ASSET CLASSES IN 2022

Narrative of Transitory Inflation

After the tragic Coronavirus pandemic struck the world and it spread across the globe
which resulted into meltdown of financial markets all over the world. Since then, global
stock markets and commodities are running in uptrend without any major meaningful
correction. It has been almost 20 months of straight bull trend. We have entered into super
cycle of commodities bull run along with NASDAQ Technology bull run. Stock markets
bounced back with handsome returns before the economies could return to normalcy. It
was purely due to increase in money supply. In context to USA, Federal Reserve Bank (US
Fed) decides the interest rate and the money supply after keeping a watch on economic
conditions related to inflation/ deflation and fear of recession.

There are four scenarios in Economy with combination of growth, de-growth, inflation and
deflation:
1. Scenario 1: Growth with deflation, which is good for economy and somewhat
better for stock markets in a way but citizens benefit the most as buying power
increase with steady wage. Every part of economy does not get the benefit.
2. Scenario 2: Growth with inflation, which is most ideal condition for overall boom
in the economy where every part of economy gets the benefit.
3. Scenario 3: De-Growth with inflation, which is also known as ‘Stagflation’. This
typical situation is like US economy during 1970s where the inflation is
mushrooming to hyperinflation and growth is shrinking to de-growth. It is not good
for citizens but benefitting a part of economy where government’s exchequer is
getting cushioned which is already affected by de-growth.
4. Scenario 4: De-Growth with deflation, which leads to collapse of every part of the
economy and to all the countries which are fully exposed to globalization. This is a
very bad situation like 1929-32 in USA.

What is Transitory Inflation?

It is a narrative by US Fed that there is temporary disruption in supply chain due to COVID-
19 pandemic and it shall sort out as soon as supply is normalized. For the same reason
interest rates are kept at near zero and tolerating the inflation till the supply is fully
normalized. The production was impacted due to pandemic and it takes few months for it
to get at normal pace to produce, and to accommodate that, money supply is increased at
near zero interest rate. US Fed shall not intervene to tame the inflation till the middle of
2022 and the long run average of 2% inflation is accommodative. The period of transitory
is not defined. How accommodative is US Fed for inflation? Is inflation permanent or
transit to hyperinflation? The real story is supply constrain or funding the deficit?

The annual inflation rate in the US is steadily rising from 1.4% (January 2021) to 6.2%
(October 2021) which is much above the expectation of US Fed at 2%. Since then, the
inflation is steady at 5.4% till September. In October 2021, US Debt stood at nearly $28.8
trillion which is an annual increase by approximately $2.1 trillion. In September 2021, the
trade deficit in goods and services stood at $80.9 billion, if annualized then the deficit could
be projected at nearly $1 trillion, a historical record. The federal government will spend
around $378 billion by year end for debt servicing (interest payment = debt service) and
any 1% increase in interest rate would mean further debt service of $600 billion. Higher
the debt means further increase in debt servicing. There is a mix of debt period, an amount
of debt and the interest rate on debt over a period of time. Any increase in interest rate to
2% would result into higher debt service which could be pegged at $950 billion. The US
Fed is dangerously exposed to higher debt at current zero interest rate and any increase in
risk of debt default would need faster than ever money supply. This will put pressure on
inflation which could turn into hyperinflation. The US Federal government spending
billions of dollars on debt service over a year is larger than any government programmed
expenditure. A whopping more than $3 trillion total deficit without any meaningful trade
imbalance change at sight, would lead to collapse of US sovereign currency and
hyperinflation which shall lead to poverty.

US President Joe Biden as on 14th October signed legislation for temporarily increasing the
government’s borrowing limit to $28.9 trillion. Without the increase in the debt ceiling, the
US Treasury had estimated it would run out of money to pay nation’s bills on 18th October
2021. The $480 billion increase in the borrowing limit signed by the US President is
expected to be exhausted by 3rd December 2021. What is next? Proposal to increase debt
ceiling to unprecedented level.

The US federal government ran a deficit of $3.1 trillion in the fiscal year 2020 which is
more than triple the deficit for the fiscal year 2019. The deficit is more than 15% of GDP
and the same is projected by Congressional of Budget Office for the fiscal year 2021.
Where are the funds? It is created by increasing money supply by the means of QE
(Quantitative Easing). Bond buying program is $120 billion per month and keeping interest
rate at near zero till the transitory inflation passes. We will never find a Governor/
Chairman of Central Bank or a Finance Minister saying that we shall see a recession or a
downfall of economy even if it is imminent. Their job is to give hope and always being an
optimist. That is why citizens never get a warning before any financial crisis.

