Jerome Powell just broke a 78-year tradition. His term as Fed chair ended May 15th — and he refused to leave the Board of Governors. The last Fed chair to pull this move was Marriner Eccles in 1948, and what happened next destroyed American savers for the next decade.

In this Green Candle deep-dive, I walk through the exact historical playbook unfolding right now, why Kevin Warsh's "regime change" plan rhymes with Truman's 1947 capture of the Fed, and the macro setup that's historically front-run every major Bitcoin bull run.

If you hold Bitcoin and you don't understand the Powell-Warsh transition, you're going to miss the most asymmetric macro setup of the cycle.

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📌 CHAPTERS
0:00 — Powell broke a 78-year Fed tradition
0:30 — Domino #1: Why Powell didn't actually leave
1:30 — Domino #2: The 4 dissents at the April 29 FOMC
3:45 — Domino #3: Kevin Warsh and "regime change" at the Fed
6:30 — The 78-year parallel: Truman, Eccles, and what really happened in 1951
9:30 — What this actually means for Bitcoin
12:00 — Salt Lending (sponsor)
13:00 — Strong Wealth (sponsor)
14:00 — The math fight nobody is framing correctly
17:00 — What I'm watching next

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📊 KEY TOPICS COVERED
• Why Powell kept his Board seat through January 2028
• How the FOMC dissents at April 29 actually leaned HAWKISH (not dovish, like the press said)
• Kevin Warsh's full "regime change" doctrine in his own words
• The Bessent / Druckenmiller / Warsh Treasury-Fed coordination
• The 1947 Truman-Eccles fight that destroyed the dollar
• How the Treasury's bill issuance shift is forcing the Fed's hand
• Bitcoin's asymmetric response function to dovish FOMC surprises
• Why the next 12 months could mirror 1946-1951 — but with Bitcoin as the exit valve
• What every Bitcoin holder needs to watch before the next FOMC meeting

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🔗 SOURCES & DATA (verify everything yourself)
• Powell's Fed Board bio: https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm
• Brookings — Who has to leave the Fed next: https://www.brookings.edu/articles/who-has-to-leave-the-federal-reserve-next-2/
• Bloomberg — April 29 FOMC dissent breakdown: https://www.bloomberg.com/news/articles/2026-04-29/fed-dissents-why-4-officials-voted-against-fomc-decision
• Warsh "regime change" quote in full: https://finance.yahoo.com/news/regime-change-kevin-warshs-plan-205822245.html
• Treasury Quarterly Refunding Statement: https://home.treasury.gov/policy-issues/financing-the-government/quarterly-refunding
• Federal Reserve History — Marriner Eccles: https://www.federalreservehistory.org/people/marriner-s-eccles
• Federal Reserve History — Treasury-Fed Accord: https://www.federalreservehistory.org/essays/treasury-fed-accord
• FRED — 10-Year Real Interest Rate: https://fred.stlouisfed.org/series/REAINTRATREARAT10Y
• NY Fed Staff Report 1052 — Bitcoin-Macro Disconnect: https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1052.pdf
• Hoover Institution — US Debt Tracker: https://www.hoover.org/research/us-national-debt-deficit
• Debt to the Penny (live): https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/

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🟧 SPONSORS

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🎙️ ABOUT THIS CHANNEL
Green Candle is analytical Bitcoin macro for serious Bitcoiners. I cover the Fed, the Treasury, monetary policy, and how every move ties back to Bitcoin's asymmetric thesis. Subscribe for breakdowns the financial press doesn't run.

Drop your read in the comments. I read every reply on Day One.

Stack accordingly.

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