Renowned economic author: Global economy supported by unstable debt, Bitcoin is your lifeboat

On September 16th, the author of the well-known economic theory book "The Price of Tomorrow," Jeff Booth, released a series of tweets claiming that in the midst of escalating central bank debt issues, Bitcoin is the lifeboat that people must have as part of their investment portfolio.

Debt Sustaining the Global Economy

These comments were made in a tweet thread discussing the perspective that central banks believe they can increase more debt exponentially in some way to get rid of the massive debt problem.

Jeff Booth, the author of the well-known economic theory book "The Price of Tomorrow," continuously emphasizes the harm that inflation brings to the overall economy. In the book, Jeff Booth writes:

"Our current economic system was built for a 'pre-technology' era where labor and capital were inseparable, a period reliant on inflation and inefficient money-making, a time that has passed, yet we continue to pretend that this economic system is still effective. The only factor driving growth in the world today is loose credit, which is being created at an incomprehensible rate, leading to debts that we can never repay."

Jeff Booth's stance on monetary policy is clearly presented in the book, indicating that "deflation" is the key factor leading to future prosperity, explaining his strong opposition to the false prosperity created by governments implementing inflation.

In a tweet posted on September 16, Jeff Booth described the current economic crisis we are experiencing. He stated that prior to the outbreak of the coronavirus, in a global economy valued at $88 trillion, global debt had already reached $250 trillion, with approximately $185 trillion of that debt accumulated in the past 20 years. According to data from usdebtclock.org, the United States leads in national debt, accounting for over 10% of the total global debt and still expanding, with the country's debt currently around $26.7 trillion.

Jeff Booth commented on this:

"In this situation, any action taken is cruel. Currently, countries around the world only have two choices: the first choice is deflation leading to an economic depression, or continuing to print money leading to hyperinflation, both of which will result in a global debt default."

5) Only two choices now – all around the world. Default through a deflationary depression (including banking system collapse) or default through hyperinflation.

— Jeff Booth (@JeffBooth) September 16, 2020

Grabbing the Lifeboat

In the face of a major global economic crisis, Jeff Booth astonishingly suggests that Bitcoin may be the life-saving straw for people to escape this crisis:

"In my opinion, Bitcoin is a necessary investment, not just for your wealth, but as your lifeboat."

6) In my humble opinion – Bitcoin is a "must" Not just for your wealth but as a lifeboat. Please do your own research. Follow @PrestonPysh @johnkvallis @RaoulGMI @APompliano @Breedlove22 @princey1976 @PeterMcCormack @MartyBent @LynAldenContact

— Jeff Booth (@JeffBooth) September 16, 2020

Jeff Booth is one of the many Bitcoin supporters advocating attention to current financial issues. He asserted in his book "The Price of Tomorrow" that technological progress and price deflation will lead to ongoing unemployment issues, with the global economy sustained by unstable debt. Considering this, Bitcoin may be one of the few remaining lifeboats.

However, as reported earlier, not everyone believes that Bitcoin is a hedge asset that can counter economic crises. Swiss banking giant UBS stated in a report:

"Given the high volatility of cryptocurrencies and the magnitude of their historical drawdowns, they may appeal to speculative investors, but they are neither a suitable alternative to hedge assets nor necessarily contribute to portfolio diversification."