• 🧠Quote(s) of the week:
• 🧡Bitcoin news🧡
• 💸Traditional Finance / Macro:
• 🏦Banks:
• 🌎Macro/Geopolitics:
• 🎁If you have made it this far, I would like to give you a little gift:

§🧠Quote(s) of the week:

‘I didn’t choose the dollar. I didn’t choose the euro. I didn’t choose the pound. I didn’t choose the yen. I didn’t choose the ruble. I didn’t choose fractional reserve banking. I didn’t choose central banks. I didn’t choose quantitative easing. I choose Bitcoin.’ - Bitcoin Teddy

§🧡Bitcoin news🧡

People want desperately to see Bitcoin fail because watching it succeed would mean admitting their entire worldview was wrong. It’s the same psychology that resisted the shift from geocentric to heliocentric. From “the state defines value” to “reality defines value”. - Bitmund Freud

Photos hosted by Azzamo (https://azzamo.net/)

On the 21st of November: ➡️“Tokenization is a megatrend.“ - Robin Vince, Bank of New York Mellon CEO

• the oldest bank in America
• the largest custody bank in the world ($53T)
• one of the most widely used service providers in tradfi

Now you think this is positive. Right!? Nope! Tokenization is just a more complicated form of ownership. Remember, Bitcoin, not Crypto.

➡️Joe Consorti: ‘Bitcoin is increasingly beholden to the macro backdrop with each passing cycle. Looking at the NFCI financial conditions index, BTC surges as financial conditions loosen and drops as financial conditions tighten/stagnate → this has happened reliably with a 4-6 week lead/lag. The Fed ends QT in early December. A resumption of asset purchases is likely soon after. With financial conditions set to ease further, we will probably fully set the local bottom and begin making higher highs mid-late December. Not to mention how oversold BTC is across all timeframes.’

On the 22nd of November: ➡️Bitcoin fell below the average Bitcoin ETFs purchase price.-Quinten

➡️Sales of Strategy’s Bitcoin-backed credit products jumped 50 percent week over week. Despite the unprecedented FUD aimed at the company this week, the numbers tell a very different story. - Bitcoin News

➡️’Bitcoin: It’s not complicated. Not Financial Advice My odds of knowing where the bottom is. 85% = $70,000 to $80,000 10% = $60,000 to $70,000 4.9% = $50,000 to $60,000 0.1% = $50,000 or less.’ - Plan C

Luke Broyles put it out perfectly: ‘Anyway, Bitcoin going to $150,000 after buying Bitcoin at $126,000 is a 19% gain. Bitcoin going to $150,000 after buying Bitcoin at $85,000 is a 76% gain. Your % return is now 4x better. This is a bummer, but only for the over-leveraged.’ Honey Badger DGAF!

➡️Bitcoin flashed the most oversold signal since $25,000.

➡️’Only the 6th time in Bitcoin history that it has been this oversold. Historic major bounces have occurred between 25 and 35—we are currently at 35.’ -PlanC Could this be the end of the bear market?

➡️Fed Chair Jerome Powell claims that Bitcoin is “just like digital gold”.  Bitcoin is not a competitor with the dollar but is a competitor with gold misses the overarching point that both gold and Bitcoin are serious competitors with the dollar. The dollar and all fiat currencies are doomed.

➡️Bitcoin News: A Bitcoin whale who had held since 2011 just cashed out their entire position, walking away with $1.3 billion in profits and zero BTC.

On the 23rd of November: ➡️Forum user asks Satoshi Nakamoto on November 22nd, 2009, “Are there any plans to make this service anonymous?” Satoshi responds, “There will be proxy settings in version 0.2 so you can connect through TOR.”

➡️Bitcoin News: JP Morgan dumped 25% of their MSTR position right before MSCI announced Bitcoin companies can’t enter major indexes. Totally normal timing, right?

Just a giant bank with perfect timing, selling right before a decision they definitely didn’t know about in advance. Pure coincidence. Nothing to see here.

➡️A major academic study on Bitcoin bans finds that Bitcoin bans can’t stop BTC. Researchers analyzed 19 countries from 2013 to 2024 and discovered that Bitcoin’s decentralized network keeps markets integrated even under strict bans. China and Russia showed only partial segmentation, while smaller markets saw counterintuitive increases in integration after bans. The study concludes that unilateral restrictions are largely ineffective.

➡️Bitcoin Archive: SAYLOR ON POTENTIAL LIQUIDATION: “As long as Bitcoin goes up 1.25% a year, we can pay the dividend forever.” “If Bitcoin stops going up, we’ve got 80 years to figure out what we’re going to do about that.” I think they’ll be alright.

