Arthur Hayes：日本拋售美債或迫使聯準會印鈔，將為加密市場帶來新一輪牛市

作者： Arthur Hayes

Author: Arthur Hayes

編譯：Ismay，BlockBeats

This post is part of our special coverage Syria Elections 2011.

編按：在全球經濟動盪和金融市場波動的背景下，Hayes 在本文深入探討了日本銀行體系在聯準會升息週期中面臨的挑戰，以及美國財政政策和貨幣政策對全球市場的深遠影響。透過詳細分析日本農林中金銀行和其他日本商業銀行的外匯對沖美國國債投資策略，文章揭示了這些銀行在利率差異擴大、外匯對沖成本上升的情況下，不得不拋售美國國債的原因。 Hayes 進一步討論了FIMA 回購機制的作用及其對美日金融關係的影響，並預測了這項機制在維持市場穩定中的關鍵角色。文章最終呼籲投資者在當前情況下，抓住加密市場的投資機會。

In the context of global economic growth and financial market booms, Hayes examines in depth the challenges that the Japanese banking system faces during the next anniversary of the United Nations Council, as well as the profound impact that US fiscal and monetary policies have on the global market. Through detailed analysis of the foreign investment strategy of Japan’s gold banks and other Japanese commercial banks in the agricultural forest, the articles reveal the reasons why these banks have to sell US bonds in the face of widening interest rates and rising foreign-export costs. Hayes discusses further the role of the IMFA buy-back system and its impact on US-Japan financial relations, and predicts the key role of the scheme in maintaining stability in the market.

我剛剛讀完了Kim Stanley Robinson 的三部曲中的第一本書《紅火星》。書中的一個角色，日本科學家艾廣弘子，常在談到火星殖民者無法控制的情況時說「仕方がない」，意思是「無能為力」。

I have just read the first of Kim Stanley Robinson's trilogy, Red Mars. One of the characters in the book, Japanese scientist Hiroko Ai, used to say "in the middle of nowhere" when talking about situations beyond the control of the Mars colonists.

當我在為這篇「短」文章想標題時，這句話在我的意識中浮現出來。這篇文章將重點放在那些因為「美利堅和平」的貨幣政策而成為受害者的日本銀行。這些銀行做了什麼呢？為了在日元存款上獲得不錯的收益，他們從事了美元- 日元套利交易。他們從國內的日本老年儲戶借款，環顧日本，發現所有「安全」的政府和公司債幾乎都是零收益，於是他們得出結論，透過美國國債（UST）市場借錢給美利堅和平是更好的資本使用，因為這些債券即使在完全對沖匯率風險的情況下，也能帶來更高的收益。

When I was thinking about the title of this short article, it appeared in my mind. The article focused on the Japanese banks that were victims of the monetary policy of the United States Peace. What did these banks do? To get good returns on Japanese yen deposits, they were doing dollar-Japanese dollar arbitrage transactions. They borrowed from old Japanese depositors in Japan, looked around Japan, found that all "safe" government and corporate debt was almost zero, so they came to the conclusion that lending to US$UST for peace through the market market was a better capital use, because these bonds could bring higher returns even in the face of a total risk to liquidity.

但是，當由於向公眾支付的現金賄賂導緻美國出現了巨大的通貨膨脹，以安撫公眾接受被鎖在家裡並註射實驗藥物以對抗“嬰兒潮流感”，美聯儲（Fed）不得不採取行動。聯準會以自上世紀80 年代以來最快的速度提高了利率。結果，對於任何持有美國國債的人來說都是壞消息。從2021 年到2023 年，殖利率上升導致了自1812 年戰爭以來最糟糕的債券回合。無能為力！

However, when a huge inflation occurred in the United States as a result of cash bribes paid to the public to reassure the public about being locked in their homes and drugged against “baby flu,” Fed had to take action. The Fed raised interest rates as fast as it could in the 1980’s. As a result, it was bad news for anyone who held US bonds. From 2021 to 2023, the rise in interest rates led to the worst bond round since the war of 1812.

2023 年3 月，第一批銀行的損失透過金融體系底層滲透出來。在不到兩週的時間內，三家主要銀行倒閉，導緻聯準會對任何美國銀行或外國銀行在美國分行的資產負債表上的所有美國國債提供全面的支持。正如預期的那樣，比特幣在紓困宣布後的幾個月內大幅上漲。

In March 2023, the losses of the first banks broke through the bottom of the financial system. In less than two weeks, the three major banks collapsed, leading the Federation to extend full support to all United States bonds on the asset debt statements of any United States bank or foreign bank in a branch of the United States.

