Baltic Dry Index. 2588 -03 Brent Crude 100.93
Spot Gold 1934
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 18/03/22 World 466,535,026
Deaths 6,088,152
How long is a trillion?
Scroll down to the end for the answer.
Day 23 of the Russian Blitzkrieg War that’s now turning into World War Three fought along World War One lines, before the proxy war probably extends, as most modern European wars have.
This one though, if it extends into a wider war, would force Russia into a first use of tactical nukes, with no clear certainty of how that would end, but does anyone in Washington know that, or care?
No one cares in the stock casinos, though in my humble opinion, that is the gigantic error of the century, so far.
Everything is now in flux and the process of immense long term change. Tomorrow will not be like today, which was like yesterday.
At best we have entered the new era of rising interest rates amid mountains of un-repayable debt.
At worst we are on the cusp of World War Three.
In the middle, we somehow muddle through, but into a food chain supply crisis, an energy crisis, and a social disorder crisis when downwardly mobile electorates furiously turn on the elites.
Hong Kong’s Hang Seng pares earlier losses as volatile week continues; Biden and Xi set to speak
SINGAPORE — Shares in Asia-Pacific were mixed in Friday trade as shares in Hong Kong continued a rollercoaster week.
Hong Kong’s Hang Seng index dropped 0.74% in afternoon trade as shares of Chinese tech titan Tencent slipped more than 2%. The benchmark index has had a volatile week so far, seeing big losses on Monday and Tuesday before a dramatic turnaround over the next two days.
Shares of Ping An Insurance in Hong Kong jumped more than 1% despite reporting its largest fall in annual profit since 2008.
The city also welcomed its first SPAC on Friday, with Aquila Acquisition making its debut. The company said Thursday it had raised about 1 billion Hong Kong dollars ($127.88 million) from the offering.
In mainland China, the Shanghai composite were up 1% while the Shenzhen component advanced 0.109%.
Japanese stocks were muted as the Nikkei 225 rose 0.69% while the Topix index climbed 0.59. South Korea’s Kospi gained 0.32%.
The S&P/ASX 200 in Australia climbed 0.6%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.16% lower.
U.S. President Joe Biden is set to speak with Chinese President Xi Jinping on Friday, with the two leaders to discuss topics such as Russia’s war against Ukraine and competition between the two countries, according to the White House.
The Bank of Japan on Friday announced its decision to hold steady on monetary policy. In a largely expected decision, the Japanese central bank kept its interest rate targets unchanged.
The BoJ warned in its monetary policy statement of “extremely high uncertainties” over how the situation in Ukraine will affect economic activity and prices in Japan.
Following the BoJ’s announcement, the Japanese yen traded at 118.74 per dollar, still weaker than levels below 118 seen against the greenback earlier in the week.
Elsewhere, the U.S. Federal Reserve on Wednesday has approved its first interest rate hike in more than three years while the Bank of England on Thursday hiked rates for the third consecutive meeting.
Overnight stateside, the S&P 500 jumped 1.23% to 4,411.67. The Dow Jones Industrial Average gained 417.66 points, or 1.23%, to 34,480.76. The Nasdaq Composite climbed 1.33% to 13,614.78.
Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 2.05% to $108.83 per barrel. U.S. crude futures jumped 2.33% to $105.38 per barrel.
More
In long term game changing news, is the new rising Empire threatening the exorbitant privilege of the dollar?
If it is, it won’t happen overnight unless US politicians and the US central bank continue issuing trillions upon trillions of new Magic Money Tree fiat dollars since the global discovery of the Magic Money Tree forests, all the way back in March 2020.
Why it matters if Saudi Arabia sells oil in Chinese yuan instead of US dollars
Published
Not for the first time, China is attempting to buy oil in yuan rather than dollars, and now it may have found a willing seller. Saudi Arabia, which sells a quarter of its exports to China, is considering making these sales in yuan, the Wall Street Journal reported.
These negotiations, which have surged and ebbed over the last half-decade, are not likely to fructify soon. For one, Saudi Arabia pegs its riyal to the dollar, so any damage inadvertently dealt to the dollar will hurt its own currency. But the US’ geopolitical hegemony is based so significantly on the petrodollar—with 80% of global oil transactions denominated in dollars—that the question is ever-present. What would the world look like if the petroyuan became the oil industry’s currency of choice?
