Reminder: the Great Deleveraging Crises continues. It is the second act in a Shakesperian-like tragedy, which started with the Great Financial Crises.

The Great Deleveraging started Spring 2022, when central banks started moving up interest rates, in reaction to price inflation, which followed the GFC's massive monetary debasement.

First, massively leveraged segments of the global insurance industry started disslocating last June. Private equity, with a high profile emphasis on tech, followed. Commercial real estate starts to wobble. Pension funds were then bailed out. Now banks fail. Etc, etc. No one should be surprised. And it is not over. It is bigger than this week's headlines.

This is why we bitcoin.