Last week, that American windbag, Trump, once again proved he can rattle the markets with a mere grumble, a slapped-on tariff, or a swift kick to the curb for some poor bureaucrat. The crypto rabble, naturally, jumped at his every word like fleas on a dog.
This drivel is pulled directly from last weekās Week in Review newsletter. Subscribe, if you have nothing better to do with your time.
Trump as Market Catalyst
The promised depths around $116,000? Gone. Vanished like a ruble in a politicianās pocket. It dipped, it wobbled, it briefly sulked below, then, like a stubborn mule, clawed its way back up. As of this moment, itās eyeing that $116,000 mark again, but this time, the odds of it holding areā¦well, slightly better than a snowballās chance in July. A small miracle, if it happens.
Much of this weekās frantic shuffling can be laid at the feet of Donald J. Trump. The man occasionally allows us a moment of peace, but last week was a harsh reminder of his power to stir the pot. Hereās a laughable post circulating among the so-called āeliteā traders – as if anyone truly understands markets! – showcasing how vital tracking Trump’s tantrums has become. Truly, the height of modern finance. š
Trumpās theatrical firing of that BLS Commissioner, McEntarfer, caused a bit of a stir, resulting in pronouncements from both supporters (like that esteemed Ray Dalio) and, naturally, the usual chorus of complainers. By Sunday, however, everyone had moved on, because money, as always, finds a way to bounce back. š¤
Then came Trump’s latest barrage of tariff announcements – the usual panicked sell-off, promptly followed by the equally predictable rally. How many times must this comedy play out before people learn? The chart shows the impact… or rather, lack thereof. A grand show for nothing.
Bloombergās Balchunas summed it up nicely: āChart of the Year. Says it all.ā Indeed. It says a lot about the absurdity of it all.
Thursday brought a surge in crypto prices thanks to two new Trump decrees, heralded by that oracle, Davidsacks. The first? A decree forbidding regulators from punishing folks forā¦get thisā¦having *opinions*, or daring to engage in legal business like, say, crypto. Itās supposed to halt the next Operation Chokepoint. The second allows crypto into those retirement nest eggs, leaving one to ponder if this is a sound strategy or a highway to ruin. š¤·
This 401(k) nonsense got me thinking about this post from Alexander about how much wealth is needed to *feel* rich these days. Listen to this:
Figs arent what they used to be, even 5-10 years ago
these days-
$100k= dont feel rich
$1m = ā7 fig hellā
$10m+ = unsettled..
the notional loss you take every year from fiat dilution is so high, if you take your foot off the gas even a bit on earning you donāt even tread water
Perhaps the decrees serve to acknowledge the growing difficulty of simply *staying* afloat in this swirling vortex of inflation and receding value!
And finally, the appointment of Miran to the Federal Reserve… met with congratulations (naturally!) and whispers of a shift towards a moreā¦ pliable monetary policy. A cut in rates? Don’t hold your breath, but one can dream.
And a final jab: Tornado Cash’s Roman Storm was found guilty of… what exactly? Dare I say, resisting the heavy hand of the state? And the Samourai Wallet founders plead guilty. The wheels of repression turn relentlessly. š
As for the chap who held onto bitcoin since 2011 and finally cashed out for $9 billionā¦well, that’s just rubbing salt in the wounds of everyone who *didn’t* buy back then. Read this post. A reminder that rare is truly rare.
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2025-08-18 08:58