Quite a banger of a speech today by Secretary Bessent. High lights with translations...
"...defining a path forward requires leadership with a broad perspective and coordination across the whole of government. The Treasury Department is perfectly positioned to provide that leadership." - TRANSLATION: FU FED, TREASURY IS IN CHARGE NOW
"...the financial regulators have not, up to now, kept pace with digital assets or comprehended how their regulation by reflex was undermining the community bank model" - TRANSLATION: BITCOIN AND STABLE COINS ARE PART OF THE SOLUTION...GET ON BOARD.
"We will reject international standard setting that does not advance America’s interests.." TRANSLATION: FU BOE AND ECB, TREASURY IS IN CHARGE OF THE EURO DOLLAR MARKET NOW.
"Excessive capitalization, for example, reduces bank lending. This stymies growth and distorts market structure in ways that increase risk". - TRANSLATION: WE ARE GOING TO NEED TO PRINT ALOT OF MONEY.
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