Hayes, a prominent figure in the world of cryptocurrencies and known for his outspoken remarks, has provided a comprehensive analysis of three significant economic cycles since the Great Depression of the 1930s. His focus was on the influence of Pax Americana on the global economy.
The first cycle, which spanned from 1933 to 1980, was marked by localized effects and featured financial repression as a means to fund wars, ultimately leading to inflation.
The second cycle, taking place from 1980 to 2008, witnessed a shift towards deregulation and the growth of global trade. This resulted in deflation as a consequence.
Currently, we find ourselves in the third cycle, which has been ongoing since 2008. This period is characterized by geopolitical tensions and the implementation of monetary policies such as quantitative easing. These factors have led to a return to financial repression and an increase in inflation.
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