According to an article in American Banker titled “SEC’s Gensler Directly Links Crypto and Bank Failures,” SEC Chair Gary Gensler has asked for more financial resources to police the crypto market.
Crypto is basically a Ponzi scheme based upon investments in nothing but a growing heap of currency. As long as people keep ‘buying’ crypto everything appears rosie, and ‘profits’ based on a false increasing value, tempt more investment in the schemes. I say, if you’re in, get out.
I don't own any crypto. What I was writing about was the true cause of the bank runs -- the government's war on crypto -- and the FDIC restrictions on banks (including public banks) for political reasons, not safety and soundness.
I'll also send your article to him because it's critical information. In the interview, I said that we were perhaps answering two different questions. Bitcoin may be the solution to how people preserve their savings through the dollar collapse--not one I'm jumping on, but for him. My caret system, based on your public banking model, is the solution I'm presenting for how we rebuild after the collapse. And that keeps on looking more and more inevitable.
I'm going to suggest to Mathew Crawford that he interviews you, if you're open to it, because I think that public banking and crypto have a lot of common cause. And I'm still holding out hope for decentralization because Michael and Radhika make it clear the US could get very isolated pretty fast and need a way to become productive again.
Crypto is basically a Ponzi scheme based upon investments in nothing but a growing heap of currency. As long as people keep ‘buying’ crypto everything appears rosie, and ‘profits’ based on a false increasing value, tempt more investment in the schemes. I say, if you’re in, get out.
I don't own any crypto. What I was writing about was the true cause of the bank runs -- the government's war on crypto -- and the FDIC restrictions on banks (including public banks) for political reasons, not safety and soundness.
" ELLEN < YOUR GREAT ! ! Robert
:-)
Now that's a very short-sighted interpretation of a volume-constrained currency
What is a “volume-constrained currency”?
Robert Newsom
I , Think Crypto <> Is a SHAM ______&
The Buyers ARE Like Peter Pans ( It s' Their <> Money $$
Controlled by <> People like those <> IN <> (* FABLE ) ( Emperor s' NEW Clothes ) OR
Or The Bulb s' = In Holland Fable OR Pinocchio ? ? ?
Controlled by Who KNOW s' ? ?
But You " TRUST THEM Above " + TILL ? = They Disappear ! ! But " WHAT THE HECK
( THEY ARE NICE <> People ? Or Aliens ? or ? the DEVIL ! ? ? All Just MY OPINION _ IMHO
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Another brilliant article, Ellen. I was just interviewed by Mathew Crawford, who's big into Bitcoin. He had some interesting info on how community banks were brought down in 2008 by having gotten them to swallow the toxic bonds in 2006. It's at 1:16 here: https://rumble.com/v2lbxzy-rte-discussions-31-what-do-we-want-from-a-presidential-candidate-w-tereza-c.html.
I'll also send your article to him because it's critical information. In the interview, I said that we were perhaps answering two different questions. Bitcoin may be the solution to how people preserve their savings through the dollar collapse--not one I'm jumping on, but for him. My caret system, based on your public banking model, is the solution I'm presenting for how we rebuild after the collapse. And that keeps on looking more and more inevitable.
Thanks Tereza!
You probably saw that I quoted extensively from your article in my recent post: https://thirdparadigm.substack.com/p/what-do-i-want-from-a-president. I was just reading Michael Hudson and Radhika Desai on Unz, after I saw that you were published there: https://www.unz.com/mhudson/de-dollarization-is-about-more-than-currencies-as-dollar-system-declines-what-comes-next.
I'm going to suggest to Mathew Crawford that he interviews you, if you're open to it, because I think that public banking and crypto have a lot of common cause. And I'm still holding out hope for decentralization because Michael and Radhika make it clear the US could get very isolated pretty fast and need a way to become productive again.