• 🧠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:

Jack Dorsey: “Everything you think you own is actually just a lease from the government when they have a monopoly on violence, because they can seize your property at any time.”

James Lavish: “The choice is simple. Own assets to protect yourself from a constantly debasing currency, or suffer the consequences of leaving cash idle as it loses 50%+ of its purchasing power every decade. The longer the horizon, the more extreme the outcome.”

§🧡Bitcoin news🧡

Bitcoiners are going insane in an insane world.

Once you understand Bitcoin, you start seeing everything else, banks, inflation, politics, and media as symptoms of a broken operating system. Bitcoin doesn’t change you because of price action. It changes you because it rewires how you perceive truth, energy, and time. https://dergigi.com/2021/01/14/bitcoin-is-time/

On the 10th of November: ➡️They will never stop printing the dollar. Inflation halves your purchasing power in: 2% -> 35 years 3% -> 23 years 5% -> 14 years 7% -> 10 years 10% -> 7 years 20% -> 4 years No one will save your savings. Opt out with unprintable money: Bitcoin.

➡️ZeroHedge: “You can’t print energy”

‘Has anybody done the math on how many hundreds of new nuclear power plants the US will need by 2028 for all these AI daily circle jerk deals to be powered? The money is not the problem: AI is the new global arms race, and capex will eventually be funded by governments (US and China). If you want to know why gold/silver/bitcoin is soaring, it’s the “debasement” to fund the AI arms race. But you can’t print energy.’

That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.

➡️Rough!!! Someone just tried to send 1 BTC and paid almost all of it in fees by accident. “Keep the change, you filthy animal!” https://t.co/mvxL5sf0I6

➡️’Bitcoin addresses holding 10,000+ BTC more than doubled their holdings between October 24th and November 7th. Smart money bought the dip.’ - Bitcoin Archive

On the 11th of November: ➡️Bitcoin Archive: McDonald’s McRib Signals MAJOR Bitcoin Rally
Every comeback has led to explosive BTC price action: • 2017: Nov → BTC +1,000% • 2020: Dec → BTC +200% • 2021: Nov → BTC to $69K ATH • 2024: Dec → BTC new ATH $126K The McRib returns today.

➡️The Senate Ag Committee releases its bipartisan crypto market structure discussion draft. The bill explicitly protects the right to self-custody Bitcoin and other digital assets, allowing Americans to hold and transact peer-to-peer using hardware or software wallets.

➡️Global M2 has left Bitcoin behind. Historically, Bitcoin wakes up and violently erases the gap.

➡️Michael Saylor predicts Bitcoin will go up 30% per year for the next 20 years. $10,000 today = $1.9 MILLION by 2045.

➡️Governments are stealing Bitcoin now. China just accused the U.S. of stealing $13B in Bitcoin from a Chinese mining pool. China’s CVERC released a report on Nov 9 alleging the U.S. stole 127,000 BTC from the 2020 LuBian pool hack. The DOJ maintains it was a lawful seizure of illicit proceeds tied to fraud and trafficking. China vs the US, but the real winner is Bitcoin. Source: https://www.business-standard.com/world-news/china-accuses-us-bitcoin-theft-lubian-hacking-cryptocurrency-cyberattack-125111300702_1.html

➡️Bitcoin Archive: Matador Technologies raises $100 MILLION to buy more Bitcoin. They plan to buy 1,000 BTC by 2026 and 6,000 BTC by 2027.

➡️Bitcoin mining company TeraWulf nearly doubled its Q3 revenue this year, with an 87% YoY to $50.6M, with digital asset revenue making up $43.4M.

➡️Wicked: There are an estimated 57 million millionaires around the world, but there will only ever be 21 million bitcoins. Split evenly, each gets just 0.366 BTC. In reality, most will own far less.

➡️Inflation eats all your savings. Study Bitcoin.

➡️Bitcoin News: ’Since the start of 2024, Bitcoin has had 2 main surges:

• ETF approval
• Trump election 2025 has been a game of the market trying to wear you out. Hold the course, the cycle looks like it could be radically different this time around.’

➡️SoFi launches SoFi Crypto, expanding Bitcoin and crypto services. SoFi is now the first nationally chartered bank to allow customers to bank, borrow, and invest in Bitcoin.

➡️Germany’s Left Party and Alliance 90/The Greens propose to abolish the tax-free holding period for Bitcoin. Germany (and the European Union in general) is so broken, so blind to its own decay. Wake up. Embrace Bitcoin, and if your personal life grants you the possibility to vote with your feet. The UK is considering a 20% exit tax, and France has a proposed bill to confiscate 1% of its citizens’ holdings of “unproductive assets,” like Bitcoin. The War on Savers is here, and the time to get out is now. Buy Bitcoin, find a Plan B, and live a better life where your talent, skills, and resources are appreciated. And if, because of personal reasons, you can’t leave the EU, and if you are European, and don’t yet know what a CBDC is, I suggest you start learning. Fast.

➡️LONG-TERM HOLDERS DUMPED 400,000 BTC IN 30 DAYS. Over $43 BILLION in profit was realized by veteran investors. Once this selling cools and net positions flip green again, history shows strong rallies often follow.

