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@matthewstoller I just read this and texted to friends and family. Never seen the golden age of grift reported so clearly on display in a pub like the WSJ.
@dampedspring I often think about the buyer(s) for all the bonds Treasury is issuing/will issue in the years ahead.
Could these foreign investments in the USA could be the answer? I guess the counter country still needs USD to buy the treasuries? Thank you for this framework and sharing it🤝
Hassett to ABC News on whether Trump uses the Fed building expenses as a pretext to get what he wants, which is a new Fed chair.
HASSETT: "I think that whether the president decides to push down that road or not is going to depend a lot on the answers that we get to the questions that Russ Vought sent to the Fed...."
"The bottom line is that there's a key statutory problem. In 1913, when we founded the Fed, the U.S. was under a gold standard.
So, it was never envisioned, never envisioned by the people that voted for the construction of the Fed that we currently see, that the Fed could print money and toss it around willy-nilly because they had to have the gold to do what they're doing. And they're unbounded right now."
ABC's Jonathan Karl: "Very quickly, yes or no answer, does the president, in your view, have the authority to fire the Fed chair?"
HASSETT: "That's a thing that's being looked into. But certainly, if there's cause, he does."
@TooBvllish @buccocapital I’m referring to the surveys retail answers that have been flashing fear. Plenty of coverage re bearish sentiment the last several weeks.
I witnessed a traveling call in a MM🏀 game yesterday. Traveling wasn’t called in a game today. The timeline is outraged. “I guess no one calls traveling anymore!” they proclaim after 1 missed call. Others post the same. Validation. Now, cemented as truth.
Perfect microcosm.
@AlexNoonan6@buccocapital We have a long & illustrious history of financial markets and bond vigilantes imposing their will on politicians/policy makers. With Trump, who knows, but markets and yields can spook politicians in a way their constituents cannot.