“This is a very, very bad thing. The country did not need a currency that was good for kidnappers. There are people who think they’ve got to be on every deal that’s hot. I think that’s totally crazy. They don’t care whether it’s child prostitution or bitcoin.” So says Charlie Munger, Berkshire Hathaway Vice Chairman and a longtime cryptocurrency skeptic. He went on to declare that the space is rife with fraud and delusion, and regulators have dropped the ball by not outlawing bitcoin and other digital assets.
In today's episode of The Higher Standard, Chris and Saied take a look at Munger's vehement criticisms and try to determine if his thoughts are valid, and whether or not regulators have indeed failed to provide proper oversight.
They discuss the Federal Reserve's meeting in February and offer some thoughts on whether or not there will be another rate increase at that time.
Chris and Saied examine why government spending has a tremendous impact on GDP, but surprisingly on core inflation numbers.
They also discuss a recent article in which Amazon founder Jeff Bezos advises consumers and businesses to delay purchases and stockpile cash to prepare for a devastating downturn.
Join Chris and Saied for this fascinating conversation.
What You’ll Learn in this Show:
Why Charlie Munger's longtime criticism of cryptocurrency has reached new levels of virulence in light of the recent implosion of FTX.
The incredible wave of layoffs rolling across the country, particularly in the tech industry.
Why the US has just 25 days of diesel supply remaining — the lowest level since 2008.
Why Federal Reserve Governor Christopher Waller believes that financial markets have overreacted to the softer-than-expected October consumer price inflation data released last week.