➡️Glassnode: Since early October, U.S. Bitcoin ETFs have shown signs of weakness, with a few positive days, but mostly net outflows reaching up to -$700 per day. This trend points to a broader de-risking phase among ETF investors.

➡️Joe Consorti: ‘The U.S. housing market is fundamentally broken. People are buying their first home at 40, up from 33 in 2020. Over the last five years, monetary inflation has eroded seven years of homeownership. Homes are investments rather than shelters. Bitcoin demonetizing real estate will fix this. We don’t need 50-year mortgages or 15-year car loans. We need them to stop printing money, which cannot happen in a debt-based monetary system. Owning bitcoin is the logical endpoint of all affordability woes in the 21st century.’

➡️Bitcoin supply on exchanges has fallen to a new low. There’s not enough Bitcoin for everyone. Bitcoin exchange reserves have dropped to a new all-time low of 2.39M, signaling tightening supply as price holds near $105K.

➡️’Bitcoin is about to have its fourth death cross of the cycle. Each one has marked a major bottom.

• September 2023
• August 2024
• April 2025
• November 2025’ - James van Straten

➡️Over 5 million BTC are now held at a loss, a threshold reached only during major market resets. It marked capitulation in mid-2024 and again in April 2025, both preceding strong recoveries. Now it’s back at 5.6 million BTC. Historically, this level signals exhaustion of sellers and the start of accumulation.

➡️Canadian public company Matador Technologies acquires 92 BTC for its treasury.

➡️Bitcoin recorded gains of 96% and 157% following the 2018 and 2019 US government shutdowns.

On the 12th of October: ➡️’Bitcoin is still at bear-market levels against Gold. This lower boundary has never been broken in its entire history.’ - Julius

➡️US spot Bitcoin ETFs see $524M in total daily net inflows, the highest level in a month.

➡️Larry Fink says sovereign wealth funds are debating how much to allocate to Bitcoin. If they all move to a 2–5% allocation, Bitcoin’s price could hit $700,000. No, this won’t happen next year, but rather more gradually (next 4 years), then suddenly, in a type of environment.

➡️The S&P 500 has more than doubled BTC’s year-to-date performance—the Nasdaq has more than tripled it. Rough. But hey, look at it from the bright side. Bitcoin is still at 100k, and sentiment feels worse than the 2022 low for some reason. Over the last year, 800,000 Bitcoin have been taken off exchanges. More than 118,000 BTC disappeared in the last 30 days alone. Kinda bullish, just zoom out.

➡️Bitcoin News: Emory University reports holding 1,023,417 shares of the Grayscale Bitcoin Mini Trust ETF valued at $51.8 million as of September 30. This is a 91% increase from 535,781 shares reported in June.

➡️A satoshi era whale(an OG) just sold all his Bitcoins. After roughly 15 years of holding, he sold $ 1,5B worth of Bitcoin.

➡️Whales scooped up 45,000+ BTC in the past week, the second-biggest weekly accumulation of the year.

➡️Bitcoin Fear and Greed Index falls to 15 (Extreme Fear). Sykodelic: “This is insane. Fear and greed are at 15. And Bitcoin is at…. checks notes Over one hundred thousand United States dollars! Bitcoin is down 20% from ATH, and we are at peaking extreme fear levels, within bullish HTF structure… And you mf’ers think we’re going to $80k?”

On the 13th of November: ➡️Long-term $BTC holders are accelerating their distribution, with supply declining fast and net position change falling sharply into negative territory. LTHs are booking profits as bulls defend $100k.

➡️JANUARY 2025: E.U. Central Bank President Christine Lagarde says, “I’m confident bitcoins will not enter the reserves of any European central banks.” Today, the Czech central bank added $1 million worth of BTC to its reserves.

‘The Czech National Bank has purchased digital assets for the first time in its history. Through this USD 1 million investment, the CNB has created a test portfolio of digital assets based on blockchain. In addition to bitcoin, the portfolio will include a test investment in the form of a USD stablecoin and a tokenised deposit on the blockchain.’ -CNB

Over the next two to three years, the bank will test the full process chain for buying, holding, and managing digital assets, including key management, multi-level approvals, crisis scenarios, security controls, and AML compliance. While this is part of a “test portfolio,” I believe it’s the first actual purchase of Bitcoin by a traditional central bank. It’s hard to overstate the potential impact of the central bank of an EU nation buying Bitcoin. Whatever we think about the centralisation of BTC holdings, this is a huge moment.

2009: Satoshi launches Bitcoin 2025: the first European central bank publicly buys Bitcoin

➡️Luxembourg Finance Minister says their sovereign wealth fund has invested 1% of its assets in Bitcoin, and other countries will follow soon.

➡️Bitcoin just recorded its 23rd difficulty adjustment of the year, marking its seventh decrease of 2025 with a drop of 2.37 percent.

➡️Satoshi-era Bitcoin whale Owen Gunden transfers 2,401 BTC ($244.96M) to Kraken hot wallet.

