Joseph Wang (@josephwang) / X

Joseph Wang

6,072 posts

Joseph Wang

@josephwang

Subscribe at Fedguy.com for latest thoughts and analysis. YouTube: youtube.com/@Fedguy12

Joined July 2012

Pinned
Joseph Wang
@josephwang
Mar 26
Happy to announce the 2nd Edition of Central Banking 101. This edition updates the data and adds 15% more content, including sections on SOFR transition, Treasury buy backs, SVB run, private credit etc. Available on amazon worldwide. Thank you for you attention to this matter.
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Joseph Wang
@josephwang
Apr 11, 2025
It looks like Asian investors are selling dollar assets and buying gold.
1.3M
Joseph Wang
@josephwang
Mar 11, 2023
SVB was just a badly run bank that went bust. Happens all the time. What's special about SVB is that many influential people banked with them, and are now lobbying for special treatment. Let's hope our system is fair.
969K
Joseph Wang
@josephwang
Oct 28, 2022
Studies find lockdowns were ineffective in reducing mortality. It was all for nothing. And they bankrupted small businesses and harmed the mental health of a generation of children. This huge disaster happened in part because those who disagreed were censored.
Joseph Wang
@josephwang
Mar 13, 2023
In 2008 the banks got rich, went bust, and got bailed out. It was unfair, so we created a regulatory system to prevent it from happening. SVB is a minor bank. We could have let the process play out and show how the system has been improved. But it seems nothing has changed
1.5M
Joseph Wang
@josephwang
Mar 11, 2023
Looks like SVB held $120b in securities but basically didn't hedge their interest rate exposure. That's totally crazy. No wonder they failed.
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Joseph Wang
@josephwang
Apr 9, 2025
In December 2018 Trump also made a similar comment after a big sell off. It was one day from the bottom.
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Joseph Wang
@josephwang
Mar 13, 2023
One reason why First Republic bank looks like its imploding could be because it actually can't benefit from the Fed's new bailout facility. You need Treasuries and Agency MBS to tap the facility, and they barely own any.
1.3M
Joseph Wang
@josephwang
Mar 10, 2023
So $SVIB has $200b in assets, of which $116 are securities. About $80b of that are high quality liquid assets that could be sold or repo'd for cash. Looks good until..
1.7M
Joseph Wang
@josephwang
Apr 3, 2023
Sounds like the White House told Saudi Arabia earlier that they would refill the SPR to support oil prices. Saudis then realized they were getting played and took matters into their own hands. ft.com/content/3cc7ce…
1.1M
Joseph Wang
@josephwang
Nov 9, 2024
All this pearl clutching about Fed independence is nonsense. Fed is not independent, it is basically a branch of the Democratic party. You can see this in many ways. 1) Political donations by Fed employees overwhelming go to the Democrats. 2) Former FRBNY president is
487K
Joseph Wang
@josephwang
Aug 24, 2022
Inflation is ultimately a political choice. It's easy to create inflation - just give away lots of money. And easy to create deflation - hugely raise taxes and interest rates. The key to future inflation is not in an economic model, but the politics and culture of our time.
Joseph Wang
@josephwang
Apr 12, 2024
Gold still surging - kinda concerning. Maybe someone is preparing for a big geopolitical move as they know they'll lose their dollars and euros after the fact.
564K
Joseph Wang
@josephwang
Mar 12, 2023
Any competent corporate treasurer understands the 250k FDIC limit and manages cash with money market funds, sweep arrangements, repo, bills etc. Maybe the guys who were pouring money into FTX and monkey jpeg "startups" aren't all that sophisticated?
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