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Bitcoin Corporations Destroying Economy – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

2008 Taught Us Nothing

We have skilled (and a few of us grew up) throughout a really attention-grabbing blip inside historical past, beginning with the occasions that transpired in 2008 when the instruments of our “innovations” in financialization proved to be the swords upon which we fell. Like the Romans of olde, by way of mechanisms of sheer greed and euphoria, we introduced down our personal home upon us. And practically your entire world with it.

Since that occasion, regrettably, we’ve got not discovered.

What the U.S. governing physique, with the assistance of the Federal Reserve, did in response to this cataclysm of our personal design was to present a bailout to the establishments most drastically impacted by the climax of the worldwide monetary disaster by way of the Emergency Economic Stabilization Act (EESA). This bailout was a play to sacrifice future worth in trade for offering speedy worth by way of debt and debasing the buying energy of the forex. By taking up debt (or a promise to pay again the mortgage at a later date in trade for financial worth now), these entities that mismanaged their financials have been allowed to stay afloat. Now, sure, doing this allowed some people to keep their livelihoods and keep away from doom, however for a lot of others there was no such reduction.

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