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Patrick McKenzie

@patio11

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There will be a lot of stories of rough outline to this one, and the second order through Nth order effects of them are difficult to predict. t.co/t4HS7p5c02

20 days ago

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As pointed out by @JorgeStolfi, a fellow connoisseur of the history of financial bubbles, this was attempted to stave off the stock market crash in the 1920s. Systemically important actors realized that contagion could cause a Great Depression and banded together to stop it. t.co/lQDaPWZ2hh

20 days ago

“Contagion is about to go parabolic” is a nice phrase. Anyhow: in this thread, accountant explains accounting controls. t.co/pklvsInjeJ

20 days ago

Ignoring the social combat here and commenting only on part which discusses trade mechanics, this and related issues (counterparty risk, etc) was *exactly* why sophisticated actors correct about Tether would have had difficulty with a short and/or speculatively attack. t.co/r1hG5FsyXa

21 days ago

This is a particularly strong episode of a particularly strong podcast, if you’re trying to get a handle on events in crypto this week. t.co/dNvnRu1V3P

22 days ago

Tether is, and this is an arcane finance concept which only true financial elites can understand, making shit up. t.co/Mf98rWk2zr

22 days ago

Another very good catch from Jakal. t.co/e6arJBDHac

22 days ago

Finance has a reputation for making some concepts harder to understand than they should be, and sometimes that is intentional or semi-intentional. One of them: leverage. t.co/js3QdUpkmD

23 days ago

Today's Bits about Money, available in a few minutes, will be about leverage. It's always a useful concept to understand and... may prove to be quite topical in the current moment.

23 days ago

Tether looks to be something like 35:1 levered long on "other assets" and "secured loans", by the way, according to their transparency report dated Nov 10th. The snapshot was taken on September 31st, so they have *again* become undercollateralized. t.co/3i03U83wNL

23 days ago

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