{"podcast":{"title":"Mine Print Hash","slug":"mine-print-hash-7733530","podcast_index_feed_id":7733530,"rss_url":"https://api.substack.com/feed/podcast/3184485.rss","website_url":"https://www.mineprinthash.com/podcast","image_url":"https://substackcdn.com/feed/podcast/3184485/4f348e986da97707f3cacd27a49c4b16.jpg","author":"Matt Dines & Cameron Otsuka","episode_count":66,"summary":"A podcast and research bulletin on geopolitics, technology, and markets through the lens of competing monetary systems—mining, printing, and hashing as the forces that shape which empires rise and fall.","last_synced_at":"2026-07-18T22:20:35.514759+00:00","page_url":"https://stenobird.com/podcast/mine-print-hash-7733530"},"episode":{"title":"AI Export Controls and the Warsh Era: Fed Regime Change Amidst AI Sovereignty Challenges","slug":"ai-export-controls-and-the-warsh-era-fed-regime-change-amidst-ai-sovereignty-challenges","published_at":"2026-06-18T21:51:16+00:00","page_url":"https://stenobird.com/podcast/mine-print-hash-7733530/ai-export-controls-and-the-warsh-era-fed-regime-change-amidst-ai-sovereignty-challenges","show_page_url":"https://stenobird.com/podcast/mine-print-hash-7733530","url":"https://www.mineprinthash.com/p/ai-export-controls-and-the-warsh","audio_url":"https://api.substack.com/feed/podcast/202639989/09e3981668961895853d6c098a29fa72.mp3","summary":"TL;DR : Kevin Warsh’s first FOMC is framed as the start of a multi-year Fed regime change: less forward guidance, more institutional reform, and more credit directed toward real growth and AI. 📄 Summary Kevin Warsh’s First FOMC: A New Fed Era Cameron Otsuka and Matt Dines open Mine Print Hash with Warsh’s first FOMC as Fed Chair, calling it a “new transitionary era” likely to play out over years (00:01:19). * Matt compares Warsh to a new coach entering an old locker room: the Fed “used to be winning,” but fell into complacency (00:02:32). * The message: the Fed has failed its objective for over five years, and “it’s time for institutional change” (00:05:15). Forward Guidance Is Out The core shift is Warsh rejecting the Bernanke/Yellen/Powell forward-guidance playbook, where markets trade every Fed clue on rates. * Matt says Warsh’s message was: “throw that whole playbook away” (00:06:41). * Forward guidance is framed as a recent early-2000s tool, not a permanent feature of central banking (00:07:50). * Matt contrasts it with “window guidance,” where credit is routed through banks toward industry, energy, infrastructure, housing, and real growth (00:10:05). Dots, Task Forces, and Culture Change Warsh did not ban the dot plot; he refused to submit one, letting the old behavior die “gradually, then suddenly” as others may follow (00:14:04). * He launched five task forces: inflation, communication, economic data, productivity/AI implementation, and jobs (00:17:31). * Matt sees these as the buy-in and policy ammunition needed to move a slow institution through 2026 (00:18:00). Market Reaction: Real Growth, Not Just Hawkishness The front end of the Treasury curve sold off, with two-year yields rising nearly 15 bps (00:20:07). * Matt argues nominal yields rising while breakev…","meta_description":"TL;DR : Kevin Warsh’s first FOMC is framed as the start of a multi-year Fed regime change: less forward guidance, more institutional reform, and more cred…","key_points":[],"chapters":[],"topics":[],"duration_seconds":2981,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/mine-print-hash-7733530/episodes/ai-export-controls-and-the-warsh-era-fed-regime-change-amidst-ai-sovereignty-challenges/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/mine-print-hash-7733530/ai-export-controls-and-the-warsh-era-fed-regime-change-amidst-ai-sovereignty-challenges.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}