Bitcoin Frenzy: The Fever Chart Of A Deepening Crisis
Dear Friend, The bitcoin bubble could take the world into another economic crash. Writing in the Financial Times and Washington Post, former US Treasury Secretary Lawrence Summers said the US economy was on a “sugar high”. He noted that economic growth this year had been driven by a stock market rally that has seen an increase of more than $6 trillion in household wealth “captured by a small share of the population.” Despite record-low capital costs and abundant corporate cash, both of which are an inducement to investment, productivity growth has been very slow and “even innovative companies such as Apple and Google cannot find enough high-return investments and so choose to engage in large-scale share repurchases.” The implication of Summers’s “sugar high” diagnosis is that the US and, by extension, the world economy are heading for a crash. Campaigners have set up an an easy to use website that allows you to automatically petitition your MP, Banks, Mobile phone companies ...