![\"Patrick](\"https:\/\/miro.medium.com\/fit\/c\/96\/96\/1*CHmajIxeqU0MhGYZ4ViZAA.jpeg\")
<\/p>\n<\/p>\n
When Alex Turnbull was a teenager growing up in the small town of Hemmingway, North Carolina, he only knew one thing \u2014 hogs.<\/p>\n
After all, Turnbull\u2019s great grandfather, grandfather and his father before him had been hog farmers.<\/p>\n
\u800c\u4e14\uff0c\u5f53\u4ed6\u5373\u5c06\u6bd5\u4e1a\u65f6\uff0c\u6beb\u65e0\u7591\u95ee\uff0c\u4ed6\u5c06\u6709\u4e00\u5929\u5230\u54ea\u91cc\u53bb\uff0c\u79bb\u4ed6\u7684\u9ad8\u4e2d\u53ea\u6709\u51e0\u82f1\u91cc\uff0c\u90a3\u91cc\u6709\u79cd\u732a\u3002<\/p>\n
Yet if Turnbull was disappointed with his lot in life, it didn\u2019t show.<\/p>\n
\u5f53\u4ed6\u7684\u9ad8\u4e2d\u670b\u53cb\u4eec\u8ba1\u5212\u53bb\u67e5\u5c14\u65af\u987f\u6216\u5176\u4ed6\u5927\u57ce\u5e02\u65f6\uff0c\u7279\u6069\u5e03\u5c14\u4e0d\u4ec5\u63a5\u53d7\u4e86\u4ed6\u7684\u751f\u6d3b\uff0c\u8fd8\u63a5\u53d7\u4e86\u4ed6\u7684\u751f\u6d3b\u3002<\/p>\n
\u76f4\u5230\u6700\u540e\u51e0\u5341\u5e74\u5de6\u53f3\uff0c\u517b\u732a\u90fd\u662f\u4e00\u79cd\u9ad8\u5ea6\u624b\u52a8\u7684\u52a8\u624b\u519c\u4e1a\u6d3b\u52a8\uff0c\u4e3b\u8981\u7531\u7279\u6069\u5e03\u5c14\uff08Turnbull\uff09\u5bb6\u65cf\u7b49\u5c0f\u519c\u7ecf\u8425\u3002<\/p>\n
\u4f46\u662f\u968f\u7740\u5de5\u4e1a\u5316\u548c\u5de5\u5382\u5316\u519c\u4e1a\u4ee5\u53ca\u5bf9\u732a\u8089\u7684\u65e0\u9650\u6ee1\u8db3\uff0c\u4e00\u4e9b\u5de5\u4e1a\u5316\u519c\u4e1a\u7684\u5927\u4eba\u7269\u4ece\u5c0f\u519c\u90a3\u91cc\u8d2d\u4e70\u4e86\u6570\u767e\u4e07\u82f1\u4ea9\u7684\u517b\u732a\u573a\uff0c\u5e76\u4f7f\u5b83\u4eec\u4e0e\u519c\u6237\u7b7e\u7ea6\uff0c\u8fd9\u5728\u5f88\u5927\u7a0b\u5ea6\u4e0a\u5bf9\u5927\u516c\u53f8\u6709\u5229\u3002\u4ece\u672c\u8d28\u4e0a\u8bb2\uff0c\u519c\u6c11\u4e0d\u8fc7\u662f\u5951\u7ea6\u516c\u53f8\u7684\u5974\u96b6\u3002<\/p>\n
\u7279\u6069\u5e03\u5c14\u6ce8\u610f\u5230\uff0c\u4ed6\u5468\u56f4\u7684\u4e00\u5c0f\u5757\u571f\u5730\u5f00\u59cb\u62ac\u8d77\u4e00\u4e9b\u732a\u8089\u548c\u732a\u8089\u4ea7\u54c1\u4e2d\u4e00\u4e9b\u5927\u4eba\u7269\u7684\u65d7\u5e1c\uff0c\u5e76\u51b3\u5fc3\u8d70\u53e6\u4e00\u6761\u8def\u3002<\/p>\n
\u5728\u9605\u8bfb\u4e86\u6709\u5173\u897f\u73ed\u7259\u4f0a\u6bd4\u5229\u4e9a\u5730\u533a\u7279\u6709\u7684\u4e00\u79cd\u732a\u4e4b\u540e\uff0c\u4ed6\u542c\u8bf4\u4ed6\u4eec\u7684\u8089\u5982\u4f55\u56e0\u5176\u8d28\u91cf\u548c\u53e3\u5473\u800c\u4eab\u8a89\u5168\u7403\u3002<\/p>\n
\u7279\u6069\u5e03\u5c14\uff08Turnbull\uff09\u76f8\u4fe1\u81ea\u5df1\u53ef\u4ee5\u5728\u81ea\u5df1\u7684\u5c0f\u519c\u573a\u4e0a\u505a\u4e9b\u7c7b\u4f3c\u7684\u4e8b\u60c5\uff0c\u56e0\u6b64\u5b9e\u9645\u4e0a\u6253\u8d4c\u8be5\u519c\u573a\u9972\u517b\u7279\u6b8a\u9972\u517b\u7684\u9ad8\u7ea7\u732a\uff0c\u5e76\u7ed9\u4e88\u82f9\u679c\u548c\u6a61\u5b50\u7279\u6b8a\u7684\u996e\u98df\uff0c\u5b83\u4eec\u53ef\u4ee5\u6e17\u900f\u5e76\u8c03\u5473\u8089\u7c7b\uff0c\u5e76\u6536\u53d6\u8d39\u7528\u8be5\u4ea7\u54c1\u7684\u6ea2\u4ef7\u3002<\/p>\n
Turnbull\u2019s father was initially hesitant, believing that the safest route for the farm was to go the way of the big corporations and cave to their demands, but Turnbull junior was insistent, because by his calculation, taking a risk was perhaps the safer bet at the end of the day.<\/p>\n
