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"Base money is a liability of the central bank, and it\u2019s used as a reserve asset by commercial banks. Broad money is the liability of commercial banks, and it\u2019s used as a savings asset by the public. Treasuries are liabilities of the federal government, and they\u2019re used as collateral by the central bank and commercial banks.\nIn other words, liabilities are collateralized by other liabilities, all the way down." - Lyn Alden\n\nToday we dive into another great piece from Lyn Alden's newsletter on the macro situation. What happens when you build a monetary system from nothing but liabilities, and then manipulate the price of interest such that the economy goes ever deeper into debt? Unfortunately we are all about to find out. But luckily we have Lyn Alden to break it down for us, with Read_631 on Bitcoin Audible.\n\nLink to the article and other great stuff on Lyn's investment blog:\nhttps://www.lynalden.com/ecb-trapped/\n\nFor the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:\n\u2022 Get Bitcoin rewards on literally everything you buy with the Fold Card (guyswann.com/fold). Get 20% off with discount code BITCOINAUDIBLE.\n\u2022 Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy\ufeff)\n\u2022 Keep your Bitcoin keys safe on the secure, open source BitBox02 (guyswann.com/bitbox). Discount code GUY gets you 5% off.\nLearn more about your ad choices. Visit megaphone.fm/adchoices\n\n--- \n\nSend in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message