左曲線：在政府支出狂潮中，加密貨幣市場多頭市場仍在持續

所有投資者請注意：在這個前所未有的牛市中，如果您沒有最大化您的加密貨幣利潤，您將犯下嚴重錯誤。儘管認識到比特幣的潛力，但許多人在出售比特幣時並沒有意識到即將到來的通膨危機及其帶來的機會。隨著法定貨幣日益受到主要經濟集團的貶低，精明的投資者正在將他們的財富轉移到加密貨幣上，以保持他們的購買力。請記住，最好的加密貨幣策略是那些在市場反彈期間繼續表現的策略，因此請抵制獲利了結的衝動，而增加您在這些資產中的部位。隨著主權債務泡沫破裂，多頭市場只會加劇，吸引機構投資者並推高價格。

(Any views expressed below are the personal views of the author and should not form the basis for making investment decisions nor be construed as a recommendation or advice to engage in investment transactions.)

（以下觀點均為作者個人觀點，不應構成投資決策的依據，也不應被視為進行投資交易的推薦或建議。）

WE INTERRUPT REGULAR BULL MARKET PROGRAMMING FOR THIS IMPORTANT MESSAGE:

我們中斷常規的多頭規劃，以傳達以下重要訊息：

You’re fucking up!

你他媽的！

How, you ask?

你問如何？

 Some of you think you are masters of the universe right now because you bought Solana sub $10 and sold it at $200. Others did the smart thing and sold fiat for crypto during the 2021 to 2023 bear market but lightened up as prices surged in the first quarter of this year. If you sold shitcoins for Bitcoin, you get a pass. Bitcoin is the hardest money ever created. If you sold shitcoins for fiat that you don’t immediately need for living expenses, you are fucking up. Fiat will continue to be printed ad infinitum until the system resets.

你們中的一些人認為自己現在是宇宙的主人，因為你們以低於 10 美元的價格購買了 Solana，並以 200 美元的價格出售了它。其他人則做了聰明的事，在 2021 年至 2023 年的熊市期間出售法幣換取加密貨幣，但隨著今年第一季價格飆升而減倉。如果你用垃圾幣換取比特幣，你就會獲得通行證。比特幣是有史以來最難創造的貨幣。如果你把垃圾幣賣給了你不需要立即支付生活費用的法定貨幣，那你就完蛋了。菲亞特將繼續無限列印，直到系統重置。

Bull markets don’t come often; it is a travesty when you make the right call but do not maximise your profit potential. Too many of us try to exist in the centre of the bell curve and reason with the bull market. The true crypto legends and degens Left Curve it. They just buy, hodl, and buy some more as long as the bull market is pumping. 

牛市並不常出現；當你做出了正確的決定卻沒有最大化你的利潤潛力時，這就是一種諷刺。我們有太多人試圖存在於鐘形曲線的中心並與牛市推理。真正的加密傳奇和墮落者左曲線它。只要多頭市場還在繼續，他們就會買進、持有、再買。

I sometimes catch myself thinking like a beta cuck loser. And when I do, I must remind myself of the overarching macro theme that the entire retail and institutional investing world is starting to believe. That is, all the major economic blocs (US, China, European Union “EU” and Japan) are debasing their currencies to deleverage their government’s balance sheet. Now that TradFi has a direct way to profit off of this narrative via US and soon-to-be UK and Hong Kong spot Bitcoin ETFs, they are pushing their clients to preserve the energy purchasing power of their wealth using these crypto-derivative products.

有時我發現自己像個失敗者一樣思考。當我這樣做時，我必須提醒自己整個零售和機構投資界開始相信的整體宏觀主題。也就是說，所有主要經濟集團（美國、中國、歐盟和日本）都在貶值本國貨幣，以降低政府資產負債表的槓桿率。現在，TradFi 可以透過美國以及即將推出的英國和香港現貨比特幣 ETF 直接從這種敘述中獲利，他們正在敦促客戶使用這些加密衍生產品來保持其財富的能源購買力。

 I want to quickly step through the fundamental reason why crypto is rallying aggressively against fiat. Of course, there will come a time when this narrative loses its potency, but that time is not now. At this moment, I will resist the urge to take chips off the table. I will encourage myself to add more to the winners. I will exist purely in the Left Curve.

