terça-feira, novembro 22, 2022

Death Star

 Pretende ser uma compilação exaustiva do desastre FTX até ao momento, com escalpelizações e vislumbres adicionais. Para mim vale como fonte de mais dados e dangerous liaisons. 

A Grand Unified Theory of the FTX Disaster

No centro, parece-me, uma teoria curiosa da "Death Star":

What is the Death Star, exactly?

Much has been said about the obviously inappropriate relationship between FTX and Alameda. Thankfully, Arnold Kling provides the correct explanation from the chair of an actual Economist:

Let’s retell this story using entities of the U.S. government. The Treasury is like FTX, issuing tokens that it calls bonds. The Fed is like Alameda Research, taking these tokens on its balance sheet to try to support their price.

You’re going to say, “Wait. The Fed is issuing its own tokens, called money. The analogy does not hold.”

But Quantitative Easing did not work by issuing money. Instead, the Fed borrowed from banks, by paying interest on reserves and doing “reverse repos.” Just like Alameda Research, it took a levered position in Treasury tokens. Now the Fed is bankrupt. It has to be bailed out by the Treasury (you and me). Unlike FTX, the Treasury can still get away with issuing tokens.

Who could even think up such a scheme?

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