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Dear Readers,
We start with a dictionary entry:
asphyxiation (noun)
as·phyx·i·ation as-ˌfik-sē-ˈā-shən əs-
deprivation of oxygen that can result in unconsciousness and often death : an act of asphyxiating a person or animal or a state of asphyxia : suffocation
I’m not imagining it. This is the new play, courtesy of Secretary of Treasury Scott Bessent, or as we like to call him, the Sec of Vol.
I have news for you guys. Bessent needs a new title. I’d start with President, but not even I believe that Bessent now has power equivalent to Dick Cheney during the W. Presidency. Therefore, we need a good, new, nickname. Hegseth is the Secretary of War, but now we have Scott Bessent, Secretary of FinWar. If it is an era of financial war, a nation must necessarily have a financial war commander.
And his first operation is live. Operation Economic Outcast begins today. He used the word asphyxiation to describe his first plan of attack, and I must admit, I fell out of my chair a little. Today’s letter will feature my analysis around Bessent’s noose. His words, again.
We will also discuss how TBL Liquidity Strategy is beating Buy-and-Hold Bitcoin by 67% this year.
While we are thrilled with the early track record, we must continue to understand why bitcoin remains so incredibly Liquidity sensitive, at least by our definition. Imagine if we measured Liquidity by Global M2! The horror!!
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