This is obviously coordinated. The impetus to me seems to be clearing the way for the CBDC. FedNow is supposed to be rolled out this summer. While not a fully operational Death Star, it’s the first foray.
That’s the reason Silvergate and Signature had to be taken out. The SEN network and Signet were their respective 24 hour settlement networks for both fiat into crypto and crypto to crypto transfers, especially USD stablecoins. Needed to eliminate competition.
They’re also trying to eliminate off ramps out of fiat. I think it’s taken on extra urgency with the bank runs and failures. People can’t have other options. You need to be trapped in the fiat banking system. The one where we’re eventually going to be backing $18T in deposits with a $150B FDIC fund.
If you’ve been thinking of allocating some funds to bitcoin, I would consider accelerating your move. And for the love of God, please take possession of your own coins.
looks like for now Powell has decided to protect the currency over the banks. Remains to be seen how much more of a backstop Fed will have to provide to those banks.
First Fed decision in a while that hasn’t been heavily telegraphed in a while. The expectation before shit hit the fan was 25-50 bps hike. I think that 25 bps is still most likely with dovish talk about pausing going forward and watching markets closely. Being ready to reverse course quickly if needed etc.
Wow, good to hear Quinn is striving to be the best QB in the country. Also, I’m pleased to hear he would like to be the 1st overall pick in the draft.
These are the kind of info nuggets that boomers need to justify paying Fat Ketch $9.95 a month.
pretty good thread here. Interesting comparison to 1998. Coincidentally the rate cut he’s discussing occurred right as Long Term Capital Management was blowing up. The first big modern Wall St bailout. Peanuts by today’s terms. $3.65B