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LEAKED: The Fed's Secret Plan To Kill The Dollar

Joe Consorti · 4,671 words · 22 min read

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The Report That Isn't A Lie

0:00Four things just happened in the last 7

0:01days that have only lined up together

0:03one other time in the last 50 years. And

0:05the last time that they did, the

0:07purchasing power of the US dollar fell

0:0955% and gold went up 23 times. Consumer

0:13price inflation just posted its biggest

0:15monthly drop since the COVID crash,

0:17falling 4/10 of a percent with headline

0:18inflation coming in at 3 and 1/2% well

0:22below the expectation of 3.8% and as

0:24such the odds of the Fed raising

0:27interest rates collapsed from over 40%

0:29to just digits. And the entire market

0:32repriced higher as a result of it. The

0:34chairman of the Federal Reserve stood in

0:35front of Congress this morning and said

0:37his committee has no tolerance for

0:39elevated inflation while his own task

0:41force is quietly building a new way to

0:43measure that same inflation. And

0:46Bitcoin, sitting in the cheapest 19% of

0:48its entire trading history, ripped 4% to

0:51nearly $65,000,

0:53its highest level in a month, on a

0:54report that was supposed to be bearish

0:57for it. Every headline in America read

0:59that report today and came to the same

1:01conclusion. Inflation is beaten, the Fed

1:03has won, take the win. But they're all

1:06wrong and I'm going to show you exactly

1:08why using their own data. Now, I want

1:10you to hold one number in your head for

1:12the next 15 minutes. 64. 64 is the

1:15number of consecutive months that US

1:17inflation has printed higher than the

1:19Federal Reserve's 2% target. 5 years and

1:224 months. 6 years ago, many of you may

1:25remember, they used the word transitory,

1:27that inflation was temporary and it

1:29would go away very soon. Well, 64

1:31measurements later, they have not hit

1:33that target once. And today, we're

1:35throwing a party over a number that is

1:37still nearly double it. That's the

1:39obvious reason that the number 64

1:41matters, but it's not the real one. The

1:43real reason it matters is the single

1:44most important number for your portfolio

What Actually Made The Number Fall

1:47in this entire video. And by the end of

1:49this video, you're going to understand

1:50exactly why every single one of those

1:52inflation misses was by design, why the

1:54Fed is about to quietly change the way

1:56they measure inflation to make it look

1:58lower than it actually is. And why the

2:00one asset that everyone gave up on this

2:02year is the only thing standing on the

2:03other side of it. Because the inflation

2:05report that came out this morning is not

2:07a lie, it's much worse than a lie. And

2:11it's going to cost you if you don't pay

2:12attention. Let's get into it. So, let's

2:15start with what actually made the number

2:16go down. Energy. The energy index fell

2:195.7% in June. Gasoline prices dropped

2:22nearly 10%. That one category, energy,

2:25was the largest single contributor to

2:27the entire monthly decline, and it more

2:29than offset increases everywhere else.

2:31Food prices still went up. Shelter still

2:33went up. Groceries went up for the third

2:35straight month on beef, eggs, and dairy.

2:37You can see this chart right here. That

2:39doesn't look like disinflation. So, this

2:41was not broad disinflation. Prices were

2:43not falling across the board. This was

2:46one category collapsing hard enough to

2:48drag the entire average down with it.

2:51And here's the problem with that. That

2:53energy decline happened in June. It

2:56happened during the window, as you can

2:57see right here, when the memorandum of

2:59understanding with Iran was holding, and

3:00when the Strait of Hormuz traffic was

3:02normal, as you can see right here.

3:04Hormuz traffic actually ticked up during

3:06the month of June. As a result, the

3:08price of oil fell. Well, that window is

3:10already closed. As of this week, Iran

3:12and the United States are exchanging

3:13fire again. Traffic through the Strait

3:15of Hormuz has fallen once again to a

3:17multi-week low as ship owners reassess

3:20whether it's worth the risk. Trump has

3:22now announced a full blockade of the

3:23Strait, and oil as a result has hit a

3:25four-week high. WTI ran up more than 8%

3:29over the last 7 days. It's now knocking

3:30on the door of $80 once again. Roughly

3:331/5 of the world's oil moves through a

3:35channel that is 20 miles wide at its

3:37narrowest point. So, when ship owners

3:39decide that it's not worth the insurance

3:41premium, energy gets more expensive.

