5min chapter

"Moment of Zen"  cover image

E14: Balaji Srinivasan on his $1M bet, Financial Crisis 2.0, Digital Devaluation of USD, and What Comes Next

"Moment of Zen"

CHAPTER

Insolvent Community Banks

In 2008 nobody knew what a CDO was, including the guy selling it or the guy buying it. The simple fact here is that the banks are insolvent. Every depositor in the US who has a bank which listens to the Federal Reserve and fed guidance will see their money go away. These industry recorded $423 billion in losses in the third quarter of last year.

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