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What's the Point of the Bet?
FTX founder and CEO of Bitcoin.com, John Defterios says the banks are now insolvent. He argues that just as in 2008, central bankers have lied to all dollar holders and depositors. This is basically what has happened not just at FTX, but at all the banks. All the banks bought long dated US treasuries as well as other bonds in 2021. They binged on bonds because they were hungry for high returns - which didn't last. The closer it is to blue America in a sense, the worse off it will be.