We Want Regulations!

Crypto Executives Blame Lack of US Regulations for FTX Fiasco

Millions of retail and institutional crypto traders have lost money this week. The world’s second-largest centralized crypto exchange, FTX, has collapsed following a cascade of withdrawals that could not be settled.

Oh dear, where have we seen this before?

“The terror of the Great Crash has been the failure to explain it,” writes economist Alan Reynolds. “People were left with the feeling that massive economic contractions could occur at any moment, without warning, without cause. That fear has been exploited ever since as the major justification for virtually unlimited federal intervention in economic affairs.” Great Myths of the Great Depression

We are seeing the same forces play out at high speed within the crypto economy; easy money, fabulous profits, poor algorithms, naive governance, accelerated crash. And the last act: a call for more regulations.

"The Federal Reserve prompted the speculation by expanding the money supply a whopping sixty-two percent between 1923 and 1929. When the central bank became law in 1913, Congressman Charles Lindbergh had warned: 'From now on, depressions will be scientifically created.' Like two con men working a mark, the Fed made credit easy while Establishment newspapers hyped what riches could be made in the stock market." "Curtis Dall," he continued, "himself a syndicate manager for Lehman Brothers was on the floor of the New York Stock Exchange on the day of the Crash." Perloff quotes Dall as declaring, "Actually, it was the calculated 'shearing' of the public by the World-Money powers triggered by the planned sudden shortage of call money in the New York money market." The Great Depression Was Deliberately Created

Instead of "money supply" think of "token creation".

Always blame the victim.