自2023 年3 月12 日宣布紓困以來，比特幣上漲了200% 以上。

為了鞏固這大約4 兆美元的紓困計畫（這是我對美國銀行資產負債表上持有的美國國債和抵押貸款支持證券總量的估計），聯準會在今年3 月宣布，使用貼現窗口不再是「死亡之吻」。如果任何金融機構需要快速注入現金以填補因「安全」政府債券價格下跌而在資產負債表上出現的難以處理的漏洞，應立即使用該視窗。當銀行體係不可避免地透過貶值貨幣和損害人類勞動尊嚴來進行救助時，我們該說什麼？無能為力！

In March of this year, the Federation announced that the use of the window was no longer a "kiss of death". If any financial institution needs to quickly inject cash to fill the intractable gaps in the form of "safe" government bonds falling, the window should be used immediately. What can we say?

聯準會對美國金融機構做了正確的事，但那些從2020 年到2021 年全球資金激增期間也大量購買美國國債的外國人呢？哪個國家的銀行資產負債表最有可能被聯準會弄垮？當然是日本的銀行系統。

The Fed did the right thing for US financial institutions, but what about foreigners who purchased US debt in large amounts between 2020 and 2021? Which country’s bank balance sheet is most likely to collapse? Japan’s banking system, of course.

最新的消息顯示，第五大日本銀行將拋售售價630 億美元的外國債券，其中大部分是美國國債。

Recent news suggests that the fifth largest Japanese bank will sell 63 billion United States dollars in foreign bonds, most of which are United States bonds.

日本農林中金銀行將出售630 億美元的美國和歐洲債券

The Japanese Central Bank of Agriculture and Forestry will sell $63 billion in American and European bonds.

「美國和歐洲的利率上升，債券價格下跌。這降低了農林中金銀行過去購買的高價（低收益）外國債券的價值，導致其帳面損失擴大。」

"In the United States and Europe, interest rates have risen and bond prices have fallen. This has reduced the value of the high (low-yield) foreign bonds that have been purchased by the middle-income banks in the agricultural forest and has resulted in greater losses in their accounts."

農林中金銀行是第一個屈服並宣布必須出售債券的銀行。其他所有銀行都在從事同樣的交易，下面我將解釋這一點。外交關係委員會為我們提供了日本商業銀行可能出售的巨額債券規模的一個概念。

The Central Bank of Agriculture is the first bank to give in and declare that it has to sell bonds. All the other banks are doing the same business, and I will explain this later. The Foreign Relations Committee has provided us with a concept of how large bonds may be sold by the Bank of Commerce and Industry of Japan.

根據國際貨幣基金組織（IMF）對投資組合投資的協調調查，日本商業銀行在2022 年持有約8,500 億美元的外國債券。其中包括近4,500 億美元的美國債券和約750 億美元的法國債券——這個數字遠遠超過它們持有的歐元區其他大國發行的債券。

According to the International Monetary Fund (IMF) survey of investment portfolio investment, the Bank of Commerce and Industry of Japan held foreign bonds of about $850 billion in 2022. These include nearly $450 billion in United States bonds and $750 billion in French bonds — far more than the bonds they hold from other large European countries.

為什麼這很重要？因為耶倫不會允許這些債券在公開市場上出售並導緻美國國債殖利率飆升。她會要求日本銀行監督的日本央行（BOJ）購買這些債券。然後，日本央行將利用聯準會在2020 年3 月建立的外國和國際貨幣當局（FIMA）回購機制。 FIMA 回購機制允許中央銀行成員將美國國債抵押並獲得隔夜新印的美元。

The central bank of Japan (BOJ), which is supervised by the Bank of Japan, will be asked to purchase these bonds. Then, the central bank of Japan will use the Foreign and International Monetary Authority (FIMA), established by the United Nations in March 2020, to return to the purchase system.

FIMA 回購機制的增加顯示全球貨幣市場中美元流動性的增加。每個人都知道這對比特幣和加密貨幣意味著什麼……這就是為什麼我認為有必要提醒讀者關於另一種隱形印錢途徑。這是我在閱讀一份名為《離岸美元與美國政策》的干巴巴的亞特蘭大聯邦儲備銀行報告後才明白耶倫如何防止這些債券進入公開市場的。

This is why I think it is necessary to remind readers of another hidden way of printing money. It was only after I read a report from a dry bank in Atlanta called "Ashore Dollars and American Policies" that I understood how Aaron prevented these bonds from entering the public market.

