pull down to refresh

Bitcoin and Financial Inequality
11 sats \ 4 comments \ @siggy47 19 Mar 2023 bitcoin
If Elizabeth Warren actually cared about the poor and oppressed (she doesn't), she would be singing bitcoin's praises right now.
Silicon Valley Bank depositors got bailed out because they were Gavin Newsome fanboys. Depositors of other local and regional banks won't be getting the same special treatment.
Instead, fifteen years after the "Great Financial Crisis" and the ultimately futile Occupy Wallstreet Protests, big banks will be either bailed out or effectively given deposits from failing small institutions. Financial power will be centralized in the few big banks enjoying the Fed's largesse once again. The left won't make as much noise this time, since Biden is engineering this disaster, but the poor in the US will pay the price as usual. Financial inequality will be even more extreme.
The only hope is for the whole house of cards to come tumbling down. When that happens bitcoin will shine.
write
preview
related posts
10 sats \ 1 reply \ @JohnBennson 19 Mar 2023
This has been happening for approximately 5,000 years.
Bitcoin is the first technological development in history which could remedy that.
We need to work harder to ensure we don't screw-up this absolutely unique opportunity for humankind.
reply
0 sats \ 0 replies \ @grayruby 19 Mar 2023
Well said. Agreed.
reply
0 sats \ 0 replies \ @grayruby 19 Mar 2023
Can't argue with that assessment.
reply
0 sats \ 0 replies \ @quark 19 Mar 2023
In the fractional reserve system there is more debt than can be paid. So it is obvious that at some point, someone needs to break and is not able to pay. The ones who take more risks are more vulnerable.
We have just seen the beginning, a taste of what is going to happen if the whole house of cards comes down. Bitcoin as a safe haven. Protection insurance for the failingg fiat system.
reply