Is your value pegged to your priced possessions, your cherished relationships, your status, or simply to your truth? How can you trust yourself to make the right decisions about your time on earth?
Current Experiment: echoing July 1944, when forty four allied nations met in Bretton Woods, New Hampshire, to design a new monetary order that pegged their currencies to the dollar and the dollar to gold.
In my current limited and still studying understanding I am watching two structures being built at the same time and together they change what the dollar feels like in daily life.
What is at stake here is reality. What we think is real is what we believe, so our reality is shaped by our belief system. If our beliefs about money, safety and value are based on mirages, then the choices we make with our savings and our time can take us very far from what we actually need.
let’s dive in, shall we?
On one side stands Tether, it calls itself a stablecoin1 issuer, yet in practice it behaves like a private central bank for people who cannot touch the United States banking system. It holds a gigantic portfolio of United States Treasury bills, plus physical gold and a large stash of Bitcoin. Its token, USDT, is the way hundreds of millions of people in emerging countries hold and move what they experience as dollars. These are not deposits at a regulated bank inside the United States, they are claims on a company incorporated in the British Virgin Islands that now has deep ties with El Salvador.
“Tether is not a cryptocurrency company. It is a private central bank that has dollarized the developing world without permission.”
Shanaka Anselm Perera
The GENIUS Act2 has drawn a hard line. One dollar system sits inside the United States where stablecoins must be fully backed by cash and Treasuries and supervised by Washington. An offshore dollar system keeps growing where Tether issues its own version of dollars backed by Treasuries, gold and Bitcoin, supervised by no one in particular. For a huge part of the developing world, the issuer of the everyday dollar is no longer the Federal Reserve, it is another private bank.
For me the mirage is simple; on the screen everything still looks like neutral, safe dollars, underneath those balances are completely different IOUs tied to different balance sheets, different political risks and very different levels of control.
The mirage is the shared belief that all of this belongs to one dollar world. In practice it is a layered structure that uses Bitcoin as collateral, Tether as a private dollar engine and GENIUS compliant stablecoins as a public dollar engine, all plugged into the same mountain of government debt.
Mirage: there is nothing stable in stablecoins
On the other side, the Federal Reserve itself is changing its relationship to the Treasury market in a way that I am still learning to grasp. The headlines say that Quantitative Tightening ended on the first of December and that the balance sheet froze around six point five seven trillion after draining more than two trillion from the financial system.
Under that surface sits the plumbing: A Repo is a secured overnight loan> One party hands over Treasuries and receives cash, then reverses the trade the next day; a reverse repo is the same trade seen from the other side. The cash lender parks its money and holds Treasuries as collateral, repurchase agreements have been part of the Federal Reserve toolkit for more than one century. In the United States they show up around nineteen seventeen as a way for the Fed to lend to banks and they grew into a core Wall Street funding tool in the second half of the twentieth century, which is how they ended up at the heart of today’s money market plumbing scam .
The Overnight Reverse Repo Facility was the place where money market funds and other large players could lend their spare cash to the Fed for one night and receive Treasuries. At the peak more than two and a half trillion rested there. That was the cushion, a parking lot of unused liquidity. Now that facility is almost empty; the spare cash has been pulled back into the system and bank reserves sit near the level where small shocks can create big stress.
At the same time the Standing Repo Facility has become the daily escape hatch in the opposite direction. Dealers arrive with Treasuries and instantly turn them into reserves whenever they need dollars. When the Secured Overnight Financing Rate spiked in October this window had to lend eighteen and a half billion in a single day. The backstop that was created for emergencies now looks like a permanent feature of the market.
When I place these two pictures on top of each other the mirage becomes clearer. The Fed has built an architecture where Treasury collateral can always be turned into central bank money on demand through the Standing Repo Facility, while the old buffer of excess cash in the reverse repo facility has almost vanished.
Tether has built a parallel architecture where that same Treasury collateral is transformed into offshore dollar tokens and shipped into the Global South, backed also by gold and Bitcoin, without democratic oversight. One structure is public, one is private, both rest on the same foundation of United States government debt. If Tether fails, hundreds of billions in private dollar claims disappear for people far from Washington. If it thrives, it proves that the power to issue dollars and shape monetary reality can migrate into private hands. At the same time the Fed has shifted into a role of lender of continuous resort in the Treasury market. The monetary system still presents itself as a neutral landscape of interest rates and safe sovereign debt. Underneath, the trick is already in motion and we stand inside the experiment.
