# Table of Contents
- [Hallelujah. Praise be to Lord Satoshi that time and… | by Arthur Hayes | Nov, 2025 | Medium](#hallelujah-praise-be-to-lord-satoshi-that-time-and-by-arthur-hayes-nov-2025-medium)
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- [Long Live the King!. How does society adjudicate scarcity… | by Arthur Hayes | Oct, 2025 | Medium](#long-live-the-king-how-does-society-adjudicate-scarcity-by-arthur-hayes-oct-2025-medium)
- [Bastille Day. Would the brave souls chanting… | by Arthur Hayes | Oct, 2025 | Medium](#bastille-day-would-the-brave-souls-chanting-by-arthur-hayes-oct-2025-medium)
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- [Bastille Day. Would the brave souls chanting… | by Arthur Hayes | Oct, 2025 | Medium](#bastille-day-would-the-brave-souls-chanting-by-arthur-hayes-oct-2025-medium)
- [Four, Seven. Buffalo Bill Bessent’s plan to… | by Arthur Hayes | Sep, 2025 | Medium](#four-seven-buffalo-bill-bessent-s-plan-to-by-arthur-hayes-sep-2025-medium)
- [Buffalo Bill. US Treasury Secretary Scott Bessent… | by Arthur Hayes | Medium](#buffalo-bill-us-treasury-secretary-scott-bessent-by-arthur-hayes-medium)
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- [Hallelujah. Praise be to Lord Satoshi that time and… | by Arthur Hayes | Nov, 2025 | Medium](#hallelujah-praise-be-to-lord-satoshi-that-time-and-by-arthur-hayes-nov-2025-medium)
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- [Long Live the King!. How does society adjudicate scarcity… | by Arthur Hayes | Oct, 2025 | Medium](#long-live-the-king-how-does-society-adjudicate-scarcity-by-arthur-hayes-oct-2025-medium)
- [Bastille Day. Would the brave souls chanting… | by Arthur Hayes | Oct, 2025 | Medium](#bastille-day-would-the-brave-souls-chanting-by-arthur-hayes-oct-2025-medium)
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# Hallelujah. Praise be to Lord Satoshi that time and… | by Arthur Hayes | Nov, 2025 | Medium
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Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are.
Even if you are a government, there are only two ways to pay for stuff, using savings or debt. For a government, savings equates to taxes. Taxes are not very popular, but spending is. Therefore, when handing out goodies to the plebes and patricians, politicians prefer to issue debt. Politicians will always favor borrowing from the future to get re-elected in the present, because when the bill comes due, they won’t be in office.
If all governments, because of the incentives of its officers, are hard wired to prefer issuing debt rather than raising taxes to hand out goodies, then the next question is how do buyers of government debt fund these purchases? Do they spend their savings/equity or finance purchases by borrowing money?
Answering these questions as it pertains to Pax Americana is very important to my forward outlook of dollar money creation. If the marginal buyer of US treasury debt finances their purchases, then we can observe who is lending to them. Once we know the identities of the debt financiers, we can determine whether they create money ex nihilo or use their own equity to lend. If after answering all the questions we discover that a treasury financier creates money for lending then we can market the following leap of logic.
**_Government issued debt grows the money supply._**
And if this statement is true, then we estimate the maximum amount of credit that the financier can issue, assuming there is a maximum.
The reason these questions are important is that I will argue that if government borrowing continues as forecast by the Too Big to Fail (TBTF) Banks, the US Treasury Department, and the Congressional Budget Office, then the Fed’s balance sheet will grow as well. If the Fed’s balance sheet grows, that is dollar liquidity positive, and ultimately pumps the price of Bitcoin and other cryptos.
Let’s step through the questions and evaluate this logic puzzle.
**Question Time**
**Will US President Trump cut taxes to fund the deficit?**
No. He and the Team Red Republicans recently extended the 2017 tax cuts.
**Is the Treasury Department borrowing money to fund the federal deficit, and will they continue to do this in the future?**
Yes.
