Banking with the Abyss feat. Nathan Tankus
It's the free one!
This week, we're joined by writer and Modern Money Network research director Nathan Tankus (@NathanTankus) to discuss the recent events with Silicon Valley Bank. Is the US Government going to insure all deposits? Have we nationalized a bank, but only in service of its creditors? Is this a re-run of 2008, but dumber? We discuss all this, and more, in the following episode.
Check out Nathan’s site ‘Notes on the Crises' here: https://www.crisesnotes.com
Comments (12)
Completely unrelated to episode but watched pindos with my dad- his feedback: "pretty good overall, wasn't so keen on the 9/11 and terrorism stuff" lol
Omg someone else knows what paranoia is
Idiocracy is gonna circle back to be real again. People are gonna be hitting on automated potato dispensory machines going "where are the potatoes! there's no potato!" and PotatoGPT machine is gonna go like "The Oxford English Dictionary defines a potato as"
"Uninsured bank deposits aren't money" is quite a belief.
The reason the bank can lend out (and profit from) the sum of it's bank deposits is because when you deposit money into a bank, you get an asset in exchange that has the face value of that money, the bank legally lists bank deposits as liabilities on it's books for this reason. This is how fractional reserve banking works. It has *always* worked like this. "It's A Wonderful Life" was in 1946, you have no excuse for not understanding that if the government isn't backstopping it, then it's not money, in the best case it's something convertible into money (like Bill's house, and Fred's house), eventually. in the worst case, All Your Apes, Gone.
*looking into the east and seeing Milo framed by the sun over the hill* "THE FREE ONE... IT'S THE FREE ONE"
Just as Nietzche wrote : If you bank with the abyss, the abyss will return the stare and say : what are you gonna do, not bail me? Uh? You wouldn't dare, let all these poor VC suffer, you chicken.
This is al very Italian Captain theory, happily going down with the ship. Well we've been screaming into the void for decades its time to ride it to the crushing depths of the abyss.
For some reason I had looked into strongsuit a week ago, and it seems like it's "just a guy". There's some tech adjacent language in there but ultimately it's just hiring a personal assistant.
More like Chartalist Future am I rite.
Fucking classic Alice! “While you are bashing in someone’s head and feasting in the goo inside…” 🤣🤣🤣
Leftists and Simpsons quotes, name a more iconic duo