Jim Grant: "Gold Is Nature's Bitcoin"
Having previously explained how "the Fed has its thumb and fingers on the scales of finance," and why it will end badly; Jim Grant takes today's testimony from Janet Yellen to task in this brief (but fun-filled) clip.
While the new Fed chair spoke at length, Grant notes she did not explain how "the Fed continues in this unprecedented exercise in price control," and in less than 30-seconds, the always eloquent founder of the Interest Rate Observer 'translates' her Fed speak into reality -
"What we mean to do is continue to nationalize the yield curve... and we would like to enlist the stock market in a program of wealth creation for the security holders of America."
The Fed has manipulated interest rates for 100 years but Grant adds, "never - until now - has it manipulated the stock market as if it were a lever of public policy."
His discussion ranges from the bubble in Biotech to holding Gold (which he describes as "nature's bitcoin") because it is "the reciprocal of faith in Central Banks."
Spend 135 seconds of your life to listen to this... way more informative than watching Bode Miller flop again (or Shaun White)...
And it seems CNBC saw fit to remove the reference to Bitcoin, gold, and faith in central banks - ironic really...
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