On the 14th of November: ➡️Charlie Bilello: At $94,500, Bitcoin is now down 25% from its all-time high of $126,000 on October 6. Is that a big decline for Bitcoin? No…

➡️Wicked: New Visualization: Bitcoin Halving Cycles (Block Height Aligned).

➡️At $96K, nearly 99% of investors who accumulated Bitcoin within the past 155 days are now holding at a loss. - Glassnode

➡️River: For 5000 years, people have agreed: 3000 BC: Money should be scarce. 2000 BC: Money should be scarce. 1000 BC: Money should be scarce. 0: Money should be scarce. 1000: Money should be scarce. 1500: Money should be scarce. 1900: Money should be scarce. 1914-1970: Ok, but what if it’s not. 1971: Money is what the gov says it is. 1990: Financialize all the things. 2008: Oops, maybe not. 2009: Money should be scarce -> Bitcoin. 2010-2019: Bitcoin makes no sense. 2020: Money printer go brrrr. 2021: Wait, maybe Bitcoin makes sense. 2025: Money should be scarce. A currency that can be infinitely printed by a government is an anomaly. You don’t have to accept it; opt out with Bitcoin.

➡️’Average Bitcoin Performance when Crypto Fear & Greed was below 20: 1d +0.9% 2d +1.8% 5d +4.1% 1w +5.2% 2w +9.3% 1m +19.9% 2m +44.2% 3m +62.4% 6m +48.5% Fact: Readings below 20 have consistently signalled above-average forward returns. - Abdre Dragosch

➡️US spot Bitcoin ETFs see $866M in net outflows, the second-worst day on record.

➡️Satoshi Nakamoto Emails November 14th, 2008 “It’s very attractive to the libertarian viewpoint if we can explain it properly. I’m better with code than with words, though.”

➡️UAE sovereign wealth fund increases Bitcoin exposure by 230% since June, per a recent filing. They now hold 7.9 million Bitcoin ETF shares worth $517 MILLION.

➡️Daniel Batten: India now has its first Bitcoin-only investment fund. That means citizens of the world’s most populous nation can now get bitcoin without paying the 30% VDA tax rate. In India, Bitcoin is classified as a Virtual Digital Asset (VDA), meaning it incurs a flat 30% tax rate, irrespective of holding period. However, investing in Bitcoin indirectly through a “Bitcoin-only investment fund” shifts the tax treatment. These funds hold Bitcoin on your behalf, so you own units of the fund, not the VDA itself. Therefore, no 30% VDA tax.

➡️Darkfost: “Since July 2024, the large whales, meaning those holding more than 10,000 BTC, have been offloading their Bitcoin onto the market. This trend lasted for over a year, and it now seems to be taking a different direction. With early signs appearing in September, this category of investors has increased the supply they hold by 3.8% over the past two months. Looks like some of them are getting ready to enjoy Black Friday.”

On the 15th of November: ➡️Today, Bitcoin’s price is at $95,000, and market sentiment is EXTREME FEAR at 10. Haven’t seen it get much lower than this. Lowest reading since the COVID crash. Remember: in November 2024, when Bitcoin was around $95,000, this index showed EXTREME GREED.

On the 16th of November: ➡️Fred Krueger: This is the single most important graph in Bitcoin. It’s the amount of BTC in IBIT. And it’s a one-way train.

➡️Bitcoin just hit its 4th “death cross” of this cycle. The last three marked excellent buying opportunities. Historically, one year after a death cross, Bitcoin has been higher half the time, with an average return of 85 percent.

➡️’The current US business cycle is still flatlining, but when it begins to expand (readings over 50), the Bitcoin blow-off top will begin to form. Patience…’

Quinten Francois: “It was always the business and liquidity cycle that coincidentally happened at the same time. Except this time, the business/liquidity cycle hasn’t even started yet.”

I don’t believe that. Bitcoin went from 15K to 126K and the cycle hasn’t even started…nawwww! I do think that the global liquidity cycle peaks in Q1 26. I think you know what happens next.

➡️$111 trillion worth of debt. The only way to pay it back is with fiat currency that buys a lot less than it does today. Got Bitcoin? - Bitcoin News

➡️Harvard’s largest public position in their college endowment portfolio is Bitcoin.

➡️Bach: Macro Bitcoin tops always come with a blow-off in the Z-score!!! If this were truly the top, it would be the first crypto cycle in history to peak without a Z-score warning spike….

On the 17th of November: ➡️Block #923,999 has just been mined. There are now 19,500,000 Bitcoin in circulation, 95% of the total Bitcoin supply. There is officially only 5% Bitcoin left out there to mine.

➡️The STH Profit/Loss Ratio has collapsed to levels last seen during the FTX capitulation in late 2022, the depths of the last bear market…

People asked me if we had already topped. Are we in a bear market? One, I have no fucking clue. Two, we are now in the max pain phase. It would be everyone calling the top at the actual top for the first time. Are we still in a four-year cycle? Businesscycle? What kind of effect will the midterms have, etc, etc…. At the end of the day, we all forgot one thing: all your models are destroyed or will get destroyed.

