Listen To This Episode:
In this episode of Bitcoin Publication‘s “Fed Watch” podcast, hosts Christian Keroles and Ansel Lindner listened and responded to numerous clips from the Jerome Powell “60 Minutes” interview. All audio is utilized under reasonable usage and they included their commentary to it. You can get the complete interview here and the YouTube playlist of clips here
Powell, the chairman of the Federal Reserve, appeared on “60 Minutes” today. The interview appeared to be a public relations effort by the Fed. It fell one year after the Corona Crash of 2020.
Lindner and Keroles took 3 clips and broke them down in unapologetic style. The very first clip is fantastic since Powell stated that the Fed sees the exact same relentless problems today which existed back throughout the Great Financial Crisis (GFC), and if they keep showing up they may also repair them. This remark got the hosts’ blood boiling. It was not as if they did not attempt their finest to repair it back after the GFC. What makes them believe they’ll have the ability to repair it this time?
The 2nd clip they dealt with is one where Powell resolved the U.S.’s unsustainable financial obligation. He drew a difference in between an unsustainable “course” and an unsustainable “level” by stating the U.S. is on an unsustainable course, however is presently not at an unsustainable level of financial obligation. He’s actually splitting hairs since the course has actually not altered for 40 years. There’s one escape of the financial obligation which is default.
The last clip they took a look at had to do with the digital dollar. They feel this was a subject they should cover on “Fed Watch” due to the fact that it is a large subject when individuals talk about the future instructions of main banking in concerns to reserve bank digital currencies (CBDC). Powell’s remarks here are not a surprise, putting cold water on the concept of digital dollar. The Fed has no intent of being initially in the CBDC race and Powell provided a hesitant technique that is missing out on from lots of other reserve banks.
The last couple of minutes of this episode included a conversation on the Coinbase direct offering taking place today and a whirlwind macro summary. In general, this was a really enjoyable and useful episode when again from “Fed Watch.”