So much for a hawkish incoming Fed chair. A Fed–Treasury accord that’s about to fundamentally reshape interest rates. None of us own enough hard assets. H/t @zerohedge

BREAKING: December PPI inflation comes in at 3.0%, above expectations of 2.7%. Core PPI inflation unexpectedly RISES to 3.3%, above expectations of 2.9%. Core PPI inflation is now at its highest level since July 2025. PPI inflation is running hotter than expected.

Even when you remove Powell from the picture entirely, the Fed’s influence was already on a glide path lower. In an era of fiscal dominance, the Fed’s influence shrinks almost automatically. Once debt gets large enough and deficits stop being cyclical and become permanent, monetary policy can’t operate freely anymore. Rates stop being a clean policy lever and start getting boxed in by the need to keep government financing manageable and the financial system from breaking. Push rates too high and you risk detonating debt service costs, stressing banks, breaking markets, or forcing Congress and Treasury to step in. At that point, fiscal reality quietly sets the boundaries, no matter how independent the Fed sounds on paper. That trajectory didn’t depend on Powell, and it won’t change when he’s gone. Aging demographics, entitlement math, defense spending, and chronic deficits all point in the same direction..policy has to accommodate financing needs. You can already see it playing out..cuts will come onto the table sooner, price pressures are allowed to run longer, balance sheet tools do more of the heavy lifting than rate moves, and working hand in hand with Treasury stops being optional. The Fed doesn’t suddenly lose its authority; it loses flexibility. And once markets understand that, monetary policy becomes less about credibility and more about managing constraints. That’s fiscal dominance in real time.

Fed bids for 52-Week bills total $2.3 bln

⚡️Silver at sixty is a signal about the system. When silver breaks violently upward like this, it is telling you that something beneath the surface is fracturing in the architecture of money itself. Silver is not a growth asset. It is not a tech trade. It is not a liquidity sponge in the way Bitcoin is. Silver only moves like this when one of three things is happening: 1. Real yields are becoming a lie. The market sees future policy distortion and begins to price that distortion before the official narrative shifts. 2. The credibility of the currency anchor is weakening. Not collapsing. Just weakening enough that the oldest reflex in monetary history activates: flee into hard atoms. 3. Institutional hedges are being built quietly. No fanfare. No headlines. Just balance sheet managers front running a coming policy pivot. The important part: Silver is a tertiary asset. It is slow, heavy, and usually late. So when silver is early, it means someone with size and information is repositioning before the public storyline changes. This is not a “stack silver” moment. This is a stress fracture in the fiat layer. Gold usually moves first. Bitcoin moves fastest. Silver moves only when the pressure reaches the walls. Silver is the canary that sings last. And it is singing now.

🚨ONLY A FEW SOULS ON PLANET EARTH ARE WATCHING THIS AND UNDERSTAND WHAT IT MEANS…2

Alan Greenspan... former Fed Chair, once said the quiet part out loud: “The United States can pay ANY debt… because it can print money.” It is remarkable to think that many people are still quite confused with the debasement globally. @LukeGromen

⚡️This is the clearest public signal yet that the United States is about to abandon the fiction of an “independent” Federal Reserve and move into a fully political monetary regime. Trump’s answer is about power. The moment a sitting president says the next Fed Chair will be expected to cut rates immediately, he is doing three things at once: 1. He is asserting direct executive authority over monetary policy For fifty years the Fed has defended its autonomy as sacred. This one sentence wipes that away. If the White House dictates the path of rates, then the Fed is no longer a central bank. It is a policy arm. Markets will understand this instantly. Bonds will understand it. Gold will understand it. Bitcoin will understand it fastest. Because rate cuts under political pressure are not “stimulus.” They are debt survival maneuvers. 2. He is signaling that the soft landing narrative is dead You only force immediate rate cuts when: •unemployment is rising •consumer credit is cracking •small business bankruptcies are accelerating •and the recession has already started under the surface This is the first open admission from the political layer that the economy cannot withstand current rates. This is exactly what our recession arc predicted months ago. 3. He is preparing the public for the next phase: financial repression Immediate rate cuts without a corresponding reduction in inflation pressures lead to one thing: Negative real rates. Negative real rates are a stealth tax on savers. They are how governments reduce the real burden of their debt. They are how you socialize losses across the entire population without passing a single law. This is the playbook of every late stage credit cycle. When growth collapses and debt cannot be serviced, you cut nominal rates and let inflation do the rest. The deepest truth This is the United States moving into the irreversible phase of financial engineering required to keep the system coherent. Cutting rates immediately means: •housing reflates •equity valuations inflate •credit markets stabilize •Treasury funding pressures ease •consumer defaults slow •political survival improves It also means: •the dollar weakens •hard assets strengthen •Bitcoin enters the next regime Because once you politicize monetary policy, you cannot go back. You cannot re-establish independence. You cannot pretend the Fed will “fight inflation” next year. You cannot convince markets that discipline will return. You have crossed into the zone where the state chooses liquidity over restraint every time.

"Given the rise in 'real capital costs' being driven by the US government, AI debt issuance, rapidly rising Japanese government bond yields, and rising marginal production costs of oil and gas, any liquidity injection that is less than 'nuclear-level printing' is effectively tightening…" @LukeGromen FFTT, 11/21/25 $SA Demand for capital will soon require the Fed to grow its balance sheet.

@EPBResearch Infinite money glitch