\u5b83\u5f97\u5230\u4e86\u56de\u62a5\u3002<\/p>\n
\u90bb\u8fd1\u7684\u519c\u573a\u88ab\u5927\u578b\u732a\u8089\u751f\u4ea7\u5546\u6240\u63a5\u53d7\uff0cTurnbull\u519c\u573a\u751f\u4ea7\u9ad8\u8d28\u91cf\u7684\u5c0f\u6279\u91cf\u732a\u8089\u4ea7\u54c1\uff0c\u4e3a\u6b64\u4ed6\u4eec\u53ef\u80fd\u8981\u652f\u4ed8\u5de8\u989d\u6ea2\u4ef7\u3002<\/p>\n
Today, Turnbull Farm\u2019s pork products can be found in gourmet supermarkets from Charleston to Chicago and are prized for their quality, flavor and ethical farming methods.<\/p>\n
\u56e0\u4e3a\u6709\u65f6\u5192\u6700\u5927\u7684\u98ce\u9669\u624d\u80fd\u53d1\u73b0\u5b89\u5168\u3002<\/p>\n
And as the world confronts the seemingly relentless economic onslaught wrought by the coronavirus pandemic, investors have been left frantically searching for \u201csafe haven\u201d assets, only to find that there may be no such thing.<\/p>\n
With geopolitical tensions between the world\u2019s two largest economies rising, the investing world has entered into its most complex and difficult phase in over a decade.<\/p>\n
\u5927\u6d41\u884c\u5e26\u6765\u4e86\u65e0\u6570\u7684\u5546\u4e1a\u9650\u5236\uff0c\u5e76\u7ed9\u4f01\u4e1a\u548c\u5bb6\u5ead\u5e26\u6765\u4e86\u5de8\u5927\u7684\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n
\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u8fc7\u53bb\u4e8c\u5341\u5e74\u6765\uff0c\u5927\u591a\u6570\u5bcc\u88d5\u56fd\u5bb6\u7684\u957f\u671f\u5b9e\u9645\u5229\u7387\u5df2\u957f\u671f\u4e0b\u964d\u3002<\/p>\n
\u5c3d\u7ba1\u6b64\u540e\u4e2d\u592e\u94f6\u884c\u66fe\u591a\u6b21\u5c1d\u8bd5\u52a0\u606f\uff0c\u4f46\u8fd9\u4e9b\u5c1d\u8bd5\u90fd\u6ca1\u6709\u505c\u6b62\uff0c\u56e0\u4e3a\u5e02\u573a\u5a01\u80c1\u5728\u4e2d\u592e\u94f6\u884c\u51fa\u73b0\u5f3a\u786c\u8ff9\u8c61\u7684\u7b2c\u4e00\u65f6\u95f4\u5c31\u51fa\u73b0\u4e0b\u8dcc\u3002<\/p>\n
The coronavirus pandemic has simply put a two decades\u2019 long trend in real interest rates, into sharp focus, as consumers faced with rising uncertainty reduce consumption and increase savings which helps to further depress rates.<\/p>\n
\u5c3d\u7ba1\u5386\u53f2\u4e0a\u4e00\u76f4\u5b58\u5728\u5927\u91cf\u7684\u5b89\u5168\u8d44\u4ea7\uff0c\u4f8b\u5982\u9ad8\u8bc4\u7ea7\u7684\u653f\u5e9c\u503a\u5238\u6216\u623f\u5730\u4ea7\u652f\u6301\u7684\u8bc1\u5238\uff0c\u4f462008\u5e74\u7684\u91d1\u878d\u5371\u673a\u4f7f\u8fd9\u4e9b\u4fdd\u62a4\u533a\u4e0d\u582a\u91cd\u8d1f\u3002<\/p>\n
2009\u5e74\u7684\u6b27\u6d32\u503a\u52a1\u5371\u673a\u4f7f\u5fb7\u56fd\u503a\u5238\uff08\u4e16\u754c\u4e0a\u8bc4\u7ea7\u6700\u9ad8\u7684\u4e00\u4e9b\u4e3b\u6743\u503a\u5238\uff09\u9677\u5165\u8d1f\u5229\u7387\uff0c\u800c\u5bfc\u81f42008\u5e74\u91d1\u878d\u5371\u673a\u7684\u7f8e\u56fd\u4f4f\u623f\u5371\u673a\u4f7f\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u7684\u8bc1\u5238\u5e02\u573a\u5927\u5e45\u7f29\u6c34\u3002<\/p>\n
\u8461\u8404\u7259\uff0c\u610f\u5927\u5229\uff0c\u5e0c\u814a\u548c\u897f\u73ed\u7259\u7684\u7247\u9762\u4e3b\u6743\u503a\u52a1\u5d29\u6e83\uff08\u5f62\u6210\u4e0d\u5e78\u7684\u7f29\u5199PIGS\uff09\u7834\u574f\u4e86\u6b27\u6d32\u4e3b\u6743\u503a\u5238\u7684\u58f0\u8a89\u3002<\/p>\n
