Greetings, Investors! As usual, Michael Fox of The Prospector Podcast and I visited post-F.O.M.C. to unpackage yet another episode in the new series "The End Game of Financial Repression."
You can listen in RIGHT HERE or by clicking on the below graphic.
It was appropriate after the fact that one of the dissenters on the Fed's 1/4 point cut Wednesday, Kansas City Fed President Jeff Schmid, was one of a few bankers who COMPLAINED that renewed arsonist Jay Powell and his fellow travelers risk not being taken seriously hereafter on their 2% inflation target.
That's an understatement, of course!
Yet again, as I discuss with Mike, it would have been appropriate to have one of those old Network TV laugh tracks going along with a few of Powell's zingers Wednesday, especially his explaining away the central bank's CLEAR (to the rest of us) abandoning of its inflation target.
BUT...The bond market seems to get this at least somewhat, as I point out.
Notwithstanding its present necessary correction/consolidation, gold likewise has understood this (and more) for a while now.
Necessarily, Powell & Co. will shift a bit more back toward pretending, at least, to be worried about inflation. But bear in mind, underneath the rampant speculation on Wall Street and elsewhere and the purported still-strong economy, all of that is, yes, a mile wide...but an inch deep.
Indeed, Powell during his presser even had to acknowledge that a strong majority of Americans see him as full of more shit than a Christmas goose. Their lot in life is not reflected on CNBC, Faux Business News or at The Eccles Building.
So an ever-morphing stagflation will continue to be our lot in life; and with many more wild cards and shoe drops to come.
The other significant topic that Mike and I covered was this week's meeting between the leaders of the planet's two biggest economies.
And as I suggested some time back (in part, as I wisely had us take some profits where this event made prior big gains vulnerable, at least for a while,) Donald Trump and Xi Jinping indeed did come up with some manner of cease fire.
But notably, save for Trump's most unquestioning cheerleaders, the consensus seemed among others to be what Mike and I discussed: long-term, this present stand down doesn't change all that much.
Further (and I don't say this just to pick on the president; history and the future world order/alignment are already being formed by even larger forces) it was clear to those with neither form of T.D.S. that America's "leverage" over China is more rhetoric than reality.
In a few other podcasts I've been a part of the last couple days (which you'll see over the weekend/early next week as they are posted) you're going to hear a LOT about this...
... About how the U.S. (and Canada) are more behind the proverbial 8-ball then ever when it comes to China and resources...
And specifically, more about what to do with your portfolio given all this and the mess the Fed (and the maniacal speculation it has enabled) has made of things to boot.
Stay tuned!
All the best,
Chris Temple
Editor/Publisher
From the desk of Chris Temple -- Friday, Oct. 31, 2025
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