[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"nav-categories":3,"article-qe-is-dead-long-live-rmp-arthur-hayes-on-the-fed-s-stealthy-return-to-money-printing":70},{"data":4},[5,37,57,64],{"name":6,"slug":7,"categories":8},"Productivity","productivity",[9,13,17,21,25,29,33],{"id":10,"title":11,"slug":12},17,"Branding","branding",{"id":14,"title":15,"slug":16},19,"Marketing","marketing",{"id":18,"title":19,"slug":20},20,"Work","work",{"id":22,"title":23,"slug":24},34,"Community","community",{"id":26,"title":27,"slug":28},21,"For newbies","for-newbies",{"id":30,"title":31,"slug":32},24,"Investment","investment",{"id":34,"title":35,"slug":36},22,"Finance","finance",{"name":38,"slug":39,"categories":40},"Tech","tech",[41,45,49,53],{"id":42,"title":43,"slug":44},28,"Technology","technology",{"id":46,"title":47,"slug":48},32,"Artificial Intelligence","artificial-intelligence",{"id":50,"title":51,"slug":52},26,"Security and protection","security-and-protection",{"id":54,"title":55,"slug":56},31,"YouTube Blog","youtube-blog",{"name":58,"slug":59,"categories":60},"News","news",[61],{"id":62,"title":58,"slug":63},18,"quasanews",{"name":65,"slug":66,"categories":67},"Business","business",[68],{"id":69,"title":65,"slug":66},16,{"post":71,"published_news":94,"popular_news":153,"categories":217},{"title":72,"description":73,"meta_title":72,"meta_description":74,"meta_keywords":75,"text":76,"slug":77,"created_at":78,"publish_at":78,"formatted_created_at":79,"category_id":34,"links":80,"view_type":83,"video_url":84,"views":85,"likes":86,"lang":87,"comments_count":86,"category":88},"QE is Dead, Long Live RMP: Arthur Hayes on the Fed's Stealthy Return to Money Printing","In his latest essay, \"Love Language,\" published on Substack, Arthur Hayes, the former CEO of BitMEX and a prominent crypto commentator, delivers a scathing yet insightful analysis of the Federal Reserve's latest monetary maneuver.","Arthur Hayes, the former CEO of BitMEX, delivers a scathing yet insightful analysis of the Federal Reserve's latest monetary maneuver.","Hayes contends that RMP is QE in disguise - both create money ex nihilo to finance government debt.","\u003Cp>In his latest essay, "Love Language," \u003Ca href=\"https://cryptohayes.substack.com/p/love-language\">published on Substack\u003C/a>, Arthur Hayes, the former CEO of BitMEX and a prominent crypto commentator, delivers a scathing yet insightful analysis of the Federal Reserve's latest monetary maneuver.\u003C/p>\n\n\u003Cp>Hayes argues that Quantitative Easing (QE) - the infamous policy of central bank asset purchases that ballooned balance sheets and fueled inflation - has become politically radioactive. Instead, the Fed has rebranded its money-printing operations as "Reserve Management Purchases" (RMP), a seemingly innocuous term that masks the same inflationary mechanics.\u003C/p>\n\n\u003Cp>Drawing on recent Fed announcements and economic trends, Hayes warns that this shift not only sustains massive U.S. deficits but could ignite a global race to debase fiat currencies, ultimately supercharging assets like Bitcoin.\u003C/p>\n\n\u003Chr />\n\u003Ch4>\u003Cstrong>The Toxicity of QE and the Birth of RMP\u003C/strong>\u003C/h4>\n\n\u003Cp>\u003Cimg alt=\"\" class=\"image-align-left\" height=\"372\" src=\"https://quasa.io/storage/photos/00/image - 2025-12-20T174536.700.jpg\" width=\"250\" />QE, first unleashed during the 2008 financial crisis, involved the Fed creating reserves to buy long-term Treasury bonds, effectively injecting liquidity into the economy.\u003C/p>\n\n\u003Cp>However, as Hayes notes, it became synonymous with runaway inflation, wealth inequality, and asset bubbles. Politicians and the public now view it as a direct cause of rising prices, making it untenable for the Fed to revive it outright.