Price Discovery is Alive and Well in Crypto

Source: Ludwig von Mises Institute
by Doug French

“Weston Nakamura in an interview with Real Vision’s Jack Farley made the trenchant point, ‘This is what markets look like when you don’t have global central banks artificially suppressing volatility, intervention of central banks buying every dip, putting a safety net under every single slight tremor or taper tantrum or whatever it may be, this is what happens.’ Making money isn’t easy. Whether it be working 9 to 5 or trading markets. The Fed seeks to smooth every bump so everyone will stay calm and carry on, buying stocks. Perhaps a viewer or two of his recent 60 Minutes interview caught Powell’s off-hand comment that the central bank has bailed out money market funds twice in recent months. Money market funds? Most people believe that is cash.” (06/07/21)