As fiat clown world scrambles to put together a plan to keep the system going tomorrow despite the inherent insanity in doing so this reflection felt particularly timely. Thankfully now thereβs Bitcoin.
βThis time, there really is nobody flying the plane. β¦We are living in dangerously weird times now. Smart people just shrug and admit theyβre dazed and confusedβ¦There is an eerie sense of Panic in the air, a silent Fear and Uncertainty that comes with once reliable faiths and truths and solid institutions that are no longer safe to believe in. β¦β
- Hunter S. Thompson
In hindsight, Silicon Valley Bank found that the Chief Risk Officer having a background in nearly full kayfabe risk environments at the Federal Reserve, a rating agency, and a zaibatsu wasnβt optimal for the firmβs trajectory.