“The whole goddamn thing is a charade… finger in the air, wild-ass guess, total gaslighting and bullshit.” In this episode, Lawrence Lepard is back on the show to explain why the Fed is trapped between persistent inflation, an accelerating sovereign debt crisis and a financial system that cannot withstand genuinely tight monetary policy. Lawrence breaks down the Fed’s retreat from forward guidance, why its new playbook gives policymakers cover to change course without warning, and why he believes today’s hawkish stance will ultimately give way to rate cuts and more money creation. We also explore his “decade of inflation” thesis. He argues that the cycle began in 2020, that double-digit inflation is still ahead, and that a major disruption in the Treasury or bond market could trigger a “break-glass” response from the Fed, sending Bitcoin, gold and other hard assets dramatically higher. In this episode: • Why the Federal Reserve is abandoning forward guidance • How the Fed could redefine inflation • The sovereign debt problem • Why double-digit inflation is coming • Lawrence&#x27;s outlook for Bitcoin and gold THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Lawrence Lepard: https://x.com/LawrenceLepard

The Fed Is Trapped: Why Double-Digit Inflation Is Inevitable | Lawrence Lepard

What Bitcoin Did

# Full Transcript

**Podcast:** What Bitcoin Did

## Participants

- **Danny Knowles** (None)
- **Lawrence Lepard** (None)
- **Lawrence Lepard** (None)

## Transcript

End the Fed. There should be no Federal Reserve. We should have a sound money unit that we all transact in, and the price of that money should be set by the free market. And that's called the interest rate. Period. Nothing else. There should be no bailouts. If you fail, you fail. The chairman sets the tone. And the dissents, even the dissents are somewhat planned. I mean, it's all kabuki theater to make it look like, oh, we've got these 12 wise people trying to figure out exactly what the monetary policy should be.

And they're so thoughtful and deliberate. And they're going to get it absolutely right. And since 1913, they've done nothing but fuck it up. What they're going to do, in my opinion, is this decade, and I've said this for a long time, this is going to be a decade of inflation. It started in 2020. We're six years into it. We're not anywhere close to the end of it. Before this is all over, we'll have double-digit inflation. We almost had it last time. We got to nine. We're going to get double-digit inflation. And the good news is, you know, the economy will probably be cooking and unemployment will be relatively low.

How are you doing anyway, sir? I'm doing great. No complaints. It's all good. Looking forward to a sound money future. Well, me too. We were just saying before the show, the sentiment in Bitcoin seems incredibly low right now. I'm hoping that's a bottom signal. I think even during the FTX crash, it was a better sentiment than it is today.

Yeah, I'm trying to remember that. It was pretty bleak then, too. But yeah, probably the most amazing thing about this one is you kind of got Bitcoiners eating Bitcoiners, and that just drives me nuts because we're all on the same team. You know, 100%. It's funny. Then everyone banded together because that was kind of like, although obviously hugely impacted Bitcoin, it was kind of a shitcoin-y thing that was fraud, SBF doing its thing over there.

It didn't really impact us, and it felt like everyone kind of, all the Bitcoiners were on the same side there, whereas now there's so much infighting, fighting over Saylor, fighting over Bit110. It was a sleazeball trashed and blew up, and so all crypto got thrown out, including us. Yeah, no, you're right. I mean, we were all in it together, and hey, it's 15. It's down hugely, but so what, right?

And I think a lot of people really kind of bought into the narrative. We hit 100, we hit 126. We're on our way to 200, and then it didn't happen, and so you've got a recipe for disappointment and anger and so on and so forth. And nobody ever said this was going to be easy, but I'll tell you one of the things I really take comfort in, Danny, is that if you look at all the drawdowns, I mean, you look at any asset class, you look at the history of the asset class, right?

If you look at th...

The Fed Is Trapped: Why Double-Digit Inflation Is Inevitable | Lawrence Lepard

Transcript

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The Fed Is Trapped: Why Double-Digit Inflation Is Inevitable | Lawrence Lepard

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.