\u003C/p>\n\n\u003Cp>\u003Cstrong>Enter RMP\u003C/strong>: Announced by the Federal Reserve on December 10, 2025, \u003Ca href=\"https://www.newyorkfed.org/markets/opolicy/operating_policy_251210a\">this program involves purchasing short-term Treasury bills to maintain "ample reserves" in the banking system\u003C/a>. The New York Fed plans to start with approximately \u003Ca href=\"https://wolfstreet.com/2025/12/11/why-the-feds-reserve-management-purchases-are-not-qe/\">$40\u003C/a> billion in purchases, beginning December 12, 2025, and elevate them for a few months to accommodate seasonal fluctuations.\u003C/p>\n\n\u003Cp>Hayes contends that RMP is QE in disguise - both create money ex nihilo to finance government debt. The key difference? RMP lacks predefined limits or expiration dates, allowing indefinite expansion without congressional oversight or public fanfare.\u003C/p>\n\n\u003Chr />\n\u003Ch4>\u003Cstrong>How RMP Works: A Familiar Mechanism in New Clothing\u003C/strong>\u003C/h4>\n\n\u003Cp>\u003Cimg alt=\"\" class=\"image-align-right\" height=\"402\" src=\"https://quasa.io/storage/photos/00/image - 2025-12-20T174538.336.jpg\" width=\"270\" />Hayes breaks down the transmission channels, illustrating how RMP mirrors QE's effects. Under QE, the Fed buys bonds from banks like JP Morgan, which then recycle the new reserves into more Treasury purchases, funding government spending and inflating asset prices.\u003C/p>\n\n\u003Cp>RMP targets money market funds (MMFs), crediting them with balances via the Reverse Repo Program (RRP). These funds can then buy new T-bills or lend in the repo market, providing cash to hedge funds for bond acquisitions.\u003C/p>\n\n\u003Cp>The Treasury absorbs this liquidity, spends it into the economy, and perpetuates the cycle. As Hayes emphasizes, this enables the Treasury to buy back longer-term debt like 10-year notes, suppressing yields and mortgage rates to bolster housing and consumption.\u003C/p>\n\n\u003Cp>\u003Cstrong>Recent Fed data supports this\u003C/strong>: The program addresses pressures in overnight lending markets, with gross T-bill issuance projected to hit \u003Ca href=\"https://longbridge.com/en/news/269448356\">$500\u003C/a> billion weekly in 2026, up from $400 billion in 2024. Unlike QE's focus on duration-rich assets, RMP's bill-centric approach still transmits easing, potentially reducing 10-year yields and fueling broader inflation.\u003C/p>\n\n\u003Chr />\n\u003Ch4>\u003Cstrong>Structural Deficits and the Fed's Enabling Role\u003C/strong>\u003C/h4>\n\n\u003Cp>Hayes argues that U.S. deficits - now exceeding $2 trillion annually - are structural, driven by entitlements, defense, and political handouts. RMP effectively lets the Fed foot the bill, allowing unchecked spending without market backlash. This "yield curve control" hands the Treasury tools to manage rates covertly, insulating politicians from fiscal discipline.\u003C/p>\n\n\u003Cp>Globally, this weakens the dollar, compelling peers like the European Central Bank (ECB), Bank of Japan (BOJ), and People's Bank of China (PBOC) to expand credit. Hayes predicts a 2026 fiat debasement race, harming exporters in China, Germany, and Japan amid tariffs, while supporting U.S. re-industrialization.\u003C/p>\n\n\u003Chr />\n\u003Ch4>\u003Cstrong>Market Implications: Crypto's Waiting Game\u003C/strong>\u003C/h4>\n\n\u003Cp>Markets haven't fully grasped RMP's QE equivalence, Hayes says, trapping Bitcoin in a $80,000–$100,000 range post-announcement (with a 6% dip since launch, while gold rose 2%). Once recognized, he forecasts Bitcoin reclaiming $124,000 and surging toward $200,000, ending the four-year halving cycle as perpetual liquidity takes hold.