Trump isn’t fighting inflation with traditional tools.
He’s managing it like a boss running a protection racket.

Welcome to the Boss Economy: a world where prices are controlled by fear, favor, and direct intervention from the top. 🧵 2/
Inflation is the linchpin of MAGA 2.0.
Trump won in 2024 because people felt crushed by prices and he promised to fix it with strength.

If inflation returns, the illusion shatters. His mandate collapses.

Earlier this week there was discussion on FinTwit about how great of a Fed Chair Jerome Powell has been.

I would like to respectfully and wholeheartedly disagree.

The Powell Fed has proven that it no longer serves the public.

It has stopped fighting inflation, deepened inequality, and quietly handed monetary control back to the U.S. Treasury — all without saying a word.

That’s what Powell’s Fed has done.

A thread 🧵 2/
Under Jerome Powell, the Fed has adopted an unofficial third mandate:

👉 Protect asset prices
👉 Ensure smooth Treasury funding
👉 Avoid upsetting capital markets

Inflation targeting and full employment now come second — or not at all.

🧵 The Great Transfer:

Bitcoin isn’t just an asset. It’s about to absorb trillions in monetary premium from U.S. housing.

Why? Because homes aren’t acting like shelter anymore. They’re acting like vaults—and bad ones. Here’s how it ends 🧵 2/
For decades, Americans used homes as their default savings vehicle.

But housing today is:

– Overvalued
– Tax-distorted
– High-carry
– Illiquid
– Politically fragile

And younger generations are locked out.

🚨 The Trump–Bessent team is preparing a yield curve control regime without saying the words.

No coordination.
No inflation anchor.
Just bill issuance + Fed pressure + threats to producers.

This is Activist Treasury 2.0 — and it’s dangerous.

🧵 2/
The strategy under consideration:

– Starve the long end of Treasury supply
– Flood the short end with T-bills
– Pressure the Fed to cut
– Yell at companies not to raise prices

No spending. No hikes. Just optics.

It worked in 1971… until it didn’t.

I put together a long form post this morning on housing this morning on my substack (link in bio)

Here are the highlights
🏡 The housing market isn’t just broken — it’s rigged.

It’s time we talk about the most over-subsidized, under-scrutinized asset class in America.

Here’s why the Great Housing Reset is coming — and why it’ll be good for the country. 🧵 2/
For decades, America has treated housing not as shelter — but as a get-rich-slow scheme.

📈 Since 2000:
• Home prices ↑ 170%
• CPI ↑ 67%
• Median incomes ↑ ~70%

That 100-point gap? It’s the monetary premium — and it’s policy-driven.