Did an hour with the great @MelKShow on Friday. https://t.co/aWLYTLnKCk
— Tom Luongo (Head Sneetch) (@TFL1728) January 16, 2024
2:40 You have the guys who want to be right, and you have the guys who need to survive. The people in the middle are going, "Yeah, but Powell doesn't need to do anything." Just let the world break. There's nothing wrong with letting the world break a little bit. And that would be a good thing because the world we've created is fundamentally broken. The world is broken. We're looking for signs of it repairing itself. And so much of what we were feeling is this is that. Things changing some of those things are improving and other things that we are used to that were never good are breaking. It's like living in a terrible house that is falling apart and that's continuing to break more but somebody just built a new place right next door that I can move into If I Only Had the strengths get to get up off my my ass and walk over there and moving to that thing.
4:07. The FED has had the easy time of it. Let's raise rates to 5.5% and wait to see what breaks. And then it's the crunch time of the election year in the United States, where everybody and their brother will be screaming at them to cut rates as early as possible for their own survival. The problem with that is the Fed has to sacrifice its own survival in order to do this, and it has just spent the last 2 years asserting its sovereignty. Do I think the FED is going to cut rates in March if something breaks? Yes. And what has to break? A major money center bank has to go kaput. Nothing else will move Powell at this point. Powell is in control of the rates. The FOMC members are in control of their dots. The FED didn't pivot in December. The Dot Plot pivoted and the Dot Plot is spurious at best because these people never get anything right anyway because they are central planners and central planners never get anything right.
5:17. Mel K: A lot of people are making a deal about Bitcoin in the SEC. How do you see that because I look at central bankers, they don't want Bitcoin but now people are very confused.
5:35 It depends on which central banker we're talking about. The European Central Bank? No. The IMF? No. Who do they work for? Davos. Do they want Bitcoin or a CBDC? No. They want their own thing. The Fed? The FED doesn't care. Paul has said multiple times I don't care about Bitcoin while with the same breath I beginning to see a lot of circumstantial evidence that Bitcoin is rapidly becoming a form of collateral to undergird the repo markets here in domestically and that's part of the reason why Wall Street wanted in and wanted the unchains settled by ETFs, Gary Gensler the Davosian troll that he is, works alongside Janet Yellen to undermine this country, delayed and deferred all he could until he finally got what he wanted--to settle on chain. We're going to have a financial intermediary and JP Morgan is going to be the intermediary for some people; for others, it'll be ETFs.
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