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James Howard Kunstler: Bitcoin has replaced gold as the alarm
2:54p ET Friday, December 8, 2017
Dear Friend of GATA and Gold:
Social critic and novelist James Howard Kunstler writes today that as the cycle of money creation by central banks seems to be winding down, the tax-cutting legislation in Congress is meant to keep pumping money into equities and bonds to avoid a worldwide financial collapse.
Kunstler adds that with its exploding price bitcoin is doing the job gold used to do (though he doesn't address why gold is no longer doing that job) -- sounding the alarm that something is terribly wrong in the world financial system.
"The rush into bitcoin," Kunstler writes, "represents a loss of faith in matrix of rackets that world banking has become, and a flight to perceived safety in a putative financial instrument beyond the clutches and the lying propaganda of nervous, self-interested governments."
Kunstler's commentary is headlined "Stranger Things" and it's posted at his internet site here:
http://kunstler.com/clusterfuck-nation/stranger-things/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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