§💸Traditional Finance / Macro:

On the 11th of November 👉🏽‘Nvidia now reflects a record 8.5% of the S&P 500 and is now larger than 6 of the index’s 11 sectors. It is now larger than the Materials, Real Estate, and Utilities sectors combined. With a market cap of ~$5.1 trillion, Nvidia also surpasses the combined value of the bottom 240 firms in the S&P 500. The stock is larger than the combined value of the entire stock market of Italy, the UAE, Spain, and the Netherlands. Furthermore, Nvidia is behind just the US, China, Germany, Japan, and India’s stock markets. Nvidia’s rally is unprecedented.’ -TKL.

Kinda crazy, a company with just 30,000 employees is now worth more than the entire economic output of 124 MILLION Japanese citizens, and now also rivaling Germany — the world’s 3rd-largest economy.

👉🏽Bubble?

The top 10% of US stocks now account for a record 76% of the total US stock market value. This now exceeds the Dot-Com bubble peak in 2000 and the previous all-time high set before the 1930s Great Depression.

👉🏽“Having loads of liquidity lets us sleep well … during episodes of financial chaos that occasionally erupt in our economy, we will be equipped both financially and emotionally to play offense while others scramble for survival.” - Warren Buffett

On the 13th of November: 👉🏽Michael Burry to close down his hedge fund by year’s end after acknowledging he doesn’t understand today’s market.

He’s stepping off the stage because he thinks the show has turned into something he’s seen before: a late-cycle mania, powered by flattering models and aggressive accounting, that ends with a long, grinding reset in stock prices, especially at the top of the index.

Great insight by Shanaka Anslem Perera: https://substack.com/inbox/post/178770606?r=6p7b5o&triedRedirect=true “….He’s not managing money anymore. He’s not playing games. He placed the bet, walked away from the table, and left instructions for what comes after. The man who warned us about housing while banks collapsed is now warning us about AI while tech soars 173% this year. Last time, it took 18 months to be proven right. Last time, he made $100 million and nearly lost his mind. This time, he’s not waiting around to watch.​​​​​​​​​​​​​​​​”

👉🏽Eric Balchunas: The top 3.6% companies have created 100% of the lifetime wealth for investors. The bottom 96.4% of companies (27k stocks) have created zero wealth. This is the ultimate advertisement for passive or active, depending on one’s POV. Mind melting chart from Gloeschi.

If you buy “the market” through a passive index fund, 96.4% of the companies you own create no wealth. If I check Instagram / social media and have chats with my friends/colleagues, this is still considered the smartest way to save over the long run.

On the 17th of November: 👉🏽‘Peter Thiel has now sold his entire stake in Nvidia and 76% of his Tesla shares. Michael Burry’s entire portfolio is now short positions in Nvidia and Palantir. Softbank has now sold its entire stake in Nvidia.’ -Andrew Lokenauth

§🏦Banks:

👉🏽no news

§🌎Macro/Geopolitics:

“If you don’t believe in freedom of speech for people you disagree with, you don’t believe in freedom of speech at all.” — Noam Chomsky

Before I start with this segment, I want to share the following bit: EU Commission President, Ursula von der Leyen:

“Democracy is the foundation of our freedom. Democracy is the foundation of our prosperity. Democracy is the foundation of our security. The European Democracy Shield will protect and reinforce free speech, independent media, resilient institutions, and a vibrant civil society.”

Dangerous development. This could further undermine the rule of law by restricting freedom of speech. When the EU says it wants to “ensure that the right information reaches citizens”, it doesn’t mean truth; it means control. Although that is just my opinion.

Ursula von der Leyen framed it as protecting “free speech, independent media, and institutions” - but critics are already whispering that the EU’s cure for fake news might look suspiciously like state-approved truth. Europe’s democracy shield could be a firewall - or a filter. The difference will depend on who’s holding the password. Source for the Dutch readers: https://archive.ph/8fKtI Source(s) for all readers: https://www.zerohedge.com/geopolitical/eus-new-censorship-machine https://archive.ph/ugvvD

Great reply by Elon Musk: ‘If democracy is the foundation of freedom, surely your position as leader of the EU should be elected directly by the people?’

‘One post, Von der Leyen, about defending democracy… and the richest man alive, Elon Musk, just questioned its source code. Von der Leyen’s EU presidency isn’t chosen by popular vote; she’s nominated by member states and confirmed by the European Parliament - a detail Brussels would rather frame as institutional consensus, not democratic distance. Elon’s jab hits where the EU’s soft underbelly lies: legitimacy optics. The same Commission that wants to fight “disinformation” is being reminded it wasn’t exactly elected by the demos it defends. In one thread, Europe’s war on fake news collided with America’s king of free speech maximalism… and for once, the algorithm didn’t need to exaggerate the irony.’ - Nawfal

This is how MEPs get to elect the President of the EU Commission. The EU Parliament is a gossamer cloak of supposed democracy on a bureaucratic behemoth. No other candidates are typically presented, as the selection is a negotiated outcome among EU leaders rather than an open contest. But “Our Democracy”

My reaction to this matter. This truly is fascism: the tyrannical, unelected EU Commission. Democracy isn’t protected by restricting speech, but by tolerating disagreement. Democracy is ‘rule by the people’. Anything less is a fraud. The woman, Von der Leyen, who rigged vaccine contracts, deleted text messages and documents, and remains the least transparent of all the unelected demagogues in Brussels, is to lead the EU’s intelligence agency.

