The Jack Mallers Show Debt Spiral, The Third Mandate, and Bitcoin as Macro
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Sep 23, 2025 The discussion kicks off with a look at the U.S. debt spiral and the implications of TGA bond issuance on market liquidity. The focus then shifts to the Fed's hidden third mandate and how it's contributing to the dollar's decline. They explore the middle-class collapse, citing alarming trends in wealth and societal costs. Bitcoin is positioned as a solution to macroeconomic challenges, with insights on its advantages over gold. The conversation wraps up with practical advice on Bitcoin-backed loans and other fintech innovations.
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Treasury Liquidity Drives Market Flows
- Jack Mallers frames current policy as survival actions to keep the U.S. Treasury solvent rather than to help jobs or inflation.
- He links Treasury General Account refills to liquidity draining and Bitcoin price movement.
Deficits Persist Despite More Revenue
- Massive monthly deficits persist despite higher tax receipts and modest money supply growth.
- Jack highlights that printing and higher receipts still fail to reduce deficits, signaling structural fiscal imbalance.
Plan For Rate Cuts To Finance The Treasury
- Prepare for lower interest rates because they aim to reduce the Treasury's interest expense and avoid default.
- Position assets and finances for financial repression and real-rates-negative policy.