➡️Overnight, 630,000 Bitcoin were removed from exchanges.

➡️’Rising difficulty. Shrinking target. Same result: tick tock, next block. Assuming a network efficiency of 12–18 J/TH and a hashrate of 1.09 ZH/s, Bitcoin is consuming roughly 13–20 GW of power right now.

I don’t think people understand just how ridiculously large a zettahash is…1,000,000,000,000,000,000,000, and that’s per second! Bitcoin’s proof of work is uncontested.’ - Wicked

People who have no idea what this is, or what it means, will tell you Bitcoin doesn’t work. This is the largest distributed computer in existence. Gets bigger every day. Gets more efficient every day. The network is alive and thriving.

Oliver L. Velez: The three tools that have historically kept the masses blind, poor, and away from winning:

1. Fear campaigns of a pending threat. “Stay away!” (quantum);
2. Distraction with temporarily shinier-seeming alternatives to the clear winner (Zcash); If these aren’t working so well…
3. Divide and conquer from within (Core Knots).

Bitcoin won’t succumb to these age-old tactics, though. Its anti-fragility will only lead to these things making it stronger. BTC solved the Byzantine Generals’ Dilemma. Look it up. The future is very bright, and we’re stronger and stronger than ever.

➡️A SOLO MINER JUST HIT THE JACKPOT! A miner with a tiny setup running only 6 terahashes per second, so small it barely even registers on the Bitcoin network, managed to mine a full block and earn 3.146 BTC plus fees worth about $265,000.

➡️Bitcoin is Simple: ‘1) DCA. 1A) Lump-Sum once Fear and Greed hit “Extreme Fear”. 2) Move Coins to Cold Storage. 3) Never sell. Rinse and Repeat. Your entire bloodline will be forever grateful.’ - CarlBMenger

➡️Not really Bitcoin related, but in the end, yeah, Bitcoin related: JPMorgan Chase, Citibank, and Morgan Stanley are among those that have been notified by Situsamc that their client data may have been taken- The New York Times KYC = kill your customer

➡️Bitcoin News: Anchorage Digital has added support for Mezo, an EVM-compatible Bitcoin DeFi chain, giving institutions new ways to earn rewards and access liquidity without selling BTC. Clients can now use Anchorage’s self-custody wallet, Porto, to borrow against their BTC at fixed rates starting at 1%.

➡️The number of Bitcoin addresses holding at least 10K BTC hits a 5-month high of 90.

➡️Percentage Decline From Record High:

1. Oracle: -44%
2. Palantir: -30%
3. Meta: -27%
4. AMD: -27%
5. Tesla: -22% And you think Bitcoin is dead because it’s down 30% from its all-time high? - Bitcoin News

On the 24th of November: ➡️165,000 Bitcoin taken off Coinbase over the weekend! Cause TBD. But the last comparable plunge was just after FTX collapsed. Bitcoin was $16K’ - Charles Edwards

➡️’China Discovers One of the Largest Gold Deposits in History, about 1,444 Tonnes of pure Gold. You can find more Gold, but you can’t mine more Bitcoin 21 million forever.’ - CarlBMenger

➡️Sminston With: I talk about Bitcoin’s power law support line a lot, so… - - - I finally ran a test everyone (probably) wonders about: How much does “buying the power law support” actually beat random timing in Bitcoin? It’s not even close. Comparing the two strategies from Jan 2015 → Nov 2025 (current ~$87k BTC.

Support strategy: (Buy $100 every single time BTC dips below the long-term power law floor):
→ 236 buys
→ Total cash invested: $23,600
→ BTC accumulated: 34.56 BTC
→ Final portfolio value today: $3,001,941. Yes, 3 mill from 23 G’s.

Random timing strategy (1,000 simulations):
→ 236 buys (same as other strategy) → Total cash invested ($23,600) (also the same) → Average outcome: $1.26M → 3 std deviations (top ~0.15%): $1.71M Even the luckiest bastard in this pile is not even half as well off as the support strategist.

The support buyer crushed every single random-timing simulation. Not 90%. Not 99%. 100% of the 1,000 random paths lost to buying the power law support. NOW CONSIDER: I believe understanding where the support line is is WAY easier than trying to understand where the tops are.

The peaks/bubbles are noise. Find the orange line. Mind the orange line.’

➡️Another Smintson With banger: Bitcoin has a way of getting away from you. Lines represent how long it takes to stack 1 Bitcoin if you start that year. If you start now, stacking $500/week can get you to 1 Bitcoin in 5 years. If you wait 4 more years to begin, it will take you 22 years. Stack. Early. Stack. Hard.