The dollar’s robust status as a reserve currency owes much to the strength of the US economy. But it also derives from the dollar’s ample liquidity, which is partially a result of countries maintaining pools of dollar reserves to buy oil.
That link was forged in the early 1970s, not long after president Richard Nixon decoupled the dollar from gold. In 1974, Washington and Riyadh struck a deal by which Saudi Arabia could buy US treasury bills before they were auctioned. In return, Saudi Arabia would sell its oil in dollars—not only enlarging the currency’s liquidity but also using those dollars to buy US debt and products. The political economist David Spiro, in his book The Hidden Hand of American Hegemony, described how Saudi Arabia convinced other OPEC nations to invoice oil in dollars, rather than in a basket of different currencies.
If the yuan displaces the dollar to a sufficient degree in the annual $14 trillion global oil trade—although what that sufficient degree would be is difficult to say—countries will have to maintain yuan reserves instead. (At the moment, 2.48% of the world’s reserves are held in yuan, compared to 55% for the dollar, according to IMF data.) Oil producers receiving yuan would have to spend it on Chinese debt and imports, further strengthening China’s economy, but if the world was particularly awash in yuan, other trade might start to be yuan-denominated: metals, say, or soybeans.
The effect on both China and the US would be profound. To preserve the yuan’s new role, China would have to ensure political stability and financial transparency, of the kind the US promised in the 20th century. The US’ abilities to issue dollar debt and earn dollars for exports would decline, so its economy would shrink. In this situation, the dollar’s weakening may trigger a vicious cycle: capital flight away from the dollar and towards the yuan, debilitating the dollar further.
More
https://qz.com/2143450/saudi-arabia-wants-to-sell-its-oil-in-yuan-not-dollars/?utm_source=YPL
Up next, the Great Bear Market in falling yields comes to its end. After 40 years of falling interest rates we have entered a new bull market of rising yields.
But few professional money managers, stock and commodity punters have any experience of sustained rising interest rate markets. Even worse, many companies are loaded to the rafters with low interest rate debt that they presumed could be rolled forward at low interest rates forever.
Over the rest of this decade many deeply indebted face their comeuppance.
Bank of England hikes rates again, adopts dovish tone as Ukraine war adds to inflation concerns
Published Thu, Mar 17 2022 8:01 AM EDT
LONDON — The Bank of England on Thursday raised interest rates for the third consecutive meeting as the Russia-Ukraine conflict is expected to keep inflation higher for longer.
The Bank’s Monetary Policy Committee voted 8-1 in favor of a further 0.25 percentage point hike to its main Bank Rate, taking it to 0.75%.
U.K. inflation was already running at a 30-year high prior to Russia’s invasion of Ukraine, which sent energy prices surging and will exert more upward pressure on the central bank’s inflation projections.
At its last meeting in February, the Monetary Policy Committee imposed back-to-back interest rate hikes for the first time since 2004 and upped its forecast for inflation to a 7.25% peak in April, against a backdrop of strong growth and a robust labor market in the U.K.
The Bank said at the time that any further tightening of monetary policy would depend on the medium-term prospects for inflation, which were then propelled upward by Moscow’s assault on Ukraine and subsequent threats to energy supply.
“Global inflationary pressures will strengthen considerably further over coming months, while growth in economies that are net energy importers, including the United Kingdom, is likely to slow,” the Bank said in Thursday’s report.
The Bank now expects inflation to increase further in the coming months to around 8% in the second quarter of 2022, and perhaps even higher later in the year.
Given the tightness of the labor market and persistent domestic cost and price pressures, the MPC also said that “some further modest tightening in monetary policy may be appropriate in the coming months,” though the risks are two-sided depending on the development of medium-term inflation prospects.
Sterling retreated following the announcement, shedding 0.3% against the dollar, while the euro gained around 0.5% against the pound.
https://www.cnbc.com/2022/03/17/bank-of-england-hikes-rates-for-third-time-in-a-row.html
Brazil hikes key interest rate ninth straight time
Wed, March 16, 2022, 10:17 PM
Brazil's central bank raised its key interest rate for the ninth straight time Wednesday, as Latin America's biggest economy continues to reel from surging inflation, now exacerbated by the Ukraine war.
