The Risk of Centralization in Banking

The Fed is essentially treating treasury bonds like cash, but they aren't cash. They are subject to significant duration risk and that's where inflation is the fly in the ointment. It's inflation that really is the insidious precipitator of all of what we've seen unfold. And it's another reason why we need to work towards systems and protocols that allow for greater decentralization because with centralization comes increased risk.

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