This episode was super interesting: we delved into what are euro-dollars, petro-dollars and then the infamous NAKA-dollars.

Basically dollars outside US banks are not “protected by the FED”, they are outside M2 and they accounted for up to 90% of all international loans. They were born when Soviets wanted to move their dollars from US banks to European ones fearing sanctions in the early 50s (history doesn’t repeat but for sure rhymes..).

Then in the 70s payments for oil were structured as follows: an oil importer asked a non-US bank for a loan in dollars, at the same time the oil exporter received it as dollar deposit as payment for the oil. The balance of the banks is 0, they can create as much as they want of this! There is what’s called a maturity mismatch: the loans last years while the deposit could be moved to another bank at any time. This problem brought to life all form of financial tools to make sure the flow of oil continues unhindered.

Naka-dollar, as defined by Bitmex Ayes, are just a derivative product which always contains 1USD of bitcoin. This has some super interesting trades behind, but we analyzed how could that be used in the future, when Bitcoin will be too precious to exchange on a daily basis.

The #podcast is in Italian 🇮🇹 as there are no macroeconomics podcast for Bitcoiners here (that I know of), there are indeed famous bitcoin podcasts, but they focus either on the tech or on adoption. Very rarely the business or financial side of things is discussed, so that’s the niche we chose with Bitcoin Cabana.

What podcast is missing in your region?? nostr:note1u6hznc2t72vkpezl70qclu578827du2ztp48rjua9xr2uj4346sqvkqgpe