Just in time for the digital Euro and the new digital ID. Go figure.. How do you feel about Europe wanting to put spending and savings limits on its digital euro? Not allowing people to save money is a human rights violation and devalues their time and labor.

Or is that too conspiracy theory for ya? If so, I will refrain from myself. Imagine a world where an unelected, transnational bureaucrat - under multiple investigations and trusted by virtually no one - is the one setting up a new EU “intelligence” unit. Totally normal. Nothing to see here.

Source for the Dutch readers: https://nos.nl/artikel/2590018-europese-commissie-werkt-aan-eigen-inlichtingenorgaan

“The essential characteristic of socialism is the denial of individual property rights.” — Ayn Rand

Now, read the above again…and after that, read below what kind of baffling hypocrisy occurred last week in the wonderful world of Macro/Geopolitics.

On the 10th of November: 👉🏽If you read my recaps, you know I am not on the left or the right on the political spectrum. But I will point out baffling hypocrisy. And unfortunately, you will see that happen more on the left. (That is just my opinion.) The Green Party deputy leader in the UK, Rachel Millward, opposes the accommodation of “asylum seekers” in her area. Referring to risks and safety concerns. You couldn’t make this up! A month ago, she was saying, “…so we hung out flags of all the nations and said: refugees are welcome here.“ In her conference speech, she pointed to those who have concerns about ‘immigrants’ as being ‘far right’. Is she ‘far right’ now? You see why I hate hypocrites. If you want to define hypocrisy, read her post. https://x.com/rachelmillward/status/1984927535524642942/photo/1

Dear Rachel, you live in a £1.6 million house with six bedrooms and a swimming pool. I’m sure you could accommodate a fair few “refugees” in your house. Refugees welcome after all, right? Oh well, migrants for thee, not for me.

More on the hypocrisy….but then the climate change/hysteria.

COP30: I will start with a photo and tweet by Peter Clack:

They bulldozed 100,000 trees in the Amazon rainforest for a highway to shuttle 50,000 delegates to COP30—and private jets are falling from the skies in a carbon confetti parade. The Avenida Liberdade (Liberty Avenue) slices 13 km through the protected Belém Environmental Protection Area south of Belém (Nov 10–21). The irony of desecrating the iconic rainforest to host a climate summit! Red dirt is flanked by dense green jungle. Yellow excavators and bulldozers grind forward amid scattered vehicles. Experts warn of fragmented habitats, supercharged roadkill (Brazil loses ~475 million wild animals yearly to roads), & a red carpet for illegal loggers and sprawl. Net zero on the tarmac: biodiversity in the ditch.

(Green)Ed Miliband went TWICE to the COP. He’s flying back to Brazil for part 2! Meaning in under a week, he’s clocked up 24,000 miles and about 10 tonnes of carbon emissions. Shh… he’s saving the planet.

More on this.

🌴 UN Climate Conference in Brazil: hypocrisy on full display. 56,000 attendees from 193 countries flew in. To host them, Brazil reportedly cut 100,000 trees to build a 4-lane access road right through the Amazon to Belém. Top delegations by size: 🇳🇬 Nigeria — 749 🇨🇬 Congo — 556 🇹🇩 Chad — 528 🇹🇿 Tanzania — 465 🇧🇪 Belgium — 76 🇳🇱 Netherlands — 76 Amazing how many “climate experts” Africa suddenly has. Source: https://www.carbonbrief.org/analysis-which-countries-have-sent-the-most-delegates-to-cop30/

Just to make it more ‘visible’ for you as a reader, as the majority of my readers come from Europe. Von der Leyen in Belém: “As a crucial COP30 takes place in Belém, Europe shows climate action and competitiveness go hand in hand. Parliament’s vote on our proposal to reduce carbon emissions by 90% by 2040 is a very welcome development. And a major step on our path to climate neutrality by 2050.”

Now let’s have a look at that approach and the impact of the EU’s 90% emission reduction, shall we?

Full disclosure: Grok wrote this: “EU’s ~6% of global GHG emissions means a 90% cut by 2040 trims world totals by ~5%, potentially averting 0.05-0.1°C warming by 2100 per climate models—far below IPCC thresholds for detectable change soon, as benefits accrue slowly and depend on China/India’s inaction. Temperature signals drown in natural variability for decades. Negatives include soaring energy prices fueling poverty, deindustrialization via carbon leakage, and distorted markets hindering nuclear/fusion advances. Real progress demands global tech, not unilateral virtue.”

Again, referring to my political stance. I hate hypocrisy, I want transparency, and politicians who truly can provide and share with the people an insight into the models where the statements (90% etc) are based upon. Von der Leyen should share specifics on how 90% domestic slashing overcomes carbon leakage and delivers measurable cooling, versus the deindustrialization costs.