➡️’More than 8% of all Bitcoin moved in the last 7 days. The last two times this happened?

1. March 2020 - $5,000 BTC
2. December 2018 - $3,500 BTC This makes the latest drawdown one of the most significant on-chain events in Bitcoin’s history.’ - Joe Burnett

On the 26th of November: ➡️’Have fun with all your Bitcoin Thanksgiving conversations…. Every year (except 24’), Bitcoins have been way off the annual high, and 2025 is no exception. Average drawdown: 37.16% from the year high. Median drawdown: 32.92% from the year high. Fun Fact: Bitcoin’s epic bull run in 2017 still saw BTC price down -58.96% ($8,118) on Thanksgiving, and was only just weeks away from its December peak of $19,783. - Mark Moss

➡️’HOW JPMORGAN’S NEW BITCOIN PRODUCT WORKS. The product is linked to BlackRock’s Bitcoin ETF (IBIT). If IBIT is at or above a target price in one year, investors automatically get a guaranteed 16 percent gain. If IBIT is below that target, the investment continues until 2028. If IBIT rises by then, investors can make up to 1.5 times their money with no cap. If IBIT is down in 2028 but not more than 30 percent, investors get all their money back. If it’s down more than 30 percent, investors take the loss past that point.’ -Bitcoin News

On the 27th of November: ➡️Bitcoin extends gains and rises above $91,500, now up +14% since the November 21st low.

➡️’Compounding inflation is a global crisis: Since January 2021, the UK gas experienced the largest surge in prices among major economies, at +28.2%. The US saw cumulative inflation of +23.8%, followed by the Euro Area at +23.1% and Germany at +21.2%. France’s cumulative inflation reached +15.1%, while Japan recorded +12.4% over the same period. On the other hand, China saw only a +2.8% cumulative CPI increase, as the country has been struggling with weak domestic demand and a real estate downturn. Put simply, consumers in major economies have lost 21% to 28% of their purchasing power since January 2021. Own assets or be left behind.’- TKL

Anyway, people, study Bitcoin.

➡️Highest amount of unrealized Bitcoin losses since the 2022 bear market.

➡️TFTC: The number of wallets holding 0.1 BTC went DOWN during the dip. Wallets with 1000+ BTC? Up. Newcomers are selling into weakness. Veterans accumulating. This is why most people don’t make it. You know the game, freaks. Stay humble, stack sats.

On the 28th of November: ➡️Bitcoin extends gains and rises above $92.500, now up +15% since the November 21st low.

➡️VANECK: “By 2050, Bitcoin becomes a reserve asset that’s used in global trade and held by global central banks at a 2% weight. In that model, we arrive at a $3,000,000 price target for Bitcoin.” “Into the MILLIONS over the medium term is a HIGH conviction call.” I always think it is funny to hear those kinds of predictions. I have always learned that you can only predict one thing, either price or time, not both. And VanEck is into CrYpTo, and it’s a speculative model—actual outcomes depend on adoption and global factors.

Meanwhile, BlackRock CEO Larry Fink says he changed his mind on Bitcoin. After years of calling it “the domain of money launderers and thieves,” he tells 60 Minutes, “there is a role for crypto in the same way there is a role for gold,” and says markets made him “relook at assumptions”.

Anyway:

➡️“70% of Bitcoin’s wealth sits ABOVE $85K.” – Checkmate The ancient-history charts—$30K, $10K, $5K—don’t reflect today’s reality. This is now a game of sovereigns, banks, and price-insensitive allocators.

➡️IBIT shenanigans. ’At last, IBIT options are finally getting the treatment they deserve— Nasdaq just filed to increase options limit to 1 MILLION (from 25k a year ago). Institutional vol is finally here. The rule filing literally says they’re doing this because IBIT has reached the same level of market cap, liquidity, and trading frequency as the biggest stocks. This is the category reserved for: AAPL, NVDA, MSFT, SPY, QQQ. That’s the club Bitcoin is now in.

It’s a simple story: Bigger limits → institutional size selling options(short vol. for structured product) → more market makers → easy to buy options → more retail.’ But remember >>>

➡️Quinten:

‘Bitcoin dips -30% People’s reaction: extreme fear Black Friday -30% sale on junk People’s reaction: take my money This is why most people stay poor. They buy liabilities on sale and sell assets on fear, the exact opposite of how wealth is built.’

➡️Bitcoin falls below STH cost basis. Another buy-the-dip indicator flashes on Black Friday.