The bank's monetary policy committee raised the benchmark Selic rate by one percentage point, to 11.75 percent, in line with analysts' forecasts, citing inflation that "continued to negatively surprise" policy makers.
Brazil has waged one of the most aggressive interest-rate tightening cycles in the world as it struggles with spiraling prices driven upward by the fallout of the coronavirus pandemic and now Russia's invasion of Ukraine.
The latest increase dialed back the pace of monetary tightening a notch -- the previous three Selic increases had been by 1.5 percentage points each.
But the committee "considers that, given its forecasts on the risk of inflation expectations remaining above target for a longer term, it is appropriate for the cycle of monetary tightening to continue advancing significantly into even more contractionary territory," it said in a statement.
The decision was unanimous by the committee's nine members. It said it expected another hike "of the same magnitude" at its next rate-setting meeting, scheduled for May 3 and 4.
More
https://news.yahoo.com/brazil-hikes-key-interest-rate-221710071.html
In incompetence news, step up the London Metal Exchange. Oh well, easy come easy go, who needs nickel anyway?
On to today’s market opening with today’s new 12% daily limit.
Nickel falls 8% to hit limit down in chaotic trade on London metal exchange
Published Thu, Mar 17 2022 5:34 AM EDT
LONDON — The benchmark three-month nickel contract fell 8% on Thursday morning to hit its new trading limit, as heavy selling continued in metal markets.
The price hit $41,945 a metric ton as it opened for trade, according to Refinitiv data. Nickel prices more than doubled in a matter of hours on March 8, climbing above $100,000 a metric ton as one of the world’s top producers, China’s Tsingshan Holding Group, bought large amounts to reduce its short bets on the metal.
Trading had to be halted as the move exacerbated a price rally at a time when metals were already spiraling upward on Russia’s intensifying conflict in Ukraine.
On Wednesday, the LME attempted to resume nickel trading after the rare shut down. But a technical glitch prompted the 145-year-old exchange to temporarily halt the market once again, before trading reopened at 2 p.m. London time.
The LME installed a trading limit of 5% on Wednesday which was widened to 8% for Thursday. The “systems error” on Wednesday allowed a small number of trades to go through below the newly imposed daily price limit.
Speaking before the open on Wednesday, Matthew Chamberlain, CEO of the LME, told CNBC’s “Squawk Box Europe” that the exchange was “absolutely mindful of the impact that this has had on so many people and we need to make sure that it doesn’t happen again.”
Chamberlain said the LME had “deliberately prioritized stability” by setting a relatively narrow range of daily trading limits, but these could soon be widened if the exchange observed a “more orderly market.”
Commodity prices have jumped on supply fears related to Russia’s onslaught of Ukraine, with the ongoing war and an array of Western sanctions raising disruption fears.
Finally, in that failure of diplomacy unnecessary war, the Russian Bear growls back at the USA in a most threatening way.
Russia warns United States: we have the might to put you in your place
March 17, 2022 9:24 AM GMT
LONDON, March 17 (Reuters) - Russia warned the United States on Thursday that Moscow had the might to put the world's pre-eminent superpower in its place and accused the West of stoking a wild Russophobic plot to tear Russia apart.
Dmitry Medvedev, who served as president from 2008 to 2012 and is now deputy secretary of Russia's Security Council, said the United States had stoked "disgusting" Russophobia in an attempt to force Russia to its knees.
"It will not work - Russia has the might to put all of our brash enemies in their place," Medvedev said.
Since Russia invaded Ukraine on Feb. 24, the United States and its European and Asian allies have slapped sanctions on Russian leaders, companies and businessmen, cutting off Russia from much of the world economy.
President Vladimir Putin says that what he calls the special military operation in Ukraine was necessary because the United States was using Ukraine to threaten Russia and Russia had to defend against the "genocide" of Russian-speaking people by Ukraine.
Ukraine says it is fighting for its existence and that Putin's claims of genocide are nonsense. The West says claims it wants to rip Russia apart are fiction.
