Despite Wall Street's phantasmagorical disinflationary narrative, in an environment of continuous reckless government spending, supply shortages driven by armed conflicts across the globe, and uneconomical regulations imposed by Keynesian policies, and with the next US president, whoever that may be, expected to pursue more fiscal stimulus, the economy seems poised for a reflationary wave. When coupled with the European Central Bank cutting rates and China implementing new monetary and fiscal measures, it seems clear that the world is heading toward either an ‘inflationary boom’ or, at worst, an ‘inflationary bust’ (i.e Stagflation) if wars exacerbate inflation-driven misery for consumers, as has historically been the case. Indeed, one major risk to the inflationary boom is an energy shock. Historical precedents from 1973, 1979, and 2008 show how rapidly rising energy prices can turn an inflationary boom into a bust. For example, the 2008 Sichuan earthquake disrupted coal transport, causing oil prices to spike. While we haven’t reached that point yet, the risk is increasing. Investors will recall that during an inflationary bust, gold typically rises in value, as it has consistently since the 1970s.

Yes, gold is for wartime and peacetime and inflationary times because gold is an asset not somebody else’s debt or liability. Now, the question is, “Does Bitcoin fit the same definition and circumstances?” What do you think, does bitcoin fit the bill? If you were not into bitcoin would you invest in Harry Browne’s portfolio?