Sophia Loren seated by the Parthenon on the Athenian Acropolis during filming for ‘Boy on a Dolphin’, 1957
Biden’s proposal for top marginal income rate is 39.6%. Here’s what it was in the past:
Now: 37%
2017: 39.6%
1993-2000: 39.6%
1982-1986: 50%
1981: 69.3%
1971-1980: 70%
1954-1963: 91%
This is doing so much damage to the US. It will reverberate long and deep, and not just in India.
• To Friends in the US: Facilitate Global Vaccine Manufacturing (CarnegieIndia)
The current public health crisis in India is devastating. On April 22, 2021, India recorded over 330,000 COVID-19 cases and 2,000 fatalities. It is unlikely that the second wave of the pandemic will level out anytime soon. The desperate need for oxygen, medical supplies, and hospital beds has overwhelmed public and private health facilities. Clearly, the state machinery will need to be mobilized in this war against the fast-spreading disease that appears to mutate in different ways and forms at a shattering speed. To arrest this crisis, there is an equally urgent need to accelerate India’s vaccine drive. India, as is well known, is one of the world’s largest producers of COVID-19 vaccines. “Made-in-India” vaccines have been delivered—by way of aid and under commercial contract—to ninety-five countries across the globe.
From Argentina to Bangladesh and El Salvador to Sierra Leone, India has distributed 66.2 million vaccines to date. However, India is currently facing an acute vaccine shortage at home. On April 19, the Indian government announced that Indians above the age of eighteen will be eligible to get their shots. Making sure that the tens of millions of Indians are able to access vaccines is the only way in which a country as geographically challenging as India will be able to turn the tables on this fast-moving disease. Yet, without the support of Joe Biden’s administration in Washington, this ambition—of delivering vaccines across India—is at risk of remaining just that, an ambition. In April 2020, then U.S. president Donald Trump invoked the Defense Production Act (DPA), a law that grants the U.S. president significant emergency authority to direct domestic industries.
As Trump made clear, the order was meant to “save lives by removing obstacles in the supply chain that threaten the rapid production of ventilators.” In February 2021, Biden announced a set of plans to hasten inoculations. In March 2021, Biden vowed that vaccines will be available for “every adult in America by the end of May.” On the first two working days of the Biden administration, on January 20 and 21, 2021, the president signed Executive Orders 13987 and 14001. The aim of these measures was to ensure “a sustainable public health supply chain.” In effect, this meant that manufacturers in the United States, and those registered in the United States but based in Europe and other parts of the world, needed to prioritize supplies for the domestic market within the United States.
Given the globally connected nature of supply chains, Biden’s vow has had other anticipated effects. It means that products like bags and filters, cell culture medias, single-use tubing assemblies, and other raw materials crucial for the production of vaccines in other parts of the world, and especially in India, may face imminent supply constraints. In practice, this has meant that the largest vaccine manufacturer in the world—the Serum Institute of India—is today hamstrung in its efforts to produce vaccines for both the Indian and global markets. It is crucial to keep in mind that without these ingredients, it is increasingly unlikely that the Serum Institute will be able to prioritize vaccine production under contract—through global vaccine alliances such as Gavi—for countries across the world.
IMHE – Estimated peak 14.1 million infections per day.
And then the Biden admin is tonedeaf and colorblind enough to try and justify it.
• US Defends Restrictions On Export Of Covid-19 Vaccine Raw Materials (Hindu)
Defending U.S.’ restrictions on the export of key raw materials for the manufacture of COVID-19 vaccine that threatens to slow India’s vaccination drive, a senior State Department official has said the Biden administration’s first obligation is to take care of the requirements of the American people. When asked when the Biden administration would decide on India’s request to lift a ban on the export of vaccine raw materials, State Department spokesperson Ned Price said: “…the United States first and foremost is engaged in an ambitious and effective and, so far, successful effort to vaccinate the American people.” “That campaign is well underway, and we’re doing that for a couple of reasons. Number one, we have a special responsibility to the American people.
Number two, the American people, this country has been hit harder than any other country around the world – more than 550,000 deaths, tens of millions of infections in this country alone,” he said on Thursday. It is not only in the U.S. interest to see Americans vaccinated; but it is in the interests of the rest of the world to see Americans vaccinated, he said. “The point the Secretary (of State Antony Blinken) has made repeatedly is that as long as the virus is spreading anywhere, it is a threat to people everywhere. So as long as the virus is spreading uncontrolled in this country, it can mutate and it can travel beyond our borders. That, in turn, poses a threat well beyond the United States,” Mr. Price said in responses to questions.
