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#425: Fiat Crisis with Balaji Srinivasan
TFTC: A Bitcoin Podcast
The Toxicity of Bonds in 2023
In 2023 it's not just a financial crisis it's a fiat crisis because in 2008 time was bought by pulling the crisis up from the level of banks to the government now there's no more level to pull it up to. Every institution that bought bonds in 2021 got wrecked by the fed essentially what happened is just like the banks in 2008 they sold mortgages that were not worth but they said they were worth or thought they were worth their market is AAA. The treasury in 2021 sold bonds that the fed then devalued in 2022 basically if you think of the fed in treasury as one unit the government sold an asset to its best customers that it then massively devalued sticking all of these banks all these
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