Kaiseki

The author reflects on his recent trip to Japan and discusses the difference between omakase and kaiseki cuisine. He then draws parallels between the unpredictable path of a kaiseki meal and the current situation of the world's major central banks, particularly the Federal Reserve, and predicts that they will respond to any banking or financial crisis by printing money. The author also analyzes the Federal Reserve's new Bank Term Funding Program (BTFP) and how it will impact savers. The article also covers how US banks bought a large amount of US government debt, and how the small banks are struggling with unrealized losses due to increasing interest rates.