In 1971, under the leadership of President Nixon, congress undertook the series of
economic measures to curtail rising inflation, surcharge on imports, freeze on wages, freeze
on prices and cancellation of convertibility of US$ to gold. It is also remembered as ‘Nixon
Shock’. After World War II, under the Bretton Woods Agreement, countries settled their
international trade accounts in US dollars that could be converted into gold at the fixed
exchange rate of $35. The US was committed to back dollar with gold and currencies of
other countries were pegged to the dollar. In France, this system was seen as all non-US
citizens are supporting the life style of US citizens, and in 1965, it revealed its intention to
exchange US dollar for gold at the fixed exchange rate. Germany and Japan were
recovering from the world war and were becoming the dominant trading nations whereby
affecting the global trade balance of USA. In May 1971, democratic West Germany left
the Bretton Woods system thereby strengthening of German economy. Eventually, every
European nation started converting for gold and putting pressure on USA to leave Bretton
Woods Agreement. It was a period when there was negative balance of payment, monetary
inflation and rising debt in USA. President Nixon urged the American citizens to buy
products made in USA, to stabilize the dollar. The renowned economist, Paul Volcker
served as Chairman of US Fed from 1979 to 1987, got the legacy with high inflation and
debt. He was first nominated by President Jimmy Carter and took the bold decisions to
curb inflation. He started increasing interest rates upto nearly 20% in 1981. Interest rate
rose from 4.5% in early 1977 to 20% in 1981 to control the run-away inflation, in turn led
to recession in the economy. It took 3 years to control the inflation and by 1983 inflation
came down to 3% from 14.8%. It was the unpopular government at that time but in real
sense was an act of bold step for short term pain and long term gain.

Gold and silver are such precious metals, tend to appreciate at the times when there is no
confidence in the financial system and they are the saviors of wealth. Once everybody starts
realizing the importance of precious metals to protect the wealth from depletion due to
imminent rising inflation, that will be the time when Gold and Silver shall skyrocket while
we shall experience collapse in the bond markets and the rise in interest rates. The current
scenario is just like in 1976 to 1980, the period of stagflation and inflation peaking at
14.8%. The probable end game of gold shall be similar to 1980 when there was rising
inflation and interest rates went up to 20% per annum. Gold peaked at US$ 840 per ounce
in January’80 from the base price of US$ 35 in 1971. Currently we are passing through the
inflationary period with increasing money supply and gold is not yet fully responding to
inflation. There will be a point when the inflation will start gaining upward momentum and
there shall be huge price rise in the commodities. The US Fed shall not interfere to curb
inflation till the maximum employment is reached which is usually at the fag end of growth
in the economy. It shall be too late to take an action to curb the inflation. The US Fed shall
allow the inflation to rise and remain visible for some time without interfering to curb in
advance because it shall wait till the full employment is reached, which means there shall
be a period of the inflation to mushroom into hyperinflation. It has given the all indications
that the platform is set for hyperinflation and it shall pick up further with the increase in
velocity of money.

Global debt level is highest ever and it could be anywhere above USD 300 trillion while
the same funds are available at cheapest interest rates. Estimated size of the global economy
is USD 80 to 85 trillion which is much lower than the global debt. Global debt is nearly
four times the size of global economy which was three times may be a year and a half ago.
The stock markets and commodities are performing good. What does it mean? It is the
irrational exuberance with the Narrative Economics of US Fed. The narrative is “the
inflation is transitory” and the Wall Street narrative is “don’t fight the fed”. Once John
Templeton said that “Bull markets are born on pessimism, grow on skepticism, mature on
optimism and die on euphoria”. As stated in the last article that momentum is going to
increase and it increased after witnessing the low velocity of money.

The Big Growth cycle may be divided into three parts like growth from struggle,
exponential growth and plateauing growth. After the big growth is downfall to poverty. It
is a period of 3 generations or may be put it as 50 to 70 years. The first phase is citizens
work hard for better life style as they are going through poverty and hardships. In this phase
the tendency to take debt is very low and savings are parked in hard assets like gold and
land. The second phase is exponential growth where every citizen working hard is getting
fruits of new technology and power, so is the nation. Here the tendency is to pay back the
debt and building the assets. The third phase is rich phase where arrogance of power and
richness makes people work less and spend more. The attitude of citizens is to borrow and
sustain high life style without bothering about savings. At the same time there is enormous
wealth available in the country, eventually squandered away.

