Jim Grant of Grant’s Interest Rate Observer comments on yesterday’s testimony by Fed Chair Janet Yellen and shares a few thoughts on the troubles of crypto-currency Bitcoin.
On the Fed, we are reminded of something that passes without a second thought these days:
The Fed has, in its hundred year past, manipulated interest rate before, but never, until now, has it treated the stock market as if it were a lever of national public policy.
The part on Bitcoin has been cut off for some reason. According to other reports, he said he favors gold over the new digital currency as the metal is “nature’s own Bitcoin”.