_Here are the estimates from the TBTF banksters, and a few US government agencies. As you can see, the estimates are for ~$2 trillion deficits funded by ~$2 trillion of borrowing._
Given the answer to the first two questions is Yes, then:
**_Yearly Federal Deficit = Yearly Treasury Debt Issuance Amount_**
Let’s step through the major buyers of treasuries and how they finance their purchases.
**Debt Shit Eaters**
**Foreign Central Banks**
Press enter or click to view image in full size
If Pax Americana is willing to steal Russia’s money, who is a nuclear power and the largest commodity exporter in the world, then no foreign owner of treasuries is ever safe. Cognizant of the risk of expropriation, foreign central bank reserve managers would rather buy gold than treasuries. Therefore, gold started ripping for realz post Russia’s invasion of Ukraine in February 2022.
**US Private Sector**
According to the US Bureau of Labor and Statistics, the 2024 personal savings rate was 4.6%. In the same year, the US federal deficit was 6% of GDP. Given that the deficit is larger than the savings rate, it is impossible for the private sector to be the marginal buyer of treasuries.
**Commercial Banks**
Are the four largest money center commercial banks buying shit loads of treasuries?[\[1\]](https://cryptohayes.medium.com/hallelujah-9eb355974421#_ftn1)
No.
As you can see the four large money center banks in the fiscal year 2025 bought ~$300 billion worth of treasuries. In the same fiscal year, the treasury issued $1,992 billion. While this cohort is definitely an important buyer of treasuries, they are not the marginal buyer of last resort.
**Relative Value (RV) Hedge Funds**
RV funds are the marginal buyers of treasuries as acknowledged by the [**Fed**](https://www.federalreserve.gov/econres/notes/feds-notes/the-cross-border-trail-of-the-treasury-basis-trade-20251015.html)
in a recent paper.
_Our findings suggest that Cayman Islands hedge funds are, increasingly, the marginal foreign buyers of U.S. Treasury notes and bonds. As shown in Figure 5, between January 2022 and December 2024, a time when the Federal Reserve was reducing the size of its balance sheet by allowing maturing Treasuries to roll off from its portfolio, Cayman Islands hedge funds purchased, on net, $1.2 trillion of Treasury securities. Under the assumption that these purchases are composed entirely of Treasury notes and bonds, they absorbed 37% of net issuance of notes and bonds, nearly the same amount as all other foreign investors combined._
_The Trade:_
_Buy a cash treasury debt security_
_Vs._
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_Sell the corresponding treasury futures contract_
_Thank you,_ [**_Joseph Wang_**](https://fedguy.com/balance-sheet-dominance/)
_for this chart. SOFR volumes are a proxy for gauging the size of the RV funds’ participation in the treasury markets. As you can see, the growth in the debt load corresponds to a growth in SOFR volumes. This shows that RV funds are the marginal buyers of treasuries._
RV funds conduct this trade to earn the difference between the two instruments. Because the spread is miniscule (it’s measured in basis points; 1bps = 0.01%), the only way to make real money is to finance the purchase of the treasury security. This leads us to the most important part of this essay to understand what the Fed will do next. How do RV funds finance their treasury purchases?
RV funds engage in a repurchase agreement (repo) to finance the purchase of treasuries. In a seamless transaction, the RV fund pledges the treasury security it purchased to borrow overnight cash, that borrowed cash is then used to settle the treasury purchase. If cash is plentiful, the repo rate will trade at or right below the Upper Fed Funds. Why?
Let’s revisit how the Fed manipulates short term interest rates. The Fed has two policy rates, Upper and Lower Fed Funds; currently these equal 4.00% and 3.75% respectively. In order to force the effective short-term rate (the SOFR or Secured Overnight Funding Rate) to fall within that band, the Fed uses a few blunt instruments. I will go through them briefly, ordered from lowest to highest rate of interest.
**_Reverse Repo Facility (RRP)_**
Who is eligible: Money market funds (MMF) and commercial banks
Purpose: Cash deposited here overnight earns a rate of interest paid for by the Fed.
Award Rate: Lower Fed Funds
**_Interest on Reserve Balances (IORB)_**
Who is eligible: Commercial banks
Purpose: Banks receive interest on their excess reserves deposited at the Fed.
