OUTLINE 00:00:00 “What is Money?” Intro 00:00:08 The Misconception of the 2008 “Housing Bubble” 00:03:50 “Run on the Banks” and “Securities Lending” 00:11:57 Eurodollar System Emerged in Spite of Central Banks 00:13:19 Mortgage-Backed Lending and its Demise 00:17:41 Cascading Liquidity Crunch in Repo 00:19:55 The “Poster Children” of the 2008 GFC 00:23:38 Collateral Shortage and Backwards Elasticity of Money 00:29:55 NYDIG 00:31:03 Rehypothecation of Collateral Harder on Bitcoin Standard 00:33:19 LIBOR vs Federal Funds Rate 00:38:22 The 12 Basis Point LIBOR Increase Ruptured Markets Globally 00:43:15 Dampening Short-Term Volatility Exacerbates Long-Term Volatility 00:47:53 What is The Fed to do? 00:50:43 The Fed is a Bystander in the Grand Scheme of Things