我想快速解釋一下加密貨幣對法定貨幣積極反彈的根本原因。當然，這種敘述總有一天會失去效力，但那個時候還不是現在。此時此刻，我會抑制住把籌碼從桌上拿走的衝動。我會鼓勵自己為獲獎者添加更多。我將純粹存在於左曲線中。

As we exit the window of weakness that I forecasted would occur due to April 15th US tax payments and the Bitcoin halving, I want to remind readers why the bull market will continue and prices will get sillier on the upside. Rarely in markets do the things that got you here (Bitcoin from zero in 2009 to $70,000 in 2024), get you there (Bitcoin to $1,000,000). However, the macro setup that created the fiat liquidity surge that powered Bitcoin’s ascent will only get more pronounced as the sovereign debt bubble begins to burst.

當我們退出我預測由於 4 月 15 日美國納稅和比特幣減半而出現的疲軟窗口時，我想提醒讀者為什麼牛市將繼續，價格將變得更加愚蠢。在市場上很少有什麼事情能讓你到達這裡（比特幣從 2009 年的零到 2024 年的 70,000 美元），讓你到達那裡（比特幣到 1,000,000 美元）。然而，隨著主權債務泡沫開始破裂，導致法定流動性激增、推動比特幣上漲的宏觀環境只會變得更加明顯。

Nominal Gross Domestic Product (GDP)

名目國內生產毛額（GDP）

What is the purpose of a government? The government provides common goods like roads, education, healthcare, social order, etc. Obviously, that’s an aspirational wish list for many governments who instead provide death and despair… but I digress. In return for these services, we, the citizenry, pay taxes. A government with a balanced budget provides as many services as possible for a given amount of tax receipts.

政府的目的是什麼？政府提供道路、教育、醫療保健、社會秩序等公共物品。作為這些服務的回報，我們公民納稅。預算平衡的政府在一定數量的稅收收入下提供盡可能多的服務。

However, sometimes, there are situations where the government borrows money to do something it believes will have a long-term positive value without raising taxes. 

然而，有時，政府會借錢來做一些它認為會產生長期正價值而不加稅的事情。

For example:

例如：

A hydroelectric dam that is expensive to construct. Instead of raising taxes, the government issues bonds to pay for the dam. The hope is that the economic return of the dam meets or exceeds the bond’s yield. The government entices citizens to invest in the future by paying a yield close to the economic growth the dam will create. If, in 10 years, the dam will grow the economy by 10%, then government bond yields should be at least 10% to entice investors. If the government pays less than 10%, it profits at the expense of the public. If the government pays more than 10%, the public profits at the government’s expense.

建造費用昂貴的水力發電大壩。政府沒有提高稅收，而是發行債券來支付大壩費用。希望大壩的經濟回報達到或超過債券的收益率。政府透過支付接近大壩將創造的經濟成長的收益率來吸引公民對未來進行投資。如果10年後，大壩將使經濟成長10%，那麼政府公債的殖利率應該至少達到10%才能吸引投資者。如果政府支付的費用低於 10%，那麼它的利潤就會以公眾的利益為代價。如果政府支付超過10%，公眾的利潤將由政府承擔。

Let’s zoom out a bit and talk about the economy at a macro level. The economic growth rate for a particular nation-state is its nominal GDP, which consists of inflation and real growth. If the government wants to run budget deficits to supercharge nominal GDP growth, it is natural and logical that investors should receive a yield equal to the nominal GDP growth rate.

讓我們把目光放遠一些，從宏觀層面來談談經濟。特定民族國家的經濟成長率是其名目GDP，由通貨膨脹和實際成長組成。如果政府希望透過預算赤字來推動名目GDP成長，那麼投資者獲得與名目GDP成長率相等的收益是很自然且合乎邏輯的。

While it is natural for investors to expect to receive a yield equal to nominal GDP growth, politicians would rather pay less than that. If politicians can create a situation where government debt yields less than the nominal GDP growth rate, politicians can spend money faster than Sam Bankman-Fried at an Effective Altruism charity event. The best part is that taxes do not need to be raised to pay for this spending.

雖然投資者期望獲得相當於名目 GDP 成長的收益是很自然的，但政客寧願支付低於這個數字的收益。如果政客們能夠創造一種政府債務收益率低於名目GDP 成長率的局面，那麼政客們就能比山姆·班克曼-弗里德(Sam Bankman-Fried) 在有效利他主義慈善活動中花錢更快。最好的部分是不需要提高稅收來支付這筆支出。

How does a politician create such a utopia? They financially repress savers with the help of the TradFi banking system. The easiest way to ensure government bond yields are less than nominal GDP growth is to instruct the central bank to print money, buy government bonds, and artificially reduce government bond yields. Then, the banks are instructed that government bonds are the only “suitable” investments for the public. In that way, the public’s savings are surreptitiously funnelled into low-yielding government debt.

