I see a very interesting correlation between the abolition of slavery and the 2008 GFC.
UK, 1833: the government paid slave owners a huge sum to end slavery.
The enslaved? They got nothing.
US: Congress paid DC slaveholders in 1862. Nationwide, owners were not paid. The freed people?
Same story as the UK. They got nothing.
2008: the government bailed out the institutions at the center of the crash. Regular people who lost homes, jobs, and savings were not made whole.
Same pattern. Rescue the owners of the problem. The people who absorbed the cost get no check.
Interestingly, this is the same system we live in today. If things collapse again, the institutions responsible will be rescued.
Regular people? Yeah. We will get nothing.
However, if the unit of account is Bitcoin, a failing institution does not get to print its way out or demand a rescue in that money.
That is why so many institutions, firms, banks, and governments call Bitcoin a scam. Not because Bitcoin is a scam, but Bitcoin threatens their scam and they would rather we remain their niggas 😆