Russia says that despite sanctions it can fare well without what it casts as a deceitful and decadent West led by the United States. It says its bid to forge ties with the West after the 1991 fall of the Soviet Union is now over and that it will develop ties with other powers such as China.
Russia claims to have ordered crucial bond payment as it seeks to avoid historic debt default
Published Thu, Mar 17 2022 6:09 AM EDT
Russia’s Finance Ministry claimed Thursday it had fulfilled crucial interest payments on two dollar-denominated eurobonds, saying the order had been made to payment agent Citibank in London.
The ministry said it would later comment separately on whether the $117 million payment has been credited.
Citibank declined to comment when contacted by CNBC on Thursday morning.
The delivery of payment on the two eurobond coupons is a key test for Russia. The Kremlin is staring down the prospect of its first foreign currency debt default in over a century after the U.S. and international allies imposed a barrage of economic sanctions over its invasion of Ukraine.
The penalties have blocked a bulk of Russia’s gold and foreign exchange reserves and sought to cut off Moscow from the global financial system.
Russia had until the end of business Wednesday to fulfill its obligations and pay $117 million in interest on two sovereign eurobonds.
Kremlin spokesperson Dmitry Peskov reportedly said Thursday that any potential default would be “entirely artificial” because Russia had the funds necessary to fulfill its external debt obligations.
“The fact is that from the very beginning we have said that Russia has all the necessary funds and potential to prevent a default — there can be no defaults,” Peskov said, according to Reuters.
“Any default that could arise would have an entirely artificial character,” he added.
Finance Minister Anton Siluanov said Wednesday that Russia had attempted to deliver the payment and it was now up to the U.S. to decide whether it went through.
It was not immediately clear whether the order had been made in dollars amid speculation Russia could attempt to pay in rubles.
Credit ratings agency Fitch warned earlier this week that payment to bondholders in a currency other than dollars would constitute a default.
More
“Men can have friends, statesmen cannot.”
Charles de Gaulle.
Global Inflation/Stagflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
Homes Earned More for Owners Than Their Jobs Last Year
March 17, 2022 8:00 am ET
In this booming housing market, many homeowners earned more last year from home appreciation than from their jobs.
Zillow Group Inc.’s home value index, which estimates the value of the typical U.S. home, rose 19.6% in 2021 to $321,634, an increase of $52,667 from 2020. That figure was slightly higher than what the median U.S. full-time worker earned, which was about $50,000 last year before taxes, according to Census Bureau data cited by Zillow.
That marked the first time that the annual nationwide dollar growth for the typical home value exceeded the inflation-adjusted median pretax income, according to a Zillow analysis, which goes back to 2000.
Home values surged last year as low mortgage-interest rates stoked buyer demand and the number of homes on the market remained unusually low. Remote work enabled some households to move from high-cost housing markets to less expensive ones, where they were able to outbid local buyers. Investor purchases of single-family homes also increased.
The surge in home prices last year has been a boon to homeowners but has made it more difficult for first-time home buyers to enter the housing market.
“The people who are winning the housing bids, typically, are folks who have higher incomes or have the equity from their previous home that they’re able to put forward,” said Nicole Bachaud, an economist at Zillow. “That’s definitely a big challenge, I think, when we consider first-time buyers, renters, people who don’t already own a home and aren’t really benefiting from that equity.”
Collectively, U.S. homeowners with mortgages gained more than $3.2 trillion in equity in 2021 compared with a year earlier, according to housing-data provider CoreLogic.
More
https://www.wsj.com/articles/homes-earned-more-for-owners-than-their-jobs-last-year-11647518400
Putin's war has destabilized the world economy and inflation may be just the start
Don Pittis · CBC News · Posted: Mar 17, 2022 4:00 AM ET
As images from the conflict in Ukraine attest, war can completely change the rules of economics.
Suddenly people who only a month ago were worried about keeping their jobs and paying their mortgages are on the move, some to the Polish border to escape shattered homes, some to risk their lives in battle.
By definition it is the unexpected that perturbs the world economy and the markets that are one of its real-time barometers.
As Canadian inflation hits new highs and the world's most powerful central bank makes its first attempt to restrain an explosion of rising prices, even a continent away, Russia's invasion of Ukraine has triggered an unpredictable alteration in what we thought were the conventions of global economics.