政治家如何創造這樣一個烏托邦？他們借助 TradFi 銀行系統在經濟上壓制儲戶。確保公債殖利率低於名目GDP成長的最簡單方法就是指示央行印鈔、購買國債，人為降低國債殖利率。然後，銀行被告知政府債券是公眾唯一「合適」的投資。這樣，公眾的儲蓄就被秘密地投入低收益的政府債務。

The problem with artificially lowering government bond yields is that it promotes malinvestment. The first projects are usually worthy. However, as politicians strive to create growth in order to get re-elected, the quality of projects declines. At this point, the government debt rises faster than the nominal GDP. Politicians now have a tough decision to make. The malinvestment losses must be recognised today via an acute financial crisis or tomorrow via low to no growth. Typically, politicians choose a long, drawn-out period of economic stagnation because the future occurs after they are out of office.

人為降低政府公債殖利率的問題在於它會促進不當投資。第一個項目通常是值得的。然而，隨著政客為了連任而努力創造成長，專案的品質卻下降了。此時，政府債務的成長速度快於名目GDP的成長速度。政客現在需要做出艱難的決定。今天必須透過嚴重的金融危機或明天透過低成長甚至零成長來認識到不當投資損失。通常，政治家會選擇長期的經濟停滯期，因為未來發生在他們卸任後。

A good example of malinvestment would be green energy projects that are only possible because of government subsidies. After many years of generous subsidies, some projects cannot earn their return on invested capital and/or the real cost to consumers is prohibitive. Predictably, once government support is removed, demand wanes and projects falter. Read this story about changes to California electricity grid prices as an example of what happens when government support is provided then removed.

不當投資的一個很好的例子是綠色能源項目，這些項目只有透過政府補貼才能實現。經過多年的慷慨補貼，一些項目無法獲得投資資本回報和/或消費者的實際成本過高。可以預見的是，一旦政府支持被取消，需求就會減弱，計畫也會停滯。閱讀這篇關於加州電網價格變化的故事，作為一個例子，說明當政府提供支持然後取消支持時會發生什麼。

During the bad times, bond yields become even more distorted as the central bank presses the Brrrr button harder than Lord Ashdrake pounds the sell button. Government bond yields are kept below the nominal GDP growth rate so that the government’s debt load is inflated away.

在經濟不景氣的時期，當央行按下「Brrrr」按鈕的力度比阿什德拉克勳爵按下「賣出」按鈕的力度更大時，債券殖利率就會變得更加扭曲。政府公債殖利率維持在名目GDP成長率以下，從而使政府的債務負擔被通貨膨脹所抵消。

Identification

鑑別

The crucial task for investors is to understand when government bonds are a good investment or not. The simplest way to do that is to look at the nominal YoY GDP growth rate compared to a 10-year government bond’s yield. The 10-year bond yield is supposed to be a market signal that informs us about the future expectation for nominal growth.

投資者的關鍵任務是了解政府債券何時是一項好的投資。最簡單的方法是比較名目 GDP 年增率與 10 年期公債的殖利率。 10年期債券殖利率應該是一個市場訊號，讓我們了解未來名目成長的預期。

Real Yield = 10-year Government Bond Yield – Nominal GDP Growth Rate

實質殖利率=10年期公債殖利率-名目GDP成長率

When the real yield is positive, government bonds are a good investment. The government is usually the most creditworthy borrower because it has a monopoly on violence. When citizens refuse to pay their taxes, a bullet in the head or a prison stint is on the table.

當實際收益率為正時，政府債券是一項不錯的投資。政府通常是最有信譽的借款人，因為它壟斷了暴力行為。當公民拒絕繳稅時，頭部中彈或入獄就可能發生。

When the real yield is negative, government bonds are terrible investments. The trick is for the investor to find assets outside of the banking system that can grow faster than inflation.

當實際收益率為負值時，政府債券是一項糟糕的投資。投資人的訣竅在於尋找銀行體系之外成長速度快於通膨的資產。

All four major economic blocks enact policies to financially repress savers and engineer negative real yields. China, the EU, and Japan ultimately take their monetary policy cues from the US. Therefore, I will focus on the US’s past and future monetary and fiscal situation. As the US engineers loosen financial conditions, the rest of the world will follow suit.

