SBF = SVB = USG

It's the same inherently unsustainable model that relies on two things:

1) A never-ending carousel of new capital

2) Unwavering faith in the man-behind-the-curtain 👇 https://i.imgur.com/WKn9T2j.jpg

Like the ancient alchemist’s attempt to turn copper to Gold, fiat economies aim to get something for nothing.

SBF tried to turn liabilities into assets, and the Fed tries to turn printed paper into wealth.

Uncle Sam, meet Sam Bankman-Fried.

https://m31capital.substack.com/p/uncle-sam-bankman-fried

The disheveled tech billionaire wunderkind. The bulletproof banking CEO. The omniscient Fed Chair.

The full faith and credit of the United States Government…