Video Description
Jonathan Newman returns to help Bob dissect a Twitter thread melting down about Rep. Massie's new bill to End the Fed.
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42 sats \ 3 replies \ @grayruby 3 Jun 2024
I don't know about a depression but most of wall street would go into depression if you took their "don't fight the fed" playbook away.
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50 sats \ 2 replies \ @Undisciplined OP 3 Jun 2024
It would be fascinating how they would pivot.
The bill wouldn't abolish US monetary policy, though. The Treasury would still have more policy tools available than most of us would like.
Wall St. should still be able to conform to US monetary policy, but they wouldn't be as directly connected to the spigot, as they are with the Fed.
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69 sats \ 1 reply \ @grayruby 3 Jun 2024
I am not really familiar with the bill other than it effectively ends the fed. Treasury running monetary policy might be worse.
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50 sats \ 0 replies \ @Undisciplined OP 3 Jun 2024
That's the concern, for sure.
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21 sats \ 1 reply \ @SatsMate 3 Jun 2024
I think it will be the band-aid-off moment like we are seeing in Argentina. Alot of people hold a large amount of savings in USD, and also have alot of collectibles in the fiat currency (coinage, bills and such).
I think people would also be pretty upset because everything they ever knew including their world view is being changed.
It will take alot of adjustment for many.
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30 sats \ 0 replies \ @Undisciplined OP 3 Jun 2024
I think there's a lot of historical ignorance driving these current sentiments. The US dollar predates the Fed, so obviously the Fed is not necessary to have dollars.
People are told the Fed is necessary and they have Stockholm Syndrome, so they freak out when it's challenged.
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