➡️Daniel Batten: All 12 Sustainability Media Outlets that cover Bitcoin Mining are now covering its environmental benefits!

1. Renewables Now: Bitcoin helps green energy adoption and grid stabilization. https://renewablesnow.com/news/bitcoin-miner-mara-buying-114-mw-wind-farm-in-texas-1267551/
2. Renewable Energy Magazine: Bitcoin Mining is enabling Landfill Gas methane mitigation. https://renewableenergymagazine.com/biogas/companies-launch-pilot-using-landfill-methane-emissions-20230502
3. Anthropocene Magazine: Bitcoin mining could help wind and solar development. https://anthropocenemagazine.org/2023/12/wind-and-solar-projects-struggle-financially-in-their-early-phases-could-bitcoin-mining-change-that/
4. One Green Planet: Bitcoin mining is more sustainable than previously thought. https://onegreenplanet.org/environment/shining-light-on-the-sustainable-side-of-bitcoin-mining/
5. Microgrid Media: Bitcoin mining increases grid stability and helps make the grid “more efficient and less wasteful.” https://microgridmedia.com/green-energys-impact-on-bitcoin-mining/ 6. The Africa Report: Bitcoin mining in Ethiopia has helped grow green energy and expand Ethiopia’s grid. https://theafricareport.com/366515/ethiopia-turns-to-bitcoin-miners-to-power-growth-and-renewable-energy/
6. Recharge Magazine: Bitcoin is aiding the renewable transition. https://rechargenews.com/energy-transition/why-crypto-could-be-green-powers-unlikely-new-best-friend/2-1-1613383
7. The Cooldown: Bitcoin mining is helping to ease geopolitical tensions, stabilize grids, reduce electricity prices, and monetize wasted renewable energy. https://thecooldown.com/green-business/bitcoin-mining-european-energy-grid-stability/
8. http://Carboncredits.com: Bitcoin mining has emerged as a promising solution for enabling the EU to meet its green energy transition and energy security goals. https://carboncredits.com/is-bitcoin-mining-the-unexpected-solution-to-europes-energy-challenges/%e2%80%a6/
9. Northern Forum: Bitcoin mining is “transforming the energy production game” by absorbing excess renewables. https://northernforum.net/how-bitcoin-mining-is-transforming-the-energy-production-game/
10. EnergyTech: 2 Bitcoin mining companies expanding the network’s renewable footprint, using wind-based power in Texas. https://energytech.com/data-center-power/news/55320690/canaan-and-soluna-partner-to-power-bitcoin-mining-with-renewable-wind-energy-in-texas
11. Sustainability Magazine: How Bitcoin mining can utilize “what might otherwise be wasted renewable energy” https://sustainabilitymag.com/news/soluna-and-canaan-partner-on-20mw-wind-powered-texas-project

➡️Turkmenistan President signs bill to legalize Bitcoin and crypto starting in 2026

➡️Julius: Bitcoin’s valuation is at its lowest level against gold since 2013. This is the longest consolidation in its history. Currently, it is even back down at bear-market levels.

➡️You mathematically can’t compound your way to wealth anymore… 20 years, 7% returns, 3% inflation, 40% taxes – best case you 1.5x your investment. That is why the kids YOLO it… plain and simple.’ -Sam Lessin. Now the post is a bit of clickbait, and it is applicable to the U.S.; the moral of the story is the same, though.

And oh yeah, if only inflation were just 3%…anyway: This is the hard truth people do not want to say out loud: You cannot compound when the system is subtracting faster than you can add. When inflation eats the base, taxes skim the flow, and real yields stay negative, the old compounding model becomes a museum artifact. That is why the young do not invest in “prudence.” They invest in convexity. When linear paths die, people reach for asymmetric ones. It is not irrational. It is adaptive. The math changed. The behavior followed. Study Bitcoin!

➡️’Thirteen years ago today, Bitcoin’s first ‘halving’ program reduced the new mining block reward in half from 50 coins to 25 coins. This event marked the first time in history a decentralized monetary system automatically maintained new issuance on an open-source schedule of code.’ - Documenting Bitcoin

§💸Traditional Finance / Macro:

On the 24th of November: 👉🏽TKL: ‘Market breadth is historically low: Only 158 S&P 500 stocks are outperforming the index year-to-date, the 3rd-lowest reading since 1960. The only years with a narrower breadth were 1998 and 2023. This also marks the 3rd-consecutive year with fewer than 170 stocks outperforming the benchmark. Meanwhile, over 50% of S&P 500 constituents are underperforming the index by at least 10%, the 4th worst year in 65 years. This is only below the Dot-Com Bubble years of 1998 and 1999, and 2023. Big tech is all that matters.’