3:43It's why gas has been above $4 for the

3:45last 5 months. Transportation gets more

3:47expensive. Everything that has to be

3:49moved from a factory to a shelf gets

The Jobs Report Nobody Connected

3:51more expensive. So, the single category

3:53that produced today's beautiful

3:55inflation number is already reversing in

3:57real time while the country celebrates a

3:59report about a month that's already

4:00over. So, that is the first threat. I

4:02want you to hold on to it cuz there are

4:04more. Now, here is where it gets

4:06interesting because the Fed doesn't have

4:08the luxury of only worrying about

4:10prices. Two weeks ago, the June jobs

4:12report came out and it was disgusting.

4:15The expectation was 115,000 jobs added,

4:18but only 57,000 were added, less than

4:20half. And when you look at the

4:21composition, it gets even worse. Job

4:24cuts in technology are running at

4:25139,000

4:27so far this year, up 83% over the same

4:29period last year, and tech alone now

4:32accounts for a third of all job cuts in

4:34America. The number one cited reason for

4:36those cuts is artificial intelligence.

4:38AI was named as the cause of 101,743

4:41job cuts this year, 23% of every job

4:44lost in the country. In June alone, that

4:47figure was 31%. Hiring has flatlined,

4:50and people are quitting their job less

4:52than they have over the last several

4:53years, which is generally what happens

4:55when workers don't believe there's a

4:56better job to go out and get. The labor

4:59market isn't collapsing, but it's

5:01certainly slowing down, and that's what

5:03happens before a major economic

5:05recession.

5:06Put the two reports next to each other,

5:07and you have the Fed's actual dilemma

5:10laid bare. Inflation is way above target

5:13and has been for 64 straight months, and

5:15you have a labor market that is

5:16deteriorating in real time. Those two

5:18conditions point in completely opposite

5:20directions. You can either raise

5:22interest rates to kill inflation, but

5:24then by doing that, you destroy a labor

5:26market that is barely moving. If you cut

5:28rates to save the labor market, you

5:30reignite the inflation that you haven't

5:31beaten in 5 years. Do you see what I'm

5:33getting at here? The Fed is stuck

5:34between a rock and a hard place, and

5:36that's why what they're going to do next

5:37is so important for you to understand

5:39because it could impact your portfolio

The Trap

5:41in a major way. By the way, real quick,

5:43before we go further, I want to know

5:44where you're at with all of this. If you

5:46think that inflation is already beaten

5:48and the worst is behind us, comment over

5:50down below. But if you think this is far

5:53from over, comment trapped. One word,

5:55that's it. I read every single one of

5:56the comments and I want to see where you

5:58guys land on this. And while you're down

6:00there, if this is the kind of breakdown

6:01that you want on your feed, hit

6:03subscribe, drop a like, and hit the bell

6:05to turn on notifications so you actually

6:07get these the moment that they go live.

6:08It genuinely helps the channel more than

6:10you know and it takes only 2 seconds.

6:11Okay, so back to the trap because the

6:14Fed knows that they're in it. And the

6:15man running the Fed has already figured

6:17out how he's going to get out. Kevin

6:20Warsh has been the chairman for about 6

6:21weeks and in that time he has done a

6:23remarkably good impression of the most

6:25hawkish central banker in a generation.

6:28He held rates at 3.5 to 3.75%. He gutted

6:31the Fed's statement down to a skeletal

6:33130 words and he actually even refused

6:35to tell people where he said rates were

6:37going to go. And just this morning in a

6:39prepared testimony to Congress, he said

6:42that his committee has {quote} "no

6:43tolerance for persistently elevated

6:45inflation." Take a listen. If we get

6:47policy right,

6:49>> and I can assure you we will, the

6:51inflation surge of the last 5 years will

6:54be a thing of the past. My colleagues

6:57and I recognize that high inflation has

6:59been an undue burden on American

7:01households and businesses. As the

7:03chairman said at the outset, inflation's

7:05a choice. The members of our committee

7:07have no tolerance for persistently

7:10elevated inflation and we share a

7:12resolute commitment to ensure for price

7:15stability.

