For the first time, the Fed is losing money
Let me preface this by stating that I am not a crypto enthusiast and do not own any crypto.<p>One thing that’s been fascinating to me as this banking crisis has unfolded is that the same people who swear cryptocurrencies have no intrinsic value and are therefore worthless continuously say “there is no problem because the government can simply create as much money as it wants out of thin air.” So they are implicitly saying that any currency has value because people believe it has value but don’t extend that generosity towards other assets where there is a clearly demonstrated group ascribing value to it.<p>It’s also somewhat disconcerting that the government seems to show less and less restraint in exchange for instant gratification and short term benefits and as holders of its currency you really have no say as to how it is managed.<p>Emergency measures are there for just that, emergencies, but it seems the bar for what qualifies for an emergency gets lower and lower.