Source: The Federal Reserve Bank of New York July 18, 2025 “The Federal Reserve Bank of New York (New York Fed) today released its renewed Statement of Commitment to the FX Global Code (Code). The Code, which was initially published May 2017, is a set of global principles of good practice in the foreign exchange market, developed to provide a … Continue reading Renewed Statement of Commitment to the FX Global Code
As the dust settles from the 2024 presidential election and yesterday’s Federal Reserve 25-basis point cut in the federal funds rate, I have been thinking about how the Democratic Party missed the opportunity to win votes based on how many Americans view the economy. According to data compiled by Pew Research, in September 2024, 81% … Continue reading Redefining the term, “economy.”
The Constitution of the United States of America. The title is incomplete. The full title should be the Constitution of the State Powers of the United States of America and the Application of these Powers on the People of the United States. Continue reading The constitution of the United States is made up of three asset classes….
We are moving deeper into the silly season. If there are still any primaries going on, Super Tuesday just about sucked what little oxygen there was out of the room. That President Joe Biden and former president Donald Trump would end up being the presumptive nominees for their parties was, based on the polling, expected. … Continue reading If the Fed wants to protect its political independence, it should petition to amend the Federal Reserve Act.
During a discussion tonight with friends, the issue came up about whether the Biden administration has created a good economy. One participant decided to put out there for consideration the economic data points often cited by the mainstream media. The participant cited inflation, arguing that inflation has been coming down under the Biden administration, moving … Continue reading Good economy? Bad economy? In the end, can you make a trade?
There was a scene in an episode of “Game of Thrones” where Jamie Lannister and his men sacked a castle and took off with loads of grain and other food stuff. That is how the vast majority of us feel during tax season: that the government, like Jamie Lannister, is coming around to haul away more … Continue reading Governments create bond markets and tax burdens. Keep your political activity within that parameter….
People connect for the purpose of exchanging value. No value, no reason to connect. Money is energy that we exchange with each other. The State seeks to extract a portion of that energy in the form of taxes. It uses market transactions as generators of taxable events. The taxes collected on these events fund the … Continue reading Traders should not care whether a candidate is Republican or Democrat. It’s the tax flow that matters.
The State relies on the political means of extracting financial energy. The political means are based in coercion, a coercion that combines police power with the narratives produced from executive orders and rules; court opinions, and legislation from Congress. Mr Biden, as America’s chief political officer thus chief architect of the political means, was able enough not to weaken this narrative.
Mr Biden’s remarks, fumbling speech and all, was a smart one. Continue reading For all his stumbling, Joe Biden managed to successfully spin two narratives.
Like any market, the interbank market acts like what I call an energy transfer node. The energy generated by transactions conducted in the interbank market is transferred to the State via taxes. This energy transfer is the lifeblood of the State. Continue reading Law should be pro interbank.
Lawyers Write the Bets. Bankers Sell the Bets. 