所有四個主要經濟體都制定了政策，在經濟上壓制儲戶並導致實際收益率為負。中國、歐盟和日本最終都從美國獲得了貨幣政策線索。因此，我將重點放在美國過去和未來的貨幣和財政狀況。隨著美國工程師放鬆金融條件，世界其他地區也將跟進。

‘Murica

'殺了我

This chart shows the real yield (.USNOM Index) in white vs. the Federal Reserve’s (Fed) balance sheet in yellow. I started in 2009 because that is when Satoshi, our Lord and Savior, launched Bitcoin’s genesis block.

此圖表以白色顯示實際收益率（.USNOM 指數），以黃色顯示聯準會 (Fed) 資產負債表。我從 2009 年開始，因為那一年我們的主和救世主中本聰推出了比特幣的創世區塊。

As you can see, after the 2008 Global Financial Crisis deflationary shock, the real yield swung from positive to negative. It went positive again, briefly, due to the deflationary shock of COVID. The boomers decided to lock everyone up so they didn’t die of the flu, and the economy cratered as a result.

正如你所看到的，在2008年全球金融危機的通貨緊縮衝擊之後，實質殖利率從正轉為負。由於新冠疫情的通貨緊縮衝擊，該指數再次短暫轉為正值。嬰兒潮世代決定把所有人都關起來，以免他們死於流感，結果經濟陷入困境。

A deflationary shock is when real yields spike because economic activity declines sharply.

通貨緊縮衝擊是指實際殖利率因經濟活動急劇下降而飆升。

Apart from 2009 and 2020, government bonds have been terrible investments vs. stocks, real estate, crypto, etc. Bond investors only did well by juicing their trades with insane amounts of leverage. That is the essence of risk parity for readers who are hedge fund muppets.

除了 2009 年和 2020 年之外，與股票、房地產、加密貨幣等相比，政府債券一直是糟糕的投資。對對沖基金傀儡讀者來說，這就是風險平價的本質。

This unnatural state of the world could only happen because the Fed grew its balance sheet by purchasing government bonds with printed money, a process called quantitative easing (QE).

這種不自然的世界狀態只能發生，因為聯準會透過用印鈔購買政府債券來擴大資產負債表，這個過程稱為量化寬鬆（QE）。

The escape valve for this period of negative real yields was and is Bitcoin (yellow). Bitcoin is rising in a non-linear fashion on a log chart. Bitcoin’s rise is purely a function of an asset with a finite quantity being priced in depreciating fiat dollars.

這段時期實際收益率為負的逃生閥過去和現在都是比特幣（黃色）。比特幣在對數圖表上以非線性方式上漲。比特幣的上漲純粹是一種以法定美元貶值定價的有限數量資產的函數。

 That explains the past, but markets are forward-looking. Why should you Left Curve your crypto investments and feel confident that this bull market is only getting started?

這解釋了過去的情況，但市場是具有前瞻性的。為什麼你應該左轉你的加密貨幣投資，並對這個牛市才剛開始充滿信心？

Free Shit

免費的狗屎

Everyone wants to get something for nothing. Obviously, the universe never offers such a bargain, but that doesn’t stop politicians from promising goodies without raising the tax rates to pay for them. Support for any politician, be it at the ballot box in a democracy or implied support in a more autocratic system, stems from the ability of a politician to create economic growth. When the easy and obvious growth-supporting policies have been enacted, politicians reach for the printing press to funnel money to their preferred constituency at the expense of the entire populace.

每個人都想不勞而獲。顯然，宇宙永遠不會提供如此便宜的東西，但這並不能阻止政客在不提高稅率的情況下承諾提供好處。對任何政治家的支持，無論是在民主國家的投票箱還是在更專制的體制中的隱含支持，都源自於政治家創造經濟成長的能力。當簡單而明顯的成長支持政策頒布後，政客們就會動用印鈔機，以犧牲全體民眾的利益為代價，將資金輸送到他們喜歡的選區。

Politicians can offer their supporters free shit as long as the government borrows at a negative real yield. Therefore, the more partisan and polarised the nation-state, the more incentive the ruling party has to enhance their re-election odds by spending money they don’t have.

