In USD terms, US assets look euphoric. The NASDAQ's up 165%, the S&P's up 102 and home prices are up 56% since CO. But when you redenominate in gold, those gains, they shrink to flat.In Bitcoin, they implode. NASDAQ's down 78, S&P's down 84, home prices are down 87. What appears as growth is simply the mirror image of a collapsing unit of account.Now, this is the same pattern that appears at the end of every major currency regime. People feel richer in the debasing unit because the unit is melting faster th ...