FX CRYPTOCURRENCIES


bottom of the gold markets and the top in the tech bubble.


With central bank balance


bolivars, but for U.S. dollars, euros, and yen.


Now you may have noticed that I have purposely refrained from offering predictions on the outlook for BTC and the myriad of blockchain “wannabe’s” that are being marketed like pretzels at a ball game. My inbox this week is stuffed with dozens and dozens of these deals and the more difficult to assess and


54 FX TRADER MAGAZINE January - March 2018


analyze, the more the demand swells. It seems that scarcity outweighs logic in handicapping this type of mania to the extent that when I see junior exploration companies announcing plans to restructure into blockchain business ventures by way of a twenty-something


graduate two years out of school, it


is eerily reminiscent


engineering of


the


DotCom mania of the late 90s which, by the way, marked the


sheets engaged in an unrelenting escalation of credit creation, one needs look no further than the chart shown below in order to rationalize the increases being seen not just in the U.S. but around the world. All major stock markets are dancing with all- time highs as the impact of serial money-printing impacts prices. The Achilles Heel of the banker class—real estate, the ultimate collateral upon which banks are grounded—has rebounded with a vengeance in the U.S. and Europe with housing bubbles now in Canada, Australia and Sweden. That collateral so terminally impaired in 2008 is now the Mother’s Milk of the Banker Class with prices in many locations eclipsing the highs of 2005–2007. After all, that was the sole intent of Paulsen- Bernanke bailout at the bottom of the markets in 2009. A scant ten years later from a time when bankers were being hunted down in places like Iceland and Ireland, the American bankers have soared unimpeded to even greater riches than they enjoyed blowing up the sub-prime bubble.


I offer this commentary neither as a bull or a bear on BTC or this


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