Welcome to Talk Money Weekly - where I cut through the noise and curate the best money-related topics from the web.
New shows coming soon and new episodes of the narrative series being worked on. No newsletter or weekly podcast next week, as I'll be off the grid, but will be back the following week!
On to the newsletter!
Markets & Business
The new episode of the Talk Money Weekly is now live! In this episode, you'll hear me rant about Dogecoin and how people should focus more on building wealth than getting rich overnight. I also compare this to 90's wrestling- a recurring theme it seems.
If you want to know what Dogecoin is, why it ran up, why it crashed and what Elon Musk has to do it with, check out the episode. You'll be fully informed.
PCR testing still seems to be a pain in the ass and it's expensive. In NYC, if you have insurance, you can get free tests done but still takes 3-5 days to get results. If you need a PCR test for travel it's going to cost you over $100. Now that almost 60% of the country has been vaccinated, why is that the vaccine costs 25% of the cost of the test? What's the racket? Is it government bureaucracy or is it a private conspiracy? I have no idea what to make of it.
Testing was a pain at the beginning of the Pandemic and it still is a pain! The only ones doing testing well were private organizations. Meanwhile, the vaccine rollout was significantly faster and more efficient (in comparison). Price kept us from getting tested on a regular basis. But price also made it easy for us to get vaccinated. I'd love to do an interview with someone who knows both sides.
It took me a couple of reads to make sense of this. For context, Balajis is brilliant. Sometimes a bit too brilliant where ideas can go way over my head. BUT, he was right about COVID way before many were. He saw it coming a mile away. What he says here is IF inflation is as bad as expected, everything becomes more expensive. More people spend time online, on centralized tech (Facebook, Amazon, NY Times), where they have more and more control over us.
That said, Bitcoin rises as inflation rises as it acts as a hedge. So the use case of Bitcoin continues to prove out. And now because we are online were are looking for other solutions without the control of CEOs and middlemen. All these crypto projects that are out there that we don't care about...maybe this is their moment?
This is extreme. This will take decades. If prices go up, we will make it work. We'll find a way to spend the money. Even if prices go up and we spend less time consuming the "physical" world, those prices will come down. We're not turning into the Matrix overnight, but it's an interesting thought.
Warren Buffet recently shared his concern with inflation. More money printed or in circulation, the price of commodities rise, the costs of goods rise, the price of goods rise. Consumer Staples are known as stocks that represent our typical household consumptions- cleaning supplies, bathroom supplies, kitchen supplies, apparel, beer, food, you name it! Think of any company that produces these products. Their prices will go up.
Now you may not notice a couple of bucks here and there, but a lot of folks will be harmed by this. The wealth gap then increases. How will these stocks perform as a result? What will people replace their more expensive items with? I plan to cover this topic on our next Talk Money Weekly.
That's all the news from this past week! If I was to make this newsletter into a Youtube show, would you watch it?
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