There is another layer that sharpens this picture. By forcing stablecoin issuers to hold only Treasury bills, the GENIUS Act wires part of the demand for United States debt directly into stablecoin issuance. The BIS, the Bank for International Settlements, has already pointed to this link. The BIS is literally the bank for central banks. It sits in Basel as the group chat and back office where more than sixty central banks keep reserves, compare notes and quietly agree on how the game should be played. Its research shows that when dollar stablecoins grow, yields on Treasuries fall a little, and when they shrink, yields jump much more. Every expansion of Tether and its peers quietly suppresses borrowing costs, and every contraction hits harder on the way out.
The GENIUS Act, Guiding and Establishing National Innovation for US Stablecoins, hard wires this design into law. It tells every regulated payment stablecoin that its core job is to hold short term Treasuries and sit right next to the Fed and the Treasury market.
In practice it turns stablecoin issuers into narrow banks that live off sovereign debt. The same design that uses Tether as a silent buyer in good times turns into a source of instability when Bitcoin risk unwinds, because every contraction in these balances pulls on the same collateral that holds the system together. If you want a simple translation of the acronym in my own language, GENIUS reads as “oh, we have been fooled again.”
Let us remember twenty twenty two and TerraUSD. TerraUSD tried to hold one dollar through mint and burn mechanics and collapsed to almost zero together with its sister token Luna once the peg broke. Earlier experiments like Basis Cash and Iron Finance also died in self reinforcing spirals once confidence broke and redemptions accelerated. Most of the spectacular failures so far have been algorithmic designs that tried to defend the peg with code and incentives instead of with boring reserves. Tether’s USDT and the GENIUS style payment stablecoins are reserve backed. Their risk looks different. It is less about an instant depeg caused by broken code and more about the quality and transparency of the assets on the balance sheet and the political and legal structure wrapped around them.
I am not a macro analyst; I am an artist and student of value pulling threads from people who have been immersed in this plumbing for years and stitching them into my own language so I can understand where I am standing.
Lyn Alden takes aim at the phrase “we owe the debt to ourselves” in one of her newsletters. She points out that the federal government owes money to very specific holders of Treasuries with very different levels of power, not to a neutral collective self. Some are foreign governments, some are private institutions, some are individuals. The numbers and proportions matter. Defaults and devaluations land on real balance sheets, not on a mythical “ourselves”.
Put another way, if you have $1 million worth of treasuries in your retirement account, and I have $100,000 worth of treasuries in my retirement account, yet both of us are taxpayers, then while in some sense “we owe it to ourselves”, it’s certainly not in equal measure.- Lyn Alden
All of this lands for me as a very simple question. When you open an app and see a dollar balance, what claim are you really holding, on which balance sheet, and under whose law.
Bitcoin: structural value always trying too hard to be free
I wrote earlier this year that Bitcoin will always be tied to government, because in its genesis chart Saturn lies in the second house in Virgo, where the structure of value is organized, and it opposes Uranus in the eighth house in Pisces, where the illusion of free shared values remains at risk. From an evolutionary astrology perspective this picture makes sense to me. Saturn in the second in Virgo keeps Bitcoin’s story tied to systems, accounting and rules. Uranus in the eighth in Pisces keeps shaking the shared pool of value and the dream of frictionless collective liquidity.
With the progressed Sun now in Aquarius in the sixth house I see Bitcoin serving more as infrastructure and service than as clean escape. It is a bridge that carries value through the existing rails while those rails mutate. The ETFs, the way Tether holds Bitcoin in its reserves, all these arrangements show Bitcoin doing a job inside fiat’s nervous system rather than standing fully outside it. Pluto meeting that progressed Sun in Aquarius exposes the shadow of this arrangement and asks a simple question that I also ask myself. How much of what we call monetary freedom still depends on the very fiat flows and institutions we claim to transcend.
Many Bitcoiners still lean on the fiat lifestyle. In other words they think and breathe dollars and high time preference and make economic decisions based on the moment, not realizing that saving in a hard asset can take many worries about the future away.
