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Read More »What to expect as Federal Reserves ends QT
His speech comes as the Fed ends quantitative tightening (QT) while the odds of a cut at the upcoming meeting continue to climb, which is a positive for the crypto market.
The Fed ends QT today, which is a positive for the crypto market.
Jerome Powell ends Quantitative Tightening; Financial Repression to Follow?
(Bloomberg) — When federal regulators stepped in to backstop all of Silicon Valley Bank’s deposits, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on the lender.
Big VC, Tech Got Backstop for Billions in Uninsured SVB Deposits (archived)
On November 17, Sheila Bair, the former Chair of the Federal Deposit Insurance Corporation (FDIC) during the financial crisis of 2008, went on CNBC to lament the lack of controls leading to the collapse of the crypto currency exchange, FTX. During the interview, Bair used the phrase “nobody looking behind the curtain.”
Sheila Bair, Former Chair of the FDIC, Is Now an “Organizer/Director” of a Cayman Islands Crypto Company that Got a U.S. National Bank Charter Last Year
Related (why no one was prosecuted for the financial crisis of 2007–2008 + another comment):
Read More »Federal Reserve System Takes First Step Toward Creating Its Own Digital Currency
While the Paper examines the potential benefits and risks of a U.S. CBDC, it is not intended to advance any specific policy outcome, nor is it intended to signal that the Fed will make any imminent decisions about the appropriateness of issuing a U.S. CBDC. However, the Paper undoubtedly is the Fed’s first step toward central bank digital currencies via a public discussion with its stakeholders.
Why the Fed hates cryptocurrencies and especially stablecoins
“[They’re] popular because it’s money that’s independent of politicians and bankers,” said Mati Greenspan, portfolio manager and Quantum Economics founder. “People want the separation of government and money. They clearly don’t get that.”
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“Were diem, or even a Chinese CBDC, to be accepted by many other countries, the U.S. dollar would lose its dominance,” continued Bordo.
Ms. Cat’s Chronicles 
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