The Fed is quietly losing control. The U.S. is sliding further into fiscal dominance and the consequences will completely upend monetary policy. Takeaways from our latest episode with @DavidBeckworth ↓

@DavidBeckworth Yield Curve Control = The Final Phase ➤ Pegging rates below market clears is financial repression ➤ It taxes savers, distorts credit, and kills price discovery ➤ If the Fed resumes this wartime tool, we’re in Stage 3 If you wake up to YCC, it’s already too late.

The Fed is trapped by its own balance sheet ➤ It holds long-duration assets but owes short-term liabilities (bank reserves, TGA, currency) ➤ Rising rates mean it’s bleeding cash—losing billions ➤ Unwinding too fast (QT) risks disrupting markets One fix? Let Treasury swap short-term bills for the Fed’s long bonds—quietly shifting the risk.