\u003C/p>\n\n\u003Cp>Altcoins, battered by recent liquidations, offer selective opportunities. Hayes spotlights Ethena (ENA), a protocol for synthetic dollars (USDe), as a prime beneficiary. Falling fiat rates and rising liquidity could widen basis yields, boosting ENA through protocol fees and token buybacks. Ethena's USDe supply has already grown significantly, signaling potential sharp gains.\u003C/p>\n\n\u003Cp>In conclusion, Hayes' essay portrays RMP as QE's stealth successor—a "love language" of monetary illusion that sustains debt while eroding fiat value. As the Fed's balance sheet expands anew, investors in hard assets like crypto stand to gain, but only if they decode the Fed's rebranded playbook. With structural deficits locked in and global responses looming, 2026 could mark the acceleration of fiat's demise.\u003C/p>\n\n\u003Cp>\u003Cstrong>\u003Cimg alt=\"\" class=\"image-align-left\" height=\"169\" src=\"https://quasa.io/storage/photos/00/image - 2025-12-20T174341.130.jpg\" width=\"300\" />Also read:\u003C/strong>\u003C/p>\n\n\u003Cul>\n\t\u003Cli>\u003Ca href=\"https://quasa.io/media/tom-lee-predicts-bitcoin-could-double-by-end-of-january-2026-amid-economic-revival\">Tom Lee Predicts Bitcoin Could Double by End of January 2026 Amid Economic Revival\u003C/a>\u003C/li>\n\t\u003Cli>\u003Ca href=\"https://quasa.io/media/us-crypto-regulation-reboot-senate-confirms-pro-crypto-leaders-for-cftc-and-fdic\">US Crypto Regulation Reboot: Senate Confirms Pro-Crypto Leaders for CFTC and FDIC\u003C/a>\u003C/li>\n\t\u003Cli>\u003Ca href=\"https://quasa.io/media/tether-s-pearpass-a-revolutionary-cloud-free-password-manager-for-ultimate-privacy\">Tether's PearPass: A Revolutionary Cloud-Free Password Manager for Ultimate Privacy\u003C/a>\u003C/li>\n\u003C/ul>\n\n\u003Cp>Author: \u003Ca href=\"https://www.linkedin.com/in/slava-vasipenok/\">Slava Vasipenok\u003C/a>\u003Cbr />\nFounder and CEO of QUASA (quasa.io) - Daily insights on Web3, AI, Crypto, and Freelance. Stay updated on finance, technology trends, and creator tools - with sources and real value.\u003C/p>\n\n\u003Cp>Innovative entrepreneur with over 20 years of experience in IT, fintech, and blockchain. Specializes in decentralized solutions for freelancing, helping to overcome the barriers of traditional finance, especially in developing regions.\u003C/p>\n\n\u003Cp>This is not financial or investment advice. Always do your own research (DYOR).\u003C/p>","qe-is-dead-long-live-rmp-arthur-hayes-on-the-fed-s-stealthy-return-to-money-printing","2025-12-20T16:48:10.000000Z","20.12.2025",{"image":81,"thumb":82},"https://quasa.io/storage/images/news/d5E3uMZDQr4j8x6UvKsr1tRk3RI755WEJlzY2gaO.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/d5E3uMZDQr4j8x6UvKsr1tRk3RI755WEJlzY2gaO.jpg","small",null,2109,0,"en",{"id":34,"title":35,"slug":36,"meta_title":89,"meta_description":90,"meta_keywords":91,"deleted_at":84,"created_at":92,"updated_at":93,"lang":87},"Quasa Media's Growth Hacking Finance Blog","Trends in financial literacy. Savings and investment options.","Finance, invest, money, rich, financial plan","2021-10-27T19:57:04.000000Z","2024-08-25T15:36:23.000000Z",[95,108,119,130,142],{"title":96,"description":97,"slug":98,"created_at":99,"publish_at":100,"formatted_created_at":101,"category":102,"links":103,"view_type":83,"video_url":84,"views":106,"likes":86,"lang":87,"comments_count":86,"is_pinned":107},"Your Computer Mouse Can Now Eavesdrop on You","Researchers from the University of California, Irvine have demonstrated a surprising new security threat: an ordinary optical computer mouse can be turned into a covert microphone capable of listening to your conversations.","your-computer-mouse-can-now-eavesdrop-on-you","2026-03-25T21:21:22.000000Z","2026-04-09T11:13:00.000000Z","09.04.2026",{"title":43,"slug":44},{"image":104,"thumb":105},"https://quasa.io/storage/images/news/zvGSPNFVpmuJgnlniEHiwPc4aaeGYIVAuwxhouXu.