It’s been easy money, oceans, and I mean oceans of debt pumped into a dying system. That’s really the bottom line. Cash is drying up, we’re in a complete liquidity crisis, but the market, again, where our economy is right now and where the stock market is, I mean, the gap is literally off the charts. And you and I have been speaking about this, if you’ve been with me for any length of time, you’ve seen me do this for 10 years. I said this gap would get wider and wider, and right now, I mean, we’re beyond, beyond, beyond.

So the situation is this. The Federal Reserve has their own stock market indicator, which just went negative for the first time in 10 years. Now, I don’t give credence to a damn thing that the Fed does, says, or anything else. The Fed’s indicator here, which we’ll talk about in a second, uses the S&P 500 earnings yields divided by the 10-year yield, comes up with a number, again, negative for the first time in 10 years. So let me just read this to you, this headline here. This Fed-based stock market indicator or signal is fleshing a warning for the first time in over a decade.

Now, again, as I said, I consider the Federal Reserve and all central banks to be the public enemy, the public enemy number freaking one here. And any puppet president anywhere else who works with the Federal Reserve to have them artificially suppress rates here is also the enemy. You understand? Are we on the same page here? Some of you still seem to be lost in la-la land. Anyway, with regard to the dynamics in play right now, we all understand what’s happening. We have my own indicator, the Manarino Market Risk Indicator, MMRI, free to everybody, link in the description of this video, which is also fleshing a warning sign.

At the same time, we have the Fed signal, the Fed’s market indicator also fleshing. There’s a problem here. We all know that. Does it mean we need to run for the hills or do anything panicky? We’re going to stick to our guns here. Now, let’s move forward. I want to show you what’s happening. You and I have been watching the 10-year yield for quite a while with regard to par or getting close to par with the Federal Funds Rate. Now, the 10-year yield did drop overnight. 4.377. We were just shy of 4.5, which would make it pretty much par with the Federal Funds Rate.

You all know this. It floats between 4.5 and 4.75. Actually, you can go beyond that here or there. Okay, we get it. There’s some wiggle room, but the market, as you’ve been seeing, doesn’t like this. It’s bumping up against something here, so the Fed has to do something. Either, you know, look, if the Fed were to get in here and start buying more debt, it would ease this. Their own indicator might drop out of negative and go positive. Okay? We’ll see what happens. Because most of you believe the Fed’s not done. I don’t think they’re done either.

I think the Fed’s going to come up with things that we can’t even believe in order to allow themselves to inflate. Probably going to be more war moving forward. Again, it’s their oldest trick in the book. We discussed this at length yesterday. If you did not see my post-market wrap up yesterday, please watch it. Look, we know what they want. We know what their goals are. And war is the number one—we used to be—hold on a minute, let me rephrase—war used to be the number one way to allow the Fed or central banks to inflate. No other endeavor used to, again, be a better mechanism to pull cash into the now, to inflate the debt, to allow central banks to achieve their goals.

And they have but one goal—to inflate, to issue more debt to the world. And then in this case, they’re buying it back, they’re issuing through one door, buying it back through another door in the form of government debt, which is allowing governments to function in this vacuum environment. They monetize the debt. It’s an incredible thing, but that’s what’s happening here. And the market seems completely detached from that kind of reality. There’s going to be a moment of reckoning. You all know that. We just need to watch what’s happening here. It’s quite obvious. So, again, war, absolutely, probably what they’re going to do could be another scammedemic, another warp speed, who knows what it is.

Now, with that, the MMRI has kind of slightly dropped here. We were above $290, $294. This is a freaking—it’s just out of control. This is what we’ve seen lately. This is the sell-off in the debt market. It’s just completely nuts. Okay, so let’s just summarize here. What we have for the first time in a decade is the Federal Reserve’s own stock market signal for the first time in a decade, which has now gone negative along with what we’re seeing here, multiple expansion cycle in this market. You and I have been talking about this forever. It’s out of control.