Evolution of economy from precious metals to banknotes:

Roman Republic empire grew leaps and bounds where their rule was for 500 years. Then
was the Roman Imperial regime for 500 years. Every 50 to 60 years the Cesar (Ruler) from
the dynastic ruling remained for 3 generations, thereafter the new rulers and the new
policies. There were several political ups and downs affecting the economy but it is always
short lived. Indian and Chinese economy grew exponentially at the times when Imperial
Roman was at its peak and the super power of the world. Citizens of Rome were living a
lavish life by buying the best and the rare articles from every part of the world. Monarchs
like Gupta Dynasty (North India) and Chola dynasty of Tamil (South Indian territory) were
the growing empires because Romans spent on spices and ivory (elephant tusks) in lieu of
gold. At the same time there was a Silk Road (route from Italy to China) to China for
importing silk clothing, which was a rare commodity. That is how lots of gold (universal
currency) transferred to India and China. This was the reason for the fall of Imperial Rome
because the gold coins were going to India and China, hence trade imbalance. To buy the
luxuries, money was spent relentlessly without realizing the consequences to the economy
of Rome. The trade route was through Suez Canal and few halts at Ethiopia, Saudi Arabia
and Yemen. This is how Ethiopian empire grew by charging tax on naval trade route. India
and China were exporters of goods and Romans were importers with huge trade deficit.
India also gained from taxing the port (now in Pakistan) at Karachi, which was the Silk
Route to China. Internal conflicts for supremacy and arrogance of super power made the
rulers of Rome complacent and ignore all the warnings of economists. Eventually the
Imperial fell over a period of time and rise of new super power like Sassanid Empire or
Iranians. China was a place of 16 territories fighting with each other for supremacy, so no
single empire was established till the Song Dynasty came to power. Then the richest empire
was during the Song Dynasty (China) in the 13th Century which was dominating 25% to
30% of the global trade. It was the first to introduce imperial paper currency in the year
1023 and later the Monarch Kublai Khan (Mongol) popularized it. The Mongol Empire
under Genghis Khan was the richest and the most powerful. The global trade collapsed due
to pandemic called the Black Death (the Great Plaque) during the period 1346 to 1353
under the rule of Mongols and Europe was affected by it the most. There is a narrative that
the Black Death originated in China and Mongols were the most affected by it, so decided
to transmit the plague to rival Europe by throwing the infected dead bodies in Crimean city
of Caffa. The world population was reduced by 25% to 30% (approximately 130 million
people died). The possible reason for the end of Black Death was staying in isolation
(quarantine in today’s world), which was leaving the towns and settling in the villages, in
other words, moving from high density area to solitude. Europe earlier struggled with the
great famine of 1315 to 1317 which eradicated 40% to 60% of the European population.
This is how economies are affected very badly due to pandemics and long world war.
Demand is always there but the population is required to sustain it. Temporary jerks in the
economy may be witnessed due to change in power/ dynasty/ empire/ policies but the
meaningful fall comes due to long war, long period of natural calamities and disease
pandemics, which reduces the population of the nation.

The Mughal Empire ruled India for nearly 200 years which was one the richest empires
known, and rivals were Turks of Ottoman Empire (Turkey) and European countries. This
was the period of Industrialization in Europe, especially England and demand for iron ore
and other minerals was highest to sustain growth. The Ottoman Empire grew after
capturing the city called ‘Constantinople’ (modern day Istanbul), clipping the trade route
of few European nations with the east and taxing heavily for passage to those who were
allowed. It forced the Europeans to explore the world to find alternative trade routes to
trade. That is how ship building industry grew many folds to find the new trade route
through sea.