聯準會在2021 年底發出了將於2022 年3 月開始提高政策利率的信號，從那時起，美國國債（USTs）開始崩潰。已經兩年多了，為什麼一家日本銀行會在經歷了兩年的痛苦之後選擇現在確認其損失？另一個奇怪的事實是，按照你應該聽從的經濟學家的共識觀點：美國經濟正處於衰退的邊緣。因此，聯準會在幾次會議後就可能會降息。降息將推動債券價格上漲。既然所有「聰明」的經濟學家都告訴你，緩和就在眼前，為什麼現在要賣呢？

At the end of 2021, the Fed issued a signal that the policy interest rate would be raised in March 2022, and since then the USTs have collapsed. For more than two years now, why does a Japanese bank choose to recognize its loss after two years of suffering?

原因在於農林中金銀行對美國國債的外匯對沖購買從略微正收益變為大幅負收益。在2023 年之前，美元和日圓之間的利率差異微乎其微。然後，聯準會透過升息與日本央行（BOJ）分道揚鑣，而BOJ 堅持-0.1% 的利率。隨著差距擴大，對沖嵌入美國國債的美元風險的成本超過了較高的收益率。

The reason for this is that the gold bank’s foreign-to-market purchases of US bonds in the agricultural forest have shifted from a slightly positive to a significant negative gain. Until 2023, interest rates differentials between the US dollar and the yen were minimal.

運作原理如下。農林中金銀行是一家持有日圓存款的日本銀行。如果它想購買收益率較高的美國國債，就必須以美元支付。農林中金銀行將今天賣出日圓並買入美元以購買債券；這在現貨市場進行。如果農林中金銀行只做這一步，而日圓在債券到期前升值，農林中金銀行在將美元賣回日圓時會虧錢。例如，你今天以USDJPY 100 買入美元，明天以USDJPY 99 賣出美元；美元貶值，日圓升值。因此，農林中金銀行通常會在三個月期的遠期市場上賣出美元並買入日圓，以對沖這種風險。它會每三個月滾動一次，直到債券到期。

The operating principle is the following. The Gold Bank in the Farm is a Japanese bank with a yen deposit. If it wants to buy the dollar at a higher rate of return, it has to pay in dollars. The Gold Bank in the Farm Forest will sell the yen today and buy the dollar to buy the bonds; this is going to take place in the real market. If the Gold Bank in the Farm Forest does this only, and the yen increases before the bonds expire, the Bank in the Farm will lose money when it sells the dollar back to the Japanese. For example, you buy the dollar today at USDJPY 100, sell the dollar tomorrow at USDJPY 99; the dollar is down, the yen is rising.

通常，三個月期的遠期合約是最具流動性的。這就是為什麼像農林中金這樣的銀行會使用滾動的三個月期遠期合約來對沖十年期的貨幣購買。

Often, the three-month long-term contract is the most fluid. That is why banks like the middle-of-the-farm gold use rolling three-month long-term contracts to buy money for the decade.

隨著美元- 日圓利率差異的擴大，遠期點變成負值，因為聯準會的政策利率高於日本央行的利率。例如，如果現貨USDJPY 為100，美元在未來一年內的收益率比日圓高1%，則USDJPY 一年的遠期價格應在99 左右。這是因為如果我今天借10,000 日元以0% 的利率來買入100 美元，然後將100 美元存入賺取1% 的利息，一年後我將有101 美元。 USDJPY 一年的遠期價格應為多少才能抵銷這1 美元的利息收入？大約是99 USDJPY，這是無套利原則。現在想像我做了這一切只是為了購買一隻收益率只比類似期限的日本國債（JGB）高0.5% 的美國國債。我實際上在這筆交易中支付了0.5% 的負收益率。如果是這種情況，農林中金或任何其他銀行都不會進行這筆交易。

This is because if I borrow 10,000 yen today to buy $100 at zero% and then deposit $100 at 1% interest, then I will have $101 a year. For example, if USDJPY’s one-year forward price is 100, the dollar will earn 1% more than the yen in the next year, then USDJPY’s one-year interest rate will be around 99.