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/zvGSPNFVpmuJgnlniEHiwPc4aaeGYIVAuwxhouXu.jpg",185,false,{"title":109,"description":110,"slug":111,"created_at":112,"publish_at":113,"formatted_created_at":101,"category":114,"links":115,"view_type":83,"video_url":84,"views":118,"likes":86,"lang":87,"comments_count":86,"is_pinned":107},"Figure AI Founder Brett Adcock Launches Hark: A New Lab Building True Personal AGI","Brett Adcock, the founder of humanoid robotics company Figure AI, has quietly launched his next ambitious venture: Hark, an AI laboratory dedicated to creating the world’s most advanced personal intelligence.","figure-ai-founder-brett-adcock-launches-hark-a-new-lab-building-true-personal-agi","2026-03-25T20:23:25.000000Z","2026-04-09T09:11:00.000000Z",{"title":43,"slug":44},{"image":116,"thumb":117},"https://quasa.io/storage/images/news/C1UuYbaKmb90FPNMq9HupZ84jzRUQmO6HBbSPEPh.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/C1UuYbaKmb90FPNMq9HupZ84jzRUQmO6HBbSPEPh.jpg",265,{"title":120,"description":121,"slug":122,"created_at":123,"publish_at":124,"formatted_created_at":101,"category":125,"links":126,"view_type":83,"video_url":84,"views":129,"likes":86,"lang":87,"comments_count":86,"is_pinned":107},"Pokémon Go’s 10-Year Legacy: How Millions of Players Accidentally Trained Robots to Deliver Your Food","Ten years after its explosive launch, Pokémon Go continues to deliver surprises — this time, not in the form of rare Pikachu, but in the form of a powerful new navigation system for delivery robots.","pokemon-go-s-10-year-legacy-how-millions-of-players-accidentally-trained-robots-to-deliver-your-food","2026-03-25T20:06:36.000000Z","2026-04-09T06:59:00.000000Z",{"title":43,"slug":44},{"image":127,"thumb":128},"https://quasa.io/storage/images/news/ceiFSOJQ3diMLwMI4POUSJwIjscAuwf5TWE2DXlN.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/ceiFSOJQ3diMLwMI4POUSJwIjscAuwf5TWE2DXlN.jpg",312,{"title":131,"description":132,"slug":133,"created_at":134,"publish_at":134,"formatted_created_at":135,"category":136,"links":137,"view_type":140,"video_url":84,"views":141,"likes":86,"lang":87,"comments_count":86,"is_pinned":107},"Jaxx Liberty for Cross-Device Crypto Management","A practical article about Jaxx Liberty as a cross-platform blockchain wallet with portfolio tools, exchange access, and block explorer features for daily crypto management.","jaxx-liberty-for-cross-device-crypto-management","2026-04-08T12:21:43.000000Z","08.04.2026",{"title":35,"slug":36},{"image":138,"thumb":139},"https://quasa.io/storage/images/news/2BoYmDUS7F9wHE0dwpD2KUpX702LkL1Spp2KC5Vm.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/2BoYmDUS7F9wHE0dwpD2KUpX702LkL1Spp2KC5Vm.jpg","large",984,{"title":143,"description":144,"slug":145,"created_at":146,"publish_at":147,"formatted_created_at":135,"category":148,"links":149,"view_type":83,"video_url":84,"views":152,"likes":86,"lang":87,"comments_count":86,"is_pinned":107},"Nvidia CEO Jensen Huang Proposes Paying Engineers with AI Tokens","Nvidia CEO Jensen Huang has put forward a radical new idea for compensating tech talent: paying engineers part of their salary in AI tokens.","nvidia-ceo-jensen-huang-proposes-paying-engineers-with-ai-tokens","2026-03-25T19:56:16.000000Z","2026-04-08T11:48:00.000000Z",{"title":19,"slug":20},{"image":150,"thumb":151},"https://quasa.io/storage/images/news/KL5Yqt5ZzW3R4cu7XmE15grrRHdKZ1WBoKbC6Zu3.