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The author argues that the world is at a turning point between geopolitical and monetary arrangements, with a new Local, inflationary cycle under way since 2008 in which savers face financial repression and gold and Bitcoin are favored over stocks and bonds. The argument draws on a history of cycles beginning in 1933, when Franklin Delano Roosevelt banned private gold ownership and devalued the dollar against gold from $20 to $35. The author contends that Bitcoin's ledger, maintained by a cryptographic blockchain, makes it a superior stateless alternative to gold, though the text is truncated before that case is complete.