"No special favors" for member banks is hard to swallow after seeing the fallout in 2008 for everyone except those responsible.
That's not a defense of crypto, it's an acknowledgement our banking system is corrupt. It's nice that it magically always works out for those in the know though.
Agreed. The 2020 CARES Act was ~1/3 of 1 month's rent for the peasants and some innumerable amount of money, yes, printed for a secret list of then-Treasury Secretary Mnuchin's choosing. Plus plenty of good provisions. And in 2008, a more transparent yet still obvious use of "quantitative easing" helped the ultra rich become ultra richer. One can claim it's for all of our benefit.
Crypto has plenty of issues, but these defenses of the corrupt use of the Federal Reserve is pretty silly.
Comments
"No special favors" for member banks is hard to swallow after seeing the fallout in 2008 for everyone except those responsible.
That's not a defense of crypto, it's an acknowledgement our banking system is corrupt. It's nice that it magically always works out for those in the know though.
Agreed. The 2020 CARES Act was ~1/3 of 1 month's rent for the peasants and some innumerable amount of money, yes, printed for a secret list of then-Treasury Secretary Mnuchin's choosing. Plus plenty of good provisions. And in 2008, a more transparent yet still obvious use of "quantitative easing" helped the ultra rich become ultra richer. One can claim it's for all of our benefit.
Crypto has plenty of issues, but these defenses of the corrupt use of the Federal Reserve is pretty silly.