Coming back from El Salvador this split has become vivid in my own field, I see two clear camps forming around Bitcoin; one camp is the grassroots builders in places like El Salvador who are creating circular economies, teaching people, running small businesses and using Bitcoin both as a store of value and as a medium of exchange that changes how they relate to time, work and community. The other camp is the institutional world that treats Bitcoin as a hedge inside portfolios and as a piece of collateral in the same old games. Both camps use the same protocol. The intention and the lived reality are completely different.
Let us take the crystal ball out for a moment
Having felt a profound inner shift over the last weekend and stepping into December first, I feel as if I have already entered twenty twenty six. Saturn and Mercury turning direct give a clear kick forward while Neptune prepares to station direct next week. With that tone in my body I decided to look ahead into twenty twenty six and twenty twenty seven, to see how the next movements in the sky lean on Bitcoin’s own chart. So much is shifting over the next year that I wanted a first pass, a way to sense what might be in store rather than arrive at those dates empty handed. I treat this as pattern work, not as a fixed script. The chart gives me questions, images and tensions to track as the macro plumbing keeps changing under our feet.
On the 20th of February 2026, Saturn and Neptune meet, and in Bitcoin’s natal chart that conjunction happens very close to its Moon in the ninth house. For me this looks like a turning point in the way collective belief and collective fear project onto Bitcoin. There is a closing of one way of thinking and a slow birth of another. The nodes and Pluto move through Aquarius in the sixth house and ask a simple thing. Is Bitcoin only a story about escape, or is it already embedded as daily infrastructure and service. Around that same period the north node joins Venus and the Sun in the eighth house, and I see a deepening question around shared value, collateral and who actually benefits from this protocol while institutions keep wrapping it inside their own games. Mars, Vesta and Neptune gather in the seventh house and heat up the field of counterparties and alliances. That mix can look like devotion to a cause or like spiritual language covering legal traps, and again the chart refuses to decide for us. It simply holds up the mirror.
When I extend the chart further to October 2027 the picture becomes even more suggestive. The progressed Moon in Sagittarius enters a balsamic phase with Black Moon Lilith in the fifth house, which to me reads like the end of a childish speculative cycle and the preparation for a more conscious creative phase. The progressed north node in Aquarius in the sixth house, together with Pluto’s transit there, keeps pushing Bitcoin into a role of service and work, less glamour and more quiet responsibility. Neptune sits exactly on Bitcoin’s natal Moon and Chiron moves into Taurus in the ninth house next to Vesta, so the philosophy around value carries both more devotion and more pain.
Some people will use this rail to rebuild parts of civilisation. Others will keep treating it as one more hedge inside a fiat portfolio. The sky simply mirrors the split and invites each of us to decide where our trust in value actually lives.
Full Moon in Gemini and the skipped step
This week we also stand under a Full Moon in Gemini on four December. The Sun is in Sagittarius, Venus walks just behind it in a balsamic relationship, and Black Moon Lilith travels through Sagittarius close to Venus. Mars at twenty two degrees of Sagittarius squares Saturn in Pisces. The Full Moon itself squares the nodal axis at twelve degrees. In evolutionary astrology that kind of square is called a skipped step. Something in our habitual way of moving between past and future needs to be faced and integrated, not avoided.
Back in June this year the Full Moon in Sagittarius also squared the nodes. Mars was in Leo squaring Uranus. Jupiter had just entered Cancer and was conjunct Mercury. Pluto retrograde squared Venus in Taurus and Vesta in Scorpio. I wrote then about the way the body remembers for us, about kidney stones and the way meaning lands when the body refuses to keep carrying misalignment. The piece was titled “What is misaligned has no anchor. Jupiter enters Cancer, can you feel the meaning yet.” I will link it here for anyone who wants to revisit that moment. The themes are the same. What lands in the body becomes real.
Victimhood is a decision to live without courage.
This December Full Moon in Gemini brings those threads back. The mind can spin in stories and volatility. Gemini loves options and jokes. The square to the nodes and to the Sagittarius Sun asks for grounding between discernment and surrender. Black Moon Lilith with Venus in Sagittarius wants to stop lying to herself. Mars with Juno in Sagittarius squares Saturn in Pisces. The compromise with truth matters. Ideals and spiritual language need to become applicable. No more philosophy that never touches daily life.
For me the question is practical. Before February twenty twenty six, what scripts about money, health, work and love am I still carrying from the old world. Which of those scripts am I willing to release so that my body, my schedule and my savings actually reflect what I value.