As for the rest of the world, “We will, of course, always do as much as we can, consistent with our first obligation,” he said. India is currently facing a horrible surge in coronavirus infections. The country on Friday added a record over 3.32 lakh new coronavirus cases in a single day taking the country’s tally to 1,62,63,695, while active cases crossed the 24-lakh mark. The Biden administration recently conveyed to New Delhi that it understands India’s pharmaceutical requirements and promised to give the matter due consideration. It observed that the current difficulty in the export of critical raw materials needed to manufacture COVID-19 vaccines is mainly due to an Act that forces American companies to prioritise domestic consumption.
President Joe Biden and his predecessor Donald Trump had invoked the war-time Defence Production Act (DPA) that leaves U.S. companies with no option but to give priority to the production of COVID-19 vaccines and Personal Protective Equipment (PPEs) for domestic production to combat the deadly pandemic in America, the worst-hit nation. The U.S. has ramped up the production of COVID-19 vaccines mostly by Pfizer and Moderna to meet the goal of vaccinating its entire population by July 4. The suppliers of its raw materials, which is in high demand globally and sought after by major Indian manufacturers, are being forced to provide it only for domestic manufacturers in the U.S. The Serum Institute of India is the world’s largest producer of the COVID-19 vaccine.
From May 2020. We have a 14 year old girl’s high school “science” project to thank for the lockdowns.
• The 2006 Origins of the Lockdown Idea (AIER)
How that idea — born out of a request by President George W. Bush to ensure the nation was better prepared for the next contagious disease outbreak — became the heart of the national playbook for responding to a pandemic is one of the untold stories of the coronavirus crisis. It required the key proponents — Dr. Mecher, a Department of Veterans Affairs physician, and Dr. Hatchett, an oncologist turned White House adviser — to overcome intense initial opposition. It brought their work together with that of a Defense Department team assigned to a similar task. And it had some unexpected detours, including a deep dive into the history of the 1918 Spanish flu and an important discovery kicked off by a high school research project pursued by the daughter of a scientist at the Sandia National Laboratories.
The concept of social distancing is now intimately familiar to almost everyone. But as it first made its way through the federal bureaucracy in 2006 and 2007, it was viewed as impractical, unnecessary and politically infeasible. Notice that in the course of this planning, neither legal nor economic experts were brought in to consult and advise. Instead it fell to Mecher (formerly of Chicago and an intensive care doctor with no previous expertise in pandemics) and the oncologist Hatchett. But what is this mention of the high-school daughter of 14? Her name is Laura M. Glass, and she recently declined to be interviewed when the Albuquerque Journal did a deep dive of this history. Laura, with some guidance from her dad, devised a computer simulation that showed how people – family members, co-workers, students in schools, people in social situations – interact.
What she discovered was that school kids come in contact with about 140 people a day, more than any other group. Based on that finding, her program showed that in a hypothetical town of 10,000 people, 5,000 would be infected during a pandemic if no measures were taken, but only 500 would be infected if the schools were closed. Laura’s name appears on the foundational paper arguing for lockdowns and forced human separation. That paper is Targeted Social Distancing Designs for Pandemic Influenza (2006). It set out a model for forced separation and applied it with good results backwards in time to 1957. They conclude with a chilling call for what amounts to a totalitarian lockdown, all stated very matter-of-factly.
[..] In other words, it was a high-school science experiment that eventually became law of the land, and through a circuitous route propelled not by science but politics. The primary author of this paper was Robert J. Glass, a complex-systems analyst with Sandia National Laboratories. He had no medical training, much less an expertise in immunology or epidemiology. That explains why Dr. D.A. Henderson, “who had been the leader of the international effort to eradicate smallpox,” completely rejected the whole scheme. Dr. Henderson was convinced that it made no sense to force schools to close or public gatherings to stop. Teenagers would escape their homes to hang out at the mall. School lunch programs would close, and impoverished children would not have enough to eat. Hospital staffs would have a hard time going to work if their children were at home.
The measures embraced by Drs. Mecher and Hatchett would “result in significant disruption of the social functioning of communities and result in possibly serious economic problems,” Dr. Henderson wrote in his own academic paper responding to their ideas. The answer, he insisted, was to tough it out: Let the pandemic spread, treat people who get sick and work quickly to develop a vaccine to prevent it from coming back.
