Fedcast 21: Decoding the American Cautionary Tale

Today Marks many interesting events and people that intertwine throughout the history of money. From The reign of King Edward beginning in England. American historical giants, Thomas Paine and Andrew Jackson's lives ended as another, John Maynard Keynes, was born. And yet still more happened this week in Monetary History.

The Fed will lose all credibility if it loses its autonomy to Trump according to a new poll from Bloomberg. The next president will have to raise taxes and cut costs no matter who wins the election and no matter what bullshit promises they make according to a panel discussion at the ISDA/Sifma Treasury forum in New York.

Praise be, for not forcing us to parse through any bullshit from any Fed officials this week since they were all in blackout mode before their FOMC meeting next June 11 & 12. Another glitch in the Matrix forced the stock market to stop trading for almost 40 whole minutes! Odd trades showed a 99% drop in companies including Warren Buffett’s Berkshire Hathaway Inc.

No one wants to buy US Treasuries anymore because no one thinks the dollar is worth anything anymore. First China stopped buying our bonds, now Japan is about to do the same. More and more middle-class Americans are struggling directly due to the Fed’s high interest rates according to a new poll from Bloomberg.

BlackRock wants to open a new stock market in Texas which won’t be as subject to as much regulation as the Stock Market in NYC. Investors need to diversify because markets are getting riskier according to Ray Dalio. This is partially why the Fed may as well use meteorology to figure out when the economy is going to crash since storms are costing investors more and more money according to FT on June 5.

The Central Bank of Canada and the ECB both broke ranks from the Fed and cut their interest rates, but the Fed’s still the Boss according to Mohamad A. El-Erian in Bloomberg on June 6. 63 banks have loses that increased from $39 billion to $517 billion over the first quarter of 2024 due bad commercial real estate loans that will never get paid off because no one wants to work in office buildings anymore according to the FDIC who knows that they are going to have to bail some of them out with our tax dollars. The stock market went a bit flat on Friday June 7 after a new jobs report showed more people getting hired and making more money than the market was hoping for. This means that the Fed most certainly won’t cut rates at their next fake-ass FOMC meeting.

Saudi Arabi joined the BIS and China’s mBridge network. Turkey wants to betray NATO and the EU by joining BRICS but Putin’s having a hard time pulling off the “Russian Davos” in St Petersburg this week without any guests from the west.

Rumble References

The National Emergency Employment Defense Act by Dennis Kucinich.
https://bit.ly/NEEDAct

The Lost Science of Money by Stephen Zarlenga.
https://bit.ly/LostScienceofMoneypdf

The Monetary History Calander by Greg Coleridge.
https://monetarycalendar.wordpress.com/

Bloomberg. Sunday June2.
A Trump Win Is Seen as a Risk to Fed Independence: Poll

Bloomberg. Monday June 3.
Treasuries Face Risk of Trump Sweep ‘Disaster,’ Clocktower Says

Bloomberg. Monday June 3.
NYSE Fixes Issue That Showed 99% Drops, Triggered Trading Halts

Investopedia. Dec 22, 2023.
Understanding Bond Prices and Yields

Bloomberg. Monday June 3.
Bonds Rally as Traders Reload Fed Bets After Data: Markets Wrap

Bloomberg. Tuesday June 4.
BOJ Weighs Reducing Bond Buys as Early as June Meeting

Bloomberg Wednesday June 5.
Rising US Debt Load Poses a Growing Risk for Treasury Market

Bloomberg. Tuesday June 4.
Majority of Middle-Class Americans Say They Struggle Financially

Bitcoin.com. Tuesday June 4.
US Banking Sector Teeters: $517B Unrealized Losses, 63 Troubled Institutions Flagged

Original FDIC Statement.

Bloomberg. Wednesday June 5.
BlackRock, Citadel Back Texas Stock Exchange in Challenge to NYSE
Bloomberg. Wednesday June 5.

Dalio Flags US-China ‘Economic Warfare’ Among Top Global Risks

FT. Wednesday June 5.
Why the hurricane season matters for the Federal Reserve

Bloomberg. Wednesday June 5.
Bank of Canada Cuts Rates to 4.75%, Signals More to Come

Bloomberg. Wednesday June 5.
Wall Street Braces for More Bank of Canada Rate Cuts, Loonie Weakness
Bloomberg. Thursday June 6. John Authors.
The ECB and Canada Get Ahead of the Fed. That’s OK

Bloomberg. Thursday June 6. Mohamad A. El-Erian.
ECB Cut Interest Rates, But the Fed Is Still in Charge

Bloomberg. Thursday June 6.
Wall Street Rally Takes a Breather Before US Jobs: Markets Wrap

Bloomberg. Thursday June 6.
Wealthy Families Fuel $20 Billion Private Equity Buyout Wave

Bloomberg. Thursday June 6.
US Jobs Report Is Set to Confirm a Steady Slowdown Underway

Bloomberg. Friday June 7
BofA’s Hartnett Says Fed Cut Could Signal Trouble for Economy

YahooFinance. Friday June 7.
US economy adds more jobs than expected in May as unemployment rate ticks higher

Yahoo Finance. Friday June 7, 2024.
Stock market today: Stocks waver after jobs report smashes expectations

CBDC/BRICS Alerts!

LedgerInsights.com. Wednesday June 5.
Saudi joins mBridge cross border CBDC project as it launches minimum viable product

Reuters. Tuesday June 4.
Kremlin welcomes Turkey's reported desire to join BRICS

The Moscow Times. Wednesday June 5.
Taliban, BRICS and Family Values: Russia’s Isolation on Show at Economic Forum

Moscow Times. Friday June 7.
Putin Touts BRICS, Rebukes ‘Hegemon’ West in Economic Forum Speech