THIS WEEK: AGUSTIN CARSTENS’ ‘RECIPE FOR DISASTER!’
HEAD OF BANK OF INTERNATIONAL SETTLEMENTS TO EAT HIS WORDS
Just 3 weeks ago Agustin Carstens, the head of the Bank for International Settlements, dismissed Digital Finance by declaring Fiat had won victory in the battle against Crypto currency. He even said, ‘a technology doesn’t make for trusted money.’
But now, as the TradFi bank sector teeters, and Bitcoin’s price remains stable, Carstens must eat his words, with this exclusive recipe:
‘A TECHNOLOGY DOESN’T MAKE FOR TRUSTED MONEY’ SERVED ON A BED OF HUMBLE PIE
A Sprinkle of pomposity.
- First, poach crypto’s best ideas. i.e. say Fiat reduces financial costs, increase inclusivity in financial markets, and better access for smaller companies. And rehash them as your own.
- Turn up the high heat, and give Crypto a thorough grilling.
- Whilst Crypto fans are simmering with indignation, add a dollop of bile, and Whisk up some support for TradFi.
- Wait for a couple of weeks, till the banks get nicely burned, and sentiment for TradFi cools. Then when your opinions seem half-baked – and add a sprinkle of complacency.
- Next – take your words: ‘A technology doesn’t make for trusted money,’ and stuff them where the sun doesn’t shine.
- While you digest your words, feel ill as you lose credibility.
- And take off the heat off Crypto.
- When your sauce is nicely reduced, maintain a low profile, and stew and simmer in your own juices.
Nice with some humble pie.
Why not try some ‘Bah Humbugs’
Next week – Warren Buffett tells us to go ‘all in on Traditional Finance’ – with his very own Recipe for Disaster.