The South Sea Company, a joint stock company was created as a public and private
partnership to consolidate and reduce the national debt of Great Britain. To earn profits, it
was granted a monopoly to supply African slaves to the islands in the South Seas and South
America. It was the time when the Great Britain was at war with Spain and Portugal
together. After few years, it was realized that the South Sea Company could never make
profits and could not even establish a trade route. The company stock price rose
tremendously and it was in great demand before the bubble burst in 1720. The bubble lasted
for nearly 7 years. After the inquiry, it was found that the promoters were engaged in insider
trading, to make profits from purchasing debt in advance because of having advance
knowledge of national debt consolidation dates and involvement of corrupt politicians. At
the same time, a privately owned company, Bank of England was engaged in the dealing
of national debt, later became the banker to the British government. It was a scam of debt
creation against the shares and issuing of new shares at higher face value as and when
required with the backing of government equivalent to pay the debt. Bank of England
always provided loan to people to buy shares of the same company where debt was created
by keeping the security of South Sea Company’s shares. An illiquid investment in debt was
converted into shares which had good liquidity to transact. It was all paper money. High
money supply was created with falling interest rates that means illiquid debt (Bond in
today’s world) was also appreciating. The high valuation of South Sea Company was due
to ever availability of funds for expansion from the support of the government. To sustain
to pay the debt was to issue the shares at inflated share price of the company. The bubble
was burst when people started selling to take profits because the share price went from
(British Pound) 130 to 1000 in matter of few months. It was one of the greatest bubbles
ever known.

