This is an opinion editorial by Tom Luongo, a former research chemist and financial/political commentator specializing in the intersection of geopolitics, financial markets, gold and cryptocurrencies.
The Federal Reserve is on the attack, but not against inflation. Oh, they say their shift in monetary policy is about inflation, but that’s a cover story for what’s really going on. There is a titanic fight for the future of not just money, but for humanity itself, and the Fed is in one corner of the ring.
Newly reconfirmed Federal Open Market Committee (FOMC) chair Jerome Powell and the Fed have a much bigger target in mind than any of its “usual suspects,” i.e., the “outside money” group of safe-haven assets: gold, silver, bitcoin.
If you are familiar with my work, you’ll know the answer to who that target is. If you aren’t, keep reading, and keep an open mind.
For now, bitcoin is caught in the middle.
The world is all a-Twitter (literally) over the Fed’s recent move to raise rates by 75 basis points (or 0.75%) across the board. I wasn’t. In fact, I’d suspected for a while that Powell wanted to go “75” but couldn’t politically.
Then he was “summoned” by President Joe Biden to discuss monetary policy. Now, we all know what this meeting was about. It was Biden, thinking he was still the Godfather, telling the Fed to back off before the midterm elections.
Going into that meeting I placed a 25% probability of 75 bps. So did the rest of the…