investment: Foreign investments from the U.S. may decrease as a strong dollar increases the relative cost of investments abroad. Additionally, the returns on existing foreign investments may be lower when converted back to a stronger USD. Southeast Asia Has Had Enough From BNN Network: The Bank of Thailand has sparked a potential global financial trend with its proposal to replace the US dollar with local currencies in international trade. This move is a strategic response to the 8-9% fluctuation in the US dollar, aimed at mitigating currency risks and providing Thai businesses with a more stable means of paying for goods and services. A Wave of De-dollarization The bank’s initiative, championed by deputy governor for monetary stability, Alisara Mahasantana, comes on the heels of a tripartite agreement signed in August between Indonesia, Malaysia, and Thailand. The agreement sought to promote the use of local currencies in bilateral transactions, embodying a larger trend of de-dollarization in international trade. The Association of Southeast Asian Nations (ASEAN) is reportedly contemplating a similar shift, considering dropping the US dollar, euro, yen, and pound sterling from transactions. I don’t think the Bank of Thailand was the first to consider this. But that’s beside the point. The dollar’s volatility messes up local businesses. The benefits of abandoning the dollar are clear: cancel out dollar volatility and strengthen any negotiating position with the U.S. But the challenges are suddenly thrown into sharp relief. These countries have to build an infrastructure to support this ambition. This is precisely the challenge BRICS embarked on. Wrap Up It’s not a weak dollar that’s hurting world commerce. It’s a strong, albeit volatile, one. There’s no reason to use the dollar in Southeast Asia unless its benefits exceed its costs. These countries think the costs are too much to bear. De-dollarization is picking up not because the Fed is printing too much money. It’s because there aren’t enough dollars to go around the world. Have a wonderful weekend! All the best, [Sean Ring] Sean Ring Editor, Rude Awakening Twitter: [@seaniechaos]( [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. 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