Below is a live excerpt from Marty’s bento Issue #1226: “#EndTheFed.” Sign up for the newsletter here,
As markets eagerly await the Federal Open Market Committee (FOMC) meeting (and the inevitable interest rate hike that accompanies it), it’s important to remind ourselves that it’s completely insane that we’re talking about central banking. Allow the madness to continue. The world awaits the announcement of Jerome Powell, the 69-year-old lawyer who became chairman of the Federal Reserve, to see how many basis points he has set for raising the federal funds rate.
Tomorrow is nothing special. The markets have been playing this game for some time now. Most FOMC meetings are boring and not as high stakes as yesterday’s meeting. Tomorrow’s meeting is certainly important and will force the markets to move sharply in one direction or the other based on the aggressive decision of Jay Powell and friends. However, yesterday’s meeting is as important as all the boring FOMC meetings that led to it. Years of boring, accommodating and complacent policy in combination with horribly-managed central planning on the part of the federal government allowed a complete distortion of price signaling in the markets which is forcing the Fed to act aggressively at this very moment. Complex poor central planning has completely ruined the global economy and we sit here and wait to see how arson plans to fix it. This is pure madness.
The only way to truly fix the systemic problems that exist in our hyperconnected global economy is to dismantle the Fed and return to a free-market driven sound currency standard that is free from pricing signal manipulation through proactive interest rate policy that is artificial. Expands monetary base with ex nihilo printed money. Getting to this point would not expect the Fed to simply go away or that corrupt politicians would miraculously wake up and decide to shut down the institution. The Fed will only be dismantled if a large number of individuals decide to demand sound money and get out of an inherently corrupt system. As it stands now, the best and only viable path toward that outcome is bitcoin.
Despite recent and historical price volatility, bitcoin has fundamental fundamental properties that make it uniquely suited to replace the parasitic central banking system the world is witnessing at the moment. Anyone anywhere who has the ability to download software that allows them to receive, hold, send and verify bitcoin can better start demanding money right now. There is no need to wait. There’s no need to ask. You and the billions of other humans on the planet may decide at this very moment to start isolating yourself from the madness.