65. Bailout Brink: The Tale of Two Bank Collapses w/ David Phelps
On The Other Side
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The Fed's Real Job Is Sentimental Support
The Fed's real job is, in fact, sentimental support. How close do we come to the madness of people seeing things as they are before the Fed held us tight and sang us our favorite lullaby that money is real? People made millions from crypto this weekend for the same reason they always make millions on crypto, by arguing crypto's own inefficiencies. Crypto's long history of slippage arbitrage and kimchi premiums found a new chapter to tell us yet again that crypto is great for making money as long as it doesn't work.
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