In a recent interview on the Soar Financially, Jim Thorne, Chief Market Strategist at Wellington Altus, issued a stark warning about the current economic landscape, predicting a shift towards a new economic order. Thorne, a veteran of the financial markets, argued that the current system is unsustainable and that investors must adapt to navigate the impending challenges, including the potential for deflation.
"We are living a realtime policy mistake and J Powell knows it," Thorne declared, referring to the Federal Reserve Chairman. He criticized the current monetary policies as misguided, arguing that they are artificially suppressing interest rates and creating an environment ripe for economic instability.
Thorne emphasized the need to move away from Keynesian economic principles, stating, "We are at the very early stages of a brand new era where the driving economic philosophy will not be keynesianism right or the progressive left." He advocated for a return to a more libertarian economic model that prioritizes innovation and allows the private sector to drive growth.
"The only solution is either we blow the world up or blow everything up then that would be what the Austrian School would tell you to do or we need massive productivity growth," Thorne stated, highlighting the critical role of innovation and technological advancements in driving economic prosperity.
Thorne also issued a strong warning about the potential for deflation, a period of sustained decline in prices and economic activity. "The real risk is deflation," he stressed. "That's why gold is so good... that is why Bitcoin is so good it's a really stable store of value."
Recognizing the evolving role of technology, Thorne highlighted the potential of blockchain and cryptocurrencies. "Bitcoin equals gold in terms of market cap hypothetical then guess what happens the value of Bitcoin goes up and by definition the demand for US Dollars and Us treasuries by definition have to expand," he explained, emphasizing the potential for Bitcoin to become a significant asset class and its impact on the global financial system.
Thorne concluded by urging investors to adapt to this new economic reality. "You need to think five to six quarters out," he advised, emphasizing the need for a long-term perspective and a diversified portfolio that includes assets like gold and cryptocurrencies.
Watch the full interview:
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