MSM Financial Advice is soooo out-of-date
money·@alanfreestone·
0.000 HBDMSM Financial Advice is soooo out-of-date
http://media.coindesk.com/uploads/2015/10/Corruption.jpg As part of my exhaustive study of the MSM (mainstream media) (!), I often read the financial advice offered. It's incredibly wrongheaded & old-fashioned. Like army generals famously preparing for a re-run of the last war, financial journalists continue the never-ending promotion of the awful financial products that coincidentally advertise in their legacy-media. Newspapers are dead (they just don't know it yet), their circulation declining by 17% year-on-year. Mainstream financial products are dead - The US, UK, European & Japanese governments have invented **TRILLIONS** of dollars out of thin air & handed it to their rich friends over the past 10 years. The result? An economy that continues to stagnate but where asset prices (i.e the cost of everything from classic cars, to fine wine, to paintings & antiques, to stock markets) have just gone up...up...up....UP with no end in sight. There's effectively 0% on savings (and has been for years), governments continue to 'tinker' with pensions (this isn't going to be for OUR benefit, the result will be **LESS pension LATER**), money isn't invested in growing new businesses - it's spent buying 'investment luxury apartments' that will stay empty. Through all this madness, what's an ordinary chap or chappess to do? - If you put your money into a 'pension' product for the tax benefit, then you're a fool. You've lost control of that money, it'll be eaten up by intermediaries seeking to get rich off your back, or taken by the government through punitive taxes, or the fact you have the pension will reduce your entitlement to a state pension even though you are taxed supposedly to pay for this. - If you put your money in the stock market, then you're a fool. Markets around the world are at historic highs fuelled by that wall of **TRILLIONS** of dollars created out of thin air by the central banks. The expected return over the medium term is going to be MAYBE 2 or 3% (with crashes increasingly more likely). The central banks can't prop up the system forever. - if you put your money in bank, then you're a fool. It will lose money every year as they print more & more money seemingly without end & pay basically 0% interest. - If you put your money in property, then you're a fool. It is **massively** overvalued in UK & many parts of the US & Canada. - If you rely on the state to support you, then you're a fool. They can change the rules whenever they feel like it. They (US) have MASSIVE unfunded liabilities, they can't AFFORD to pay us what they promise (without printing so much pretend money it becomes worthless, "there's your $500-a-month as promised Mr Smith, shame it'll only buy a loaf of bread & a tin of beans now") So what the hell are we supposed to do? The ground has been taken out from beneath us. My answer is (predictably) bitcoins and other crypto assets. These are still seen as 'fringe', as lunatic speculations not worthy of the attention of real financial journalists. There seems a real conspiracy of silence regarding the rise of crypto & it's potential as the (financial) salvation of the common man by removing him from underneath the foot of the state. They'll probably start talking about how bitcoins should be part of everyone's retirement plans (by investing in some expensive Bitcoin fund that coincidentally advertises in their newspaper & charges you 3% a year to hold your bitcoin) when the price of 1 BTC is heading past $100,000. THIS IS NOT FINANCIAL ADVICE **What I do:** Put that proportion of my income that in past years might have been invested in a pension into crypto. EVERY. SINGLE. MONTH. In other words, in the eyes of mainstream media financial journalists I'm being incredibly risk-taking & foolish throwing my money into a wild west, no rule-of-law scam. Opinions gratefully received.