Riding The Wave News Summary 189

U.S. Dollar ‘Collapse’—Shock $8 Trillion Predicted Fed Inflation Flip To Spark A ‘Critical’ Bitcoin, Ethereum, XRP And Crypto Price Boom To Rival Gold & more

Oct 12, 2023

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U.S. Dollar ‘Collapse’—Shock $8 Trillion Predicted Fed Inflation Flip To Spark A ‘Critical’ Bitcoin, Ethereum, XRP And Crypto Price Boom To Rival Gold

Now, as the Federal Reserve grapples with a $33 trillion U.S. "debt death spiral," Jefferies' analysts have warned the Fed will be forced to restart its money printer—potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.

The Fed began the laborious task of shrinking its swollen near-$9 trillion balance sheet in the spring of 2022 following huge expansion though the Covid-19 pandemic and economically disastrous lockdowns. So-called quantitative tightening sees the Fed suck liquidity out the financial system, passing on the burden of freshly issued debt to the private sector.

The Fed could be forced to suddenly flip dovish in the face of a U.S. recession due to a larger-than-usual lag in the Fed's inflation reducing interest rate hikes following the money supply explosion through 2020 and 2021, according to Wood.
"Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin," Wood wrote.

Full Article

Crypto Bills May Depend on U.S. House GOP Battle Over Scalise Speaker Pick

The U.S. House of Representatives won’t get back to work on crypto legislation if Republicans can’t unify behind majority choice Steve Scalise – or some alternative – after the party’s ousting of Speaker of the House Kevin McCarthy (R-Calif.) derailed the congressional agenda.
The GOP nominee to replace him, Rep. Scalise (R-La.), so far may be short of the 217 supporters needed to elect him as speaker in a floor vote, as a handful of Republican lawmakers openly stated their intention to favor a different candidate on Wednesday. Until Scalise hits his number, Majority Whip Tom Emmer (R-Minn.) – currently the No. 3 rank in the House – remains unable to pursue Scalise’s majority leader spot, which could potentially further elevate one of Congress’ most avowed fans of crypto.
The uncertainty over Scalise also keeps Rep. Patrick McHenry (R-N.C.), the stand-in speaker, from returning to his chairmanship of the House Financial Services Committee, which has been shepherding the leading crypto legislation in this session. When Republicans eventually pick a speaker, industry lobbyists have suggested McHenry may have built up some goodwill for taking the party’s reins, and he could spend some of that on getting floor votes for two crypto bills that cleared his panel.

For the digital assets industry, one of the major immediate impediments to crypto progress is the speakership uncertainty. The next roadblock will also be a new speaker’s priority: funding the federal government. Congress has until Nov. 17 to work out a spending package – potentially another temporary extension – to keep the government functioning.

Even if the House eventually approves one or both of the bills, their fate in the Senate remains problematic. Key lawmakers there – including Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee – are highly critical of the industry.

Full Article

JPMorgan debuts tokenization platform, BlackRock among key clients: Report

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