回到圖表上，隨著差異擴大，三個月期的遠期點變得如此負，以至於外匯對沖回日圓的美國國債殖利率低於直接購買日圓計價的日本國債。從2022 年中期開始，你會看到代表美元的紅線低於X 軸上的0%。請記住，購買日圓計價的日本國債的日本銀行沒有貨幣風險，因此沒有理由支付對沖費用。進行這筆交易的唯一原因是當外匯對沖後的收益率>0%。

Returning to the chart, as the gap widens, the three-month long-term point becomes so negative that foreign interest rates are lower than direct purchases of Japanese yen against returning Japanese yen. From mid-2022, you will see that the red line representing the dollar is lower than 0% on the X axis. Remember, Japanese banks that buy Japanese yen do not have currency risk, so there is no reason to pay the charge.

農林中金銀行的情況比FTX/Alameda 的多方戀情參與者更糟。從市值角度來看，可能在2020-2021 年購買的美國公債下跌了20% 到30%。此外，外匯避險成本從可忽略不計增加到超過5%。即使農林中金銀行認為聯準會將降息，0.25% 的降息也不足以降低對沖成本或提升債券價格以止住出血。因此，他們必須拋售美國國債。

In terms of market value, US public debt, which may be purchased in 2020-2021, fell by 20 to 30%. Moreover, the cost of foreign transport avoidance has increased from negligible to more than 5%.

任何允許農林中金銀行將美國國債抵押換取新美元的計畫都無法解決現金流問題。從現金流角度來看，唯一能讓農林中金銀行恢復獲利的是聯準會和日本央行之間的政策利率差距大幅縮小。因此，使用聯準會的任何計劃，如常設回購機制，允許外國銀行的美國分行透過回購美國國債和抵押貸款支持證券換取新印製的美元，在這種情況下是無效的。

From a cash flow perspective, the only thing that can restore interest rates between the Union and the Central Bank of Japan is a sharp reduction in the gap between policy rates. Thus, using any scheme of the Union, such as a buy-back system that allows US branches of foreign banks to buy back US bonds and mortgage-backed loan-support certificates for new United States dollars, this would be ineffective.

當我寫這篇文章時，我絞盡腦汁想任何其他金融手段可以使農林中金銀行避免出售債券。但如上所述，現有的計劃都是某種形式的貸款和互換。只要農林中金銀行以任何形式持有債券，貨幣風險仍然存在，就必須對沖。只有在債券出售後，農林中金銀行才能解除外匯對沖，對它來說是巨大的成本。這就是為什麼我相信農林中金銀行的管理層已經探索了所有其他選項，出售債券是最後的手段。

When I write this article, I think of any other financial means that might prevent the sale of bonds in the forest. But, as noted above, there are some kinds of loans and swaps. As long as the forest bank holds bonds in any form, the currency risk still exists, it must fight.

我會解釋為什麼耶倫對此情況感到不滿，但現在，讓我們關閉Chat GPT，用我們的想像。是否有一個日本的公共機構可以從這些銀行購買債券並無懼破產地承擔美元利率風險？

I will explain why Aaron is unhappy with this, but now, let's shut down the Chat GPT and use our imagination. Is there a public institution in Japan that can buy bonds from these banks without fear of losing its dollar interest rate?

叮咚

Ding-dong.

誰在那？

Who's there?

是日本央行。

It's the Central Bank of Japan.

日本央行（BOJ）是少數可以使用FIMA 回購機制的中央銀行之一。它可以透過以下方式隱藏美國國債的價格發現：

The Central Bank of Japan (BOJ) is one of the few central banks that can use the FIMA back-to-back system. It can hide the price of US national debt by:

日本央行「溫和地建議」任何需要拋售美國國債的日本商業銀行，直接將這些債券拋售到日本央行的資產負債表上，而不是在公開市場上出售，並以當前最後成交價結算，不會對市場產生影響。想像一下，你可以以市場價格拋售所有的FTT 代幣，因為卡羅琳艾莉森在那裡支持市場，並且可以提供任何必要規模的支持。顯然，這對FTX 來說效果不佳，但她不是擁有印鈔機的中央銀行。她的印鈔機只能處理100 億美元的客戶資金，而日本央行處理的是無限的。

The central bank of Japan “moderately suggests” that any Japanese commercial bank that needs to sell United States bonds sells these bonds directly to the central bank’s debt statement, instead of selling them on the open market and at the end of the day, without affecting the market. Imagine that you can sell all of the FTTs at market prices, because Caroline Allison is there to support the market and can provide any necessary standard support.