\u957f\u671f\u4ee5\u6765\u4eba\u4eec\u4e00\u76f4\u8ba4\u4e3a\uff0c\u4ee5\u571f\u5730\u4e3a\u62b5\u62bc\u7684\u7f8e\u56fd\u8d44\u4ea7\u6c38\u8fdc\u4e0d\u4f1a\u6025\u5267\u4e0b\u964d\uff0c\u8fd9\u4e00\u70b9\u57282008\u5e74\u88ab\u8bc1\u660e\u662f\u9519\u8bef\u7684\u3002<\/p>\n
With sovereign debt from rich countries and asset-backed securities having lost their \u201csafe haven\u201d status, investors have been left feckless at a time when \u201csafe haven\u201d assets are more in demand than at any time in the past.<\/p>\n
And that shortage of \u201csafe haven\u201d assets has seen a rush into gold \u2014 which although down somewhat from its record high, remains above multi-year averages \u2014 as well as cryptocurrencies such as Bitcoin.<\/p>\n
Because there is a limit to how low interest rates can go (a form of zero lower bound or negative interest rate) to clear this excess demand for \u201csafe haven\u201d assets, low rates can create a persistent stagnation in the global economy and dramatically hamstring the efficacy of monetary policy, at a time when policymakers are increasingly running out of tools to boost the economy.<\/p>\n
\u534e\u76db\u987f\u548c\u5317\u4eac\u4e4b\u95f4\u65e5\u76ca\u7d27\u5f20\u7684\u5173\u7cfb\u6709\u53ef\u80fd\u6269\u6563\u5230\u4e00\u573a\u8d27\u5e01\u6218\u4e89\u4e2d\uff0c\u8fd9\u5c06\u5bfc\u81f4\u4e24\u79cd\u6cd5\u5b9a\u8d27\u5e01\u90fd\u9677\u5165\u4f4e\u8c37\uff0c\u5e76\u53c2\u4e0e\u652f\u6301\u6bd4\u7279\u5e01\u548c\u9ec4\u91d1\u7684\u53d9\u4e8b\u3002<\/p>\n
\u66f4\u52a0\u4e0d\u786e\u5b9a\u7684\u662f\uff0c\u8c01\u5c06\u572811\u6708\u7684\u7f8e\u56fd\u603b\u7edf\u5927\u9009\u4e2d\u83b7\u80dc\uff0c\u5bf9\u6743\u529b\u662f\u5426\u4f1a\u5e73\u7a33\u8fc7\u6e21\uff08\u5982\u679c\u6709\u7684\u8bdd\uff09\u7684\u62c5\u5fe7\u8f83\u5c11\u3002<\/p>\n
To be sure, America\u2019s democratic institutions have come under serious pressure by almost four years of the Trump administration, and a failure for a smooth democratic handover, should Biden win the White House, may be the last straw on the camel\u2019s back for American democracy.<\/p>\n
\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027\u53ef\u80fd\u5bf9\u7f8e\u5143\u7684\u4ef7\u503c\uff08\u5bf9\u7f8e\u56fd\u56fd\u503a\u7684\u4fe1\u5ff5\uff09\u4ea7\u751f\u5de8\u5927\u5f71\u54cd\u3002<\/p>\n
\u5982\u679c\u4eba\u4eec\u5bf9\u7f8e\u5143\u53ca\u5176\u6c11\u4e3b\u673a\u6784\u7684\u5168\u7403\u4fe1\u5ff5\u906d\u5230\u7834\u574f\uff0c\u5b83\u53ef\u80fd\u4f1a\u5728\u9ec4\u91d1\u548c\u6bd4\u7279\u5e01\u6295\u8d44\u8005\u7684\u5267\u672c\u4e2d\u53d1\u6325\u4f5c\u7528\u3002<\/p>\n
But investors betting on Bitcoin for safety should also note the new entrants into the digital asset markets, for whom \u201csafety\u201d is an unintentional byproduct, as opposed to an articulated goal.<\/p>\n
\u5728\u65b0\u5174\u7684\u6570\u5b57\u8d44\u4ea7\u7c7b\u522b\u4e2d\uff0c\u5305\u62ec\u9ad8\u76db\uff08Goldman Sachs\uff09\u548c\u6469\u6839\u5927\u901a\uff08JPMorgan Chase\uff09\u5728\u5185\u7684\u6295\u8d44\u94f6\u884c\u4e1a\u4e2d\u7684\u4e00\u4e9b\u5927\u4eba\u7269\u5df2\u7ecf\u628a\u81ea\u5df1\u7684\u811a\u8dbe\u6d78\u5165\u6c34\u4e2d\uff0c\u4f46\u662f\u6c60\u7554\u5374\u62e5\u6324\u4e0d\u582a\u3002<\/p>\n