Wonder what the response to this will be from the “science” religion.
• Covid-19 Indoors Infection Risk As Great At 60 Feet As At 6 Feet – MIT (CNBC)
The risk of being exposed to Covid-19 indoors is as great at 60 feet as it is at 6 feet — even when wearing a mask, according to a new study by Massachusetts Institute of Technology researchers who challenge social distancing guidelines adopted across the world. MIT professors Martin Z. Bazant, who teaches chemical engineering and applied mathematics, and John W.M. Bush, who teaches applied mathematics, developed a method of calculating exposure risk to Covid-19 in an indoor setting that factors in a variety of issues that could affect transmission, including the amount of time spent inside, air filtration and circulation, immunization, variant strains, mask use, and even respiratory activity such as breathing, eating, speaking or singing.
Bazant and Bush question long-held Covid-19 guidelines from the Centers for Disease Control and Prevention and the World Health Organization in a peer-reviewed study published earlier this week in Proceedings of the National Academy of Science of the United States of America. “We argue there really isn’t much of a benefit to the 6-foot rule, especially when people are wearing masks,” Bazant said in an interview. “It really has no physical basis because the air a person is breathing while wearing a mask tends to rise and comes down elsewhere in the room so you’re more exposed to the average background than you are to a person at a distance.” The important variable the CDC and the WHO have overlooked is the amount of time spent indoors, Bazant said.
The longer someone is inside with an infected person, the greater the chance of transmission, he said. Opening windows or installing new fans to keep the air moving could also be just as effective or more effective than spending large amounts of money on a new filtration system, he said. Bazant also says that guidelines enforcing indoor occupancy caps are flawed. He said 20 people gathered inside for 1 minute is probably fine, but not over the course of several hours, he said.
Biden was in the Senate since 1972. Please point out where and when he spoke out about the Armenian genocide during that whole time.
• Biden Recognizes Armenian Genocide (Pol.)
President Joe Biden on Saturday recognized the Armenian genocide, fulfilling a campaign promise and taking a step that his recent predecessors have avoided while in office. Biden’s designation, which coincided with Armenian Genocide Remembrance Day, signals the president’s desire to prioritize human rights despite potential fallout in the U.S. relationship with Turkey. It comes 106 years after the beginning of the mass deportation of Armenians by the Ottoman Empire, which led to the deaths of up to 1.5 million people. “The American people honor all those Armenians who perished in the genocide,” Biden said in a statement Saturday.
“Over the decades Armenian immigrants have enriched the United States in countless ways, but they have never forgotten the tragic history that brought so many of their ancestors to our shores. We honor their story. We see that pain. We affirm the history. We do this not to cast blame but to ensure that what happened is never repeated.” Over decades, lawmakers in Congress have been willing to recognize the genocide but sitting presidents historically have not. In a statement to mark the day of remembrance last year, Biden said he was “proud” of his role in the Senate to recognize the Armenian genocide and his endorsement of 2019 resolutions in both chambers of Congress that did the same.
The United States is now part of a group of 30 countries that have recognized the Armenian genocide, according to the Armenian National Institute. Although Turkey acknowledges the “tragic experience” of Armenians, it maintains the number of those who died between 1915 and 1923 is inflated and denies the characterization of the events as genocide. Turkey’s foreign ministry quickly denounced Biden’s statement Saturday, saying it doesn’t have “a scholarly or legal basis.” “The US President’s statement will not yield any results other than polarizing the nations and hindering peace and stability in our region,” the country’s foreign ministry said in a statement.
“Putin remarked how to “attack Russia” has become “a sport, a new sport, who makes the loudest statements.”
• Putin Rewrites The Law Of The Geopolitical Jungle (Escobar)
First, the essentials. Russia’s policy “is to ensure peace and security for the well-being of our citizens and for the stable development of our country.” Yet if “someone does not want to…engage in dialogue, but chooses an egoistic and arrogant tone, Russia will always find a way to stand up for its position.” He singled out “the practice of politically motivated, illegal economic sanctions” to connect it to “something much more dangerous”, and actually rendered invisible in the Western narrative: “the recent attempt to organize a coup d’etat in Belarus and the assassination of that country’s president.” Putin made sure to stress, “all boundaries have been crossed”. The plot to kill Lukashenko was unveiled by Russian and Belarusian intel – which detained several actors backed, who else, US intel. The US State Department predictably denied any involvement.
