Speaking to Bloomberg Markets, hedge fund manager and macroeconomic expert Hugh Hendry warned the U.S. banking sector and economy now that people are panicking and capital is starting to flow out of the country.
The stressful situation in the US economy and finances This could lead the government to consider new policies that prevent citizens from taking their own funds outside of the US financial system.
“Deposits began to disappear from the system and into money market funds. It may come to a point where the Treasury Department and the Fed have to intervene and limit your rights as a US citizen. so as not to take money out of the US banking system.”
He said investors were not only concerned about whether the FDIC would guarantee deposits above $250,000. And the deposit guarantee is not going to solve the problem.
“Capital, deposits from the banking sector have flowed out of the US economy. in pursuit of better returns I’m a bit worried. In 1934, the Federal Reserve Act seized gold from US citizens.
We’re at a point where Fed and Treasury officials Which I am sure will have to consider ways to prevent bank deposits from being taken out of the US.”
He sees Bitcoin as the solution for this.
“It’s time to find safe investments. Many people may think that the problem is caused by inflation, but it’s actually caused by a shortage of supply (Supply Shock). When the Supply Shock occurs, it is necessary to have to approve more loans for the future But we do the opposite.
To me, Bitcoin is an asset that can be traded and will yield 3 or 4 times the return over the next 5 years. There is no other asset that I can take into account.”
refer LINK
picture LINK