6min chapter

All-In with Chamath, Jason, Sacks & Friedberg cover image

E121: Macro update, Fed hike, CRE debt bubble, Balaji's Bitcoin bet, TikTok's endgame & more

All-In with Chamath, Jason, Sacks & Friedberg

CHAPTER

The Fed's Vertical Spike Number

There's a buffer between the asset value that the banks are meant to hold and the deposits that they owe back to their customers. And if that buffer gets exceeded, then the bank is technically has negative equity. But it doesn't mean that depositors end up with zero. It means instead of getting 100 cents on the dollar, they get 93 cents on the dollars. If people stopped moving deposits around, then you're right. The banks wouldn't need to borrow money to give the positive their money or go do the work of selling those bonds into the market.

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