Crypto Voices

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-third video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:45 Review of all-time high rates 03:03 Once the hard work was done... 05:34 Fed begins new 'Target rate' 10:42 Greenspan put 12:16 The birth of the housing bubble 14:40 Cracks in the system 16:50 Banks expect (demand!) lower base money rates 23:20 Fed funds now has lower and upper bound Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1980s until the Global Financial Crisis, which at this time morphed from being the Discount Rate, to the Fed Funds Rate. If we look closely at the troubles of the GFC, we can actually see that the banks expect the Federal Reserve to cater to them, bail them out, and provide lower rates, as they are borrowing and lending around 100 bps below what the Fed was targeting for many weeks from September through December 2008. The Federal Reserve, eventually, indeed complied with this demand. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-second video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:30 Walter Bagehot 03:20 Bagehot's theory on the lender of last resort 04:56 Great depression (with Bank reserves) 08:14 Fed funds effective rate 10:59 Discount rate is 'penalty' in 50s & 60s 12:35 Discount rate since late 60s not 'penalty' Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1910s and 1920s, which is called the 'Discount rate.' In the early days, this was the rate of interest that banks could get for borrowing directly from the Federal Reserve (and not just in emergency situations, as is the case today), called the 'Discount window.' Walter Bagehot in Lombard Street is quoted very often by central banks, as having defined the original theory of the 'Lender of last resort.' As we see, for most of the Federal Reserve's history, they do not follow his advice. Link to great ep with economist George Selgin on Bagehot, and money: https://open.spotify.com/episode/6AeODcjMg6AojFE7s3W5UQ https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the one hundred forty-ninth podcast episode from Crypto Voices. Show support appreciated: donations.cryptovoices.com Matthew and Alec interview Lewis Cohen from DLx Law about Bitcoin, crypto, and securities law. He recently co-authored an important paper about the topic for regulators. Contents 00:00 Intro 01:50 Is Bitcoin a security? 02:25 Trends of the SEC 23:02 Narrow bank 31:37 US vs. Abroad 34:06 What is a security? 45:57 Bitcoin, crypto, and regulations 50:12 The ineluctable modality of securities law Links for more info: https://twitter.com/NYcryptolawyer https://dlxlaw.com/who-we-are https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4282385 Show Sponsor: hodlhodl.com/join/cryptovoices Hosts: Matthew Mežinskis, Michel, Alec Harris Music: New Friend Music newfriendmusic.com/ Podcast & videos Bitcoin, privacy, cryptoeconomics & liberty Thanks for watching! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fifty-first video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:00 What does the central bank do? 01:40 How do Fed interest rates compare with history? 03:13 Is the interest rate the price of money? 05:47 Centralized control of interest rates 06:30 Roaring 20s and Great Depression 06:45 Why the 'Discount rate?' 09:12 What does the 'Discount rate' mean in Fed-speak? 09:59 'Discount window' was Fed lending directly until 1930s 11:55 Discount rate during Roaring 20s 13:36 Wisdom from Oskar Morgenstern on prices 15:10 Irving Fisher on Stable Money League 16:25 Discount rate into Depression of 1920-21 18:25 Discount rate lowers into Roaring 20s 20:50 Interest rates at near-historical highs into Great Depression Here we look at the Federal Reserve's weekly balance sheet versus its base policy interest rate in the 1910s and 1920s, which is called the 'Discount rate.' In the early days, this was the rate of interest that banks could get for borrowing directly from the Federal Reserve (and not just in emergency situations, as is the case today), called the 'Discount window.' Many banks directly borrowed from the Federal Reserve in the 1910s and 1920s. We also answer some basic questions like: - What is the price of money? - What is the price of credit? - What is the etymology of 'Discount rate?' - How did the Federal Reserve manipulate interest rates in the early days? - Have stocks reached a permanently high plateau? https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the fiftieth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:58 Weekly balance sheet update 03:30 To be clear: Base money is Notes + Bank reserves 05:50 Treasury general account (an 'other' Fed deposit) 10:50 TGA during covid pandemic 14:10 Treasury doesn't influence monetary policy... right? 