After the compelling reasons to find an alternative trade route to remove the bottleneck
created by Ottoman Empire, European nations focused on naval trade route. Columbus
travelled to America and Vasco da Gama navigated Africa and India. The Iberian states
(Portugal and Spain) were the leaders in shipbuilding industry and expanded through
colonization. Spain was the global super power in conjunction with Portugal which
colonized major part of America from north to south and the French controlled some parts
of Canada and Polynesia. That is how the culture of colonization started from Europe.
Spanish Dollar or peso (made of silver) was dominating the world trade which was later
challenged by the British Pound (currency banknotes). The rival British Empire was
expanding to the east, north America and Africa. Spanish currency underwent many
changes in denomination and the time came when Spanish Dollar was introduced as equal
to 8 silver coin of real (its old currency). It was a period of rise of Capitalism. By the
middle of 19th century, the rival British overthrew the Spanish and the French dominance
in colonization. It became the superpower of the world. The introduction of law for
Banknotes in 1694 by the British Empire became necessary as the issuance of banknotes
by the bankers started inflationary pressures because of irregular amount of issuance, then
eventually after few years face value was fixed with the denomination of gold. Banknote
is a promissory note issued by the bank to promise to pay the sum mentioned in note to the
bearer equivalent of gold. Prior to 1694, the bankers started issuing high and multiple value
of notes without the backing of deposits in gold or any other credits, thinking that there
will be no redemption of all notes at the same time. It led to very high monetary expansion
eventually hyperinflation in England. It also led to insolvency of bankers issuing the
banknotes. At this time, there was no law to create reserves to issue banknotes to avoid
eventual insolvencies of bankers and to control inflation. The first bank to introduce the
permanent issuance of banknotes was Bank of England under Imperial rule in 1694. The
1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the central
Bank of England sole rights in respect to the issuance of banknotes. The debate was the
free issuance of new banknotes is a major cause of price inflation. The Act specifically
says that new notes are fully backed by gold or government debt, but it also says that in the
case of financial crisis the Act can be suspended. The British Pound became the first
currency issued by central bank of government and traded almost across the world. It
replaced the most popular the silver coin currency of Spain. The federal government of
USA, first started issuing banknotes was in 1862. Commercial banks in USA used to issue
their own banknotes legally until national currency was introduced, however, these became
subject to government authorization from 1863 to 1932. The Bank Panic of 1907 resulted
from the burst of leveraged speculative investments infused by easy monetary policies of
US Treasury in the earlier years. There was panic and bank run on New York banks, also
bank run on other regional banks. The panic was due to build-up of excesses in speculative
investments driven by easy monetary policies. The Wall Street turned to J.P. Morgan and
at the urging of J.P. Morgan, John D. Rockefeller and other prominent financiers, Congress
eventually formed the Federal Reserve Act in 1913, establishing the Fed as America's
central bank. Since then, the US Fed has played a crucial role in driving America's
monetary policy and staving off economic challenges. Then came the Great Depression of
1929 before which was called the ‘roaring twenties’ due to excessive freedom given to US
Fed by the government. There was excessive leveraged speculation in stock markets during
this decade and there was lot of debt in the economy and in the stock market. DJIA index
peaked at 381 as on 3rd September, 1929 and bottomed at 41 as on 8th July 1932, resulting
into crash of 89%. It was an economic recession for more than a decade until it recovered
after World War II. Easy monetary policy, high debt, low interest rates and high inflation
augurs well for the bubble in stock markets but how long the bubble works is always a
difficult task to understand but eventually bursts. More the excess in the system, more the
pain is.
Cryptocurrencies & Gold:
Gold is a fiat currency which can be weighed and measured. It is a rare element and one of
the least reactive elements. It is resistance to corrosion. It has served as a medium of
exchange for more than 5000 years. It has an intrinsic value. A currency is a fiat currency
because of trust and support of government. Cryptocurrency is a digital currency and an
alternative to government supported currency. It does not have intrinsic value because it is
a value created in computers which cannot be seen or felt. It works on underlying
technology called ‘blockchain’. It can be a store value and a unit of exchange in the future.
It can be the best medium of exchange for transactions across the border. Today it is not
vastly circulated for transactions in the world but may be soon, as country like El Salvador
made it legal tender. Gold and cryptos have store value because of trust in it or no trust on
existing fiat currency. It is the trust of the people which makes the currency popular and
widely circulated. Cryptos shall undergo many changes in times to come. It is not yet
regulated and could be proven as speculative asset. The definition and use of currency from
Roman Empire to today’s technological world, has changed over a period of time, where
paper money evolved from precious metals, and now to cryptos. It shall take few years
before cryptos are widely accepted and trusted by the people. There is also a possibility
that people will start distrusting government because of ever money printing policy and
keeping low interest rates without controlling the inflation. There could be fewer cryptos
which shall have a store value and some may be wiped out. As sovereign currencies serve
as store value without backing of gold reserves, same way cryptos are private circulation
of currency which has a store value because of the growing trust in it and distrust in
sovereign currencies. Value of the currency is arrived by psychological reasons and its
velocity. Main attributes of currency are durability, utility, scarcity, divisibility, portability
and cognoscibility. Gold has always served as fiat currency due to its physical attributes
and trust of thousands of years. Soon the concept of digital gold or crypto gold shall be
acceptable as every unit of crypto shall backed by physical gold as were the sovereign
currencies (especially US$) till 1971. US officially decoupled dollar from gold in the year
1976, ending the gold standard. Crypto tokens and coins are traded on decentralized
network of blockchain technology running on independent exchanges without regulation,
so there is high possibility of speculative bubble burst or even a scam in some as it has
always happened in the past. Some may survive at the times of rough weather and some
may perish. Backing of reputed financial institutions and corporates may build trust and
once into circulation to transact business shall bring recognition to cryptos without the
volatility in price. There shall be evolution in banking industry where traditional banking
will be out of the system. Wallets in crypto world are like the custodians of assets, and to
name some are fiat currencies, non fungible assets, arts, collectibles, precious metals,
electricity trading, tokens etc. It shall eliminate all intermediaries in every transaction like
banks, custodians, agents etc. World will be dominated by trade of Business to Consumer
(B2C) with new innovative ideas. Gold and cryptos are two available options in case of
sovereign default of US$. Gold in digital form shall be acceptable in years to come with
the attributes of currency required in the economy. Drawbacks of physical gold is
portability, divisibility and transacting digitally which can be overcome by cryptos backed
by gold. It shall be the best formidable and stable currency in the economy.
Current Scenario:
The rally in the stock markets is predominant by so called “FAANG” stocks. The market
capitalization of top six tech (FAANG = Facebook, Apple, Amazon, Netflix and Google +
Microsoft) companies reached nearly USD 12.5 Trillion and top 10 valued companies
reached nearly USD 13.5 Trillion.
(in USD) November’21
Apple (USA) 2.65 Trillion
Microsoft (USA) 2.55 Trillion
Google (USA) 1.95 Trillion
Saudi Aramco (Saudi Arabia) 1.93 Trillion
Amazon (USA) 1.85 Trillion
TESLA (USA) 1.15 Trillion
Facebook (USA) 940 Billion
Nvidia (USA) 795 Billion
Berkshire Hathaway (USA) 645 Billion
JP Morgan (USA) 498 Billion
Visa (USA) 420 Billion
Top 10 companies in USA reached nearly USD 13.50 trillion in market capitalization
which is more than half the size of US economy. The market capitalization of S&P 500 is
approximately USD 40.50 trillion and the size of US economy is approximately USD 19.50
trillion which means only S&P 500 index is more than double the size of US economy.
Such a warning hit before the actual crash comes in the stock market but how long the
bubble lasts is an answer no one can give. The Wilshire 5000 total market index is valued
approximately at USD 49 trillion. By any standards, it is at unprecedented heights and
bubble shall burst anytime in the future. It shall be worst ever bear market in our life time.
This time narrative is “Don’t fight the FED”. It means do not sell shares and/or short sell
the equity markets because US Fed is buying corporate bonds directly and not only that it
is printing money but keeping zero interest rate. Here the markets are liquidity driven and
not fundamental driven, so the markets are technical. US Fed policy of zero interest rate is
driving up the stocks as dividend yield of even 0.50% on stocks is much higher than the
figure zero. In other words, any return above zero is having a greater yield, so it expands
the PE (Price earning ratio) of the stocks and ultimately driving up the stock prices. Sanity
of fundamental is lost and effect of easy money is visible. There are all indications of
bubble in the stock markets and the point from where it will burst, no one would know, but
it is inevitable.

