How Did The Fed Get This SO WRONG!? | Gareth Soloway

<strong>How Did The Fed Get This SO WRONG!? | Gareth Soloway</strong>

‘I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly, which I didn’t fully understand’

 At the time, in a short interview with the daily dive investor, Gareth Soloway didn’t mince words about his concerns over Janet Yellen’s remarks regarding inflation and where the economy has been heading. For quite some time, Yellen and other authorities called inflation transitory and told us we didn’t have much to be concerned about yet. All of the reasons for concern were. There’re many analysts and pundits acknowledged that the central banks were completely off with their statements. Finally, Yellen admitted that they had it wrong. The main question is how they could not see what many other analysts, pundits, and thought leaders were seeing. The missing data situation brings up a whole set of questions. What else are they missing? Did they really know and were just hiding it? The questions can be endless, but in this interview, Gareth expressed the same concerns while also updating us on his thoughts on crypto in this market.

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‘So, I mean, I think that clip, I mean, I think this is the key, right is that ultimately. The first question I have is how did she miss this? I mean, she’s supposed to be the brightest in the room and to miss the inflation aspect. When everyone, well, I shouldn’t say everyone, but there were so many kinds of clear signals that inflation was going to be bubbling up. I talked about it well over a year ago that it wasn’t going to be transitory, and we know the Federal Reserve was constantly telling us it was going to be transitory. So to me, it’s a little, you know, worrisome, that they’re missing these things. I mean, they’re supposed to be the ones that are in control of the entire monetary system. And then, I think that you have to say that you can’t just blame these external issues like Russia invading Ukraine. You know, when you print a massive amount of money and you create a massive wealth effect by never letting the stock market go down over the past, really since 2009, you’re going to create inflation. It’s going to create a wealth effect where people feel richer. They’re going to spend more money. They’re willing to tolerate price hikes. They’re going to demand higher wages. I think that’s one of the things that is being overlooked here is that the economy doing well and then the stock market and crypto doing well in 2021 and 2020 makes people not want to work. You know, when you see your 401k go up by 50% a year, why do you need to work? You can just go on that. So businesses had to pay higher wages, so that they could lure workers back. And so I think there are a lot of issues with what she’s saying and a lot of worries as well.

So, Cardano definitely had this great move up. Well, we saw it really outperforming all the rest of the cryptocurrencies. You know what I’m happy about with the Cardano chart is that it hasn’t retraced the entire amount. It’s only retraced a portion of that move. That tells me there are still buyers even when crypto has turned back down. And if we flip over to bitcoin, you can see that bitcoin had a good move up, but it’s basically returned to where it was prior to that up move versus Cardano, so I’m optimistic on Cardano.

 I’m not sure the exact reasoning behind the great move, but I think again that Cardano is a bigger cryptocurrency that should get a second look from investors, even in times like this, based on what the chart is doing. So, everything that cryptocurrency is trying to do right now is try to build confidence. It’s trying to lure in bigger investors, bigger money, bigger institutions, and when you have certain situations like Tara Luna going down to essentially under a penny and the UST collapsing as well, it shakes the market and it makes people not want to trust crypto, even something like bitcoin that has a longer track record, so I think it’s a very big negative. I think it needs, you need, and I’m such a big proponent of this; you need regulation in the space. You can’t allow things like this to happen, and I think if you’re a bitcoin or cryptocurrency advocate, you have to get, you have to be an advocate for regulation if you want the crypto space to lure bigger and bigger money and more people in. because, again, think about it like this. If you have your grandma or your grandpa, you can’t look at them and say “Hey, invest some of your retirement funds.” I’m in a situation where it could be a Terra Luna. So, you need to have protections in place to kind of make people feel more confident’.

[This article is a transcription of a video made by Only The SAVVY]

Original video: https://youtu.be/h6jdhh1wWHs]