Matt Cole

So I have a question for you guys because I follow you guys very closely.

And I'm going to frame it with a viewpoint and then a question to see how hard you will push back on this viewpoint.

Okay, so...

My own personal journey as someone that was a portfolio manager, I managed a lot of treasuries, right?

So my journey to be why I was a Bitcoiner was those conversations with the Fed, feeling like I was being gaslit and seeing the printing of money.

And Warsh had a similar viewpoint at that time that QE would be inflationary.

and was very negative on QE, but now seems to be aligned with the viewpoint that the future is more deflationary from AI than inflationary.

And so my viewpoint on if I was the Fed share would be original QE, I would have been negative on it.

That would cause inflation, and I think it did cause asset price inflation, not CPI inflation.

But if I view the future risk as deflation,

then my viewpoint might be different today than it was in the past on QE or the size of the balance sheet.

So do you think that there's a chance that in the Senate confirmation process when they're grilling them and asking them questions, like who's gonna be grilling them?

It's the Senate and the House, the people that can't get their stuff together and wanna borrow money.

So if Warsh goes in there and says, yeah, I'm gonna shrink the balance sheet, I'm not gonna give you guys the drugs that we've been giving,

I don't know if they confirm him, but do you think he comes in maybe as more of a dove than the market might anticipate?

Absolutely.

And it's what makes me, one, so excited, but two, kind of understanding why the market might throw a short-term fit, right?

The market has gotten so used to this, we're going to give you some drugs, some medicine that doesn't fix the underlying problem, but to make you feel okay.

And that reduces volatility, pushes asset prices up.

When you have someone that's forward-looking like Warsh that