It is becoming a compelling option for US Fed Reserve to increase interest rates and so
shall be forced to maintain bond programs to keep the ample liquidity. Increasing interest
rates shall lead to collapse of equity and debt markets because the banks have adjusted
themselves to the statement of zero interest rate till the end of 2023 as earlier stated by US
Fed Chairman. The standard QE program of buying US$ 120 billion per month is reduced
by US$ 15 billion. It will be a Catch-22 situation for US Fed. First of all, it believes that
inflation is transitory and it shall be tamed eventually, so interest rates shall remain at zero
till the end of 2023. US Fed was expecting inflation to be at 2% on long run average, so
any action to increase interest rates in short term is not on the cards until it becomes a
compulsion if inflation rate persists at 6% or beyond for the next few months. US Fed has
to increase buying bond program even faster to prevent exponential rising yields on 10 year
US Treasury. Again, tapering will slow down and aggressive QE program will start. Once
again to tame the yields, money supply will increase so would increase the inflation.
Therefore, US Fed is in a dilemma. It is a classic example of stagflation and can also be
phrased as ‘the dog catching its own tail’. This spiral will end someday where increase in
QE will not have any effect and pace of interest rates going up will far exceed the
expectations. As per the Keynesian theory, interest rates should have been at more than 6%
and money supply to be curtailed to deflate the overheating economy but it will not happen
now. The reason being the giant money supply created in the last 20 years cannot be
reversed in one go as it shall lead to the greatest depression ever, but inevitable. Who shall
take the blame? So, the money supply will increase to tame the yields on US Treasury and
interest rates should go up gradually by the middle of 2022.

During the Spanish rule from 15th to 16th century, money supply was increased by the way
of reducing the size of silver coins, mixing of copper in silver and the introduction of
copper as currency called ‘blancas’. It always led to inflation and imbalance of payment
due to urge to buy foreign goods being a super power. Paper money was the next thing
used by Bank of England to increase the money supply with lower interest rates and huge
debt piled up. Example is South Sea Bubble. Panic of 1907 (USA) and Great Depression
of 1929-32 (USA) are also the examples for the same.

Problem still persists and it is not yet addressed that how the governments of developed
nations would reduce the huge debt, so the turmoil in future is obvious, hence the rally in
cryptos, precious metals and commodities. Inflation is the only way out where inflating
prices of commodities in the economy shall increase the revenue for the nation to service
the debt and to reduce current account deficit in some cases. Huge debt is piled up since
1998 to spur growth artificially. Increasing money supply and keeping interest rates
artificially low, created the problem over thousands of years and this time it is not different.
That is how decentralized finance culture is gaining momentum in free world with better
meaning of democracy and new blockchain technology. Money supply and interest rates
are derived by market forces and not by agencies of government. Crypto world is at nascent
stage and has miles to go before it gets matured. Revaluation of Gold shall become
imminent case and Gold-coins as cryptocurrency may be the solution for the financial mess
created in the world. In times to come, Income Tax may be abolished in many countries
but some kind of transaction tax may be introduced to fund the governments for defense
and home security. Whole world could be one market and one place.

By Ankur Sharda

Published on 29th November, 2021

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