Investment Manager, Equity Management Associates,LLC. Sound money advocate. Gold stock fund manager. Austrian economist. Anti-Federalist. CrossFit Athlete. #BTC

$EMA
Joined September 2017
The Big Print book is available in four formats, hardcover, softcover, Epub (Kindle) and Audio (Audible) with a PDF supplement for the graphs and charts. amazon.com/Big-Print-Happene…
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Oil markets appear to be calling "bullsh*t" on both the Administration's "We control the Strait" narrative and its "Prices will be coming down after US midterms" narrative.
Oil traders are increasingly pricing the battle over the Strait of Hormuz as the new normal. Futures contracts for brent crude in December 2027 are now close to $90 a barrel, the highest ever and a sharp departure from even a month ago.
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Lawrence Lepard, "fix the money, fix the world" retweeted
Fellow gold bug gone Bitcoiner, Larry Lepard, joins us for a timely episode of the Hosting Bitcoin Podcast! Yesterday, Bitcoin rallied as the U.S. Treasury announced increased support for the long-term Treasury market, with federal debt approaching $40 trillion. TL;DR: Larry’s thesis is playing out in real time. Growing debt leads to greater intervention and more liquidity. As fiat continues to be diluted, people increasingly look to sound money as a safe haven, and Bitcoin’s fixed supply becomes harder to ignore. @LawrenceLepard brings his trademark conviction and passion, while also sharing a more personal side and his vision of an abundant future through Bitcoin. Notable moments: 2:19 Larry’s Road to Bitcoin 9:39 Surviving Bitcoin’s Brutal Drawdowns 22:31 The Breakthrough of Digital Scarcity 27:11 A $100M Amazon Mistake 31:04 Bitcoin: The Global Money Network 35:00 Why Bitcoin Is a “No-Brainer” 48:25 What Happens When Fiat Fails? 52:57 Why the Future Could Be Brighter 🎙️ The full episode is out now. Watch below or listen to Hosting Bitcoin on all major podcast platforms.
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Liar claims that his power comes from making people believe his lies. He’s right. But memo to Kevin: we don’t! Read my book for more. @federalreserve
JUST IN: 🚨 Federal Reserve Chair Kevin Warsh says, "Ultimately what matters to the central bank is not the printing press... It's a powerful tool, it's neat if you guys had one you'd love it, but the power really comes from our institutional credibility."
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One of the ugliest moments of this quote is when he jokes about having a printing press is cool and you wish you had one. As if it is fun to manipulate the world to your own advantage. Dylan sang “you play with my world/like it is your little toy”. Masters of War (1963). His comment is similar to when Powell said, “the good ship transitory has sailed”. Referring to his bad call on inflation. It’s like a joke to them. So fucking arrogant and smug. Makes me ill. Central banks cannot fail fast enough. @RudyHavenstein
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When they show you who they are: Believe Them!
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“You’d love to have one.” —> yeah, except it’s rightly called counterfeiting when we do it and is rightly illegal.
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Bravo. PE and Private Credit are a fugazi bubble. When they put up the gates you knew the marks were fake. Only unknown is when mark to market bites.
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LL: Spending growing faster than receipts. Stein's Law comes to mind. October 16 – Bloomberg (Yash Roy): “The US federal budget deficit widened to nearly $2 trillion for the 2026 fiscal year, serving a fresh reminder of the scale of government borrowing needs and leaving the nation on track for a record high debt burden in coming years. For the fiscal year through September, the deficit widened to $1.99 trillion… That marks about a 12% increase on the $1.78 trillion gap recorded for last year. Spending rose by about 6%, to $7.4 trillion, while receipts increased roughly 3%, to $5.4 trillion… Net interest climbed by $81.4 billion, to total a record $1.05 trillion. Debt-servicing costs are one of the top three expenses for the government.”
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Everyone has a plan until they get punched in the mouth. This clip is revealing. He has no clue, believes in the "institution". The power, he says, comes from credibility. Wait until the market teaches him the reality of $107 trillion in debt vs. $6.7 trillion actual dollars.
JUST IN: 🚨 Federal Reserve Chair Kevin Warsh says, "Ultimately what matters to the central bank is not the printing press... It's a powerful tool, it's neat if you guys had one you'd love it, but the power really comes from our institutional credibility."
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Excerpt from the EMA Q3 Report released earlier this week: (link below) All fiat currencies are coming into question as what we label a “global sovereign debt crisis” is emerging. In other words, The Everything Bubble which was blown with decades of cheap money via Zero Interest Rate Policy (ZIRP) is coming to its natural end. It has found a pin: INFLATION. And the inflation is persistent. drive.google.com/file/d/1vye…
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No, that is reserved for dogs who don’t chew up my mining show notes.
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Kevin!
BREAKING: September PPI Inflation unexpectedly rises to 6.3%, above expectations of 5.3%. Core PPI Inflation rose to 5.0%, above expectations of 4.4% PPI inflation is now at its second highest level since November 2022. The odds of rate hikes are rising sharply on the news.
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Well, well...... A bit too early to say definitively, but it appears that the AI build out bubble just found its pin. Since the AI story has been a huge part of the stock market bull (and GDP growth) this is not good for the bull case. Economic downturn inbound. Explains the bid in long bonds and in PM's which know that no downturns are allowed when "we have a technology, a printing press" that can be used to counter deflation.
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Nice one, @LawrenceLepard From his excellent Q3 letter: drive.google.com/file/d/1vye…
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