A Smoldering Fuse By James Howard Kunstler
(kunstler.com)
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The writer points out near the end of his article:
“Wait for the FTX bankruptcy to unwind, along with all the political ramifications it entails, not to mention the financial afterburn in the whole crypto market, very likely extending into and befouling the rest of the banking system. “
While people losing 37 billion dollars in an epic Ponzi scheme is awful, it’s no more than Bernie Madoff stole from people. Yet the financial system survived. I think it too early to say the sky is falling due to FTX, just yet.
...what this is going to do is take down the "private crypto" exchanges and present the feds an opportunity to set up it's own "regulated" system....
...which in itself will take down the banking system as it is now,,,,
They’ve been eyeing crypto for awhile now, regulation was coming someday. I selected Gemini because it’s actually in the USA and regulated by New York State financial laws, subject to audit. Foreign exchanges were not an option for me.
...i got in...
...I got out...
...bought metal/real estate with what I got out with....