Award Rate: Between Lower and Upper Fed Funds
**_Standing Repo Facility (SRF)_**
Who is eligible: Commercial banks and other financial institutions
Purpose: When cash is tight, this allows financial institutions pledge eligible securities (mostly treasuries) and receive cash from the Fed. In effect, the Fed prints money and exchanges it for the pledged security.
Award Rate: Upper Fed Funds
Putting it all together we get this relationship:
**_Lower Fed Funds = RRP < IORB < SRF = Upper Fed Funds_**
_This is a useful chart of real-world values to visualize the relationship between these key USD money market rates. At the top the orange (SRF) and green (Upper Fed Funds) are equal. Right below that we have the red line (IORB). The magenta line (SOFR) usually vacillates between the upper and lower bound. The yellow (Lower Fed Funds) and white (RRP) are equal._
SOFR is a blend of the rate on multiple types of repo transactions. Unlike the London Interbank Offered Rate (LIBOR) which was based on bank submissions, SOFR is based on actual market trades. This is the rate the Fed targets. If SOFR trades above the Upper Fed Funds it means cash is tight and this is a problem. Because once cash gets tight, SOFR skyrockets and the filthy fiat financial system shuts down. That is because the marginal buyers and suppliers of liquidity are all levered. If they cannot roll over their liabilities predictably at Fed Funds, then they will first suffer massive losses, and subsequently cease providing liquidity to the system. The worry is that no one will participate in the treasury market because they cannot obtain cheap leverage.
What causes SOFR to trade above the Upper Fed Funds? To answer that question, we first must inquire who is the marginal provider of cash in the repo market? MMFs and commercial banks supply the repo market with cash. Let’s examine why they would do so assuming they are profit maximizing entities.
The goal of an MMF is to take as little credit risk as possible and earn the short-term interest rate. This means MMFs mostly earn a return parking money in the RRP, lending cash in the repo market, and buying treasury bills (T-bills).[\[2\]](https://cryptohayes.medium.com/hallelujah-9eb355974421#_ftn2)
In all three cases they take the credit risk of the Fed or the US Treasury, which is essentially risk free because the government can always print money to service its debts. Prior to the emptying of the RRP, the billions or trillions of dollars sat there would supply the repo market with cash. That is because RRP < SOFR, so a profit maximizing MMF will remove cash from the RRP and lend it in the repo market. But now the RRP balance is zero because the T-bill rate is so attractive; MMFs maximize profit by lending to the US government.
With the MMFs out of the game, commercial banks must fill the gap. They will happily lend reserves to the repo market because IORB < SOFR. The gating factor to how willing banks are to supply cash at “reasonable” levels, that is SOFR <= Upper Bound of Fed Funds, depends on how ample their reserves are. There are various regulatory requirements that force banks to keep a certain amount of reserves, once balance sheet capacity dwindles, they must charge higher and higher rates to supply cash to the repo markets. Banks lost trillions in reserves since the Fed began QT in early 2022.
Both marginal providers of cash, MMFs and banks, from 2022 onwards possess less cash with which to supply the repo market. At a certain point, neither was willing nor able to provide cash in the repo market at a rate at or below Upper Fed Funds. At the same time as the supply of cash that could supply the repo market at a reasonable rate fell, the demand for said cash rose. The demand rose because former US President Biden and now Trump continued to spend a fuck ton of money that required more treasury debt issuance. The marginal buyer of this debt, RV funds, must finance these purchases in the repo market. If they cannot predictably obtain funds daily at or slightly below Upper Fed Funds, they will not buy treasuries and the US government cannot finance itself at an affordable rate. For a more in-depth discussion of this please read my essay “[**Ski Cut**](https://cryptohayes.substack.com/p/ski-cut)
”.
Because a similar situation occurred in 2019, the Fed created the SRF. The Fed can supply an infinite amount of cash using its printing press at SRF as long as one provides an acceptable form of collateral. Therefore, RV funds can be confident that no matter how tight cash is, they can always fund themselves, in the worst case, at Upper Fed Funds.
If the SRF balances are above zero, then we know the Fed is cashing the checks of the politicians using printed money.