7:16>> So, that is the performance. Now, watch

7:18what he actually did on that exact same

7:20stage. He pointed reporters at the bond

7:23market as evidence that the fight was

7:24nearly over. He said volatility was

Warsh Is Not A Hawk

7:26down, yields were down, inflation

7:28expectations were down. He called this a

7:30rare moment to go back to first

7:32principles and rethink what the Fed is

7:34doing. He said that he felt encouraged

7:36and he sounded by every account in the

7:39room very relaxed. But here's the thing,

7:41hawks don't sound relaxed. And when you

7:44check his evidence, it falls apart. He

7:46said he did only two calm gauges and

7:48walked straight past the two disruptive

7:50ones. The two-year Treasury yield, which

7:52is the part of the curve that prices

7:53what the Fed does next, has climbed from

7:55the low threes to the low fours. And the

7:5730-year is actually above 5% right now.

8:00So, what does that mean for you? Well,

8:01if you strip out inflation, what you

8:03were left with is a bond market that's

8:05demanding a historically fat real return

8:08simply to hold US government debt.

8:10That's not a market that thinks the

8:11problem is solved. That's a market

8:13that's charging a premium for the risk

8:15that the dollar loses value over time.

8:18And this is where it all begins to make

8:19sense for you. So, Warsh talks like a

8:21hawk in public, but privately, he's

8:23doing the exact opposite. Why is that?

8:25Well, it's because he wants a cut. He

8:28needs to cut and he cannot cut because

8:30the Fed's official inflation gauge, core

8:32PCE, currently reads 3.4% against their

8:352% target. Put food and energy back into

8:37the mix and headline PCE is suddenly

8:40growing at 4.1% per year. So, on the

8:42Fed's own long-time inflation gauge, the

8:45war is nowhere close to one, and you

8:47cannot declare victory when the

8:49scoreboard says you're losing. So, he

8:51has a choice. He can either wait for the

8:52number to come down to him or change the

8:55way it's calculated. This is the second

8:57thread, and this is the one that almost

8:59nobody is talking about. Warsh has

9:01publicly called core PCE, again, the

9:03number that his entire institution has

9:05organized itself around for a decade, a

9:07rough swag at real inflation. That is an

9:10extraordinary thing for a Fed chairman

9:12to say about the Fed's own measuring

9:14stick. And when a chairman stops

9:16trusting the ruler, he goes shopping for

9:18a new one, if you will. He already has a

9:20favorite. It is called trimmed mean PCE.

9:23It comes out of the Dallas Fed, and the

9:25way that it works is, instead of always

9:26stripping out food and energy, it strips

9:29out whatever moved the most that month,

9:31top and bottom. So, it averages what is

9:33left in the middle.

9:34Now, here's the part that I want you to

9:35sit with. Same country, same month, same

9:38prices, same economy. If you run core

They Are Changing The Ruler

9:40PCE, you get 3.4%, but if you run

9:43trimmed mean over that identical data,

9:45you get inflation at just 2.4%.

9:48A full percentage point of inflation

9:50gone. Not because a single price fell,

9:53not because a single American paid less

9:55for anything. The only thing that

9:57changed was the ruler. And it's not a

9:59hunch that he wants to do this. He has

10:00literally stood up a task force at the

10:02Fed and sent it back to what he calls

10:04first principles on how inflation is

10:06measured in the first place. The

10:07machinery is being built in public with

10:10a committee and a deadline attached to

10:11it. Now, think about what that gets him.

10:13He doesn't need inflation to actually

10:15reach 2% before he cuts. He just needs

10:17the number that the Fed quotes to read

10:20like 2%. Swap core for the trimmed mean

10:23and a 3.4% problem becomes a 2.4%

10:26problem. And at that point, we're

10:28basically already there. And the Fed

10:30never has to lift a finger to earn it.

10:32And here's the kicker. And this is the

10:33part that you genuinely make your

10:35stomach turn. The economists at the

10:36Dallas Fed who built the trimmed mean

10:39PCE have published a warning against

10:41using it. Their own gauge runs

10:43downwardly biased, meaning that it reads

10:45cooler than inflation is in reality.

