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Crypto set out to replace the dollar but stablecoins gave it the best distribution network "The early crypto movement was not subtle about its ambitions. The banks were obsolete. Fiat currencies were doomed. The dollar was a melting ice cube and blockchains were going to build an entirely new...

30,591 次观看 • 1 天前 •via X (Twitter)

6 条评论

The Wolf Of All Streets 的头像
The Wolf Of All Streets1 天前

This clip is brought to you by @hodlwithLedn

Mirror News 的头像
Mirror News1 天前

the dollar won the crypto revolution

As 的头像
As1 天前

A B C

The Triver📊🚀 的头像
The Triver📊🚀1 天前

First comment

syedubaid 的头像
syedubaid1 天前

I had the right pieces in the wrong order, and I made peace with going slower and somehow moved faster. I cannot believe I spent so long walking around this clue.

The Triver📊🚀 的头像
The Triver📊🚀1 天前

Amazing post

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Four of Asia's central banks are hitting the panic button at the same time. India. Indonesia. South Korea. Japan. They are calling it a currency crisis. It is really a dollar shortage. Almost everything that matters trades in dollars. Oil. Food. Materials. The debt everyone borrowed. When a local currency falls, all of it gets more expensive. That starts a loop. A weaker currency drives more dollar demand. More demand weakens the currency further. Japan drew a line at 160 yen. It sold $76 billion defending it. The yen is back below 160 anyway. India has burned through more than $110 billion in forex tools. Its banks now pay non-residents 7.1% on five-year deposits. A five-year US Treasury pays about 4.3%. They are paying up just to pull dollars in. Indonesia hiked rates to 5.5% in an emergency off-calendar meeting. Its reserves are falling at the longest streak since 2018. South Korea inspected its foreign exchange banks for the first time in 14 years. Its stock market fell 8% Monday, rose 8% Tuesday, fell 5% Wednesday. That is not policy management. That is desperation. The problem is not interest rate differentials. It is the dollar itself. There are not enough dollars to go around. And energy keeps raising the need. Selling reserves and hiking rates can slow a currency for a day. It cannot create new dollars. This does not stay in Asia. The region sits at the center of global trade and finance. When the dollar gets this tight, the stress does not stop at the border. It travels.

Jeffrey P. Snider

47,418 次观看 • 3 个月前