22:04 Brief review of (non-bank) Reverse repo facility 25:20 Final review of the Fed's four main liabilities Here we look at the 108 year, 5,655 week history of the Federal Reserve and its balance sheet. In this one we are looking specifically at the 'Treasury General Account;' that is, how much money does the US Treasury actually have in its bank account! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-ninth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:50 Monetary base review 02:20 Notes % of balance sheet 07:44 Liability three: Reverse repo facility 08:56 Reverse repo % of balance sheet 09:10 History of Fed publication data 11:33 What are reverse repos? 11:55 Review of notes and reserves vs. Total assets 13:35 Reverse repo % of balance sheet (again) 16:32 Difference between 'repo' and 'reverse repo' 22:16 We need to dig deeper into banking history & legislation! Here we look at the 108 year, 5,654 week history of the Federal Reserve and its balance sheet. In this one we are looking specifically at the 'reverse repo' facility for non-banks, and how it has grown over the last 20 years. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-eighth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 01:15 What is the printing press? 03:03 Liability one: Notes 07:15 Liability two: Reserves 11:39 How big is the Notes % of Base money? 12:59 What about coins? Here we look at the 108 year, 5,654 week history of the Federal Reserve and its balance sheet. Building on the last couple videos, in this one we're drilling down into central bank liabilities, which is where the 'Base money' is located. Specifically, there are two types of central bank money that make up the Monetary base; the first is notes (and coins), and the second is bank reserves. https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-seventh video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:47 Small numbers long ago, vs. big numbers now? 03:28 All-time trendline 04:50 Pre-2008 trendline 09:00 Post-2007 trendline 13:00 Always comes back to compound growth rate 13:30 Fed balance sheet CAGR 14:25 Rule of 72 (Easiest way to doubling time!) 17:43 All-time trendline CAGR 20:58 Pre-2008 trendline CAGR 21:50 Post-2007 trendline CAGR Here we look at the 108 year, 5,654 week history of the Federal Reserve and its balance sheet. How fast does it grow, what is its trendline? In addition to last video, what is the trendline of the Fed's balance sheet before 2008? What about the post-2007 trendline? All-time trendline coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 2.26 * EXP (0.13% * x) Pre-2008 trendline coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 2.74 * EXP (0.12% * x) Post-2007 trendline coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 0.06 * EXP (0.21% * x) https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the one hundred forty-eighth podcast episode from Crypto Voices. Show support appreciated: donations.cryptovoices.com Matthew and Alec interview Yaël Ossowski from the Consumer Choice Center, who is also a visiting fellow at the Bitcoin Policy Institute. He recently started up a great new pod about Bitcoin, Fix the Money. Contents 00:00 Intro 01:53 Uniform Commercial Code and BTC 10:40 Catawba Digital Economic Zone 14:55 Bank money apps, Cash App, etc. 23:45 Operation Choke Point 2.0 39:36 France - Macron events Links for more info: http://yael.at/ https://consumerchoicecenter.org/team/yael-ossowski/ https://fixthemoney.net/ https://www.btcpolicy.org/articles/in-attempt-to-stop-cbdcs-states-are-rejecting-ostensibly-pro-bitcoin-legislation https://catawbadigital.zone/ https://thenetworkstate.com/ https://rns.id/ Show Sponsor: hodlhodl.com/join/cryptovoices Hosts: Matthew Mežinskis, Michel, Alec Harris Music: New Friend Music newfriendmusic.com/ Podcast & videos Bitcoin, privacy, cryptoeconomics & liberty Thanks for watching! https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.

Check out show sponsor Coinkite: https://coinkite.com/ Donations to Porkopolis Economics via BTCPay appreciated: https://donations.porkopolis.io/ This is the forty-sixth video installment from Porkopolis Economics, covering macro and money, from the creator of the Crypto Voices podcast. Contents 00:00 Intro 00:36 Used to be hard to find this data... 01:14 Log scale 01:39 What is the Fed's balance sheet? 04:42 What kind of assets do they buy with printed money? 07:01 What about gold? 08:15 History of Fed balance sheet 17:25 Removing money... until last two weeks 20:20 Exponential regression trendline (96% R-squared) 25:20 1-sigma percentile trendlines 26:70 2-sigma percentile trendlines 28:24 All-time compound annual (exponential) growth figures Here we look at a 108 year, 5,654 week history of the Federal Reserve and its balance sheet. How fast does it grow, what is its trendline? What is a taper tantrum? How are they treating the banks? Coefficients: y = a * EXP (b * x) y = y-intercept * EXP (slope * x) y = 2.26 * EXP (0.13% * x) https://porkopolis.io https://twitter.com/crypto_voices Show content is not investment or financial advice in any way.