Watching Fed chair Powell spit forward guidance rhetoric to the cronies right now, crypto’s are loving it & lots of movement in all the markets today. These fed a-holes have way too much juice, nobody should have power over free markets & price discovery, but that is the reality we live in & have been brought up in.
Nice to see a Green Day in crypto’s but I don’t trust it one bit, we will see what happens when/if the fed hikes rates in December. I don’t think the debt, stock & bond markets can handle higher rates at all. Markets have responded bullishly to Fed weakness in the last few years, that is as idiotic as borrowing money on variable interest to buy back your own corporate shares. Ask GE how that works long term.
We are in for a very hard landing when all these buybacks & interest rate manipulation fail. Gonna be a lot of debt take out of the system when loans default. Dollars are created when loans are created & destroyed when debt defaults. Highly deflationary on a massive scale like we are looking out now.
Anyway back to Powell, he’s laying it on thick to the guests at the “economic club of New York”... Do you think that club is place for the common man to discourse & learn about the economy or a private, supremely elite place where insider trading & maintaining power in the name of maintaining order is the goal.
I don’t think any of those wine sipping elitists have the interests of the people in mind, but I must be paranoid 😉