然後，日本央行利用FIMA 回購機制，將美國公債換成聯準會憑空印出來的美元。

Then, the Central Bank of Japan used the FIMA back-to-back system to swap US public debt into US dollars that would be printed in blank.

一，二，繫好鞋帶。這麼簡單就能繞過自由市場。夥計，這是值得一戰的自由！

One, two, tie your shoes. It's easy to go around the free market. Man, this is freedom worth fighting for!

讓我們問幾個問題來理解該政策的影響。

Let us ask a few questions to understand the impact of this policy.

有人必須在這裡虧錢；由於利率上升導致的債券損失仍然存在。誰是冤大頭？

There are people who have to lose money here; there are still losses due to higher interest rates. Who is wrong?

日本銀行仍會因以當前市場價格將債券賣給日本央行而確認損失。日本央行現在承擔未來的美國國債期限風險。如果這些債券的價格下跌，日本央行將有未實現的損失。然而，這與日本央行目前在其數兆日圓規模的日本國債組合上面臨的風險相同。日本央行是一個準政府實體，不會破產，也不需要遵守資本充足率要求。它也沒有風險管理部門在其風險值（Value-at-Risk）由於巨大的DV01 風險上升時強制減少頭寸。

The central bank of Japan now bears the risk of a future US debt term. If the price of these bonds falls, the central bank of Japan will have an unrealized loss.

只要FIMA 回購機制存在，日本央行就可以每天滾動回購，並持有美國國債直到到期。

As long as the FIMA system exists, the Central Bank of Japan will be able to roll back every day and hold US national debt until it expires.

美元供應量是如何增加的？

How did the dollar supply increase?

回購協議要求聯準會向日本央行提供美元以換取美國國債。這筆貸款每天滾動。聯準會透過其印鈔機獲取這些美元。

The repurchase agreement requires the Union to provide the Central Bank of Japan with US dollars in exchange for US debt. The loan rolls every day. The Association will get these dollars through its money printing machine.

我們可以每週監測系統中註入的美元。該項目的名稱是「回購協議——外國官方」。

We can record the dollar in the monitoring system every week. The project is called "A return purchase agreement - a foreign government".

如你所見，FIMA 回購目前非常小。但拋售尚未開始，我想耶倫和日本央行行長上田之間會有一些有趣的電話交流。如果我沒猜錯，這個數字會增加。

As you can see, the FIMA buyback is currently very small. But the sale has not yet started, and I think there will be some interesting phone exchanges between Aaron and the Governor of the Central Bank of Japan, Ueda. If I am right, this number will increase.

美國人並不以同情外國人著稱，特別是那些不會說英語、外表奇怪的外國人。外表問題是相對的，但對於那些住在飛越州的農夫曬黑、揮舞邦聯旗幟的鄉巴佬來說，日本人看起來就是不對勁。而且你知道嗎？這些粗俗的人將在今年十一月決定下一個皇帝是誰。真是讓人無言。

Americans are not called sympathizers with foreigners, especially those who do not speak English and who look strange. The problem with appearances is relative, but the Japanese do not look right to the countrymen who live in Flying Vietnam, where farmers are tanning and waving federal flags. And, you know, these vulgar people will decide in November of this year who the next emperor is.

儘管有潛在的排外情緒，耶倫還是會伸出援手的原因是，如果沒有新美元來吸收這些垃圾債券，所有的日本大銀行將跟隨農林中金銀行的腳步，拋售他們的美國國債投資組合以緩解痛苦。這意味著價值4500 億美元的美國公債將迅速進入市場。這是不能允許的，因為收益率會飆升，使聯邦政府的融資變得非常昂貴。

Despite the potential for xenophobia, the reason for Aaron’s help is that, without a new dollar to absorb the garbage bonds, all major Japanese banks will follow the path of the middle-of-the-farm gold bank and sell their United States dollar investment portfolio to ease the pain. This means that the US public debt, valued at $45 billion, will quickly enter the market. This cannot be allowed, because the rate of return will rise, making federal government contributions very expensive.

