The article discusses the parallels between the 2008 financial crisis depicted in 'The Big Short' and the recent banking failures linked to the cryptocurrency market. It highlights a pivotal exchange between characters, emphasizing the blurred lines between stupidity and fraud. The article warns that current conditions, exacerbated by deregulation and political influence, could lead to a more extensive banking collapse. The March 2023 banking failures served as a precursor to potential widespread financial instability, yet the aftermath has faded from public attention, raising concerns over repeat systemic risks.
In the end, disaster was averted as the Fed stepped in to guarantee all depositors their money back, and the story soon disappeared from the headlines.
The same conditions that sparked that crisis are not only still with us, they've metastasized. Thanks to an influx of deregulation and unprecedented political influence, crypto is once again primed to take down the banking system.
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