Fantastic guest. Making my head explode with all the ideas he had

I love how fast things get solved when rich people are in risk. That is why I always hodl my Cascoin😅

That was a banger of an episode. Really great conversation.

@CryptoCriticPod

Жыл бұрын

Thank you!

Bennet's facial expressions are just priceless 😂

@picahudsoniaunflocked5426

Жыл бұрын

I keep meaning to check to see if/how those are transcribed/described in CC.

Cas is so laser focused 👍

@jchrizzy6995

9 ай бұрын

*laser eyes pfp*

requiring changes in VC would require a paradigm shift in how the citizenry/government/etc relate to corporations (Private Equity, monopolies (esp FANGMAN types), and VC are just the most obvious). And that isn't going to happen without a much larger set of issues breaking IMO. It would require a depression, massive inflation/stagflation etc..major rollover of politicians (like the Watergate class for example)...and as all our current crises kick so much down the road and loss of trust in banks/gov/etc to manage the economy...I think that is a possibility. We are obviously at the end of a major cycle (FDR-Reagan, Reagan to Now) and what comes next in our relationship between gov, money, corps, and what the ideas of it means to be a member of the community (and thus what policies are backed) are totally up in the air and open to crystalizing leaders Interesting times. As for not being able to deal with gold but needing dollars when a court or tax collector comes around, I may not like it, but think that it is possible by looking at the dollarization of other economies (ones w/o a gov peg) and those systems exist. While i think it bad for society I think the assumption that the governments central place in being able to influence monetary systems is misplaced. It is a social consensus and vulnerable to a run in and of itself.

MMT knowledge and questioning of the necessity of such a (over-)complicated monetary and banking system is always welcome!

I love the jump from FDIC limits to unlimited, to a greater shared “money” system. It always perplexed me how I would run the FDIC limit unless I opened a new account at a different bank. If that’s the case, it makes no sense.

I love Rohan's thoughts, but I'm a pessimist and think that there's too little political will and too much lobbying pressure to see real changes. If we could see real macroeconomic reform, and see the perverse incentives that allow the shit behaviours to flourish in our current system be eradicated I would very much like to see where that society heads. Also huge thumbs up for Bennett and his comment on the All in Podcast 🤣

While I think FDIC limit should be increased due to inflation I also think these ayn rand addicts need to pay the consequences of causing a bank run

48:05 is the best explanation of where money comes from that I've ever heard.

Can you expand on @18:30? SVB was explicitly or implicitly telling their clients with borrowing relationships not to use cash sweeps. Presumably, SVB thought they could make more money lending it themselves instead of shifting the deposits to other banks and collecting a service fee. This was an implicit or explicit covenant/norm for SVB's clients, do I have that right?

@CryptoCriticPod

Жыл бұрын

Yes, as a condition of extending credit to these institutions SVB included terms than necessitated that the deposits all be stored at SVB

@wesfathauer5229

Жыл бұрын

@@CryptoCriticPod If we think of average SVB customers as a capital light tech startup, and the role of venture debt as optionality to not raise equity capital at a given moment, i.e. not to be touched under normal circumstances, the loans seem absurd on their face. Like, "sure we'll loan to you at x%, as long as you agree to give us back all of the money at x-5%, ostensibly for the entire duration of the loan." They were, in part, explicitly funding loans with money they themselves lent. Hindsight is always 20/20, but there are so many issues here that could have been avoided with 5 minutes of critical thinking....

Of course Cas is feeling great. He didn't watch "The Red Ape Family" this week 😒

Thanks guys

So if I understand, the regulatory regime Rohan is promoting is to not “insure” the bank liabilities (demand deposits), but to instead guarantee the bank assets (loans, bonds, etc) are liquid by having the FED examine and price what they would pay for the asset in a jam. Is that correct?

On the point about audience sympathies, I would just like to note for posterity that I am a regular listener and also a bleeding heart anti-crypto pro-regulation progressive, so, you know, we're out here in the back ✌️

@picahudsoniaunflocked5426

Жыл бұрын

Hi! I think I finally found my lunch table. Can I sit with y'all?

“Let’s just nationalise the whole damn thing” I’m a finance neophyte but hasn’t the SVB response revealed the risk is already nationalised? Given that, retaining fiduciary responsibility to shareholders, rather than the state, seems a bit perverse..

@jmitterii2

11 ай бұрын

But then the oligarchs wouldn't maintain their money siphons.

hint...just print more money

Maybe if these banks are critical to our financial infrastructure and the government needs to keep bailing them out because of inherent incentives within the system, possibly, maybe, the banks shouldn't be private. Kinda like the railroads, the private companies cant seem to run them responsibly Also, My assessment of right wing libertarians (and part of why I think being a conservative libertarian is an incoherent ideology) is they aren't mad that there's a government. They talk about the government being the boot and, as a libertarian socialist I generally agree. The difference between me and one of them is I think the boot is bad and needs to be changed and they are mad the boot isnt theirs. Fundimentally, right wing libertarians are fascists, as are left wing authoritarians and they're fascists for the same reason.

@zeke2408

Жыл бұрын

Yes indeed, if you could make an efficient and transparent public banking system, that is not prone to more corruption, commercial/private banking has no need at all! And im confident we could let make this happen IF such political will would exist.

cas is so adorable

So, this guy’s system would work better than the current system, but, it would also give an unlimited amount of power to government and we’d have massive misallocation of resources due to relatively ruder-less bureaucracy. Also, CBDCs will not be good for the ppl. I’m assuming that this guy isn’t too concerned about personal freedom, so that’s why he isn’t advocating a free market or sound monetary system? If we’d just let bad banks fail when they do a poor job of managing deposits vs loans, we’d be so much better off… stop giving banks regulatory cover for their Ponzi schemes…

That was great stuff. Thanks. I appreciate what you serve here! Wish KZread would put you in my Recommends more often. I'm subbed + belled-up but I'm horrid at checking specific subs; I rely on my home page + sidebar-Recommends thumbnails to navigate & since my home page tends to fill with my subs, I don't usually have a moment when I think to check in with individual channels --- something appealing always comes up. So, despite clicking & giving my whole watchtime to you uninterrupted whenever I see y'all, KZread is not being consistent at showing me this channel I'm still subbed to, so I'm just commenting to jangle some digital keys at YT to signal my enthusiastic consent for this content/CCC's channel. Hook me up, YT! Please/thanks/yo.

Not enough talk about why FDIC should exist at all. Especially if they don't follow their own rules at the only time their existence is necessary.

@colinhobbs7265

9 ай бұрын

Cause it's bad when people can't withdraw money from the bank to pay for rent and end up homeless

SVB gets full deposit insurance because the account holders are massive D donors. That was future political donation money disappearing.

A socialist mocking libertarians for getting no votes is beautiful.

@sunnohh

Жыл бұрын

If socialists and libertarians combined all their votes, it would still be nothing