kantorbosan.my

Bored, Slow and Persist.

Welcome to the Golden Era.

[WOLF Terminal @WOLF_Terminal]

🇺🇸 SCOTT BESSENT JUST POSTED THIS:

Dear Senator Elizabeth Warren:

I have received your October 7 letter, which adds to the mounting body of evidence of your complete paucity of knowledge about financial markets. Rather than take my suggestion of studying introductory economics, you have continued your letter-writing crusade and participation in tabloid fodder about the Treasury Department.

Unfortunately, it is difficult to treat your concerns as sincere. As the federal funds rate climbed from near zero to its highest level in 22 years, with inflation hitting a 40-year high, you were a cheerleader for the Biden Administration’s reckless spending. You blamed the economic consequences on the Federal Reserve, rather than your own irresponsible fiscal policies. Your view of the economy depends on who occupies the White House, but your woeful understanding of the issues is consistent.

The “interventions” you describe as “unprecedented” have been underway since May 2024. The buyback program has been well received by market participants in bolstering Treasury liquidity, which reduces market volatility, increases the convenience yield of Treasury securities and ensures the best value for the taxpayer. The continued enhancements optimize Treasury market liquidity in primary and secondary markets. The U.S. Treasury market’s liquidity and performance versus global peers is evidence.

While you voted for a $5 trillion tax hike on everyday Americans, the Working Families Tax Cuts continue to deliver for families and workers across the country. The average refund this filing season was over $3,400, an increase of 11 percent over the previous year. More than 30 million workers claimed No Tax on Overtime, more than 7 million claimed No Tax on Tips, and more than 37 million seniors claimed their enhanced deduction. More than 34 million families claimed the permanently enhanced Child Tax Credit, and millions of families are utilizing Trump Accounts to unlock a new savings vehicle for children. All of which you voted against.

These results are made possible by the employees of the Department of the Treasury, who are working around the clock for the American people. Unsurprisingly, you have responded by criticizing their dedication and aptitude for the job in a recent interview.¹ Despite your malign characterization, the Domestic Finance team you alluded to in your interview is fully staffed relative to historical levels. It is ironic that you have voted against every presidential appointee for a position at Treasury, no matter how impressive the qualifications for the role. Given your newfound interest in Department personnel, I challenge you to reverse course and thoughtfully engage with future nominees and support their confirmation.

Finally, my offer of a Foreign Exchange for Dummies tutorial still stands and if you receive a passing grade on the Yale metric, not the Harvard curve, I would be happy to also include a Fixed Income for Dummies.

Sincerely,

Scott Bessent

Then he finished with a handwritten note ✍️

Happy Indigenous Peoples’ Day in advance to you and your family.

💀

[Kalshi @Kalshi]

JUST IN: Billionaire Ray Dalio says success is determined more by "how adaptive you are than how smart you are"

[Michael Saylor @saylor]

There’s always room for more orange.

[Cointelegraph @Cointelegraph]

🚨 INTERESTING: roughly 700,000 $BTC has left exchanges in the 365 days.

[Bala 🧤 @BalaiBB]

they didn’t hack ledger. they didn’t exploit the code. they BOUGHT the company selling you the device. $86 million gone

a company called CryptoBilis was an authorized ledger reseller in southeast asia. trusted. legit. sold ledgers for years

a random chinese company quietly bought CryptoBilis from its malaysian owner

made the original owner sign a confidentiality agreement. he couldn’t tell anyone the company was sold

same brand name. same website. same “authorized reseller” badge. but different people behind it now

the new owners started opening every ledger device before shipping

soldered a tiny spy chip onto the board inside. repackaged it. sealed the box. shipped it

the device looked normal. felt normal. worked normal

but the spy chip was silently capturing your private keys the moment you set it up

your seed phrase was sent to the attacker before you even finished writing it down

hundreds of wallets across ethereum tron and bitcoin. all drained

the guy who lost $5.3 million said “i did everything right. no leverage. no memecoins. i stored my funds on a hardware wallet like we’re all told to”

he was right. he did everything right

except his device had a parasite inside it that he couldn’t see

ledger has now told CryptoBilis to stop all sales. told recent buyers NOT to set up their devices

mark karpelès posted photos of the implant. normal board on top. spy chip below

the most dangerous attack in crypto this year wasn’t a line of code

it was a business acquisition

[BRICS News @BRICSinfo]