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/KL5Yqt5ZzW3R4cu7XmE15grrRHdKZ1WBoKbC6Zu3.jpg",1014,[154,167,180,192,205],{"title":155,"description":156,"slug":157,"created_at":158,"publish_at":159,"formatted_created_at":160,"category":161,"links":162,"view_type":83,"video_url":84,"views":165,"likes":166,"lang":87,"comments_count":86,"is_pinned":107},"The Anatomy of an Entrepreneur","Entrepreneur is a French word that means an enterpriser. Enterprisers are people who undertake a business or enterprise with the chance of earning profits or suffering from loss.","the-anatomy-of-an-entrepreneur","2021-08-04T15:18:21.000000Z","2025-12-14T06:09:00.000000Z","14.12.2025",{"title":65,"slug":66},{"image":163,"thumb":164},"https://quasa.io/storage/images/news/mVsXPTMuHZuI7UXCsENgL1Qwp1uSOf7Rz3uVPMfm.webp","https://api.quasa.io/thumbs/news-thumb/images/news/mVsXPTMuHZuI7UXCsENgL1Qwp1uSOf7Rz3uVPMfm.webp",68099,2,{"title":168,"description":169,"slug":170,"created_at":171,"publish_at":172,"formatted_created_at":173,"category":174,"links":175,"view_type":140,"video_url":84,"views":178,"likes":179,"lang":87,"comments_count":86,"is_pinned":107},"Advertising on QUASA","QUASA MEDIA is read by more than 400 thousand people a month. We offer to place your article, add a link or order the writing of an article for publication.","advertising-on-quasa","2022-07-06T07:33:02.000000Z","2025-12-15T17:33:02.000000Z","15.12.2025",{"title":58,"slug":63},{"image":176,"thumb":177},"https://quasa.io/storage/images/news/45SvmdsTQbiyc3nxgbyHY1mpVbisYyub2BCHjqBL.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/45SvmdsTQbiyc3nxgbyHY1mpVbisYyub2BCHjqBL.jpg",67525,4,{"title":181,"description":182,"slug":183,"created_at":184,"publish_at":185,"formatted_created_at":186,"category":187,"links":188,"view_type":83,"video_url":84,"views":191,"likes":179,"lang":87,"comments_count":86,"is_pinned":107},"What is a Startup?","A startup is not a new company, not a tech company, nor a new tech company. You can be a new tech company, if your goal is not to grow high and fast; then, you are not a startup. ","what-is-a-startup","2021-08-04T12:05:17.000000Z","2025-12-17T13:02:00.000000Z","17.12.2025",{"title":65,"slug":66},{"image":189,"thumb":190},"https://quasa.io/storage/images/news/EOsQhSW3VXyG7a6NPdE1oZd00xfJXe3bjY5aJGb7.webp","https://api.quasa.io/thumbs/news-thumb/images/news/EOsQhSW3VXyG7a6NPdE1oZd00xfJXe3bjY5aJGb7.webp",65748,{"title":193,"description":194,"slug":195,"created_at":196,"publish_at":197,"formatted_created_at":198,"category":199,"links":200,"view_type":83,"video_url":84,"views":203,"likes":166,"lang":87,"comments_count":204,"is_pinned":107},"Top 5 Tips to Make More Money as a Content Creator","Content creators are one of the most desired job titles right now. Who wouldn’t want to earn a living online?","top-5-tips-to-make-more-money-as-a-content-creator","2022-01-17T17:31:51.000000Z","2026-01-17T11:30:00.000000Z","17.01.2026",{"title":19,"slug":20},{"image":201,"thumb":202},"https://quasa.io/storage/images/news/gP8kiumBPpJmQv6SMieXiX1tDetx43VwFfO1P4Ca.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/gP8kiumBPpJmQv6SMieXiX1tDetx43VwFfO1P4Ca.jpg",40172,1,{"title":206,"description":207,"slug":208,"created_at":209,"publish_at":210,"formatted_created_at":211,"category":212,"links":213,"view_type":140,"video_url":84,"views":216,"likes":166,"lang":87,"comments_count":86,"is_pinned":107},"8 Logo Design Tips for Small Businesses","Your logo tells the story of your business and the values you stand for.","8-logo-design-tips-for-small-businesses","2021-12-04T21:59:52.000000Z","2025-05-05T03:30:00.000000Z","05.05.2025",{"title":15,"slug":16},{"image":214,"thumb":215},"https://quasa.io/storage/images/news/Wbx2NtS1CnTupgoQbpFMGspJ5jm4uob2hDOq33r0.jpg","https://api.quasa.io/thumbs/news-thumb/images/news/Wbx2NtS1CnTupgoQbpFMGspJ5jm4uob2hDOq33r0.jpg",39553,[218,219,220,221,222,223,224,225,226,227,228,229,230],{"title":23,"slug":24},{"title":47,"slug":48},{"title":55,"slug":56},{"title":43,"slug":44},{"title":51,"slug":52},{"title":31,"slug":32},{"title":35,"slug":36},{"title":27,"slug":28},{"title":19,"slug":20},{"title":15,"slug":16},{"title":58,"slug":63},{"title":11,"slug":12},{"title":65,"slug":66}]