Putin: “It is worth pointing to the confessions of the detained participants in the conspiracy that a blockade of Minsk was being prepared, including its city infrastructure and communications, the complete shutdown of the entire power grid of the Belarusian capital. This, incidentally means preparations for a massive cyber-attack.” And that leads to a very uncomfortable truth: “Apparently, it’s not for no reason that our Western colleagues have stubbornly rejected numerous proposals by the Russian side to establish an international dialogue in the field of information and cyber-security.” Putin remarked how to “attack Russia” has become “a sport, a new sport, who makes the loudest statements.” And then he went full Kipling:
“Russia is attacked here and there for no reason. And of course, all sorts of petty Tabaquis [jackals] are running around like Tabaqui ran around Shere Khan [the tiger] – everything is like in Kipling’s book – howling along and ready to serve their sovereign. Kipling was a great writer”. The – layered – metaphor is even more startling as it echoes the late 19th century geopolitical Great Game between the British and Russian empires, of which Kipling was a protagonist. Once again Putin had to stress that “we really don’t want to burn any bridges. But if someone perceives our good intentions as indifference or weakness and intends to burn those bridges completely or even blow them up, he should know that Russia’s response will be asymmetric, swift and harsh”.
So here’s the new law of the geopolitical jungle – backed by Mr. Iskander, Mr. Kalibr, Mr. Avangard, Mr. Peresvet, Mr. Khinzal, Mr. Sarmat, Mr. Zircon and other well-respected gentlemen, hypersonic and otherwise, later complimented on the record. Those who poke the Bear to the point of threatening “the fundamental interests of our security will regret what has been done, as they have regretted nothing for a very long time.”
“And it turns out that leaders who call themselves leaders of the world aren’t really leaders. They are just chest-puffers.”
• Collective West Is Living In Grim Fantasy Land – Zakharova (RT)
Western countries are living in a grim “fantasy land” they’ve created through years of anti-Russian propaganda, the outspoken Maria Zakharova told RT DE, with any initiative by Moscow – even on Covid-19 – becoming politicised. Such behavior on the West’s part is hardly surprising, the Russian Foreign Ministry spokeswoman explained to Thomas Fasbender in an exclusive interview, given the efforts that Western counties have put into painting Moscow as an “aggressor” over the years. The consistently cold relations between the West and Russia have been heightened by a series of major scandals recently, she outlined, despite these being based on imaginary grounds.
For instance, military drills in Russia’s southeast have prompted hysteria in multiple NATO countries and a fresh wave of doomsday predictions regarding an impending war between Russia and Ukraine – which, again, did not happen. “It seems to me that our Western partners have let their imaginations run wild. They seem to be seeing things when there’s nothing there, and not seeing the obvious. It’s an amazing thing, really, to be able to live in fantasy land,” she said. If you spend years communicating an idea to your own people and to the world at large, using mass media, issuing reports and making alarmist publications that depict Russia as a warmonger nation that’s about to strike – then, sure, even run-of-the-mill military drills would get people scared out of their senses.
The years-long Western campaign to paint Russia as an “aggressor” state has also affected the global response to the coronavirus pandemic, Zakharova believes. Instead of cooperating with Russia and buying its Covid-19 Sputnik V vaccine, the first in the world to be registered, too much effort has been put into trying to deny its very existence and otherwise tarnish its reputation. “There was a major campaign against our vaccine, against what we had to offer the world. We handled it. Unfortunately, many countries, including EU states, wasted time,” Zakharova said. “Many states received this vaccine, some on a trial basis. Many of them began to buy it right away. Unfortunately, the EU is punishing itself again, just as Prague did with our diplomats.”
The ongoing coronavirus crisis has “highlighted massive problems in the EU and the West as a whole,” as they had all the resources to lead the global fight against the disease, but failed to do so. “And it turns out that leaders who call themselves leaders of the world aren’t really leaders. They are just chest-puffers.” A similar lack of ability to act as an independent entity has been demonstrated during another ongoing scandal – the spy affair launched by Prague. The Czech Republic has accused Russian military intelligence of blowing up its ammunition depot back in 2014. While no solid proof of Russia’s alleged involvement has been presented, Prague launched a diplomatic broadside, opting to expel Russian diplomats.
“There’s no definition of “smalldipenergy” in the dictionary, but it is most likely derived from “small diplomatic energy.”
