To be honest, the current situation is a bit like the eerie calm before the 2008 crisis.

This time, the Wall Street crowd is playing a circular collateralization game with gold and BTC—in simple terms, they’re using the same pile of assets to repeatedly leverage up, pushing risk assets like US stocks to the sky. Sound familiar? Yes, that’s exactly what they did before the subprime crisis, only back then the tool was called CDS.

Here’s the problem: as soon as the Fed cuts rates, hot money will flow out; if the yen carry trade collapses, the dominoes will fall even faster. The inflated valuations of US dollar assets simply won’t hold up.

What’s worse, quantitative tightening is already reaching a critical point. Those old foxes on Wall Street are now openly threatening: if you don’t inject liquidity, fine—we’ll crash gold, Bitcoin, and US stocks together, and global risk assets will blow up all at once.

So now the Fed is caught between a rock and a hard place—either print money to save the market, or watch all this “paper wealth” go up in smoke. The classic “too big to fail” blackmail playbook is being reenacted once again.