10:48Precisely when price increases skew hard

10:50to the upside. Which is exactly what

10:52tariffs produce. Which is exactly what

10:53an oil shock produces. And exactly the

10:56environment that we're in right now. So,

10:58the people closest to the measure, the

11:00people who invented this thing, are

11:02raising their hands and telling us to

11:04not use it. Because their reading may be

11:06too cool at the precise moment when we

11:08need it to be accurate. And there is a

11:10thumb on the scale in the arithmetic

11:12itself. The trimmed mean PCE does not

11:14cut evenly. By the Dallas Fed's own

11:17recipe, it lops 31% of the weight off of

11:20the hot end and only 24% off of the cold

11:23end. Build a measure that trims the hot

11:25prices harder than the cold ones and it

11:26will lean cool whenever prices are

11:28rising, which is right now. So,

11:30basically, the TLDR of it is the Fed is

11:32trying to use a new measure that

11:33drastically under reports inflation in

11:35order to justify rate cuts that simply

11:38don't need to happen. So, let me tell

11:40you what this actually adds up to

11:41because this is the mechanism and once

11:43you understand this, you'll know why

11:45it's so important for your portfolio. If

11:47Kevin Warsh pulls this off, he cuts

11:49interest rates while real inflation is

11:51still running way above target. Rates

11:53below the actual pace at which prices

11:55are rising. There's a name for that,

11:57negative real rates. In plain English,

11:59it means your cash earns less than

12:02prices climb. Your bonds hand you back

12:04dollars that buy less than the ones you

12:05lent out and the official gauge, the one

12:07on the front page, says inflation is

Negative Real Rates And $39 Trillion

12:10down the entire time. That is not an

12:12accident and it's not incompetence. It

12:14is the oldest playbook there is. It is

12:16how every government buried in debt has

12:18ever dug itself out. You don't default,

12:20you don't raise taxes to a level that

12:22gets you voted out of office, you pin

12:24interest rates below the rate of

12:26inflation and let the debt quietly

12:28shrink in real terms while the people

12:31holding the currency eat the difference.

12:32And you need this playbook desperately

12:34because look at the numbers underneath.

12:36US federal debt just hit a record $39.4

12:39trillion. It's up $3.2 trillion in a

12:42single year. The first 9 months of

12:44fiscal year 2026 produced a deficit of

12:46$1.37 trillion, which is worse than the

12:49same period last year. Washington's

12:51strategy is not a secret and it's not

12:53changed in 20 years. Raise the debt

12:56ceiling, keep spending, run the deficit

12:58meaning spending more money than we

12:59actually take in, repeat. There's

13:01exactly one way to survive a $39.4

13:04trillion debt pile at 4 to 5% interest

13:06rates while running a $1.4 trillion

13:08annual deficit and it's not cutting

13:10spending and it's not growing your way

13:12out of it. It's not even a balanced

13:13budget. It is inflating the debt away

13:15with money that didn't exist before.

13:18Think about it this way. Kevin Warsh

13:19basically has two doors in front of him.

13:21Door number one is dovish, which means

13:23you do not blow up the fiscal position

13:25of the United States. Door number two is

13:28Hawkish, which means you do. And if you

13:30genuinely believe that they're going to

13:31walk through door number two and

13:33detonate the entire balance sheet of the

13:34country that he works for, thus sending

13:37the entire economy into a massive

13:38recession, then the value proposition of

13:40Bitcoin is zero and you may as well sell

13:42all of it. But they're never going to do

13:45that. They have never walked through

13:46door number two, not in 2008, not in

13:482020, not once. They always choose to

13:51print money every single time. The only

13:53variable has ever been how long they

13:55talk tough before they actually did it.

13:58And that is why the money supply is the

14:00only chart that has ever mattered. By

14:02the way, I just launched a community for

14:03serious Bitcoin investors called the

14:05Hard Money Room. Weekly live discussions

14:07with me, price targets, and people who

14:09actually understand this at a high

14:10level. The link for that is in the

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What 64 Actually Means

14:40thanks to Strong Wealth for being a

14:41partner of the channel. All right, so

14:43back to the number I mentioned at the

14:45start of the video, 64. I want to pull

14:47all of this together because I promise

14:49you I would come back to it. Here's the

14:51thing about the consumer price index,

14:52the preferred measure of inflation that

14:54the public always hears about, that

14:55almost nobody understands.

14:57CPI does not measure inflation. CPI

15:01measures price inflation. Those are not

15:04the same thing and the difference

15:05between them is the single determining

15:07factor of where your wealth goes over

15:09the next decade. Inflation, in the

15:11original and honest sense of the word,

15:13is an expansion of the money supply.

15:15Prices are what happens downstream when

15:18that new money finally shows up in the

15:20real economy. And the relationship

15:22between those two is not immediate, it's

15:24not linear, and it is absolutely not

15:26something that the government is in a

15:27hurry for you to notice. USM2, which is

15:30the broad-based measure of the money

15:31supply, just pushed to a record $22.8

15:34trillion, an all-time high. The broad

15:36money supply is expanding while the

15:38headline says that inflation is falling.