只要政府以負實際收益率借款，政客們就可以向他們的支持者提供免費的東西。因此，民族國家的黨派性和兩極化程度越高，執政黨就越有動力透過花他們沒有的錢來提高連任幾率。

2024 is a critical year for the world as many large nation-states will hold presidential elections. The US election is crucial globally as the ruling Democratic party will do anything in their power to stay in office (as evidenced by the fact that they have done some dubious things to the Republicans since the Orange Man “lost” the previous election). A large percentage of the American population believes that the Democrats kinda sorta cheated Trump out of a victory. Regardless of whether you believe that is the truth, the fact that a large percentage of the population holds that view ensures that the stakes of this election are incredibly high. As I said before, Pax Americana’s fiscal and monetary policy will be aped by China, the EU, and Japan, which is why it is important to follow the election.

2024年對世界來說是關鍵的一年，許多大國將舉行總統選舉。美國大選在全球範圍內至關重要，因為執政的民主黨將竭盡全力保住職位（自從橙人「輸掉」上一次選舉以來，他們對共和黨做了一些可疑的事情就證明了這一點）。很大一部分美國人認為，民主黨有點欺騙了川普，使其未能獲勝。不管你是否相信這是事實，很大一部分人持有這種觀點的事實確保了這次選舉的賭注非常高。正如我之前所說，美國治下的和平的財政和貨幣政策將被中國、歐盟和日本效仿，這就是為什麼關注大選很重要。

The above is a chart from BCA Research showing US political polarisation over time. As you can see, the electorate hasn’t been this polarised since the late 19th century. This makes it winner-take-all from an election perspective. The Democrats know that if they lose, the Republicans will reverse many of their policies. The next question is, what is the easiest way to ensure re-election?

上圖是 BCA Research 的圖表，顯示了美國隨時間的政治極化。正如你所看到的，自 19 世紀末以來，選民還沒有出現過如此兩極化的情況。從選舉的角度來看，這使得贏家通吃。民主黨知道，如果他們輸了，共和黨將扭轉他們的許多政策。下一個問題是，確保連任最簡單的方法是什麼？

It’s the economy, stupid. The undecided voters who determine the electoral winners do so based on how they feel about the economy. As the above chart depicts, an incumbent President’s re-election odds drop from 67% to 33% if the general population feels the economy is in a recession during an election year. How does a ruling party with control of monetary and fiscal policy ensure that there will be no recession?

這是經濟，愚蠢的。尚未決定選舉獲勝者的選民根據他們對經濟的看法來決定。如上圖所示，如果選舉年期間民眾認為經濟陷入衰退，現任總統的連任幾率將從 67% 降至 33%。一個掌握貨幣和財政政策的執政黨如何確保不衰退？

Nominal GDP growth is directly impacted by government spending. As you can see from this Bianco Research chart, the US government’s spending accounts for 23% of nominal GDP. That means the ruling party can print GDP wherever they please, so long as they are willing to borrow enough money to fund the required level of spending. GDP is now a political variable. The US is following in the footsteps of the Chinese Communist Party. 

名目GDP成長直接受到政府支出的影響。從這張 Bianco Research 圖表可以看出，美國政府的支出佔名目 GDP 的 23%。這意味著執政黨可以隨心所欲地印製GDP，只要他們願意借足夠的錢來滿足所需的支出水準。 GDP現在是政治變數。美國正追隨中國共產黨的腳步。

In China, the politburo determines the GDP growth rate every year. The banking system then creates enough credit to power the desired level of economic activity. For many Western-trained economists, the “strength” of the US economy is perplexing because many of the leading economic variables they monitor point to an impending recession. But as long as the ruling political party can borrow at negative rates, it will create the economic growth necessary to remain in power.

在中國，政治局每年都會決定GDP成長率。然後，銀行系統創造足夠的信貸來推動經濟活動達到所需的水平。對於許多受過西方訓練的經濟學家來說，美國經濟的「實力」令人困惑，因為他們監測的許多主要經濟變數都表明經濟衰退即將來臨。但只要執政黨能夠以負利率借款，它就能創造繼續執政所需的經濟成長。

The above is why the Democrats, led by US President Biden, will do all they can to increase government spending. It is then up to US Treasury Secretary Bad Gurl Yellen and her beta cuck towel boy Fed President Jerome Powell to ensure that US Treasury bond yields are markedly below nominal GDP growth. I don’t know what money-printing euphemism they will create to ensure negative real yields persist, but I am confident that they will do what is necessary to get their boss and his party re-elected. 

