I’d like to explain Wall Street, why it’s crashing, and why there’s no solution, folks. Let’s pretend I have a Ferrari (I write for a living so this is fiction). I sell this Ferrari to not one, but 100 people, who all want to own a Ferrari. It’s a magnificent item, right? The only problem here is that if you sell this fly ride to 100 people and they all come to take ownership of the car at once – there’s only one actual, physical car to be had.
Now, substitute the Ferrari for gold. This is how Wall Street operates; this is their scheme. They sell the same valuable item (gold) to hundreds of people and these people take ownership of paper that entitles them to ownership of gold. Great. Fabulous. Except you don’t actually own the gold. How could you when 99 other people own the same gold? As Covid-19 struck people called in their ownership en mass to Wall Street and the suits and ties in New York have no solution. They can’t pay your stocks back at face value because they’ve already pocketed your money, and they can’t deliver a Ferrari (brick of gold) to 100 people who legally have ownership of the same gold.
The entire U.S. economy has revolved around the same lie for decades. You deposit your money into a bank, your bank deposits the money into Wall Street, and the suits and ties take the bank’s money (your money), pocket it, and you receive a piece of paper giving you legal ownership of money that is long gone. It’s 2020, there’s a pandemic, and people want their money. Printing more money (listening, Treasury Department?) doesn’t solve this as you now owe 130 people the same Ferrari (gold) that you already don’t have.
The U.S. economy is about to bottom out far worse than the days of the Great Depression. It needs to. We’re living on credit that we can never afford to pay back and we’ve bitten on the biggest scam of all time: a piece of paper (or worse if you’ve went paperless) holds more value than the physical ownership of an item.