On the 28th of November: 👉🏽TKL: ‘Institutional investors bought the dip last week: US equities saw net inflows of +$1.6 billion last week, a significant reversal from the net outflows of -$800 million in the prior week. The shift was driven by a near-record +$4.8 billion inflow into ETFs. This marked the 29th net weekly purchase of ETFs over the last 31 weeks. Institutional investors bought a net +$900 million, while hedge funds acquired +$2.1 billion, the biggest weekly buying since June 2023. By contrast, retail investors dumped -$1.4 billion, posting their 3rd consecutive weekly sale. Investors buying the dips.’

§🏦Banks:

On the 27th of November: 👉🏽TKL: ‘Global central banks are pivoting: Over 90% of developed and emerging central banks have cut rates or kept them the same over the last 6 months, near the highest since the 2020 pandemic. In other words, less than 10% of world central banks have recently hiked their rates. This percentage has persisted above 90% for 12 months. Such an elevated reading has been seen only a few times over the last 35 years. Over the last 2 years, global central banks have cut rates 316 times, the highest reading in at least 25 years. To put this into perspective, there were 313 cumulative cuts in 2008-2010 in response to the financial crisis. Global monetary policy is easing.’

👉🏽Global central banks’ gold purchases jumped +10% YoY in Q3 2025, to 220 tonnes. This also marks a +28% quarterly increase, putting it 6% above the 5-year quarterly average. So far in 2025, central banks have added +634 tonnes of gold to their reserves. Kazakhstan led global purchases last quarter, while Brazil added gold for the first time since 2021. World central banks are still pulling into gold.’ -TKL

§🌎Macro/Geopolitics:

Before I start with this segment… sometimes I read something that pathetic…it just baffles me.

Just when you thought it couldn’t get any sillier….see the next tweet by the UN Environment Programme, you know, ‘the official account of the Environment Programme. Updates on triple planetary crisis: climate change, nature & biodiversity loss, & chemicals, pollution & waste’:

‘Climate change is deepening inequalities — and increasing the risk of gender-based violence for women and girls. On the International Day for the Elimination of Violence against Women, let’s act #ForAllWomenAndGirls and build a safer, more climate-resilient future.’ https://x.com/UNEP/status/1993394575046574347

Yes! Women and girls of all genders are most affected by climate-based violence…right? My exhaust gas is now causing violence towards women. When do you all wake up and reject this nonsense? Who reads this and thinks to themselves, “Yeah, I can see that. This makes a lot of sense…”? I’m genuinely curious.

“Why don’t people take the threat of Climate Change seriously?” As if hurricanes check IDs before landfall. As if wildfires discriminate. As if rising temperatures single out chromosomes. There’s no attempt at logic here. It’s just another cynical attempt to turn every issue into a moral panic and squeeze it through the same ideological template of victimhood, identity politics, and emotional manipulation. It’s not about science. It’s about manufacturing fear in whatever demographic is easiest to scare. It’s about pretending that natural phenomena have political motives. And it’s about keeping people distracted from the fact that the same institutions screaming this propaganda can’t even manage basic responsibilities without creating more problems than they solve. If your argument relies on blaming the climate for gender-based violence, you’ve run out of arguments.

It gets more and more grotesque every day, and even worse, money is wasted on such “research”. Peak fiat. Study Bitcoin!

On the 21st of November: 👉🏽Ukrainian President Zelensky is demanding that he receive full amnesty for any stolen financial aid or military aid. He wants the audit in the peace plan removed.

WSJ: Key point from a senior U.S. official, per WSJ, on the version of Trump’s peace plan that Ukraine published.

Source: https://archive.ph/be6Un

Talk about a red flag! As you have read my latest recaps, you know I hate hypocrites, liars, and all those kinds of people. So yes, do know the corruption in Ukraine doesn’t stop at Ukraine’s borders—it extends right through the halls of the US Congress, or in Europe - the European Parliament and Commission. All corruption must be exposed. From darkness to light.

Just some questions? Who audits where the money actually goes… Who actually receives the money… Audit the money.

👉🏽As mentioned last week, Japan says its stimulus package will have an overall economic impact of $265 billion. The Japanese Yen just fell to its weakest level against the US Dollar since January 2025. Pandemic-like stimulus is on its way.

Remember, bubbles don’t pop from headlines. They pop when liquidity flips.