To put it more bluntly: These mf’ers at COP 30 literally bulldozed the Locals’ Brazilian Rainforest to fly their Private Jets, only to tell the local tribesmen their cows need to fart less to save the Planet from Climate Change, and to the rest of the world to lecture people that their Gas cars, Cows Farting & how an occasional Steak is destroying the Planet forever. Oh, and on top of that…they will create a fund…a fund to plant more TREES. You know, the TREES they just cut in the Amazon to have the COP 30. Here is another picture and some facts: The tragic irony of destroying 100,000 trees and 8 miles of the Amazon rainforest so that delegates can travel on a new highway to the COP climate summit. HYPOCRITES!

Okay, more hypocrisy.

You’re not gonna believe this. He’s the president of Syria, and enjoys significant financial support because nothing says “liberation” quite like rewarding terrorists with power and money! So, the difference between a fighter and a terrorist is whether he is fighting for or against American interests / EU / Israeli interests. It’s all a geopolitical game, people, and it’s all about the benjamins.

👉🏽Germany: Create a substantial infrastructure package and then allocate 50% of it to other purposes. At least, that’s what a study finds. Source: https://archive.ph/zvqRv

On the 11th of November: 👉🏽U.S. Apartment Rents just saw their largest October decline in 15 years

👉🏽University of Michigan Consumer Sentiment Index just hit 50.3, the second lowest in history. Every prior low since 1987 marked a Russell 2000 bottom. Every Russell 2000 breakout has preceded a parabolic bitcoin bull market. Is this time different?

👉🏽The US added an average of just 3,000 private-sector jobs per month over the last 3 months (ADP data), the slowest pace since the 2020 recession. A year ago, we were adding over 200,000 jobs per month.

👉🏽U.S. federal interest payments are now outpacing defense spending — a sign of how rapidly debt costs are spiraling out of control. That’s what decades of unchecked borrowing and rising rates lead to.

The Interest Expense on US National Debt rose to a record $1.24 trillion in the last 12 months, more than doubling over the past 4 years. The US Government now spends more money on interest than it does on National Defense.

👉🏽Government debt across EU countries tells the real story: The EU’s own rules (Stability & Growth Pact) set a maximum of 60% debt-to-GDP. Yet major Eurozone economies are far above that threshold: France: 113% Italy: 135% Greece: 154% Spain: 102% Netherlands: 43% The biggest risk of Eurobonds isn’t “solidarity”—it’s forcing fiscally responsible countries like the Netherlands to underwrite the debt of governments that consistently ignore the rules.

And regarding France. The French parliament has voted to postpone the controversial pension reform. The proposal to raise the retirement age from 62 to 64 was intended to give the country—already burdened by high public debt—some financial breathing room. However, due to fierce public opposition, the plan has been put on hold for now. Paying for your neighbor’s debt—so virtuous! Does that make you a good person now?

👉🏽TKL: “India’s gold ETF inflows are skyrocketing: Gold ETF inflows in India hit +$2.9 billion in the first 10 months of 2025. This equates to ~26 tonnes of physical gold. This also nearly matches the combined total annual inflows from 2020 to 2024. October alone saw +$850 million in inflows, following a record +$942 million in September. As a result, total AUM in Indian gold ETFs reached a record $11 billion, with gold holdings of 83.5 tonnes. The gold rush in India shows no signs of slowing.”

👉🏽TKL: US consumer delinquencies are surging: 3.0% of auto loans transitioned into 90+ days delinquency in Q3 2025, the highest in 15 years. At the same time, 7.1% of credit card debt became seriously delinquent, near the highest in 14 years. Student loan serious delinquencies spiked +13.5 percentage points YoY, to 14.3%, an all-time high. This followed the expiration of the student loan relief period, as missed payments began reappearing on credit reports. Mortgage delinquencies also increased, with 1.3% transitioning into serious delinquency last quarter, the highest in 8 years. Consumers are drowning in debt.“

👉🏽ZeroHedge: “to drive a 10% return on our modeled AI investments through 2030 would require $650 billion of annual revenue into perpetuity, which is an astonishingly large number. For context, that equates to $180/month from every NFLX subscriber”- JPM That’s why Sam Altman is begging for a bailout.

👉🏽Credit card debt in the U.S. is the silent killer. Over 12% of balances are now 90+ days delinquent – the highest in 14 years. With interest rates north of 21%, nothing destroys wealth faster.

👉🏽The U.S. Treasury’s account just hit $900B, draining cash from markets. Repo activity tops $3T daily — if stress grows, the Fed may need to inject more liquidity.

👉🏽71% believe that unemployment will go higher over the next 12 months, the highest level in 45 years. Yikes, can you call that stagflation?

When 7 out of 10 people believe unemployment will rise, it’s not just fear: it’s fatigue. Anyway, no bueno heading into midterms.

👉🏽

‘Britain’s richest young entrepreneur is leaving Britain because of Labour threats to introduce an exit tax. Herman Narula, CEO of the £2.5bn tech company Improbable, said current policy speculation meant it was “too unstable & too risky to maintain residency” in Britain & he was preparing to emigrate to the UAE. Congratulations, Centax, IPPR, NEF, the IFS, and the rest of the tax-raising blob on the success of your campaign to force successful entrepreneurs out of the UK.’