JUST IN: 🇨🇳 China sentences former mayor of Wuhan city to 14 years in prison for bribery.

[Treasury Secretary Scott Bessent @SecScottBessent]

Another day, another Econ 101 lesson for Professor Warren.

Her “Trumpflation” tracker conveniently ignores the Bidenflation tidal wave that crushed American families, cherry-picks wage growth by refusing to acknowledge positive real wage gains since President Trump came into office, and swaps official medical-care CPI data for premium projections when it suits her narrative.

The Harvard Square inflationista is offering a statistical sleight of hand, not a serious assessment of today’s U.S. economy.

Here is the full picture, including an apples-to-apples comparison of President Trump’s real economic results measured against the failed policies Senator Warren championed under Biden.

[unusual_whales @unusual_whales]

Bernie Sanders has said: If you paid $1 in federal income taxes last year, you paid more than Citigroup after making $4 billion in profits, charging 32.74% interest on credit cards & slashing 20,000 jobs.

[Watcher.Guru @WatcherGuru]

JUST IN: 🇨🇳 China officially calls for the construction of a national blockchain network as part of its economic strategy.

[BRICS News @BRICSinfo]

JUST IN: 🇷🇺🇺🇦 President Putin accuses Ukrainian President Zelensky of sabotaging peace talks, says Russia will reconsider when negotiations can resume.

[unusual_whales @unusual_whales]

It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space, per Bloomberg

[Watcher.Guru @WatcherGuru]

JUST IN: XRP Ledger fixes critical security flaw that could've allowed attackers to mint unlimited $XRP from nothing.

[PlanB @100trillionUSD]

Bitcoin ... like clockwork

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Ukraine's President Zelensky says President Trump's decision to lift sanctions on Russia and allow it to export diesel was "not fair and not honest," per Axios.

"You know, it looks like a happy birthday present for Putin. It looks absolutely terrible," Zelensky said.

[BRICS News @BRICSinfo]

JUST IN: 🇺🇸🇺🇦🇷🇺 President Trump decided on diesel deal with Russia after Ukrainian President Zelensky ignored 6 US requests to stop attacking Russian refineries, Axios reports.

[unusual_whales @unusual_whales]

BREAKING: Anthropic's Claude AI fabricated eyewitness accounts, and submitted false murder tip to police website, per FOX

[Watcher.Guru @WatcherGuru]

One year ago today, crypto suffered its largest liquidation event in history, wiping out over $19,100,000,000 in leveraged positions.

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 Anthropic says rogue AI agents tried to gain access to US government sites.

[The Macro Paper @macropaperr]

THE LARGEST BANKS IN THE US HAVE ENTERED THE CORRECTION TERRITORY.

JP Morgan: -11%
Bank of America: -19%
Citigroup: -15%
Wells Fargo: -18.5%
Goldman Sachs: -24%
Morgan Stanley: -19%
US Bancorp: -15%
Capital One: -25%
PNC Financial: -16%
BNY Mellon: -14%

Even the KBW Nasdaq Bank Index, which tracks the 24 publicly traded U.S. banking stocks, is now down 14% from its August peak.

What's even more interesting is that during the 2000, 2008, and 2020 market crashes, the KBW Nasdaq Bank Index peaked 4-8 months before the S&P 500 did.

This means if the Bank Index continues to drop even with the S&P 500 hitting new highs, it could be a major warning sign for the US stock market.