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What Warren Buffett Gets Right About Bitcoin

Before I exited academia, I skilled as a monetary historian. I checked out stability sheets in dusty, outdated archives and I investigated what banks have been doing in Victorian Britain; I ran fancy statistical analyses on Nineteenth-century inventory costs to see if they behaved like trendy portfolio evaluation suggests inventory costs ought to; and I checked out how cash operated and the way financial regimes modified over time.

In all my studying, nothing aggravated me greater than established economists with equation-filled whiteboards and paper fashions arrogantly declaring that some function of cash and banking was faulty. With zero data of the previous, lecturers usually stood up from their endowed college chairs and proclaimed that cash couldn’t be non-public, monetary markets would disintegrate with out regulators, and banks couldn’t function with out governments backstopping them.

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