"The human toll is tragic, the financial and economic implications for the global economy and the U.S. economy are highly uncertain," is how Jerome Powell, chair of the U.S. Federal Reserve, began his address Wednesday as he announced the central bank would raise interest rates by one quarter of a percentage point.
That is the same increase announced by Tiff Macklem at the Bank of Canada two weeks ago. Of course Macklem's small rate hike was too late to stop Wednesday's rise in Canadian inflation which hit a 30-year high of 5.7 per cent.
As Powell said in his speech, most of the recent surge in inflation cannot be blamed on Russian President Vladimir Putin. The exception is gas price hikes caused by the war, which have already aggravated the latest Canadian rise.
But while its full effect has yet to show up in the statistics, Putin's war is already pushing North American consumer prices higher than if the war had never happened.
Asked directly about the impact of sanctions on the U.S. dollar and its place as the default currency for world trade, Powell explicitly refused to address the question other than offering general support for sanctions and to say they were the remit of politicians. He said central bankers had only been technical advisors.
But Powell made it clear that the Russian invasion of Ukraine, and the world's response, held both actual and potential implications for the U.S. economy and for its monetary policy.
"In addition to the effects from higher global oil and commodity prices, the invasion and related events may restrain economic activity abroad and further disrupt supply chains, which would create spillovers to the U.S. economy through trade and other channels," said Powell.
There are increasing signs that the new European war has been the catalyst for a series of shifts in the global economy, of which even higher than expected inflation is only a single result.
"The volatility in financial markets, particularly if sustained, could also affect credit conditions and affect the real economy," said Powell.
The Federal Reserve chair said that while the central bank had to be aware of those potential challenges, his principle goal remained fighting domestic inflation with a stream of interest rate hikes over this year and next that is expected to take rates to 2.8 per cent by the end of 2023.
But with Europe facing its biggest war since the 1940s, there are plenty of unknowns.
"While we have pretty sophisticated economic models, none of them are going to give us the understanding of how prolonged or what the magnitude of the shock in Eastern Europe is going to be," said Frances Donald, global chief economist and strategist at Manulife Investment Management.
So far analysts at Reuters and Bloomberg say the economies of Ukraine and Russia will be the worst affected by the war, though any figures can only be estimates.
An International Monetary Fund report released Monday said the Ukraine economy would contract 10 per cent in 2022 which is more than 13 per cent below what it was expected to achieve had there been no invasion, although in a worst case the decline could be more like 35 per cent.
In the case of Russia, the impact of sanctions including the collapse of the ruble and the country's stock market could lead to a GDP decline of about 9 per cent in 2022 according to Bloomberg Economics although other estimates range from a decline of 15 per cent to a drop of 7 per cent.
More
https://www.cbc.ca/news/business/putins-war-economy-column-don-pittis-1.6386042
Covid-19 Corner
This section will continue until it becomes unneeded.
South Korea omicron deaths surge
Published March 17, 2022 8:07am EDT
Officials in South Korea tried to calm public fears amid concerns about a faltering pandemic response as daily cases and deaths reached record highs Thursday.
The 429 deaths reported in the latest 24 hours were nearly 140 more than the previous one-day record set on Tuesday. Fatalities may further rise in coming weeks considering the intervals between infections, hospitalizations and deaths.
The 621,266 new coronavirus cases diagnosed by health workers were also a record daily jump, shattering Wednesday’s previous high of 400,624. That pushed the national caseload to over 8.2 million, with more than 7.4 million cases added since the start of February.
The outbreak has been significantly bigger than what had been forecast by government health authorities, who maintain that omicron is nearing its peak. Still, South Korea has a much lower rate of COVID-19 deaths in relation to population size than the United States or many European nations, which officials attribute to high vaccinations with more than 68% of the population having received booster shots.
However, some experts say health officials clearly underestimated how the greater scale of outbreak would strain worn-out hospital workers who had just wiggled out of the delta surge. They criticize the government for sending the wrong message to the public by easing social distancing restrictions and effectively communicating that omicron is mild.
Officials in recent briefings have said omicron is no more deadly than seasonal influenza for vaccinated people and less dangerous than the delta strain that hit the country hard in December and early January.
