"We don't need the banks anymore."- Jack Dorsey on #Bitcoin https://t.co/abX0QzXUEJ ...

🚨 JUST IN: President Trump signs executive order banning banks from debanking the Bitcoin and crypto industry. https://t.co/LnxuoNPBdF ...

jpmorgan, pnc, amex all routing through coinbase/base while btc etf custody hits 80%. banks have no choice left ...

Macroeconomic Critique - Macroeconomics has made little progress in a century, struggling with economic growth, fiscal, and monetary policy determinants [2] - Economists were surprised by the inflation of late 2021 and 2022, and recurring banking crises, due to misinterpreting central bank policies [3] - Economic models often lack banks, leading to failures in understanding banking crises [5] Money Creation and Banking - Most people incorrectly believe the government or central bank creates the majority of money [8] - Banks create most of the money supply through credit creation, not by lending deposits [9][10] - Banks create money by issuing loans, which legally establish an accounts payable liability to customers, represented as customer deposits [11] Banking System Structure and Economic Impact - A banking system dominated by a few mega-banks can lead to asset price inflation and boom-bust cycles [12] - Decentralized banking systems with small local banks lending to small firms can foster growth without inflation and asset bubbles [13] - East Asian economies achieved high growth through decentralized banking systems focused on productive business investment [14] Growth and Sustainability - Economic growth is a statistical fiction, not a physical reality, and is not inherently harmful to the environment [17] - The concept of economic growth is used by bankers to maximize interest charges on national debt [19] Central Bank Policies and Inflation - Quantitative easing (QE) policies have different effects depending on implementation; QE1 cleans up bank balance sheets, while QE2 boosts the economy [20][21] - Implementing QE2 in 2020, when demand was reasonable but supply was restricted, led to inflation [22][23] Policy Recommendations - Advocates for preventing centralized systems like central bank digital currencies, which could lead to less growth and prosperity [24] - Encourages the establishment of many small banks to decentralize the financial system and promote economic growth [24] - Decentralizing the financial system can create job opportunities in rural areas and support government policies to increase fertility [25][26][27]

Private Credit Market Growth & Mainstreaming - Private credit is becoming mainstream, with affluent and wealthy investors increasing investments by 250% in the last 3 years [2] - Approximately $350 billion of wealth assets are now in private credit [2] - Evergreen products are growing at about 60% this year, indicating continued demand [3] - Bringing private credit into retirement portfolios with 401k reforms is considered interesting [3] Banks vs Alternative Asset Managers in Private Credit - Banks face restrictions on risk absorption, impacting their role in private credit [6] - Banks were discouraged from taking very risky, long-dated, and complicated loans after the financial crisis [8] - Private credit has grown around leveraged lending and mid-market lending, fueled by insurance companies with long-term loans [9] - Some loans fit better on a bank's balance sheet, while others are more suited for the private market [8] - Banks will be very competitive with private credit, but the key is determining the best owner of the risk for a certain type of loan [9] Regulatory Environment & Systemic Risk - Firms are concerned about litigation risk, necessitating safe harbors or clear legal guidance [4] - Central banks are asking questions about the systemic risk, the economic cycle, and the potential for bad decisions in private credit [16][18][19] - Private credit firms taking riskier pieces can make banks less risky [17] - Central banks want more data to monitor the pulse of the private credit market as it transitions from niche to mainstream [19]

America’s Best Banks 2025: Small Banks Shine Amid Wall Street’s Behemoths https://t.co/F18jHf2MXB https://t.co/F18jHf2MXB ...

The Fed must be careful not to give away too much to banks, writes @PaulJDavies (via @opinion) https://t.co/iLB3IEQor2 ...