The Ledger Lens

Christopher Walsh's Federal Reserve Chair Candidacy
​The likelihood of Christopher Walsh becoming the next Federal Reserve Chair has recently surpassed that of Kevin Hassett, reflecting shifting market predictions. This surge in support follows advocacy from allies of U.S. President Donald Trump for Walsh's appointment.
​A Deutsche Bank report by Matthew Luzzetti suggests that if appointed, Walsh might favor a policy mix including interest rate cuts alongside the continuation of Balance Sheet Reduction (Quantitative Tightening, or QT). However, the viability of pursuing significant QT while cutting rates is contingent upon regulatory changes that could lessen the banking system's dependence on reserves—a short-term uncertainty.
​A leading contender to replace current Chair Jerome Powell, Walsh is known for his strong views on monetary policy. He famously contends that inflation is not a result of supply chain issues or geopolitical events, but a direct consequence of the Federal Reserve's policy decisions. He advocates for a reform of the Fed, urging it to return to its core mission of maintaining price stability and for clear separation between the Fed's role in managing interest rates and the Treasury's role in managing fiscal accounts.
​Despite his critiques of past policy, Walsh holds an optimistic outlook for the U.S. economy, believing that advances in AI and deregulation could spur a major productivity boom, reminiscent of the 1980s.
​Walsh's Background and Influence
​Experience: A lawyer by training, Walsh served as a Federal Reserve governor from 2006 to 2011, where he was a key communicator during the global financial crisis.
​Policy Stance: He has been a long-standing critic of the Fed's aggressive balance sheet expansion over the past 15 years, arguing that quantitative easing (QE) strays from the central bank's core functions.
​Current Roles: He is currently a partner at the Duquesne Family Office, a Distinguished Visiting Fellow at the Hoover Institution, and a lecturer at Stanford Business School#SOMIUSDT #eurousdt #ACE $BANANAS31 $EUR

Cryptocurrency, sering hanya disebut "crypto," telah berkembang dari konsep teknologi yang tidak jelas menjadi kekuatan finansial global. Ini mewakili pergeseran paradigma menjauh dari perbankan terpusat, menawarkan sekilas ke masa depan terdesentralisasi yang didorong oleh inovasi.
Apa itu Cryptocurrency?
Pada intinya, cryptocurrency adalah bentuk uang digital atau virtual yang diamankan oleh kriptografi. Tidak seperti mata uang tradisional (fiat), yang diterbitkan dan dikendalikan oleh pemerintah atau bank sentral, crypto beroperasi pada sistem peer-to-peer. Ini berarti transaksi terjadi langsung antara pengguna di mana saja di dunia, tanpa perlu perantara pihak ketiga seperti bank.