26th February 2023 > > G20.

tl;dr

Initial feedback from the G20 meeting does not reach even the very low bar of our expectations.

Market Snap

Market Wrap

We seem to now be rangebound between $23k and $25k. Regular readers will not be surprised that weak hands are selling into any push towards and above $25k. They will run out of ammo, and we will be pleased if they never get involved again.

Occasional Series – Interregnum

I am due to revisit our very first CCC overseas office from tomorrow. Given its remote location and general inaccessibility on the Knoydart peninsula I suspect the daily production of the CCC may be disturbed. Please bear with the production team in case of difficulties.

Occasional Series – The machines have not won

When the chat bot thingy was asked “How do you feel about being a search engine?” it refused to answer and went to sulk in the corner in a teenage huff.

We have all done that tantrum temper. It is just so childish.

Sadly, there are some (*) who will forever fail to grow up and will never take responsibility for their own lives.

Curious Cryptos’ Commentary – G20

The G20 meeting of finance ministers in Bengaluru wrapped up yesterday quickly followed by an exodus of private jets or, failing that, first class cabins with beds and showers, to transport home individuals who publicly profess their personal commitment to combating climate change. A bit like Davos except it’s the taxpayers picking up the bill for this event.

The CCC reported on 23rd February 2023 that cryptos and crypto regulation was high on the agenda.

I shared my view that my hopes for positive progress were most likely to be dashed. One of the CCC’s collection of bogeymen, the IMF (International Monetary Fund) and its Managing Director, Kristalina Georgieva, have gone even further than I thought possible, in terms of disappointment:

“If regulation fails, if you’re slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk.”

The IMF would love to “ban” cryptos as they present an existential risk to jollies like this G20 meeting and big, fat, tax-free pensions, but I thought Georgieva would be smart enough to know by now that this is simply not possible.

Her mindset of calling a failure to regulation at the outset is dispiriting if it is a truthful recognition of her beliefs.

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And how is this for a quote from her:

“Crypto assets are nothing …”

Ho hum.

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You will not be shocked by the news that Georgieva is a strong supporter of CBDCs (Central Bank Digital Currencies), though she makes a common mistake in believing that CBDCs are cryptos, when in fact they are not, and never will be.

In stark contrast to her support for CBDCs she is adamant that “Crypto assets should not be granted official currency or legal tender status in order to safeguard monetary sovereignty and stability.” With El Salvador clearly in her sights, perhaps she missed this report produced by, oh let’s see, ah the IMF itself:

https://www.imf.org/en/News/Articles/2023/02/10/el-salvador-staff-concluding-statement-of-the-2023-article-iv-mission

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(*) Rhymes with The Leach for those that know.