Ben Hunt says, “Cut the BS! The Banks Are Solvent!"
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 25 March 2023
⏱️ 77 minutes
🧾️ Download transcript
Summary
There are bank runs and also rumors of more bank runs on the horizon. One side says, “the banks are insolvent, get to the lifeboats.” Another side says, “the banks are going to be fine…we’re sick and tired of doomers pulling the fire alarm.” Who’s right?
This is our third episode in a series of conversations. To get the full debate you’ll need to listen to the last two episodes with Balaji Srinivasan and Arthur Hayes.
In this episode, we’re speaking with Ben Hunt who lays out the counterpoint details on why banks are going to be fine. He believes Balaji and Arthur are dangerously wrong. Tune in to hear why!
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Timestamps
0:00 Intro
6:55 Ben’s Crypto Credentials
10:36 Critiques of the Fed
16:55 Ben’s Understanding of Balaji’s Thesis
24:33 What Ben Believes is Untrue
33:42 Treasuries Are the Safest Assets?
43:34 Ben’s Objection
45:55 Icebergs
50:52 Fiat is Better?
57:45 Step Back for Society?
1:02:26 Checks on Power
1:07:39 Rules-Based Monetary Policy
1:12:30 How to Fix the Fed
1:15:35 Closing & Disclaimers
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Resources:
Previous Debates
https://www.bankless.com/balaji-bets-the-dollar-will-hyperinflate-to-zero-not-a-drill
https://www.bankless.com/arthur-hayes-says-get-your-bitcoin-and-get-out
Ben Hunt
https://twitter.com/EpsilonTheory
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Transcript
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| 0:00.0 | What makes me angry is for people to say things like, |
| 0:03.4 | oh, there are hundreds of banks in solvent |
| 0:05.6 | and it's hyperinflation time and the system is coming crashing down |
| 0:09.8 | and there's no hope by Bitcoin. |
| 0:13.2 | That's what makes me angry. |
| 0:16.4 | There are real problems here and this is not helpful. |
| 0:21.4 | In fact, it's actively harmful and that's what I'm speaking out about. |
| 0:26.7 | Bankless nation, we're going to get straight into the episode today. |
| 0:30.6 | There's bank runs and there's rumors of bank runs going on. |
| 0:33.2 | One side says the banks are in solvent, |
| 0:34.9 | get to the lifeboats. |
| 0:36.0 | Another side says the banks are going to be fine |
| 0:38.0 | and they're sick and tired of the doomers pulling the fire alarm. |
| 0:41.4 | So who's right? |
| 0:42.5 | This is the third episode in a series of conversations we've been having on |
| 0:45.5 | bankless and to get the full debate, |
| 0:47.2 | you'll need to listen to the last two. |
| 0:49.4 | On the get the lifeboats side, we had biology, |
| 0:52.9 | he said that Bitcoin is going to one million dollars |
| 0:55.3 | that the dollar's hyperinflating. |
| 0:56.5 | It's probably going to happen fast like in 90 days fast. |
| 0:59.7 | Then we had Arthur Hayes. |
... |
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