Poor people and Wall St wear crypto crash

Thursday, 12 May 2022

The longer crypto goes the worse it gets: high correlation with risk, ponzi-dynamics, no regulation, regulatory risk, Wall St selling it to the poor, staggering counterparty risk, no central bank, money laundering heaven and environmental catastrophe. It’s a disaster from bottom to top unless you are at the tip of the scam pyramid. And even they are getting creamed now.

Morgan Stanley has more.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.