I Was Warned... You Were Warned

FRD, IPI, FKWL, FITB, RTX, [Image](   [ARCHIVES]( LIVE]( [Twitter]( [Youtube]( [Instagram]( [Tiktok]( [Discord]( [LinkedIn]( Bull Market or Bear Market..."[EXTREME MOMENTUM]( just plain works! See How You Can Get Up To[FIVE Potential]( Your Money or More"]( Every Week   October 26, 2022 Dear Reader Last night, my wife cleaned out a filing cabinet that we hadn’t touched since we first moved to Chicago in 2015. The cabinet had to go because of the mold damage to the guest room after a pipe burst sometime before Hurricane Ian hit. We discovered that upon our return home post Ian. In one folder was a large packet of articles I’d written for Modern Trader magazine, including the very first articles. Inside one of the final issues of Futures Magazine (before the name changed), I had two stories. The first was a piece about former Buffalo Bills quarterback E.J. Manuel, who sold a stake in his future expected income on a Sports Exchange (that was brilliant by him. He hasn’t been in the league since 2019)... The second was an interview with a U.S. Senator. I don’t want to say the person’s name just yet – because I know that you will read this quote with bias for or against this politician. It was 2014. Long before the European Central Bank fueled the global rush of bond purchases and rejected austerity. Long before QE 3. Long before QE 4 and the great COVID helicopter money escapade. One question and one answer really stand out looking back... The question was: What are your thoughts on plans by the Federal Reserve to taper stimulus plans and eventually raise interest rates? (Remember... this wouldn’t happen until 2018.) "The main thing is from a historic perspective we ought to ask the question: Are we proud of an agency that has lost 96% of the value of the thing the Fed is supposed to protect? Would that be a success or failure. Have we had more or less upheaval, greater or fewer panics or crashes since the Federal Reserve or before the Federal Reserve? There is an objective argument that we did have problems before the Federal Reserve, but we still continue to have problems with the Federal Reserve. The fundamental question about the Federal Reserve and monetary policy in general that we should ask is “How important is it that the market should decide prices?” If you ask most free-market economists, they’d say “Absolutely. The price of bread, the price of computers, the price of labor, all that should be free and open to the marketplace.” However, their one inconsistency is they think interest rates should be set by government. It’s amazing that so many people who favor free markets and free pricing supports a completely centralized, completely arbitrary setting of the price of money. This led to the great housing bubble and the great housing crash. In a normal marketplace, as things began to heat up and you had more builders and more people borrowing money, as the demand rose for money, so would the price in the form of interest rates. The rising price of money would slow down the economy, and you’d have a reversal. But you wouldn’t get to a point where you reached insane levels of housing prices, where people were doubling and tripling their house’s price every year or two. This craziness of that doesn’t happen under capitalism. It doesn’t happen under a free-pricing mechanism. The debate we ought to have in this country is” Should the price of money be arbitrarily decided by one central authority? Or should the price of money be decided by a marketplace?” It’s a very important question – and one that we didn’t ask then, and we still haven’t asked now. If we had asked this question – would we have experienced this problem with inflation? Would we have experienced this market downturn this year? And will we continue to operate in an environment – without reform – that has fueled FOUR massive financial downturns in the last 20 years? 2001-02, 2008, 2020, and 2022. And other sharp reversals like we had in 2018. The quote – by the way – is from Senator Rand Paul. Talk Soon, [Garrett {NAME}]( Did you miss the show? No worries, we’ve got you covered.   "I’m going to make you an offer you can’t refuse." REPORTS   [Welcome to Momentum]( [Trading Momentum]( [Trading Fundamentals]( [Trading the Fed]( [Trading Insiders]( WATCH REPLAYS   [Watch the Show!]( [Sneak A Peak Inside the World's Biggest Trade](   You are receiving this e-mail at {EMAIL}, as part of your subscription to Midday Momentum. To remove your email from this list: [unsubscribe here]( Please do not reply to this email as this address is not monitored. 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