正如聯準會自己的話所說，這就是為什麼FIMA 回購機制被創建：

That's why FIMA's back-to-back scheme was created, as the Union itself said:

「在2020 年3 月的『現金搶購』期間，中央銀行同時出售美國國債，並將收益存放在紐約聯邦儲備銀行的隔夜回購中。作為回應，聯準會在3 月底提出同意向中央銀行提供使用紐約聯邦儲備銀行託管的美國國債作為抵押品的隔夜貸款，利率高於私人回購利率。

In response, at the end of March, the Association agreed to provide the Central Bank with overnight loans using United States bonds held by the Federal Bank of New York as collateral at interest rates higher than private buyback rates.

還記得2023 年9 月至10 月嗎？在那兩個月裡，美國公債殖利率曲線陡峭化，導致標普500 指數下跌20%，10 年期和30 年期美國公債的殖利率超過了5%。作為回應，耶倫將大部分債務發行轉移到短期國債，以排幹聯準會逆回購計畫中的現金。這提振了市場，從11 月1 日開始，所有風險資產，包括加密貨幣，都開始上揚。

Remember September-October 2023? In those two months, the United States public interest rate was steeped, leading to a 20% drop in the standard 500 index, and over 5% over 10 years and 30 years of US public debt. In response, Aaron transferred most of his debt to short-term national debt in order to reverse the grant in the Federation’s purchase plan.

我非常有信心，在大選年，當她的老闆面臨被橙人（指特朗普）犯罪之手擊敗的威脅時，耶倫將履行她對“民主”的責任，確保收益率保持低位，以避免金融市場災難。在這種情況下，耶倫所需要做的只是打電話給上田，並指示他不允許日本銀行在公開市場上出售美國國債，而是使用FIMA 回購機制來吸收供應。

I am very confident that in the election year, when her boss faces the threat of being defeated by the Orangeman's criminal hand, Aaron will fulfil her responsibility for “democracy” by ensuring that the rate of return remains low in order to avoid a financial market disaster. All he needs to do is call Ueda and instruct him not to allow the Bank of Japan to sell US bonds on the open market, but to use the FIMA buyout system to absorb supply.

大家都密切關注聯準會何時最終開始降息。然而，美元- 日圓的利率差為+5.5% 或550 個基點，相當於22 次降息（假設聯準會每次會議降息0.25%）。在未來十二個月內，一次、兩次、三次或四次降息都不會顯著壓低這個差距。此外，日本央行也沒有表現出提高政策利率的意願。最多，日本央行可能會減少公開市場購債的速度。而日本商業銀行必須拋售其外匯對沖的美國國債投資組合的原因並未解決。

In the next 12 months, one, two, three, or four drops will not be expected to reduce the gap. Moreover, the central bank of Japan has not shown its willingness to raise policy interest rates. At best, the central bank of Japan may reduce the rate of public market purchases.

這就是為什麼我有信心加快從Ethena 質押的USD（sUSDe），即目前賺取20-30% 的收益，向加密風險資產轉移的步伐。鑑於這個消息，痛苦已經達到日本銀行別無選擇只能退出美國國債市場的程度。如我所述，在大選年，執政的民主黨最不需要的就是美國國債收益率的大幅上升，因為這會影響到中位選民最關心的主要財務問題，即抵押貸款利率、信用卡和汽車貸款利率。如果國債殖利率上升，這些利率都會上升。

That is why I am confident that the USD (sUSDE), pledged by Ethena, which currently earns 20-30% of its profits, will move to encryption risk. This news has reached the point where Japan’s banks have no choice but to withdraw from the US debt market.

這正是為什麼FIMA 回購機制被建立的原因。現在所需要的只是耶倫堅決要求日本央行使用它。

That's why the FIMA system was created. All that is needed now is for Aaron to insist that the central bank of Japan use it.

就在許多人開始懷疑下一個美元流動性衝擊將來自何處時，日本銀行系統向加密投資者送來了由摺紙鶴組成的嶄新美元。這只是加密牛市的另一個支柱。為了維持目前以美元為基礎的美利堅和平骯髒的金融體系，美元供應必須增加。

Just as many people began to wonder where the next dollar-flowing impact would come from, the Japanese banking system sent a new dollar made up of thugs to encrypted investors. This is just another pillar of the encrypted cattle market. In order to maintain the US dollar-based, peaceful and dirty financial system, dollar supply needs to increase.

跟我一起說，「仕方がない」，然後逢低買進！

Say it with me, "In the middle of nowhere," and then buy it low!