以上就是美國總統拜登領導的民主黨為何會竭盡全力增加政府支出的原因。然後，美國財政部長巴德·古爾·耶倫和她的聯準會主席鮑威爾就需要確保美國國債收益率明顯低於名目GDP成長。我不知道他們會創造什麼樣的印鈔委婉說法來確保負實際殖利率持續存在，但我相信他們會採取必要措施讓他們的老闆和他的政黨連任。

However, the Orange Man might take the prize. In this scenario, what would happen to government spending?

然而，橙人可能會獲獎。在這種情況下，政府支出會發生什麼變化？

Nothing. The above chart estimates the deficit under a Biden or Trump presidency from 2024 onwards. As you can see, Trump is forecasted to spend even more than Slow Joe. Trump is campaigning on another round of tax cuts, which would further inflate the deficit. Whichever senile geriatric clown is the chosen one, rest assured government spending will not decline.

沒有什麼。上圖估計了 2024 年以來拜登或川普擔任總統期間的赤字。正如你所看到的，川普的支出預計會比慢速喬還要多。川普正在競選另一輪減稅，這將進一步擴大赤字。無論選擇哪位老年小丑，請放心，政府支出不會下降。

The Congressional Budget Office (CBO) forecasts government deficits based on the current and assumed future political environment. Massive deficits are forecast for as far as the eye can see. At a fundamental level, if politicians can create 6% growth by borrowing at 4%, why would they ever stop spending?

國會預算辦公室（CBO）根據當前和假設的未來政治環境預測政府赤字。據預測，預計將出現大規模赤字。從根本上講，如果政客可以透過 4% 的借貸創造 6% 的成長，他們為什麼要停止支出？

As explained above, the political situation in the US gives me extreme confidence that the money printer will go Brrrr. If you thought it was absurd what the US monetary and political elite did to “solve” the 2008 GFC and COVID, you ain’t seen nothing yet. 

如上所述，美國的政治局勢讓我對印鈔機的發展充滿信心。如果你認為美國貨幣和政治精英為「解決」2008年全球金融危機和新冠疫情所做的事情是荒謬的，那麼你還什麼也沒看到。

The wars on the Pax Americana periphery continue to chug along primarily in the Ukraine / Russia and Israel / Iran theatres. As expected, the warmongers from both political parties are content to continue funding their proxies with borrowed billions of cash money. The cost will only increase as the conflicts escalate and more countries are drawn into the melee.

美式和平外圍的戰爭繼續主要在烏克蘭/俄羅斯和​​以色列/伊朗戰場上進行。正如預期的那樣，兩個政黨的戰爭販子都滿足於繼續用借來的數十億現金資助他們的代理人。隨著衝突升級以及更多國家捲入混戰，成本只會增加。

Chop Chop Chop

砍砍砍

As we enter the northern hemispheric summer and decision-makers enjoy a respite from reality, crypto volatility will decline. This is the perfect time to take advantage of the recent crypto dip to slowly add to positions. I have my shopping list of shitcoins that got pummelled over the last week. I will talk about them in upcoming essays. There will also be many token launches that won’t pop as much as they would have had the launch occurred in the first quarter. This gives those who are not pre-sale investors a great entry point. Whatever the flavour of crypto risk excites you, the next few months will present a golden opportunity to add to positions. 

隨著我們進入北半球的夏季，決策者從現實中得到喘息的機會，加密貨幣的波動性將會下降。這是利用最近的加密貨幣下跌來緩慢增加部位的最佳時機。我有上周遭受重創的垃圾幣購物清單。我將在接下來的文章中討論它們。還會有許多代幣的發布，但不會像第一季發布那樣流行。這為那些不是預售投資者的人提供了一個很好的切入點。無論加密貨幣風險的味道如何讓您興奮，接下來的幾個月都將提供一個增加頭寸的黃金機會。

Calling all degens to the Left Curve. Your hunch that money printing will accelerate as politicians spend money on handouts and wars is correct. Do not underestimate the desire to remain in office of the incumbent elites. If real rates become positive, then re-assess your crypto conviction. But until that time, let your winners run, you glorious degenerate piece of shit.

號召所有墮落者走向左曲線。你的預感是，隨著政客把錢花在施捨和戰爭上，印鈔票將會加速，這是正確的。不要低估現任菁英繼續留任的願望。如果實際利率變成正數，則重新評估您的加密貨幣信念。但在那之前，讓你的勝利者逃跑吧，你這個光榮的墮落狗屎。

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