📜 Happy White Paper Day.
I’m currently listening to The Creature from Jekyll Island, and in Chapter 3 — Protectors of the Public — Griffin lays out a pattern we’re never taught in school: when large corporations and banks fail, the Federal Reserve steps in as the “lender of last resort”. But that phrase has a cost — money created out of nothing, paid for by the public through inflation. 💸🔥
Here are several examples he lists:
• 📉 1970 — Penn Central Railroad: $125M in guaranteed loans
• ✈️ 1970 — Lockheed: $250M in guaranteed loans
• 🗽 1975 — New York City: $2.3B in federal loans
• 🚗 1978 — Chrysler: $1.5B loan guarantee
• 🏦 1972 — Commonwealth Bank of Detroit: FDIC rescue with $60M
• 💰 1979 — First Pennsylvania Bank: $325M loan — interest free for the first year
• 🏙️ 1982 — Continental Illinois (Chicago): FDIC absorbed $4.5B in bad loans and took 80% ownership
• 🏚️ 2008 — Mortgage crisis: “Too big to fail.” Congress approved a $700B bailout for the largest banks
Griffin ends the chapter with a mic-drop worthy quote 🎤👇:
“We must remember that the phrase ‘lender of last resort’ means the money is created out of nothing, resulting in the confiscation of wealth through inflation.”
In October 2008, the same month the Federal Reserve executed the largest bailout in history — at the expense of the purchasing power of the American public and beyond — Satoshi Nakamoto released The White Paper. 🧡🧠
History changed forever.
For the first time, the everyday person had a peaceful way to opt-out. ✌️🛡️
I’m so grateful to be part of this revolution. 🙏⚡
Happy White Paper Day. Stay humble. Stack sats. 🧡🟧💊
