More on the Yen: Per the @FT: "The US Treasury intervened in yen exchange rates on Friday, marking the first time Tokyo and Washington joined forces to support the Japanese currency via outright purchases in nearly 30 years. The Federal Reserve Bank of New York undertook the unusual move of conducting a sale of euros to buy yen on behalf of the Treasury, according to three people familiar with the matter." #economy# #markets# #yen# #japan# #fx# #currency#

Coming on Monday... A conversation about tokenization, Warsh's second FOMC meeting, government debt, and a little bit about Bitcoin with @PeterSchiff. Excited to share this conversation with you. Stay tuned!

$TLT, the 20-year U.S. Treasury ETF, is trading now below $82 for the first time since 2004. YTD, it’s down almost 7%, and it’s down over 52% from its 2020 all-time high. So much for U.S. Treasury bonds being risk-free. The losses are much greater when adjusted for inflation.

Trump used media coverage of his Cabinet meeting to repeat lies that U.S. companies are slashing prices, that we have the lowest drug prices in the world, that tariffs have made America rich, and that foreign companies are now producing their cars in the U.S. to avoid tariffs.

Bitcoin is breaking down today, with $MSTR leading the way, down 7% following @Saylor’s morning X post that Strategy’s “primary corporate objective” isn't to maximize shareholder value but “for $STRC to trade at $99–$100 over time.” In other words, MSTR shareholders are screwed.

The OCIF-appointed Trustee overseeing the liquidation of Euro Pacific Bank just made an important admission in a legal filing opposing my appeal of the district court’s dismissal of my civil-rights lawsuit. The Trustee wrote that my bank “was subject to a joint tax-enforcement investigation by the Internal Revenue Service (‘IRS’) and OCIF, conducted together with the Joint Chiefs of Global Tax Enforcement (‘J5’).” This statement, supported by the internal emails produced pursuant to my FOIA lawsuit, directly contradicts the official claims by both OCIF and the IRS that OCIF acted independently. Moreover, OCIF is a Puerto Rico’s banking regulator, not a tax-enforcement agency. It's stated reasons for taking action against my bank had nothing to do with taxation. The basis of my lawsuit was that OCIF had no legitimate regulatory reason to shut down my bank or place it into receivership. I alleged that the action was taken solely to generate publicity so the IRS and J5 could use the media to turn their failed Atlantis investigation into a fake success. Ironically, the Trustee’s own filing in support of the dismissal helps prove that my underlying case never should have been dismissed.

Treasury yields continue to hit new highs as bond investors demand higher interest rates to offset the higher inflation Warsh has chosen to help the Fed create. The 10-year is at 4.73%, and the 30-year is at 5.26%. Stock market investors are ignoring this trend at their peril.

The BoJ’s decision to hold rates at 1%, with only the possibility of a quarter-point hike by year-end, ensures a weaker yen, rising inflation, and higher long-term interest rates, ultimately forcing the BoJ to hike much more in the future, with even more adverse consequences.

The Fed held rates at 3.50–3.75%, yet inflation remains stubbornly above target. Markets aren't waiting—Treasury yields are climbing, and gold continues attracting investors.

COMEX continues seeing elevated gold deliveries, yet vault inventories remain largely unchanged. Is physical supply tighter than reported, or is something else happening beneath the surface?

Warsh choosing inflation has taken pressure off the Japanese yen, which is up 2.5% today as the dollar exchange rate falls back below 160. If the yen rally continues and the short-term rate differential between the U.S. and Japan narrows, the yen carry trade can unwind quickly.

Given Warsh's history and his public commitment to lowering annual CPI gains to 2%, the issue is not just that his actions don't match his words, but why he is so afraid to act. Investors should be very concerned about what Walsh is so worried about that he can't even discuss it!

Bitcoiners are way too complacent. $MSTR, the biggest Bitcoin owner and its bridge to Wall Street, is collapsing. Shares are down 80% from the peak, 20% in just the last five days. Its flagship preferred $STRC is down nearly 13%, "yielding" 13.2%. Bells don't ring any louder!

@saylor I said five years ago, not five years and eight months ago. Stop cherry-picking low points to make your shitcoin look better. Now that I've got your attention, care to actually debate Bitcoin? Who wants to moderate? I'm fine if it's another Bitcoiner. Two against one seems fair.