15:40Sit with that for a second. If you

15:42haven't been aware that the government

15:43is lying to you, welcome to the club.

15:46The amount of money is going up, but the

15:47measured price of things ticked down for

15:50a month because oil got cheaper during a

15:52ceasefire that has already collapsed.

15:53That's the situation we find ourselves

15:55in now. That is the gap, that is the

15:57whole game. So, now back to 64, that

16:00number I told you to hold in your head

16:01at the start of the video. 64

16:03consecutive months of inflation above

16:05target is not a story about the Fed

16:06being bad at its job. The Fed is not bad

16:08at its job. 64 months of above target

16:10inflation, while the money supply grinds

16:12to record highs, while the debt

16:13compounds, while rates sit below the

16:15rate of money growth, is what a

16:17successful debt devaluation policy looks

16:19like from the inside. This is not a bug,

16:22this is actually a feature. The 2%

16:24target is not a promise that they're

16:26failing to keep. It is a speed limit

16:28that they never intended to observe in

The 1970s Playbook

16:30the first place on a road that they're

16:31driving down on purpose. And they are

16:33about to change the speedometers so that

16:35the number reads slower. Now, you might

16:37be sitting there thinking, "Okay, but I

16:39do not run the Fed. I don't trade bonds.

16:41What am I actually supposed to do with

16:43any of this information?" Here's what

16:44you're supposed to do. Look at what

16:45happened the last time the people in

16:47charge ran this exact playbook, the

16:491970s. Rates were held below the rate of

16:51inflation on purpose. We detached the

16:53dollar from gold, currency debased on

16:55purpose, and everyone was told that the

16:57plan was under control. Gold went up

16:5923x, silver went up about 30x, oil went

17:02up 12x, and the S&P 500 returned about

17:0512% a year for the entire decade, which

17:09after inflation was a catastrophe. And

17:11the purchasing power of a US dollar fell

17:13by 55%.

17:15So, inflation rewarded hard assets, but

17:18everything else got quietly devalued.

17:20Now, hard assets have been miserable

17:22this year. I'm not going to pretend

17:23otherwise. Bitcoin is down roughly 30%

17:25in 2026. Gold is down around 7%. Still,

17:29they were the two worst performing

17:30assets of the year, which is a

17:31combination that has never happened

17:33before in a single calendar year.

17:35Meanwhile, the S&P 500 has printed 24

17:38new all-time highs. So, if you own

17:39Bitcoin right now, you've been punished

17:41for six straight months, and you're

17:42wondering whether the thesis broke.

17:45Well, good news is it didn't break. It

17:47just got early. There is a difference,

17:49and the on-chain data is telling you

17:51exactly where we're standing. Bitcoin is

17:53at roughly $64,000. The true market

17:55mean, which is the average cost basis of

17:57every active investor in the market,

17:59sits at $76,600.

18:01The short-term holder cost basis, which

18:03is the break-even for anyone who bought

18:04Bitcoin in the last 6 months, sits at

18:06$72,200.

18:08Price has been below both of those

18:10levels since early February. That is

18:12five straight months, one of the longest

18:13deep value stretches in the asset's

18:15entire history. The total profit and

18:17loss that is unrealized in the Bitcoin

18:19network is at -0.13. So, the average

Bitcoin In The Cheapest 19% Of Its History

18:22holder in this market is underwater, and

18:24they have been for the last 6 weeks. 43%

18:27of long-term holders are locking in

18:28losses, which peaked at $280 million in

18:31a day, the highest level since December

18:33of 2022. So, translate that from Bitcoin

18:35speak to plain English, the people who

18:38bought the top and swore that they would

18:39hold it forever are the ones selling

18:41right now. That is what a bottom looks

18:43like. That's what capitulation actually

18:45is. It's not a crash, it's just the

18:47slow, grinding, boring surrender of the

18:49last people who believed in it. And if

18:51you take a look at the ratio of

18:52Bitcoin's price to the average cost

18:54basis of people holding Bitcoin in the

18:56network, it's currently sitting at the

18:58cheapest 19% of every price that it's

19:01ever traded in its entire history. So,

19:03is the bottom in? I'm not going to

19:05insult you and tell you that I know.