Transmissions were probably worsened by an intense presidential campaign leading up to last week’s election, which also appeared to have reduced political capacity to maintain a stringent virus response.
While 1,159 virus patients were in serious or critical conditions as of Thursday, government officials said the medical response remains stable following efforts to expand resources since the delta outbreak, which has brought the number of COVID-19 intensive care units to 2,800.
That’s likely close to the maximum number of ICUs that can be squeezed out of South Korea’s hospital system, which could possibly buckle if the number of serious COVID-19 cases reaches 1,800, said Jaehun Jung, a professor at Gachon University College of Medicine in Incheon.
More
https://www.foxnews.com/world/south-korea-omicron-deaths-surge
Next, some vaccine links kindly sent along from a LIR reader in Canada.
NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.
Symmetrical flow battery may strike right balance for grid-scale storage
Nick Lavars March 16, 2022
As useful and impressive as current battery technology is, versions that store renewable energy for grid-scale use may look vastly different to those inside today's phones and electric vehicles. One promising technology is flow, or redox flow, batteries, which store energy in fluids inside tanks that could be upsized to satisfy energy demands as they increase. A new symmetrical design takes us a step closer to unlocking their potential, and leans on more environmentally friendly materials while it's at it.
Because the energy provided by renewable sources is intermittent by nature, using it for grid-scale applications will require large-scale storage solutions. Flow batteries are an attractive proposition because the problem can be tackled by storing liquid electrolytes in tanks for months at a time, with chemical energy being converted into electricity when the fluid is passed through a special membrane in between two tanks.
Conventional designs use a scarce and expensive metal called vanadium as the basis for the electrolyte solution, which raises questions over their viability as a long-term solution. Scientists working in this space are increasingly demonstrating the potential of greener and cheaper alternatives, finding inspiration in everything from shrimp shells, to saltwater, to candles.
Scientists at the University of Groningen in the Netherlands have conceived a different kind of flow battery that not only uses an organic molecule in place of vanadium, but takes on a symmetrical form. The two tanks in a flow battery generally hold fluids with different compositions, but scientists have made inroads with symmetrical designs by using hybrid molecules that serve the purposes of both fluids, though these quickly compromise its performance.
"The drawback of this approach is that only one part of the molecule is used on either side," said Edwin Otten, Associate Professor of Molecular Inorganic Chemistry at the University of Groningen. "And, during use, reactive radicals appear that degrade over time. This makes stability a problem."
Otten and his team were on the hunt for a molecule that could solve this stability issue and both accept and donate electrons to effectively do the job of two molecules, negating the need for a hybrid approach. They believe they have found the answer in what's called a Blatter radical, which is a bipolar organic compound with intrinsic stability. The compound was put to use in a small electrochemical cell, where the scientists proved its viability over 275 charge and discharge cycles.
"We need to bring this up to thousands of cycles; however, our experiments are a proof of concept," said Otten. "It is possible to make a symmetrical flow battery that has good stability."
The scientists say the Blatter radical molecule is relatively simple to make and scaling up production for industry use is possible, though first they'll need to create a water-soluble version of it for use in flow battery tanks, and then conduct larger scale tests.
"The crucial test is to see whether our compounds will be stable enough for commercial applications," said Otten.
The research was published in the Journal of the American Chemical Society.
Source: University of Groningen
Another weekend and sadly another war weekend because the politicians and diplomats completely failed. Only President Macron of France will prosper in the history of this dismal failure. Have a great weekend everyone.
Since for the moment we are headed for the quadrillions and collapse the following table is provided as a service to those unable to master the scientific notation that will rapidly be needed in handling the fiat currency. In the U.S number system works as follows:
In dollars
Million - 1,000,000
Billion - 1,000,000,000
Trillion - 1,000,000,000,000
Quadrillion - 1,000,000,000,000,000
Quintillion - 1,000,000,000,000,000,000
Sextillion - 1,000,000,000,000,000,000,000 for comparison,
in seconds
Million - 11.5 days
Billion - 31.7 years
Trillion - 31,700 years
Quadrillion - 31,700,000 years
Quintillion - 31,700,000,000 years
Sextillion - 31,700,000,000,000 years
In fiat dollars, we are already operating in the 30,000s of years. Stay long physical gold.
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