this is it. we're moving to a new stage of the Endgame. Japanese Yen ripping through barriers like paper, passing each level where the BoJ intervened before. The slow motion meltdown has finally begun to accelerate, and authorities are powerless to stop the decline, unless they want to dump their Treasuries. Yellen probably on the phone with them tonight, warning dire consequences if they put their finger on the button to defend their currency. Japanese PM Kishida met with Biden this month, smiling on the surface, but pain underneath. He knows, as Kuroda does, the terrible truth: They are TRAPPED. With debt to GDP at an eye-watering 263%, they can't afford to normalize rates with the Fed. Since they have to maintain low rates, a massive carry trade opens up, bolstering USD and pulling JPY down consistently. The longer the Fed keeps rates high the worse this blows out. News of a hot inflation in the US this morning made things worse, as now Powell has more justification for "higher for longer". This means more pain ahead for the Asian behemoth. In the US, massive 50% downside miss on GDP paired with hot PCE means stagflation is returning. With government interest expense at all time highs and trillion dollar deficits as far as the eye can see, this means more debt growth as we accelerate across the Monetary Event Horizon. The walls are beginning to close in. Attacks on Bitcoin have escalated, first with Feds arresting the developers of Samourai Wallet. Next Phoenix Wallet pulls their app from Appstore, and now DTCC is assigning 100% haircut to all crypto assets. They're coming for the non-KYC wallets first. Then the nodes. Then self-custody. Your privacy is at stake. Your future is at stake. The truth is, they depend on us to keep the whole charade going. We man the barricades of the dying fiat monetary system. Without us working for their money, they have nothing to control us with. "Look, the people you are after are the people you depend on. We cook your meals, we haul your trash, we connect your calls, we drive your ambulances. We guard you while you sleep. Do not... fuck with us." -Tyler Durden