Investors are now willing to pay—or it used to be up until we started to see the 10-year yield bump up against the federal funds rate. We’re willing to pay anything to get into this market. Now, I don’t know, things seem to be changing a little bit. Okay, let us move forward here because this is going to get completely insane in just a second for you. And my heart—and I mean this, you know, I legitimately care about every single one of you out here. The European Central Bank is now talking about neutral or even negative rates. Negative rates, again, people.

We already know why. Trump was selected for two reasons. Number one is he’s a proponent of negative rates, meaning you lose. Again, whenever a central bank is doing what they’re doing right now, the European Central Bank, the Fed, other central banks as well, getting in here, they’re artificially suppressing rates, obviously, meaning destroying the purchasing power of the currency. We lose. You understand? Now, the last time the ECB went negative, it didn’t work out too well. Now they’re talking about it again. Now, we really could see negative rates here in the United States. What did Trump say during his last tenure? He called the Fed boneheads for not going to neutral—look at this—neutral or zero to negative here.

Anyway, that’s one reason. The second reason is to build the bridge to the tokenized system, which we are getting—I don’t care how much you may scream and cry about it. I wish some of you, honestly, would go onto President Select, whoever he dwells on the web here, and say, listen, we don’t want this. We don’t want this bridge. We want a constitutional money system. We do not need to be the cryptocurrency capital of the world. We don’t need this. We need a return to a sound money system, period, people. You all know that. Without it, we’re dead.

We’re dead. You understand? And this is insanity. You all know that. But that’s where we’re going. All right. Now, here we go. Let’s move forward. We’ve got the Federal Reserve admitting that rent inflation—not inflation overall, but rent—look at the wording here. Rent inflation will persist. Cleveland Fed predicts rent inflation will persist through at least 2026. What are they really talking about? Duh! Currency devaluation! Inflation is a product of currency devaluation, stealing that purchasing power away from the currency. Can I please get a couple of series of duhs? Duh, duh, duh, duh, duh. People have no idea.

Do you realize that? If you go out onto the street and start a conversation with someone and ask them what inflation is, they can—oh, prices are going up. Really? No, that’s not what’s happening here. Prices are rising because the currency is being destroyed, which you and I have been covering for 10 years. I’m telling you, central banks are going to race to the bottom. It’s not going to stop. Anyway, look, let us move forward here just a little bit. On the back of this Fed signal here, first time in a decade that it’s gone negative, and we’ve seen the pressure on the markets.

Dow futures, S&P futures, NASDAQ futures are lower this morning. Bitcoin about 90—just over 92,000 gold and silver doing pretty well. All right, what does this tell you? What does all this tell you? Look, again, the Fed has their market indicator or signal. We have ours. That is the MMRI. We’re going to watch the MMRI. Forget the Fed. Anything about the Fed. Forget about Trump working with the Fed for which he is, and you will know that. You don’t want to admit it, but he is. He’s calling for lower rates. The Fed wants the lower rates. Duh! Anyone who works with the Fed is my enemy.

Shouldn’t be yours. Unless, of course, you just believe so much. You’ve got to be freaking kidding me. There’s some serious issues with people. They just don’t get it. They refuse to see the truth. It’s unbelievable, but that’s okay. They’re going to lose and we’re going to win. That’s what we do. Period, the freaking end. Anyway, look, the situation is this. We still don’t change a damn thing. I will tell you guys what I’m doing when I’m doing it. Right now, I’m remaining long this stock market. In fact, looking for opportunities to get longer. I don’t care what the Fed’s freaking back signal says or devil’s signal is.

I don’t care what it is. You understand? I’m watching the dynamics in this market very, very carefully. I will not allow myself to lose. That means you don’t lose either. We continue to add commodities to our portfolio here, people. Gold, especially silver. Yes, exposure to crude oil. War, in my view, I covered this yesterday at length, is where we’re going. They’re going to use it. You have to understand. Liquidity is drying up. Cash is drying up. There’s not even though, look, think about this paradox. Even though the world is awash with debt and every minute of every second of every day, the debt gets larger and larger and larger, there’s not enough of it.

There’s not enough of it to allow the system to function. It operates in a perpetual deficit. You all know this by now. But again, what this means is another mechanism, whatever it’s going to be, must be thrust upon us. Maybe it’s going to be negative rates. Okay, that would be a mechanism to allow central banks to inflate. Because how does it work? The Fed or the ECB has to create cash out of nothing and buy the debt. It could be a combination of that, a combination of war, another scammedemic, another warp speed, whatever it’s got to be.