Tax structures are supposed to fund innovation, not punish it. Now, don’t get me wrong, I am in favor of taxes (not the % of taxes we have right now), but stop hating on wealthy people. They stimulate the economy by providing jobs for people and wealth through taxes that not only they pay personally, but that their company and workers also pay. Without those people, you have fewer workers and you have less tax money… get it? It is just basic economics 101, and oh well, good ol’ Margaret Thatcher said it so eloquently: “Socialists don’t like people to do things for themselves. Socialists often aim to make people dependent on the state. You will never build a great society that way.”

The top 1% of earners and wealth pay 30% of ALL tax. The top 5% pay 50% of ALL taxes. If only there were this thing called HISTORY that we could learn valuable lessons from. The famous wave of wealthy Britons leaving explicitly for tax reasons occurred in the early to mid-1970s. Anyway, do know, the enemy of the working class is parties, no matter if that is in the UK or here in the Netherlands, which incentivise not working and run inflationary policies. They are debasing your money while raising your taxes. Inflation is the biggest transfer of wealth from the poor to the rich. End deficit spending, end money creation, support free markets.

On the 12th of November: 👉🏽US Treasury Secretary Bessent announces that $2,000 tariff stimulus checks will most likely be going to all Americans who make less than $100,000/year.

👉🏽‘The EU-Regulations have reached 20 million words in 2024. Red tape, they said…’ - Velina Tchakarova

Deregulate now in the interest of our children’s future and the competitiveness of our companies. For now, EU red tape should be called red r*pe of innovation, economic growth, and freedom of speech. But hey! Finally leading in a field, splendid work, EU!

👉🏽‘US private employers cut an average of -11,250 jobs per week over the 4 weeks ending October 25th, according to ADP’s weekly data. This brings the 4-week total to -45,000, the 2nd-largest drop since 2020. This contrasts with ADP’s monthly report, which showed private-sector payrolls rose by +42,000 in October, following declines in the prior 2 months. Meanwhile, Goldman Sachs estimates payrolls fell by -50,000 in October. Downward momentum in the US job market is accelerating.’ - TKL

👉🏽Now, before writing down the following, again I want to emphasize that I am neither right nor left on the political spectrum. Multiple sources have confirmed the following story, such as Euronews, Reuters, and Deutsche Welle. Mario Nawfal: ‘Multiple German banks are shutting down accounts linked to AfD, now the country’s largest opposition party, without explanation, citing “banking secrecy.” AfD leaders call it political debanking, a financial weapon to punish opposition to illegal immigration and the defense of traditional values. This isn’t isolated: from Berlin to Düsseldorf, accounts are vanishing, including party donations and personal banking for elected officials. Behind it all, Germany’s intelligence service labeled AfD “far-right” for challenging gender ideology and open-border policies, effectively criminalizing dissent. When “democracy” means freezing your opponents’ bank accounts, maybe it’s not democracy anymore.’

Now, don’t get me wrong, left or right, Bitcoin fixes this. Remember this:

“Russian authorities periodically block the bank accounts of Navalny’s Anti-Corruption Foundation, a separate organisation he founded which conducts investigations into official corruption. “They are always trying to close down our bank accounts – but we always find some kind of workaround,” said Volkov. “We use Bitcoin because it’s a good legal means of payment. The fact that we have Bitcoin payments as an alternative helps to defend us from the Russian authorities. They see if they close down other more traditional channels, we will still have Bitcoin. It’s like insurance.”

Source Reuters: https://www.reuters.com/article/world/bitcoin-donations-surge-to-jailed-kremlin-critic-navalnys-cause-data-idUSKBN2AB2GR/

👉🏽Gold prices surge above $4,200/oz and Silver prices rise nearly +5% on the day. Markets know stimulus checks, rate cuts, and inflation are all converging.

👉🏽Meanwhile in Ukraine, Zelensky’s closest buddies caught stealing $100 million meant for the energy sector, to build “luxury country houses” instead. But hey, let’s send more money to Ukraine. Why the fuck not?

👉🏽The White House says October jobs and inflation data may never be released. Sjeez….how bad are the numbers?

👉🏽Apple announces “digital ID.” And so it begins.

👉🏽This is the first generation to be worse off than their parents. There are a host of reasons why. Leaving the Gold standard in 1971 is one of them. This is why young people are so mad today. This is only getting worse.

On the 13th of November: 👉🏽New York Post: The Gulf Stream is near collapse, scientists warn — inviting a new ice age and rising sea levels.

Wait what? I was told it was getting hotter!

Source: https://nypost.com/2025/11/12/science/gulf-stream-on-the-verge-of-collapse-scientists-warn/ I am trying to figure out how more ice = higher sea levels. When I’ve been told for decades that less ice = higher sea levels.

👉🏽The Great Martis: ‘Ladies and gentlemen, I present to you another 4.2 billion in liquidity injection into the banking system. That’s over 100 billion since July.’