19:06Long-term holder capitulation has not

19:08cooled yet. There's still plenty of

19:09selling going on, and until it does, the

19:12floor is not confirmed. Historically,

19:13every additional 10% of a drawdown has

19:16added roughly 3 months to Bitcoin's

19:18recovery. And the last leg down was only

19:20a month ago. So, on history alone,

19:22you're probably looking at another

19:24couple months of exactly this. The

19:26choppy, boring, demoralizing sideways

19:28price action, which is the point.

19:31Bitcoin does not bottom when people are

19:33the most afraid. It actually bottoms

19:35when people are the most bored. Last

19:37cycle, that was the $16,000 to $22,000

19:40range. And it felt like absolutely

19:41nothing was happening for months because

19:43it wasn't. $60,000 feels exactly like

19:46the new $20,000. Fake breakouts, threats

19:49to go lower, endless choppiness, and

19:52everybody who is here for the ride

19:53quietly closing the app and going to do

19:55something else with their afternoon. And

19:57that is the exact setup, the one that

19:58makes this entire video connect. You

20:00have an asset sitting at the cheapest

20:0219% of its history with its holders

20:04capitulating in a market that's bored to

20:06tears with it. And you have a Federal

20:08Reserve Chairman who is publicly

20:09building the machinery to redefine

20:11inflation downward so we can cut

20:13interest rates into a $39.4 trillion

20:16debt pile, a $1.37 trillion deficit, and

20:18a record $22.8 trillion money supply.

20:22And an oil shock that is reloading in

20:24the straightest of moves as we speak.

20:25Those two things are not going to

20:27coexist for very long. The technical

20:29line to watch is the 200-day moving

20:31average at $74,000. That is the level

20:33that acts as a resistance in a bear

20:35market and support in a bull market. And

20:37Bitcoin just crossed back above its

20:3850-day moving average for the first time

20:40since May. So, if price can reclaim the

20:42200-day and hold it for a couple of

20:44weeks, the bear market is probably over.

20:46But below that, we're still firmly

20:48there. So, this is the part where I tell

20:50you what I'm actually doing, and it's

20:52not exciting, and it's not supposed to

20:53be. I'm not trying to time the exact

20:55low. Nobody times the exact low, and the

20:57people who tell you that they did are

20:59either lying to you or they got lucky.

The 200-Day Line

21:01What I'm doing is buying steadily in the

21:04range where the average holder is

21:05underwater, where long-term holders are

21:07surrendering, and where the asset trades

21:09in the cheapest 20% of its history. All

21:11while the institution that issues the

21:13dollars is quietly assembling the tools

21:16to devalue it even faster. Because the

21:18trade here is not Bitcoin against the

21:20price of Bitcoin last month, the trade

21:22is Bitcoin against the dollar. And the

21:24dollar's manager just told Congress that

21:26he has no tolerance for inflation on the

21:27same morning that his own task force is

21:29working on a new way to measure it.

21:31Coffee is up 127% Ground beef is up 79%

21:35Eggs are up 72% and a report this

21:37morning is telling you that inflation is

21:39coming down. 64 months. 64 consecutive

21:43readings above target and the response

21:44is not to fix the problem, the response

21:47is to get a new ruler. When the people

21:49in charge of measuring the problem go

21:51shopping for a smaller tape measure, the

21:53honest conclusion is not that the

21:54problem got smaller, the honest

21:56conclusion is that they stopped trying

21:57to solve it and be honest with you and

21:59started trying to hide it. You cannot

The Close

22:01vote your way out of that. You cannot

22:03save your way out of it in a bank

22:04account earning less than the money is

22:06being debased. The only thing you can do

22:08is own something that they cannot print,

22:10cannot dilute, and cannot redefine with

22:12a committee vote. That is the entire

22:14case for Bitcoin and it has never been

22:16on a sale quite like this. If you want

22:18the full framework on where the cycle

22:19actually bottoms and the levels that get

22:21hit on the way down, I broke all of it

22:23down in my last video on the four-year

22:24cycle and it pairs directly with

22:26everything I showed you here. So, go

22:28watch that one next and I'll see you

22:29over there. Channel members also got

22:31this video early, so hit the join button

22:32down below to support the channel and

22:33become a member and if you haven't

22:35already subscribed to the channel and

22:36hit the bell to get notified whenever a

22:38new video goes live and check out the

22:39hard money room at the link in the video

22:41description. I'll see you in the next

22:42one.

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