On the 22nd of November: Now read the above bit on Ukraine again, and after that, the following. 👉🏽Ursula von der Leyen says, “We must change this imbalance, and that is at the core of Europe’s Global Gateway Initiative… 150 billion euros investment program for Africa,” and announces 15.5B was pledged yesterday by world leaders for “Scaling Up Renewables in Africa.”

Again, she’s unelected, lives in Brussels, and hurls taxpayer euros like it’s Christmas every day, ffs! 150Billion euros sounds nice - where’s the audit trail? The world is fast approaching a Debt Crisis with significant consequences. But hey, the real problem is the fact that Africa isn’t paying carbon taxes yet.

👉🏽Gold is now outperforming Bitcoin by 19% since the inception of the first Bitcoin ETF in January 2024.

👉🏽‘The US trade deficit is improving: The US’ goods trade deficit narrowed by +$18.6 billion, or +24%, in August, to -$59.6 billion, one of the largest monthly improvements this year. Imports declined -5%, to $340.4 billion, the 2nd-lowest since May 2024. This also marks the biggest drop in imports in 4 months. At the same time, exports rose slightly, to $280.8 billion, the highest since April. Since March 2025, the goods trade deficit has improved by +$76.8 billion, or +56%. Adjusted for inflation, the merchandise trade deficit narrowed to -$83.7 billion in August, the lowest since the end of 2023. Tariffs are reshaping the US trade.’ -TKL

👉🏽’El Salvador is on track to be the safest country in the Western Hemisphere in 2025… You can just remove violent people from society and make life better for everyone else.

The reason many of our leaders hate Nayib Bukele in El Salvador is that he has quickly proven that crime and societal decline are not inevitable or beyond control… It’s a deliberate choice allowed by weak leaders and terrible policies.’ - Geiger Capital

👉🏽This week I looked at what countries are actually achieving with the energy transition. The conclusion: it can work — but only with targeted, intelligent policy.

Where it works: Denmark built a strong wind sector through temporary, well-designed support and now generates more than half of its electricity from renewables.

Portugal frequently runs on 80–100% renewable electricity thanks to a balanced mix of solar, wind, and hydropower.

The United Kingdom almost completely phased out coal and developed a world-class offshore wind industry.

Where it goes wrong: Germany spent hundreds of billions yet saw limited early CO₂ reductions and persistently high energy prices.

Belgium and Spain introduced overly generous solar subsidies, leading to long-term financial burdens or complete market collapse.

Lesson of the week: Subsidies only work when they are temporary, targeted, and disciplined. Poorly crafted policy becomes expensive and ineffective. The energy transition succeeds only with realism, consistency, and solid financial choices.

Now talking about climate….

The red dots in the video below, click the link, show Chinese fishing vessels swarming Peru’s EEZ in 2024. 525 Chinese boats in Peruvian waters, while Peru itself barely had 239. China’s greedy pirates emptied their own seas and are now hijacking the livelihoods of other nations’ fishermen. https://x.com/DWalpiri/status/1992202885799792887

Revenant: ‘It is wild that the Chinese fishing is over 45% of the entire fishing done in the world, and that DOESN’T include illegal activity. Based on the most comprehensive recent analysis from Oceana (June 2025), using Global Fishing Watch data on vessel tracking, China’s industrial fishing fleet accounts for 45% of the world’s visible ocean fishing activity. This covers over 110 million hours of fishing by about 57,000 Chinese vessels from 2022 to 2024, including both legal operations and those linked to illegal, unreported, and unregulated (IUU) fishing.’

I would say the only way to deal with this is by treating pirates like we used to treat pirates. Hello World? Hello Greenpeace?

Anyway, there is a great video covering the Chinese fishing/boat problem around the world by Johnny Harris on YouTube— HIGHLY recommend you take time to watch it! https://www.youtube.com/watch?v=2tuS1LLOcsI

On the 23rd of November: 👉🏽TKL: The US wealth gap is widening: Americans aged 70+ now own a record 38.9% of all US equities held by households. The percentage has surged by +10 percentage points since 2020, and has doubled since 2008. As a result, these individuals currently own $19.9 trillion of equities and mutual funds. At the same time, they own a record 32.0% of all US household wealth, or $53.1 trillion. By comparison, this percentage was ~20.0% between 2006 and 2010. The wealth gap across generations is widening at a record pace.

👉🏽Wall Street Mav: ‘25% of the unemployed are college graduates, which is at an all-time high. These people have massive student debt, and their degrees are no longer protecting them from the realities of the job market. Why are we forcing our own college grads to compete against J-1 visas, H-1B visas, OPT, and every other visa scam out there? Gen Z is going to all go socialist if our own government keeps doing this to them.’ Spot on regarding the “going to all go socialist” part!