Reality, belief and the matrix feeling
All year I have been saying that the last degrees of Saturn and Neptune in Pisces before their conjunction on Febrary are pivotal to understand where you are standing and what your reality is. Reality in this sense is the relationship between your beliefs and your actions, what you think is real is what you allow yourself to act on.
Since 2020 we have lived through scenes that many of us never thought possible: lockdowns against our own property rights (our bodies); the ongoing retarded pressure to inject substances into our bodies in order to participate in basic life. Narratives about health and safety that did not match what many of us observed around us; for me those years ripped the roof off the house» Everything that came after made more sense once I accepted that the reality!
I have no interest in fear. What I care about is responsibility. Over these last months I keep asking very simple questions. How do I relate to my body? who do I believe is in charge of my body? Is it the government and the pharmaceutical industry? Is it some expert? OF COURSE NOT, IT IS me.
How do YOU care for YOUR needs. How much blame do YOU still project onto institutions for choices that in the end belong to YOU.
Recently I tried to have a dialogue with a young artist in England on Instagram. He spoke about the tragedy of being an artist now, how artists are born limited, victimised and oppressed, how the system makes it impossible to be free. The tone was familiar. It echoed Marxism and all the ideological scripts that train people to feel defeated before they begin. I told him despite being so young he was already preaching that the only answer is to be a victim. I said study money, he said no human should study money, he is angry against capitalists, but ignores that the socialism agenda needs money…He made fun of me, which is fine. At one point he said that my line about once living inside the rat race and escaping proved that I am also a victim. I answered that seeing the matrix is precisely what ended the victim story for me, awareness brings choice.
We live in a huge matrix, I do not trust FIAT money, governments, food systems, or narratives by default, every day I make sure that I align with the light that is within. My mother once came in a dream after she passed and said to me: if you want to be close to me, be the light, emanate the power and wisdom of G*D, we all carry that creative power.
Over the next weeks I expect more revelations/ surprises and alignments. It is up to each of us to decide what to do with that information, you can join the FUD and align with fear, You can keep scrolling and hope for the best. Or you can put your feet on the ground, touch grass, feel your own body and start making plans from the inside out. I am already envisioning in that state of mind.
Everything you see, everything you feel, everything you think and everything you are, rests on how you relate to it.
REASONING
At a personal level I have given my body and my life time to discern this year so I can surrender to my truth. I can now say that I trust my sense of value, my sense of price and any material definition that flows from that. The practiced virtue of twenty twenty five has been discernment, and I have lived it through with joy. The virtue of the coming year will be courage, and we will need it.
So I close with this question for you. When you look at your own balances and habits, where does your money actually sit, which architecture are you strengthening with every so called dollar you hold, and which beliefs about reality are you ready to retire before Saturn and Neptune write the next chapter.
Attribution and sources
Most of the hard plumbing in this note comes from Shanaka Anselm Perera’s work on Tether, the GENIUS Act and what he calls the Standing Repo Era, from Preston Pysh and Matt Pines on the Strategic Bitcoin Reserve and the way the Standing Repo Facility changes the Treasury market, and from Lyn Alden’s research on the overnight reverse repo facility, debt holders and selective default.
In their conversation on the GENIUS Act and the Strategic Bitcoin Reserve, Matt Pines describes “a strong strategic synergy between stablecoins and the United States, but also between Bitcoin and stablecoins and the United States’ interests.”
Preston Pysh & Matt Pines
“Bretton Woods 2.0: Building the Bitcoin Monetary Order” panel with Efrat Fenigson, Ben Samocha, Roger Huang and Cedric Youngelman
5.“What is misaligned has no anchor. Jupiter enters Cancer, can you feel the meaning yet” by Monika Bravo
What’s Misaligned Has No Anchor
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A stablecoin is a digital token designed to track the value of a dollar. Some hold actual reserves like cash and short term Treasuries; others rely on algorithms or incentives. The word stable hides the truth that each one is only as solid as the balance sheet, the law, and the intention behind it.
Guiding and Establishing National Innovation for US Stablecoins. A law that forces regulated stablecoin issuers to hold only short term United States Treasuries and operate as narrow banks plugged directly into the Treasury market. It hard wires stablecoin demand for government debt and reshapes the way dollar claims circulate inside and outside the banking system.
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