Cryptocurrencies: a sustainable future?

In the past year alone, the US Federal Reserve has ‘created’ an additional supply of dollars of 24% and is on track for a similar surge in 2021, based upon President Biden’s spending proposals. This, it should be noted, comes after more than a decade of monetary largesse by every important central bank globally. The picture above depicts the US monetary base inexorably rising and money velocity inexorably falling. This is a manifestation of what is commonly known as ‘pushing on a string’.