Forget bankers, economists, politicians, journalists, or altcoins. Bitcoin is up against the BIS, and THIS is The Final Boss it has to defeat:pic.twitter.com/1ahLtfZwdC
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Forget bankers, economists, politicians, journalists, or altcoins. Bitcoin is up against the BIS, and THIS is The Final Boss it has to defeat:pic.twitter.com/1ahLtfZwdC
The BIS is an unelected opaque global bureaucracy of central banks that tries to regulate the global financial and monetary system, with the spectacular results you’d expect from any self-appointed bureaucracy of central planners.
Example: The BIS tried to eliminate risk with its Basel standards. But all that did was allow risky investments to get good ratings by jumping through BIS’s bureaucratic hoops. This snowballed into the 2008 financial crisis. 10 years later, I’m sure they still haven’t read Taleb
this is more or less the sole substantive point in the whole thread. it's obviously true that the 2008 financial crisis revealed flaws in the basel framework. at the same time, bis researchers like claudio borio were warning about growing financial imbalances ...
and the possibility of crises very early so it's ridiculous to portray them as naive central planners who need to read taleb
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