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We spend a lot of time thinking about hard money at Bankless, and this week’s dramatic escalation between Trump and the Fed has given us a lot to chew on.
Powell's weekend video calling out Trump for pressuring him to cut rates and subsequently trying to saddle him with criminal charges is only the latest episode in a pattern of domestic dysfunction — one that includes the longest government shutdown in U.S. history — continuing to undermine trust in the U.S. and, as a result, the dollar's stability. Episodes like this latest one do little to inspire faith in the dollar and a lot to make hard money more attractive.
The rub is that this domestic dysfunction accompanies a gangbusters U.S. stock market bolstered by tech exuberance that Trump is very much throwing all of the administration's weight behind. Do you bet on an America smashing the buy button – future institutional independence and trust be damned – or do you watch from the sidelines silently judging the money alongside a chorus of EU politicians.
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