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If Trump fires the Fed’s Powell ‘both the currency and the bond market can collapse,’ according to Deutsche Bank (fortune.com)
submitted 1 year ago by to c/economics@lemmy.world
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If Trump gets his way and removes Jerome Powell as chairman of the U.S. Federal Reserve, the market reaction would be swift and brutal, Deutsche Bank’s George Saravelos argues.

It could collapse the currency and bond markets, he says in a note seen by Fortune. Polymarket puts the chances of a Powell ouster at 19%.

“We consider the removal of Chair Powell as one of the largest underpriced event risks,” Saravelos says.

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[+] -6 points 1 year ago (12 children)

Considering I've lost all faith in fiat currencies, including the US dollar, I no longer measure my net worth in it, this would be quite good for my gold and monero holdings. Because those are stable assets, not controlled by the whims of any central bank or government.

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  • [–] 3 points 1 year ago (6 children)

    Unless there's a bug in Monero that nobody has discovered yet, which would explain why it keeps losing value relative to bitcoin.

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  • [–] 2 points 1 year ago (4 children)

    Bitcoin seems to change value more dramatically than Monero, from everything I've seen. That works both ways, though.

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  • [–] 3 points 1 year ago (3 children)

    That is weird. It should have gone up a lot since 2018 because of the smaller market cap and excellent fundamentals.

    I can't even argue with you. It's practically a stablecoin by crypto standards.

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  • [–] 2 points 1 year ago* (last edited 1 year ago) (2 children)

    My understanding is that it was deliberately designed that way because it was intended to be used as a medium of exchange and not a vehicle for investment.

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  • [–] 2 points 1 year ago (1 child)

    One of those fundamentals is a tightly scheduled supply. The tail emission is just to ensure mining security and is insignificant compared to XMR appreciation. That's why the guy above saves gold and Monero.

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  • [–] 1 point 1 year ago*

    Hell yeah. Also have a look at XMRBazaar.com where you can buy and sell legal goods and services directly for Monero. X premium, Spotify, Canva pro, laptops, houses, cars, etc. are all on there and many things are priced directly in Monero.

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  • [–] 1 point 1 year ago

    While that is a possibility, there are a lot of incredibly intelligent people who do their absolute best to make sure that that does not happen.

    And just like Bitcoin, upgrades are only deployed after they have been thoroughly vetted and torture tested to hell.

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  • [–] 2 points 1 year ago* (4 children)

    I'd hesitate to use Monero as an investment, or for long-term storage.

    Because of its nature, lots of powerful people (if they were aware of it) would be terrified of it and do everything they can to kill it, including legislation. I just don't trust governments to not destroy it if it ever became popular enough.

    It might be stable now, but all it takes is some purposefully stifling regulations from EU and US...

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  • [–] 1 point 1 year ago* (3 children)

    Which is why I hold it as a long-term store value. The harder they regulate it, the more the strizend effect happens.

    I want them to be fucking terrified. I want them to wake up at night in cold sweats screaming their fucking heads off because that's how afraid they are. I want them to have stress-induced heart attacks caused by Monero.

    That would be success to me.

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  • [–] 1 point 1 year ago (2 children)

    Yeah, I mean... Good luck with that I guess.

    What really happens when they start arresting people when they find out they have Monero, is a chilling effect and a price crash.

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