\u5305\u62ec\u6e23\u6253\u94f6\u884c\u548c\u745e\u94f6\u96c6\u56e2\u5728\u5185\u7684\u6b27\u6d32\u94f6\u884c\u4e5f\u6b63\u5728\u5bc6\u5207\u76d1\u89c6\u8fd9\u4e00\u9886\u57df\uff0c\u800c\u79c1\u4eba\u94f6\u884c\u5df2\u7ecf\u5728\u6b64\u9886\u57df\u5927\u8dcc\u3002<\/p>\n
\u6307\u5b9a\u7684\u9a7e\u9a76\u5458\u7684\u5bff\u547d\u4f3c\u4e4e\u8fc7\u9ad8\u3002 \uff08\u7167\u7247\u7531Jacob Bentzinger\u5728Unsplash\u4e0a\u62cd\u6444\uff09<\/p>\n
\u4f46\u662f\u5386\u53f2\u8bc1\u660e\uff0c\u5f53\u6295\u8d44\u94f6\u884c\u4ecb\u5165\u65f6\uff0c\u5b83\u4eec\u51e0\u4e4e\u603b\u662f\u4f1a\u52a0\u5267\u6295\u673a\u548c\u6ce2\u52a8\u3002<\/p>\n
As investment bankers feed off fee income and juice bets with leverage, especially given the highly unregulated state of the digital asset industry, can Bitcoin really serve the role that it\u2019s being touted to serve in portfolios?<\/p>\n
If and when the coronavirus pandemic comes to pass, the demand for a mix of \u201csafe\u201d and \u201crisky\u201d assets needs to be balanced \u2014 the options can\u2019t simply be \u201crisky\u201d and \u201cmore risky.\u201d<\/p>\n
And existing investment paradigms will need to be shifted to redefine portfolio risk as well as what qualifies as a \u201csafe\u201d asset class.<\/p>\n
Against this backdrop, the many snake oil salesmen (and women) touting Bitcoin as a cure-all for the pandemic\u2019s economic ails, must be received with more than a pinch of salt.<\/p>\n
And while there are plenty of macro factors which threaten our existing assumptions about fiat currency, not least among which has been the relentless money-printing, that doesn\u2019t make it obvious that gold and Bitcoin are the necessary successors to the fiat currency system.<\/p>\n
It may be that the global financial system will need to go through a painful period of re-discovery \u2014 to reassess what value and risk actually mean to the individual investor and more importantly, whether there\u2019s such a thing as a \u201csafe asset\u201d to even begin with.<\/p>\n
For now, the sooner investors learn to embrace that all assets are risky, the easier it will become to make sense of our present age \u2014 and that acceptance of risk, may end up becoming the safest asset of all.<\/p>\n
We can\u2019t all be hog farmers.<\/p>","protected":false},"excerpt":{"rendered":"
Like sands through the hourglass, so are the assets of our lives. From bullion to Bitcoin, man\u2019s search for safety and security in an uncertain world [\u2026]<\/span><\/p>","protected":false},"author":1,"featured_media":1708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/1707"}],"collection":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/comments?post=1707"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/posts\/1707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media\/1708"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/media?parent=1707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/categories?post=1707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/zh\/wp-json\/wp\/v2\/tags?post=1707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}