• Russian Embassy Trolls Baltic States Over Expulsion Of Diplomats (RT)
Russia’s embassy in Belarus has asked Twitter users to choose between two hashtags to describe the three Baltic nations expelling up to two Russian diplomats in “solidarity” with the Czechs. Latvia, Estonia and Lithuania issued a joined statement on Friday, announcing that they will ask several Russian embassy staff to leave their countries in a display of solidarity with the Czech Republic. Riga and Tallinn said they’ll expel one diplomat each, while Vilnius declared two Russians personae non gratae. The move was met with a mocking response by the Russian embassy in Belarus – the country that borders Latvia, Lithuania and Russia. “#smalldipenergy or #smalldickenergy — the choice is yours,” the embassy wrote in a tweet, attaching an earlier Twitter post by Lithuanian Foreign Minister Gabrielius Landsbergis.
In a post announcing the joint move by the Baltic nations, Landsbergis claimed that the Russian embassy staff were being expelled for “activities incompatible with their diplomatic status.” The phrase “smalldickenergy” is explained in the Urban Dictionary as “cockiness without skill. It is the sexual equivalent of writing a check of $10k to show off knowing you don’t have it in the bank account.” There’s no definition of “smalldipenergy” in the dictionary, but it is most likely derived from “small diplomatic energy.” The move, with which the Russian embassy in Belarus was left unimpressed, is a follow-up to a diplomatic row between Moscow and Prague. A week ago, the Czech Republic announced the expulsion of 18 Russian diplomats over claims that Kremlin intelligence officers were involved in a local munitions depot blast back in 2014.
You lost. Shut up.
• Ukraine Says Russian Troop Draw Down Is “Not Enough” (ZH)
Not satisfied with Russia’s confirmed troop draw down from its southern region which has stoked tensions over the past few weeks, leaders in Kiev on Friday demanded that more must be done to de-escalate tensions and conflict in Ukraine’s eastern Donbass region. Ukrainian Foreign Minister Dmytro Kuleba “welcomed” the Kremlin’s ordering troops that had been engaged in major Crimean and Black Sea military exercises back to the regular bases, but said the violence in the east has continued. Kiev blames Russia for encouraging and supporting an uptick in hostilities with the pro-Russian separatists, which have sought to carve out independent enclaves going back to 2014 and 2015. “If Russia really pulls back from the border with Ukraine the enormous military force it has deployed there, this will already ease tensions.
“But we need to remember that this step would not put an end neither to the current escalation, nor to the conflict between Ukraine and Russia in general,” Kuleba said. The top Ukrainian diplomat also says Moscow still owes “an explanation” for its largest troop build-up on the border since 2014. “Russia still owes an explanation to Ukraine… and international community of why it really needed to bring such numerous forces equipped with some offensive weapons at the border with Ukraine in such excessive number of troops,” he said. In a Thursday statement posted to Twitter, Ukrainian President Volodymyr Zelensky appeared to confirm that the Russian draw down was indeed in progress. “The reduction of troops on our border proportionally reduces tension. Ukraine is always vigilant, yet welcomes any steps to decrease the military presence & deescalate the situation in Donbas,” he wrote.
“Implication: Floyd died to redeem America of her original sin of racism.”
• Is America Led Today By Anti-Americans? (Buchanan)
How can America unite again to do great things if we are led by people who believe America suffers from a great sickness of the soul, an original sin that dates back to her birth as a nation? Consider. After his long night of prayer for “the right verdict” to be pronounced — Derek Chauvin was convicted on all three counts — Joe Biden stepped before the White House cameras to tell us what it all meant. George Floyd’s death, said Biden, “was a murder in the full light of day, and it ripped the blinders off for the whole world to see the systemic racism… that is a stain on our nation’s soul — the knee on the neck of justice for Black Americans.” Astonishing. Biden is saying that when Chauvin knelt on the neck of George Floyd for nine minutes as the life drained out of him, the world, for once, was getting a good, close look at the diseased soul of America.
What Chauvin was doing to Floyd, said the president of the United States, is a reflection of the kind of justice America delivers to Black Americans. This is no aberration, Biden was saying. This is the routine reality. Biden was introduced by Kamala Harris, who said much the same: “America has a long history of systemic racism. Black Americans and Black men in particular have been treated throughout the course of our history as less than human.” At Al Sharpton’s National Action Network, U.S. Ambassador to the U.N. Linda Thomas-Greenfield delivered what The Wall Street Journal called, “a recitation of America’s sins (that) could have come from China’s Global Times.” Said Thomas-Greenfield: “I have… seen for myself how the original sin of slavery weaved white supremacy into our founding documents and principles. … Racism is the problem of the racist. And it is the problem of the society that produces the racist.”
