As usual excellent piece on the most tragic event in modern financial history.
But it didn’t come without guilts, extreme usage of financial derivatives such as MBS, ABS, CDS, CDO subprime loans to everyone and its dog most of which originated in South Beach Miami to finance a huge real estate development still half empty 15 years later.
But that’s not all the story.
Human greed and greed and money and greed was mainly behind it all.
Fiat money was turned over and over via those derivatives using leverage 100-120% over the collateral value.
A mess, a true financial mess that soon collapsed as a throne of cards.
Could it happen again?
Yes and it’s happening again right now and it’s called 34T US public debt and it’s much much worse than 2008 as there’s no collateral this time. No fancy condos , no luxury apartments and penthouses. Nothing, nothing at all but thin air.
Thank you Satoshi, you gave the world an alternative to greed and thin air.
Thanks Franco. Always enjoy your commentary. It’s happening. For sure.
As usual excellent piece on the most tragic event in modern financial history.
But it didn’t come without guilts, extreme usage of financial derivatives such as MBS, ABS, CDS, CDO subprime loans to everyone and its dog most of which originated in South Beach Miami to finance a huge real estate development still half empty 15 years later.
But that’s not all the story.
Human greed and greed and money and greed was mainly behind it all.
Fiat money was turned over and over via those derivatives using leverage 100-120% over the collateral value.
A mess, a true financial mess that soon collapsed as a throne of cards.
Could it happen again?
Yes and it’s happening again right now and it’s called 34T US public debt and it’s much much worse than 2008 as there’s no collateral this time. No fancy condos , no luxury apartments and penthouses. Nothing, nothing at all but thin air.
Thank you Satoshi, you gave the world an alternative to greed and thin air.
Thank you for designing the BITCOIN!