Doomberg is consistently one of the highest signal content creators. Here on a great show with Phil Bak explaining the way they built the newsletter. Really great stuff.
https://podcasts.apple.com/us/podcast/the-phil-bak-podcast/id1511530324
Relay test
My understanding is you could only achieve that by having an account with the Fed (Custodia’s goal). Everything else in the $ world cannot be fully reserved without counterparty risk.
I think it’s highly improbable - not impossible - that reserves are greater than liabilities given the markets in the past year.
Most weight loss happens through breathing out CO2. So neat.
"The general formula for respiration is CH2O (carbohydrates) + O2 → CO2 + H2O + energy." - David Christian, Origin Story
Key thing to keep in mind: adjusted for population (Switzerland vs US) the 200bn bailout for CS is equivalent to 8trn in the US. That should give you an sense for how badly Swiss tax payers are on the hook.
The White House has an important lever with this statement - it’s true for Crypto and they’re lumping #Bitcoin into the narrative. Stay focused.
https://twitter.com/watcherguru/status/1638317738031546371?s=46
Only one NYC 💜
I thought reserve requirements for banks are at 10pct of deposits. Turns out they’re at 0pct in the US and 2.5pct in Switzerland. Surely I am missing something? Anybody with pointers?
The fact that the SNB is offering a 100bn credit line for a 3bn acquisition should give everyone pause. Massive pause. There’s something lurking in the dark under the surface.
Sincerely hope UBS won’t choke on this.
🤞
Have a feeling that the “you just got lucky with Bitcoin” crowd is soon emerging from hibernation.
50 billies later and same old 🤦♂️
Some mixing up of crypto and #Bitcoin, but not bad:
“A Bitcoiner might feel quite amused,
At the mention of money being abused.
For in the world of digital gold,
Bitcoin reigns supreme, we are told.
No bank bailouts to worry about,
No printing presses spewing out.
Just a decentralized ledger,
Keeping our transactions ever better.
Bitcoiners may scoff and grin,
At the old world of fiat, worn and thin.
For in the land of the crypto brave,
Money's value is set to be saved.
So while others worry and fret,
About the worth of their cash and debt.
Bitcoiners will keep on hodling,
And watch their fortunes keep unfolding.
For in the end, it's not the dollar,
That'll keep the world from falling holler.
It's the power of blockchain tech,
That'll lead us on to a brighter spec.”
GPT on money and banks:
“Money used to mean something,
It was worth a lot, or so we thought.
But then the banks began to falter,
And our savings soon were all for naught.
The government stepped in to help,
With bailouts left and right.
But all that money printed up,
Made our cash worthless overnight.
So now we're left with stacks of bills,
That can't buy much at all.
We might as well use them as kindling,
To start a fire in the hall.
Oh, money, how you've lost your worth,
In the midst of all this fuss.
But at least we can still laugh about it,
And that's worth more than a few bucks!”
Heard from a well-informed bird that the US is blocking intl transfers out of #SVB. Anybody that can confirm or refute?
Would be pretty amazing. Lots of intl companies that use SVB for their US transactions.
But then again, we’re in magic wand 🤡 🌎, nothing should be surprising 😂
This show featuring Doomberg is outstanding. Such amazing first principles based thinking.
https://podcasts.apple.com/us/podcast/always-be-building/id1542617540
Adjusted for population size the #CreditSuisse bailout would be $2Tn in the US. Two Trillion Dollars. For one entity. That’s the scale of this train wreck.
Luckily #Bitcoin exists. It sure feels like we’re running off the cliff.
#[2]
Credit Suisse is rotten to the core. Unfortunately, Switzerland isn’t letting the market do its job - it appears that the damage a collapse would cause to Brand 🇨🇭 is greater than $54bn.
Perpetual intensive care, funded by the tax payer, and new batches of executives will come and go to milk the cow.
At least they’ve granted a few banking licenses to #Bitcoin banks. #[1] it ain’t Wyoming, but they sure could use a few bankers with integrity!
