Planting Bitcoin — Season (2/4)

Central Banks and the 2008 Financial Crisis

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.” — Satoshi Nakamoto

Introduction

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Central Banks

(There hasn’t been a year of global deflation since 1933)
The standard Roman silver coin

Early 2007

2008 Financial Crisis

“The problem had grown so big that the end was bound to be cataclysmic and have big social and political consequences” — Michael Lewis (Big Short)

January

February

March

April — June

July

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August

September

Contagion
(Sept 17) Treasury Secretary Henry Paulson walking after meeting with President George W. Bush

October

Debt/GDP ratios are at wartime highs. Central banks haven’t unwound their 2008 trade

“People feel like nothing in the country is working — the president, Congress, corporations.” (October 15, 2008) Reuters

October 31: Satoshi publishes the Bitcoin whitepaper

Part 3… “Soil”

Growth @Krakenfx . Frmr: @InterchangeHQ (acq by @Krakenfx ), Global Data/Rider Growth @Uber , First PM @Blockchain , Co-Fndr @ZeroBlock https://danheld.substack