The U.S. dollar has lost at least 20% of its purchasing power in just five years, according to the Federal Reserve’s preferred inflation gauge. Sam Callahan shows that financial repression is already underway, with core PCE averaging 3.7% and the steepest bond market drawdown in history. He argues that this policy is working perfectly, but only for the government and not for individuals. According to him, fiscal dominance matters more than interest rates for Bitcoin’s future, and all roads lead to widespread currency debasement.
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