I have been thinking a lot about anchors lately. Not to get too nautical here, but my thoughts have centered on the anchors, or perceived anchors we currently see all around us. The front end of the Treasury Curve anchored by the various forms of QE, the attempt to anchore investor expectations by all global central banks, the lack of any attempt by those in Washington to provide any kind of anchor to the credit worthiness of the U.S. Government, the complete lack of anchor associated with any fiat currency. Maybe what got me thinking in this vein was an interview with former Fed Chairman Alan Greenspan. The wide ranging interview, which mostly consisted of trying to box the former chair into some critique of current Fed policy, stood out for two divergent points that were made by the Maestro. When asked about the difficulty with stepping away from Central Bank balance sheet management, Greenspan stated that “it really is not that difficult, it is merely a bookkeeping entry”. The fact that the Fed could conjure up $4Trillion in reserves, and just as easily un-conjure a like amount speaks to the anchorless world in which we live. However, the former Chairman was not done there. When asked about the presence of a Bitcoin bubble, he responded ” I don’t understand where the backing is… there is no intrinsic value”. Buy real anchors(Stuff) Sell perceived anchors(paper).