👉🏽TKL: Professional investors can only ignore gold for so long: Only 5% of global fund managers believe gold prices will exceed $5,000 by the end of 2026. 34% expect gold to trade in the $4,000 to $4,500 range, while 27% think prices will reach $4,500 to $5,000 per ounce. On the other hand, 34% see gold prices falling below $4,000, with 26% anticipating a range of $3,500 to $4,000. Meanwhile, 39% of professional investors in the survey do not own any gold in their portfolios. Gold is also no longer “the most crowded” trade after topping that list for the first time in October. Wall Street is still unconvinced about gold.

👉🏽WallStreetMav: ‘France is the most expensive country in Europe to hire employees. A company would need to spend €95,300 for that employee to receive € 39,500 net after deductions. And the French wonder why no companies want to expand or start new operations there.’

👉🏽‘Almost every German city is now on the verge of bankruptcy.’ Germany’s cities are on the verge of a massive financial crisis, with the mayor of Essen warning that the data shows that almost every single city in the country is nearly bankrupt.

‘The number of people who have taken on so much debt that they cannot pay it back has risen for the first time in six years as well, reaching 5.7 million people who are defined as “over-indebted.” The report also warns that this trend is expected to worsen due to rising unemployment.’

https://rmx.news/article/almost-every-german-city-is-now-on-the-verge-of-bankruptcy/

👉🏽‘The Fed should hike rates 50 basis points in December. Inflation has been running at over 2x their target level (2%) for 5+ years now. The stock market and home prices are at record highs. Stop pursuing policies that will only create more inflation and worsen affordability.’- Charlie Bilello

If the FED cut rates, that would put more gasoline on the inflationary fire. But hey, they made up that 2% anyway, so why not!

👉🏽Italy’s demographic crisis deepens: Only 369,944 babies were born in 2024 – the lowest since unification in 1861 and the 16th straight year of decline (-2.6% from 2023). Fertility rate hit a record low of 1.18 children per woman, far below the 2.1 replacement level. With more deaths than births by ~281,000, the population is shrinking fast.

On the 24th of November: 👉🏽Michael A. Arouet: The debt situation in the US and Europe is unsustainable. Och, wait…

👉🏽‘EU WANTS TO SCAN YOUR DMS - AND PASS THE LAW IN SECRET. The EU is quietly moving to approve the controversial “Chat Control” law, which could open the door to scanning your private messages. The latest draft removes mandatory state surveillance, but still allows platforms like WhatsApp and Signal to “voluntarily” scan chats. That’s just surveillance with a polite name. Some countries, like France and Denmark, are on board, but Germany and Poland are pushing back hard. The kicker? They’re trying to pass it this week, behind closed doors, with zero debate.’ - Maria Nawfal

Chat control: “While the explicit obligation to scan messages has been removed, a loophole in Article 4 of the new compromise proposal obliges providers like WhatsApp or Signal to take ’all reasonable risk mitigation measures.” This means that the services could still be forced to scan private messages – even with end-to-end encrypted communication services.“ Source: https://t.co/Dvtz1lW4Dc

If platforms can be nudged into voluntary scanning, it’s not voluntary; it’s coerced compliance dressed up as choice. Privacy shouldn’t depend on backroom deals. Removing mandatory scanning doesn’t fix the core problem; the door to mass surveillance is still wide open. As long as voluntary message scanning is allowed, private communication isn’t truly private. This is oversight disguised as protection. The EU will scan every message. The ECB will scan every transaction. We are approaching levels of control never even dreamed of by the KGB.

👉🏽‘According to today’s WSJ, AI-related investment accounts for half of GDP growth. A reversal would risk recession. We can’t afford to go backwards.’

‘If AI doesn’t work, it will risk recession, blowing out fiscal deficits into insufficient foreign UST demand. If AI works, it will undermine the U.S. fiscal position (~half of US Federal receipts come from employment), blowing out deficits into insufficient foreign UST demand.’ - Luke Gromen

In other words, they will print to win the AI arms race, and then they will print to fund the UBI. The only thing you can’t print is energy, and gold/bitcoin have yet to figure that out. - ZeroHedge

👉🏽Unemployed Americans with 4-year college degrees now make up a record 25.3% of total unemployment. The percentage has doubled since the 2008 Financial Crisis. This comes as over 1.9 million workers aged 25+ with at least a bachelor’s degree are now unemployed. Meanwhile, the unemployment rate for Americans aged 20–24 is up to 9.2%, the highest since May 2021. This rate has risen +2.2 points YoY, an increase not seen outside recessions. The US labor market is weakening across all education levels.’ - TKL

On the 25th of November: 👉🏽Interest expense on US debt is now on an annual run rate of over $1.2 trillion.