What our diplomat to the world is saying is that our Declaration of Independence, Constitution and Bill of Rights are interwoven with white supremacy and that America, to this day, continues to breed racists. Speaker Nancy Pelosi, at a Congressional Black Caucus event after the verdict, turned her eyes heavenward in gratitude: “Thank you, George Floyd, for sacrificing your life for justice….For being there to call out to your mom — how heartbreaking was that … And because of you … your name will always be synonymous with justice.” Implication: Floyd died to redeem America of her original sin of racism.
“Yes, President Biden is an idiot in my personal opinion, and he’s just talkin’ because he’s a politician.”
• Fmr Police Officer Blasts Dems For “Riding The Wave Of Dead Black People” (ZH)
Former Arizona police officer-turned conservative political commentator Brandon Tatum unloaded on President Biden and the press for politicizing the Derek Chauvin trial, and insists that so-called ‘systemic racism’ is simply manufactured by politicians and the media to earn votes and make money. “I think we’re living in the twilight zone,” Tatum said of the Chauvin trial. “This conviction, in my personal opinion, did nothing for our country. People are living a lie. I mean this is one police officer, one person in the community, they found him guilty, this was the swiftest justice I’ve ever seen in my life. The day after the film came out he was arrested. He was tried. 10 hours of deliberation, he was convicted. I’m not really sure why people are acting like this is monumental.
“Also, he did not get a fair trial in my personal opinion. There was a lot of obstruction that happened. They paid the family out $27 million before the jury could be selected. I mean, they’re going to have a case in appeal. I don’t know why people are celebrating and I don’t know why this is such a big focal point other than – people are making money off of the pain of people in our country.” The BBC host then asked Tatum if he was upset over this “landmark” case? “This is not a landmark case, this is a political agenda,” Tatum shot back. They’re pushing laws in our country. Policing in America is not inherently racist. We don’t live in a racist country. This was an interaction between a police officer that I thought did the wrong thing, and a black man who was on drugs high, resisting arrest, and ended up being killed by that police officer. That’s as simple as it can be.
The President of the United States got out and made a fool of himself trying to promote racism in a simple police encounter that the officer got convicted on. “So you reject President Biden’s comment about systemic racism and it being a stain on the whole nation?” the host replied. “Yes, President Biden is an idiot in my personal opinion, and he’s just talkin’ because he’s a politician. Systemic racism – I mean if you look at Joe Biden himself, he spoke at a Klu Klux Klan-member’s funeral and did the eulogy of Robert Byrd … We don’t have a problem with racism in our country, we have a problem with people not following the law. We also have a problem with politicians making up things so they can get re-elected. And that’s exactly what has been happening. That’s why you never see anything change. They’re lying to us.
Making friends.
• Nassim Taleb Says Bitcoin Is An Open Ponzi Scheme And A Failed Currency (BI)
The “Black Swan” author Nassim Taleb doubled down on his view that bitcoin is an open Ponzi scheme and a failed currency in a CNBC interview on Friday. “There’s no connection between inflation and bitcoin,” Taleb told CNBC, adding that everyone knows bitcoin is “a Ponzi.” Some analysts view the cryptocurrency, often referred to as digital gold, as a hedge against inflation, highlighting its similarities with the precious metal. “If you want to hedge against inflation, buy a piece of land,” Taleb said. “The best strategy for investors is to own things that produce yields in the future. In other words, you can fall back on real dollars coming out of the company.” He also said bitcoin had failed in its supposed role as a replacement for government-backed money, mainly because of its volatility.
The author said he’d been “fooled” into thinking it could be a viable alternative to fiat currency but realized that a currency not backed by a government is “just speculation” and a “game.” “I was told it was going to be a currency,” he said, but “you don’t replace the currency with something that’s so volatile that you can’t really commit to a transaction in it.” Bitcoin’s price has swung wildly recently. The world’s largest cryptocurrency by market capitalization inched near $65,000 ahead of Coinbase’s listing on April 14. Less than 10 days later, bitcoin slid below the critical $50,000 level, extending losses for the seventh day in a row. The decline below $50,000 has bitcoin testing a new technical support level that could signal continued weakness, especially after its 50-day moving average failed to hold as support. The broader crypto market has come under pressure after reports said this week that US President Joe Biden would look to double the capital-gains tax rate for wealthy investors.
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Home › Forums › Debt Rattle April 25 2021