Quantitative Easing swaps a long bond for a central bank reserve that gets stuck on a commercial bank balance sheet earning IORB treasury buybacks swap a long bond for a money like Tbill that is the most liquid and modular collateral that exists Size of operations aside, you can make an argument the current program being at least as equally potent. Especially if Fed were to begin buying those bills, then thats outright debt monetization indirectly. Just some thoughts

What if the system quietly devalued everything you saved? On @GammaSummit, our executive chairman and co-founder @ysiu argues that quantitative easing functions as a form of wealth transfer - one that hits younger generations hardest, pricing them out of real assets while their cash loses value. His point: this isn't accidental, and blockchain offers a structural alternative. The conversation also covers how digital assets and NFTs serve as a gateway to financial literacy, teaching the fundamentals of value, trading, and diversification in ways traditional education can't. Watch the full conversation:

Ron Paul: The People Ought To Own The Gold, Not The Government Former Congressman Ron Paul joins Jeremy Szafron on Kitco News to discuss the Treasury's expanded bond buybacks, who should actually own the gold in Fort Knox, and why he says the affordability debate is really a debate about the value of the dollar. > Watch the full interview at Kitco Dr. Paul explains why he wonders whether the current buyback program could become another round of quantitative easing, why he considers government equity stakes in private companies a form of corporatism, and what his grandmother told him about war and money when he was a boy during the Second World War. He also revisits the 42 years when Americans were not permitted to own gold, why he says a restored gold standard would fail without deeper reform, what would make him sell his own gold, and the night in 1971 he watched Nixon close the gold window. Recorded Sept 9 2026 Follow Jeremy Szafron on Twitter: @JeremySzafron ( / jeremyszafron ) Follow Kitco News on Twitter: @KitcoNewsNOW ( / kitconewsnow ) Follow Ron Paul on Twitter: @RonPaul ( / ronpaul ) Chapters 00:00 "The people don't start the wars, the governments do" 00:40 The Treasury just tripled its bond buyback to $6 billion 01:17 Could this turn into QE again 03:11 Cause chaos so people beg to be saved 05:00 When the government becomes the market 08:30 The railroad that refused the money 11:59 Fort Knox, and who should own the gold 14:00 Probably the biggest bubble in history 18:14 He can teach a 12-year-old money faster than the Chamber of Commerce 20:43 What actually replaces the Fed on Monday morning 23:18 How a conflict in the Gulf reaches your mortgage 25:00 His grandmother and the German inflation 29:30 The biggest welfare recipient in America 31:00 It isn't affordability, it's the value of your money 32:30 The crackup boom 34:30 Borrowing from retirement to buy a house 36:12 Why Texas making gold legal tender matters 37:30 The 42 years Americans couldn't own gold 39:14 What would make Ron Paul sell his gold 40:52 The night in 1971 that changed everything 42:00 Driving to Houston to hear Mises 44:01 What he still wants to see happen

SCHIFF WARNS BESSENT’S BUYBACK PLAN RISKS INFLATION Peter Schiff warns that using the Treasury General Account to fund bond buybacks could shorten the average maturity of US debt, increasing exposure to short-term rates. He argues this would make future Fed rate hikes more costly by driving up federal interest expenses and deficits. Schiff says the strategy could ultimately lead to massive quantitative easing and higher inflation, reinforcing his bullish view on gold.

Keynesian stimulus doesn't stimulate the economy uniformly: it picks winners and losers, and the winners are never you. When Washington authorizes a spending package, the money doesn't teleport equally into every American's pocket. It moves through specific channels: procurement contracts, bank bailouts, infrastructure projects managed by firms with lobbyists on retainer. The 2009 American Recovery and Reinvestment Act sent $535 million to Solyndra, a solar company whose investors had donated heavily to the Obama campaign. Solyndra went bankrupt in 2011. You got the bill. The Federal Reserve's post-2008 quantitative easing made this spectacularly obvious. Asset prices surged while real wages stagnated. The S&P 500 tripled between 2009 and 2013. Working-class Americans, with minimal financial assets, watched from the outside. Keynesians frame all of this as "aggregate demand management," a phrase so abstract it becomes practically meaningless. Strip away the academic vocabulary and you find politicians directing money to allies, financed by debasing the currency everyone else holds. The redistribution isn't a side effect: it's the intended outcome.

LEGENDARY INVESTOR STANLEY DRUCKENMILLER JUST WROTE AN OP-ED FOR THE WSJ ABOUT BOND YIELDS. He is not happy with what the Treasury is doing, thinks that it’s effectively a gimmick, and wants the Bond Market to freely determine where yields should go. His op-ed summarized below: - The Treasury’s decision to double long-dated bond buybacks from $2B to at least $4B per operation looks less like liquidity management and more like an effort to push down long-term yields after the 30-year yield reached a 19-year high. - There was no clear market dysfunction forcing intervention. Auctions were functioning, volatility was contained, and trading remained orderly. With inflation still above target, unemployment near full employment, deficits around 6% of GDP, and debt above $40T, higher yields can be viewed as the market pricing fiscal risk appropriately. - Suppressing those yields risks weakening one of the few remaining forms of fiscal discipline on Washington. Lower borrowing costs reduce the pressure to deal with deficits, entitlement spending, and the broader debt trajectory. - Buying long-duration Treasuries while funding the purchases with short-term bills effectively removes duration risk from the market, making it resemble a small form of quantitative easing conducted by Treasury rather than the Fed. The concern is that once markets believe officials are defending a certain yield level, they may keep testing that commitment. - The better solution is to let the bond market set the price of government borrowing and address the underlying fiscal problem directly: reduce the primary deficit, reform entitlements gradually, and manage debt more responsibly. Liquidity tools can delay a fiscal problem, but they can’t solve it. These yields are becoming an issue. When someone like Drucks has to write an op-ed, you know he’s getting annoyed. Either we cut back on spending and get fiscal policy in order (no party will do that) or we end the Iran war to get yields down. If we don’t do either, this problem isn’t going away.