A million seconds ago was November 30th A billion seconds ago was 1993 A trillion seconds ago was 30,000 B.C. The US national debt is now rising by $1 trillion every ~180 days. They will fix this with the money printer. It may make sense to get some Bitcoin just in case.

On the 27th of November: 👉🏽Jeroen Blokland: ‘I literally can’t keep up with the number of ECB bond market/banking sector warnings that all scream the same conclusion: financial repression is needed to prevent (European) bond markets from spiraling out of control. The Dutch hold “65% of euro area pension funds’ sovereign bond holdings” and must sell part of these holdings.“ What if all pension funds start selling bonds as reality kicks in that they add zero value in the accumulation phase, have become intrinsically riskier, and offer less diversification benefit than is widely assumed?

ECB, all the time:

• Stablecoins are a threat to bonds.
• Pension reforms are a threat to bonds.
• Liquidity is a threat to bonds.
• Deglobalization is a threat to bonds. ECB, never:
• Massive debt levels are a threat to bonds.
• Huge structural deficits are a threat to bonds.
• Structural elevated inflation risks are a threat to bonds.’

Study Bitcoin!

👉🏽Last couple of weeks, I explained in detail how messed up the Eurobonds fiasco will be.

The Netherlands gets a scolding from Brussels: the 2026 budget is inadequate and ‘derails in the long term’. Say what? Are they completely losing their godddammnn mind!?

France: 113% debt-to-GDP Italy: 135% Greece: 154% Spain: 192% The Netherlands: 44%.** Guess who gets lectured by Brussels about its budget? And guess who will eventually be dragged down by Eurobonds—used to bail out the very countries that have ignored every rule of fiscal discipline for decades? You only get one guess…

As mentioned before: Under the Growth and Stability Pact, all euro area countries must adhere to a public deficit that is no more than 3 percent of their GDP.”
https://www.consilium.europa.eu/en/policies/excessive-deficit-procedure/#:~:text=Budgetary%20trends-,What%20is%20the%20excessive%20deficit%20procedure%3F,a%20matter%20of%20common%20concern

🟠 Netherlands ⚫️ Germany 🔵 France 🔴 Spain 🟢 Italy Why do Germany and the Netherlands keep allowing others not to comply? https://www.consilium.europa.eu/en/policies/excessive-deficit-procedure/#:~:text=Budgetary%20trends-,What%20is%20the%20excessive%20deficit%20procedure%3F,a%20matter%20of%20common%20concern

👉🏽FED quietly injected $125 BILLION into the U.S. banking system, marking its largest short-term liquidity move since the 2020 COVID-19 crisis.

On the 28th of November: 👉🏽 Silver prices surge to a new record high of $55/oz, now up +90% in 2025. While everyone is focused on AI, deficit spending is soaring, and the Fed is cutting rates to 3% inflation. Own assets or be left behind.

Silver prices are now up 5.5 TIMES more than the S&P 500 year-to-date in the middle of the biggest technological revolution since the internet. Asset owners will continue to win.

👉🏽’We now have:

1. Trump says he will keep stocks at record highs
2. $600B/year in Magnificent 7 CapEx
3. Fed cutting interest rates to 3%+ inflation
4. Global AI infrastructure spending at $1T/year
5. Fed ending Quantitative Tightening in 2 days
6. US deficit spending at >6% of US GDP
7. Nvidia is larger than all but 5 national stock markets
8. Record corporate buybacks of $1.2T coming in 2026
9. Trump saying he will “completely cut” income taxes
10. Trump promising $2,000 stimulus checks in 2026 How can you fight this momentum?’ -TKL

👉🏽Michael A. Arouet: This is probably the scariest chart you will see today. How did it happen?

One word: Demograpics

§🎁If you have made it this far, I would like to give you a little gift:

Lyn Alden: The So-Called “Debasement Trade” My December macro newsletter is now available.

It discusses the debasement trade, changing macro conditions, and the large dislocation between the economy and markets.

https://www.lynalden.com/december-2025-newsletter/

Credit: I have used multiple sources!

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Get your Bitcoin out of exchanges. Save them on a hardware wallet, run your own node…be your own bank. Not your keys, not your coins. It’s that simple. ⠀ ⠀ ⠀⠀ ⠀ ⠀⠀⠀ Do you think this post is helpful to you? If so, please share it and support my work with a zap. ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃ ⭐ Many thanks⭐ Felipe - Bitcoin Friday! ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