Bitcoin Corporations Destroying Economy – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

2008 Taught Us Nothing

We have experienced (and some of us grew up) during a very interesting blip within history, starting with the events that transpired in 2008 when the tools of our “innovations” in financialization proved to be the swords upon which we fell. Like the Romans of olde, through mechanisms of sheer greed and euphoria, we brought down our own house upon us. And nearly the entire world with it.

Since that event, regrettably, we have not learned.

What the U.S. governing body, with the help of the Federal Reserve, did in response to this cataclysm of our own design was to provide a bailout to the institutions most drastically impacted by the climax of the global financial crisis via the Emergency Economic Stabilization Act (EESA). This bailout was a play to sacrifice future value in exchange for providing immediate value through debt and debasing the purchasing power of the currency. By taking on debt (or a promise to pay back the loan at a later date in exchange for monetary value now), these entities that mismanaged their financials were allowed to remain afloat. Now, yes, doing this allowed some individuals to maintain their livelihoods and avoid doom, but for many others there was no such relief.