SCOUT· 61%48m·2025-11-04·Arts CultureLender of Last Resort
When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms. To better understand the Fed’s role in the financial crisis of 2008, Michael turns to UC…
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“I like the analogy of having a neighbor who sets his house on fire. Do you call the fire department or let his house burn. It threatens the whole neighborhood so of course you call the fire department. But after that you also call the polic…”
“Did she just say that societies who transact with coins are not as advanced as the Yapp Islanders? They kept track of who owned rocks in their closed system. Could never scale globally without modern communications. Coins did the trick for…”
“What about the Fed's role in the LTCM crisis? Instead of bailing out LTCM using public money, they organised a bail out by asking other banks to pitch in. Buffet was approached, but LTCM didn't take up his offer. Buffet was also involved du…”
“3% annual inflation isn’t “just 1% higher than 2% inflation” — It’s 50% higher. The rate of year-over-year increase becomes exponentially higher. 2% inflation in 5 years is 8% compounded, whereas 3% in 5 years in 16%”
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