Whatever they have to do, they will do. You understand? We’re nothing. We are just greasing the wheels of a machine. That’s all they think we’re worth. But let me tell you something about that. We are worth way more than that. You understand? This stuff, really, honestly, people, you have no idea how much this gets to me, really. It’s going to be the death of me at one point. Anyway, look, we’re going to get out of here. But I want you to consider what we’ve said. Again, Greg Manarino doesn’t give any credence to what comes out of the mouth of the Fed, what they do, what they say.

But we have to watch it, okay? They move the market. Central banks run the world. They run the show. They even control the flow of information. Everything is controlled by central bank. We are a controlled society. We’re a divided society. Who’s responsible for that? Well, it could be puppets vying for a spot between the Resolute Desk, which we just got through that whole thing here. Hatred, division, the truth is the enemy. You understand? In their playbook. In our playbook, the truth is all that matters. You understand? I think we’re on the same page here.

But again, the fact that the Federal Reserve’s stock market indicator just went negative. At the same time, we’re getting a warning from our indicator, the MMRI. Again, people start utilizing this. It’s 100% free. Link in the description of this video. Alright, we’re going to keep playing our games, okay? We don’t take orders from anyone. You understand that? Nobody. We do our thing. Always. We take, I’m sorry, we take our orders from the Almighty. That’s where I get my orders from. I think we all know that, okay? Everybody else can freaking go suck an egg. Whatever that means.

Alright, look, guys and girls, I’m going to get out of here. I covered a lot with you. I want to hear from you. What do you think about this? Everything we’ve spoken about in this particular video. You understand what this means for you and I? Again, first of all, we’re in the right spot. We’re hedged across the board. We’re spread out. You cannot have all your eggs in one basket. And I know there’s some of you that do, and I think you’re doing the wrong thing here. I think you’ve got to be more spread out. But if you had to pick one asset, here it is.

Silver. Physical silver, in my view, still the most undervalued by exponents asset on the planet Earth. That’s really the truth here. But we’ve got to take advantage of all this stuff. Crypto currency is going much, much higher here. There is no doubt in my mind whatsoever, because of the current dynamics and play the bridge being built into the new system. The crypto president, the Bitcoin president, not the constitutional money president. Not the constitutional money president, which would wreck the Federal Reserve. But what we have is a situation that’s going to make the Federal Reserve exponentially stronger, just like I said during the last time Trump was president, people.

Trump was going to end the Fed. Greg, you don’t understand. Trump is bankrupting the Fed. That’s why he’s pulling so much debt into the system, more than any other president in the history of the United States during his first tenure. We’ve never seen anything like it. I said that would happen. I said the Fed would be stronger at the end of his tenure last time. Mark my words here again. Mark my words. Save the video so you can call me out at the end. I’m going to give you an opportunity to call me out. The Fed’s going to be much stronger.

At the end of this, much stronger. That’s another he was chosen for a few reasons. Potentially negative rates and to bridge the system into the tokenized system. Why do you think we have the crypto president? Why do you think the crypto capital of the world? Again, not the constitution. Why are we not adding gold to the U.S. strategic reserves? Tell me why. You all know why. Because again, that would stand as a roadblock to the Federal Reserve. Adding cryptocurrency to the U.S. strategic reserves here builds the bridge to the new system. Merging, deregulating banks, deregulating crypto, merging the two, all part of the bridge into the new system, which you all voted for, right? Because your votes really, really counted.

I love that. I love this stuff. All right, people, I love you too. Thank you for being here. Please share the video, get it out there, and do comment. Allow the algorithms to pick this up. People are getting a lot of new lions here. And that’s you. A big shout out to all of you. Getting this stuff out there, all right? Love you all. With all I got, I’ll see you later. 4 or 5 p.m. Eastern for the live stream, all right? That’s it. [tr:trw].

See more of Gregory Mannarino on their Public Channel and the MPN Gregory Mannarino channel.