European Central Bank President Christine Lagarde 'admitted' to a hall full of students that her son lost money investing in 'crypto'.
With most things involving Central Bankers, the math sounded pretty sketchy:
"It wasn't a lot but he lost it all, he lost about 60% of it," Lagarde added.
The head of the European Central Bank might have had a brain fart (or is very numerically challenged) how can her son have both "lost it all" and lost "about 60% of it"?
Anyways, to preserve sanity, let's move on...
Although the article's title says that she 'admits' to this, it's obvious that she's using it as a morality tale, and relishing it:
"So when I then had another talk with him about it, he reluctantly accepted that I was right."
No doubt that this talk was directed at a wider audience - whether investors or nations. The bottom line is you should listen to moma and her Central Bank pals. Stick with us, they'd say, we wouldn't lose 60% of your money.
Let's do some quick math...
For the majority of the people in Argentina, who didn't buy Bitcoin, they live with 150% inflation. If my math is right - they've lost 75% of their money.
They held onto their pesos, like mama said, but still they suffered. How come?
The same is true around the world not just in Argentina at 150%, Zimbabwe at 100% inflation but everywhere on fiat earth. The longer the timescale, the worse it gets.
We all know the solution to this problem - but does Lagarde?
Lagarde continued on the subject of speech...
"People are free to invest their money where they want, people are free to speculate as much as they want
Then she added broadly and ambiguously:
(but) people should not be free to participate in criminally sanctioned trade and businesses."
I feel story for her sons and those who are forced to listen to her ambiguity - especially her sons.
It's obvious to everyone here that her son didn't investigate Bitcoin.
To read the Reuters article, that's been printed verbatum, by many leading news outlets1 (there was one exception though)2, here:
"Concerns that private currencies could displace government money were among the reasons the ECB launched its own digital euro project, but the bank is still years away from issuing digital money." https://hellas.postsen.com/business/608365/Lagarde-My-son-disobeyed-me-and-lost-money-in-crypto-%E2%80%93-Financial-Post.html
Footnotes
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even by Cointelegraph, but thankfully they've got the decency of not selling articles, like this one, as an NFT any more... ↩
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A Greek article, translated into English, skuck a small drop of truth in it's article that I thought would prove interesting, ↩