Video News/In Focus with Jeremy Szafron

Economist Peter St. Onge says the Federal Reserve is facing a developing liquidity shock as Treasury Secretary nominee Scott Bessent targets the Fed’s “Ample Reserves” regime, calling it “fraying” and in need of “simplification.” Speaking with Kitco News Anchor Jeremy Szafron, St. Onge argued this marks the end of the post-2008 banking subsidy and explains why the Fed is ending Quantitative Tightening on December 1. He believes the pivot is a desperate attempt to prevent a banking crisis and warns that the “Everything Bubble” is about to reignite. St. Onge also breaks down a growing constitutional fight in Washington, noting that the Office of Personnel Management claims the Department of Government Efficiency “doesn’t exist,” even as Elon Musk confirms the commission has already terminated 78 federal contracts, saving $335 million. He says this resistance reflects “Fiscal Dominance,” forcing the Fed to monetize a permanent $2 trillion deficit. St. Onge shares his 2026 investment playbook, including why he “never holds cash,” sees more upside in the AI melt-up, and views gold and Bitcoin as the ultimate lifeboats against a weakening fiat system.