Warsh talks tough, buybacks double, a military option surfaces, gold falls $140, and boat prices collapse 50%.
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The Treasury doubled its bond buybacks this week. Then the talk turned to a military option for yields.
Fed Chairman Kevin Warsh spent his most anticipated speech of the year talking tough about inflation, and Peter Schiff explains why none of it matters. Warsh accepted responsibility for 65 straight months above the 2% target, then never once mentioned the $40 trillion national debt or the Treasury intervention running underneath him. Money supply is expanding at roughly 6% annualized since he took the job. He is talking about putting out the fire while pouring the gasoline.
Underneath the speech, the policy escalated. Treasury buybacks already doubled from $2 billion to $4 billion, with roughly a trillion in the general fund available to extend them, shortening the average maturity of the debt and leaving the government more exposed to the rate hikes markets are now pricing. And in a Fox News interview on that same intervention, a military option for lowering bond yields was raised.
Peter also covers the week's real data: gold down $140, silver reversing from nearly $71, a Chicago PMI collapse to 47.1 that was the biggest downside miss in eleven years, and a boat market where prices have fallen 50% and lenders are taking the keys, a Fed-made boom and bust he argues housing is about to repeat.
Chapters:
00:00 Inflation Firestorm
00:37 Boatcast Setup
01:02 Warsh Speech Breakdown
04:12 Debt And Twist Ignored
08:10 Forward Guidance Critique
11:19 Dual Mandate Tradeoffs
12:46 Money Supply Matters
13:56 Hawkish Talk And Markets
18:50 Trump Military Option
20:01 Canada Tariffs Fallout
27:53 Market Wrap Gold Bitcoin
31:46 Strategy Dilution Spiral
32:42 Dollar Yen Bonds Warning
34:11 Manufacturing Digital Shift
39:03 Boating Bubble Bust
45:28 Boat Costs Force Selling
48:13 West Marine Bankruptcy
53:02 Buyer Market Repos Risk
56:30 Boat Ownership Reality
57:09 Closing Politics Plug
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