We Study Billionaires - The Investor’s Podcast Network BTC123: The Legacy Banking System in Shambles w/ Alf Peccatiello (Bitcoin Podcast)
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Mar 29, 2023 Alfonso Peccatiello, aka Macro Alf, is a macroeconomic expert who unpacks the tumultuous state of the global banking system. He discusses the implications of immediate withdrawals on bank reserves and explores rising inflation and bond yield puzzles. The conversation turns to the increasing shift towards Bitcoin and gold by non-NATO countries, highlighting vulnerabilities in the U.S. dollar's dominance. Peccatiello also assesses the risks in real estate and the potential for a recession, advocating for informed investment strategies amidst current economic turmoil.
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Money as Liability
- Money in traditional finance is always someone else's liability, like a government or bank.
- Choose your liability wisely, considering risks and potential rewards.
Regulatory Failure
- US regulators failed by under-regulating small banks, giving them incentives for risky behavior.
- This led to concentrated funding and mismanagement of interest rate risk, as seen with SVB.
Distrust in Legacy Banking
- Preston Pysh expresses distrust in the legacy banking system due to market manipulation and bailouts.
- He sees Bitcoin as an alternative for storing capital without counterparty risk.