Armstrong Economics Blog/Italy Re-Posted Jan 2, 2022 by Martin Armstrong
COMMENT T FROM ITALY: Hi, in the blog “the war on cash and the dollar” you say as you said
other times that salvation is only in the paper dollar. Here in Italy
if I have paper dollars I have the problem that I can NOT spend them,
I can NOT use them. I agree that it pays to accumulate paper dollars
and I would like to, I know you are right. But here how can I use them
for a living?
REPLY: Yes, you are correct. On a day-to-day basis, you have to use a local currency that is moving toward digital. Paper dollars are being hoarded, not spent except in rare transactions. The same is taking place buying collectibles, real estate, and equities.
What has also been taking place behind the curtain from reliable sources is that European governments have been lobbying the Biden Administration to clamp down on Europeans buying US real estate. The Biden Administration is putting in restrictions to track money moving into real estate. That is being justified with money laundering. In Miami, there has been a major influx of foreign capital moving into real estate and this is being characterized as drug money from South America. In truth, much has been coming from Europe.