👉🏽‘Germany, where the economy is looking increasingly state-driven. Government spending ratio (public spending measured in terms of GDP) keeps climbing and is set to reach ~22.5% of GDP this year; the highest level since reunification.’ -Holger Zschaepitz

👉🏽Morgan Stanley says surging AI demand could create a power shortfall of up to 20% — about 13–44 GW — for U.S. data centers through 2028. Analysts led by Stephen Byrd called AI computing “the most important technological shift in modern history,” warning that power constraints could become a major bottleneck for growth. Possible fixes include natural gas turbines, fuel cells, and small nuclear deals, which together could add up to 40 GW of supply. The bank also noted Bitcoin miners repurposing sites for AI computing, with new models like “neocloud” partnerships and long-term powered-shell leases offering strong value potential.

ZeroHedge: ‘One year later, the staggering energy shortfall to power the AI revolution rises from 36GW to 44GW. At $60BN per GW, this is $2.5 trillion in grid funding needed and EXCLUDES the $2 trillion needed to build the actual data centers (source Morgan Stanley).’

StockMarket.News with a great explanation:

“Look at this electricity generation chart. The U.S. has been basically flat-lined for two decades, hovering around 4,000-4,500 TWh annually while China exploded from 1,400 TWh to over 10,000 TWh. The grid infrastructure hasn’t even kept pace with normal industrial demand. Now you throw AI into the mix, and electricity consumption for data centers is projected to jump from 7 TWh in 2023 to 393 TWh by 2028. The grid needs 80 GW of new capacity annually just to survive what’s coming, but it’s only adding 40 GW. We’re running a 50% infrastructure deficit, and AI demand hasn’t even peaked.​ Getting a new power line built and connected takes roughly three to seven years, depending on the region. Building a data center takes two years. Getting power to it takes five to ten. The mismatch creates a structural bottleneck, and bottlenecks create pricing power. Microsoft’s CEO literally admitted to us that GPU idling is due to power constraints. This is where the opportunity lives. Morgan Stanley projects that power equipment designed for next-gen AI racks will trade at a 10x premium by 2027. The value per watt is expected to double. Bitcoin miners are already pivoting operations to AI computing hubs, and neocloud partnerships with long-term powered shell leases are popping up as emergent value models.​​ The real money is positioning into power infrastructure plays, nuclear reactor developers, and any firm with existing grid assets or high voltage equipment manufacturing. The big hyperscalers will eventually throw more and more money at this problem, unlike we’ve ever seen before.”

On the 14th of November: 👉🏽TKL: 655 US large companies have gone bankrupt year-to-date, the highest number in 15 years. This has already surpassed all previous full-year totals since 2011, except for 2024. Since 2022, bankruptcies have risen nearly +100%. This comes as 68 companies filed in October, 66 in September, and 76 in August, the highest monthly reading in at least 6 years. Industrials have seen the highest number of bankruptcies in 2025, at 98, followed by consumer discretionary and healthcare, at 80 and 45, respectively. Corporate bankruptcies are running at a crisis pace.’

👉🏽Michael A. Arouet:

Germany will be seen as an example of a country that turned prosperity into demise. Two reasons:

1. Arrogance, which led to missing new technologies & innovations, and sticking to industries from the last century.
2. Nonsense left green narratives killing traditional values.

Layoffs announced in Germany, past 12 months: • VW: 35,000 • Mercedes-Benz: 40,000 • Audi: 7,500 • Ford: 2,900 • Daimler Truck: 5,000 • ZF Group: 14,000 • Bosch, Continental, Schaeffler: 7,000 And countless suppliers. The German economy is not in a crisis; it’s imploding.

👉🏽Go woke, go broke - Swedish pension fund edition. “Sweden’s pension funds are facing eye-watering losses after they invested heavily in Net Zero projects that are now going bust, leaving the retirement savings of millions at risk.”

Fun thing. My pension ABP also invested in that kind of investment/project. The double or triple whammy is coming soon, as many of these US & European pension funds also bought many billions worth of private credit debt as an income product over the last 5+ years.

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

What Bitcoin Did - Bitcoin, Gold & the Coming Liquidity Pivot | Lyn Alden

Lyn Alden is a macroeconomist, investor, and the author of Broken Money, known for her deep analysis of liquidity cycles, fiscal dominance, and long-term market structure. In this episode, Lyn breaks down the major macro shift happening right now, the end of quantitative tightening, the turning point in global liquidity, and what this means for Bitcoin, gold, interest rates, and risk assets. Lyn explains why QT is effectively finished, how repo market stress is signalling a balance-sheet pivot, why fiscal dominance is driving inflation, and why Bitcoin’s stagnation has more to do with liquidity and capital rotation than the halving cycle.

They discuss the real reason Bitcoin is flat in 2025, how AI has redirected investment flow away from BTC, why OG-holder distribution still shapes every cycle, and why the four-year Bitcoin cycle is dead. Lyn also breaks down gold’s explosive run, the mechanics of fiscal deficits, the “nothing stops this train” thesis, and how the next phase of global liquidity will impact Bitcoin, gold, equities, and the broader macro environment.

Click here: https://youtu.be/xN_T696aqKA

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! ▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃▃