Balaji

Everything is bust.
Banks, commercial real estate, blue states.
Hearing rumblings around insurance too.
The printing will be on a historical scale.
As will the desire to exit the printing.
https://t.co/1CYulSV5PN https://t.co/ZQADD0jUZZ

Update: “The balance-sheet risks for mismanaged states and municipalities have been hiding in plain sight just as they were at Silicon Valley Bank.”

https://t.co/qJ04xgxitY

VC @craft_ventures Bestie @theallinpod Founder @getcallin

David Sacks

On the topic of insurance...you know all those "safe" assets that insurers hold to pay you back? A lot of that is in Fed-devalued bonds too.
https://t.co/MTZOEKzNwj https://t.co/LuEIfWyFuH

Remember, insurers hold "safe" assets.
Like bonds and mortgages.[1] 
And how are those safe assets doing?
In the era of unprecedented, surprise rate hikes?
Not so great, Bob. [2]
[1]: https://t.co/SQgfVDBhAq
[2]: https://t.co/MTZOEKzNwj https://t.co/Mk9M0nK8Tz

Trusting central banks meant death.

"Think of those companies that...trusted central bankers’ statements about the ongoing era of ultra-low interest rates...turned out to be a bloodbath..."
https://t.co/MTZOEKzNwj https://t.co/vE4VyWZHxx

This isn't just a financial crisis.
It's a fiat crisis.
All the bills are coming due.
Only a few pieces have come into public view.
But it'll be obvious in retrospect: don't trust the state.
Here's a bit on the prospects of commercial real estate.
https://t.co/ISjEGSLRm7

Immutable money, infinite frontier, eternal life. #Bitcoin

You can use a currency for finance.
Or for trade.
And that’s a different view of the world.
Because China dominates global trade.
And that’s how they’re quietly gaining.
Despite no open capital account…
RMB now beats EUR for trade invoicing.
And is close to USD in this analysis. https://t.co/phSDYMZkYZ https://t.co/vQFCEacbE9

@balajis "de-dollarization" https://t.co/FgLh1n0gud

Charlie Regnum

Everyone keeps saying how little RMB shows up in global portfolios. But that’s a finance-centric view of the world.

A trade-centric view paints a completely different picture. Many now hold yuan to trade with China, despite no open capital account. https://t.co/ToFaVxV5jR https://t.co/OOqvPP50xo

I don’t want to see a digital yuan world. To have every transaction centrally tracked in that way by a hostile state is like slapping a digital dog collar on your neck.

But that doesn’t mean I’m in denial about the fact that RMB is quietly gaining strength, and that we need… https://t.co/IHpPDxPccB https://t.co/fqHzGiWgJB

Incredibly impressive!

The last piece would be the El Salvador residency-by-investment program. As I recall, they were going to offer permanent residency for $100k or 3 BTC. With that, El Salvador would have the necessary ingredients to become a tech powerhouse. https://t.co/jQOTyVdPTc

Done ✅ https://t.co/5CD6l3xJlC https://t.co/vzKJ5rI3qv

Nayib Bukele

President Bukele is leading the Latin American flippening.

Now it’s the blue cities in North America that suffer from drugs and violence.

While El Salvador has ended decades of organized narco-terrorism — a societal plague comparable more to Hamas than a typical gang. https://t.co/qbAbyLghKx

This also happened in Cyprus.
A bank legally stole depositor assets.
While running ads saying they were safe.
The EU backed them up.
So many stopped trusting banks.
~25% of deposits moved out.
Much into physical cash.
Mattresses became safer than banks.
https://t.co/LzJfVE2FPN https://t.co/Fj1lBRb0uQ https://t.co/NeR0YAvXjO

FDIC

First Citizens Bank

🚨🚨🚨

2 weeks ago, the @FDICgov-appointed CEO of Silicon Valley Bridge Bank encouraged customers publicly to return funds to the bank *with zero caveats*, implying all funds were protected fully.

Today, the FDIC e-mailed clients of Silicon Valley Bank / @firstcitizens to tell… https://t.co/0uvZivQgqp https://t.co/Mu6WfCshnT

investing @6thmanventures // co-founder @theblock__ @linksdao

Mike Dudas

The Cyprus bail-in is worth understanding in detail. A good chunk of wealth just permanently moved out of bank accounts. https://t.co/LzJfVE2FPN https://t.co/9ziaoixiGH

Ten years later, physical currency is less viable. It’s all digital now.

And the Cyprus bail-in makes you look at FedNow’s consumer-to-government payments in a different light.

It could facilitate Cyprus-style deposit seizure at the speed of light. https://t.co/2ZuF7n8qI6 https://t.co/gZE7kwbyvf

In practice, it’s more likely to be stealth devaluation via $18T in “FedDic”[0] than outright account seizure, though to be fair we’ve seen the latter used against eg the Canadian truckers.

But Cyprus was still a preview of many of the same debates we’re having today.

IMF types… https://t.co/yrZK9ooiTD https://t.co/qvM3S9AUHw

US government confirms it will be legal to buy Bitcoin for at least a while. 🙂 https://t.co/IfYQLZkOBZ

[DB] US Govt Sold 9,800 BTC on March 14, Intends to Sell a Further 41,500 BTC Connected to Silk Road in Four Batches Over the Course of the Year: Court Filing

*FASTEST MARKET-MOVING NEWS IN CRYPTO: SOURCES

We should thank the US establishment for doing their part to keep the USD/BTC bridge open, by giving buyers assurance that large bulk purchases of Bitcoin will remain legal through at least the next few quarters.
https://t.co/ibAOngO4Z6

The US establishment evidently wants you to buy Bitcoin from them at Coinbase.
https://t.co/2Pvfm55AhE

Are we in the middle of a central banking crisis?

Is it widely known that we are in a central banking crisis?

DID REPUBLICANS PAY FOR 2008?
Let's revisit 2008.
Lots of money printed.
All good, right?
Well, no. Someone was diluted.
That's what inflation is. It's dilution.
And maybe we can see *who* was diluted.
In 2008, Republican and Dem districts were equal.
See the outline of both… https://t.co/jw6reixXlP https://t.co/bWs6Hu8kW6

@balajis Banking crisis 2008-09. Yes. Then Fed intervened and ALL WENT FINE. What’s diff this tîe??

Bio-degradable dad of 3. Belgian beer, jazz-rock and prog fan.

Melomann

There's another group that may have paid for 2008.
The non-Americans affected by inflation.
It's hard to track the effects of prints on price.
But food prices reportedly triggered Arab Spring.
Countries plunged into civil war and revolution.
Yes, the world didn't end for the… https://t.co/pt9ZFjNh9L https://t.co/Oi70x9hCxd

Now this is interesting! State-chartered banks could operate without Fed approval.

You'd have to get into the guts of clearing and settlement, but perhaps states like Florida and Texas could keep the rails open even if the Fed wasn't very happy about it. https://t.co/oUAqrgQ3ck

ARK Invest

Ron DeSantis

Cathie Wood

Latest @ARKInvest pod: 

“There are rumors that @GovRonDeSantis is going to work with the banking system in Florida… and open them up more to crypto” 
- @CathieDWood 

BIG if true 🔥 https://t.co/YVonPrTWFD

⋈ scaling #NEAR in the US 🇺🇸 ⋈ 

prev: ecosystem @terra_money 🌕, VC+IP @goodwinlaw 🤖 follow for the hot takes, not financial advice

JQuantAnalytics ⚡️

The 10th Amendment is back.
States have been reasserting control.
They've been diverging left & right from fedguv.
And this might be the next step.
DeSantis might dare the Fed to cut off Florida banks.
Likely too big even for the Fed. They'd blink...
https://t.co/E10DdX4Glx

If they didn't like Florida crypto, the Fed could in theory try cutting off FedWire/ACH/SWIFT/CHIPS/RTP/etc access to Florida banks. Some of those it runs itself, some via partners.

But doing that would prove how totalitarian FedNow or a CBDC would be...  https://t.co/HTEpejyIPC

Today it's red vs blue.
Tomorrow it'll be orange vs green.
Bitcoin maximalists vs dollar nationalists.
The decentralized network vs the centralized state. https://t.co/51dUP0sd23

I didn't actually think dollar nationalists existed.
But then I called the dollar by its true name.
"Treasuries."
And they came out of the woodwork.
All those left in tradfi are true blue Fed worshippers.
They literally can't imagine a Fedless world.
But we can. https://t.co/Nqj9gZjO4f

I disagree with some of the framing, but this video correctly summarizes four key points.

1) Fed rendered many banks massively insolvent
2) Fed is printing to cover that insolvency
3) They're also trying to block the exit to Bitcoin
4) And they're rolling out FedNow in July https://t.co/eRlW4A6zMM

@ GDC (March 20-24)

doodles

Randi Zuckerberg 🤗

DebbieSoon.eth 🤗

HUG 🤗 | Claim Your Free Artist Profile

Carly Reilly 🍸

On today's episode:

-- Gaming NFTs coming out of @Official_GDC 
-- @doodles and what it means to *not* be an NFT project
-- @randizuckerberg &amp; @debsoon talk @thehugxyz 

YT link: https://t.co/3JvdPopgtX

Plus, @carlypreilly gives her thoughts on @balajis big bitcoin bet below: https://t.co/Z9f7GAsDxS

Conversations w interesting minds in web3 & NFTs, plus recaps of what you missed. A @banklesshq production.

NFT: https://t.co/8BNkie2E5z

Overpriced JPEGs

Some of the charts mentioned are below. 

(Now of course they are covering these losses with printing, which is a whole other set of charts.)
https://t.co/vJEYLMMD0j

Also, here's a bit more on FedNow. It's central bank digital control, even if it's not technically a CBDC.

Basically, the distinction between FedNow and a CBDC is important from a technical standpoint, but not from a civil liberties standpoint.
https://t.co/J4t69mkuDf

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