**_Treasury Debt Amount Issued = Increase in Supply of Dollars_**
_The top panel is (SOFR — Upper Fed Funds). When that difference is close to zero or positive, cash is tight. During these episodes non-trivial usage of the SRF (bottom panel, in USD billions) occurs. Usage of the SRF allows borrowers to avoid paying the higher less manipulated SOFR rate._
**Stealth QE**
There are two ways the Fed can ensure that there is ample cash in the system to facilitate the repos needed by RV funds to purchase dog shit treasuries. The first is to create banking reserves, by buying securities from banks. This is the textbook definition of QE. The second is to lend freely to the repo market via the SRF.
As I have said many times, QE is a dirty word. Even the most financially illiterate plebe now understands QE = money printing = inflation. When inflation bites, the average citizen votes for the opposition party. Given that Trump and Buffalo Bill Bessent want to run the economy hot, they don’t want to be blamed for the high inflation a credit fueled economic expansion will generate. Therefore, the Fed will do everything it can, with a straight face, to proclaim that its policy mix is not QE and does not stoke the fires of inflation. Ultimately, that means that the SRF is the conduit through which printed money enters the global financial system as opposed to using QE to create more banking reserves.
This will buy some time, but eventually the exponential expansion of treasury debt issuance will force the repeated use of the SRF. Remember that not only does Buffalo Bill Bessent need to issue $2 trillion annually to fund the government, he also must issue trillions more to roll over maturing debt. Stealth QE will begin shortly. I don’t know when it will begin. But if the current money market conditions persist, the treasury debt pile grows exponentially, the SRF balance must grow as the lender of last resort. As SRF balances grow, the amount of fiat dollars in the world expands as well. This phenomenon will reignite the Bitcoin bull market.
Between now and when stealth QE begins, one has to husband capital. Expect a choppy market especially until the US government shutdown ends. The treasury via its debt auctions is borrowing money (dollar liquidity negative) but not spending it (dollar liquidity positive). The Treasury General Account is above the $850 billion target by ~$150bn, and this extra liquidity won’t get released into the markets until the government reopens. This liquidity drain is one reason for the current softness in the crypto markets. Given that the four-year cycle anniversary of the 2021 Bitcoin all-time-high is nigh, many will mistake this period of market weakness and ennui as the top and dump their stack. That’s assuming they weren’t deaded in the altcoin collapse a few weeks back. That is a mistake, the dollar money market plumbing doesn’t lie. This corner of the market is shrouded in obtuse jargon, but once you translate the lingo into print money or destroy money, it becomes quite easy to know how to dance.
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[\[1\]](https://cryptohayes.medium.com/hallelujah-9eb355974421#_ftnref1)
The four major money center banks are JP Morgan, Citibank, Bank of America, and Wells Fargo.
[\[2\]](https://cryptohayes.medium.com/hallelujah-9eb355974421#_ftnref2)
Technically speaking the MMFs supply cash to the Tri-Party repo market.
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### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------)
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---
# Long Live the King!. How does society adjudicate scarcity… | by Arthur Hayes | Oct, 2025 | Medium
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Long Live the King!
===================
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How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy does not allow us to consume whatever we want whenever we want, which obviates the need for money. Therefore, we must use this devilish construct called money to allocate scarce resources. Money and markets combine to produce the best tool to inform society what to produce, in what quantities, and who should receive it. The market price of a good adjudicates scarcity. It follows, then, that the price of money and its quantity are the two most important variables in any society. Perversion of one or both variables leads to societal dysfunction. Every economic “ism” offers a theory of how to denigrate or glorify markets, and all contain a modicum of monetary manipulation.
While a free market is the perfect way to adjudicate scarcity, it doesn’t follow that the more market freedom given results in a linear progression towards economic Valhalla. The people desire to dampen economic volatility through regulating markets and money. That is the primary purpose of a government. The government provides goods and services that the people believe are best left under collective control. Or the government restrains markets from producing immoral outcomes like human slavery. Along with these powers, the government must exert some amount of control over the price and quantity of money. Sometimes governments are benevolent and other times despotic monetary dictators. Because governments legally can murder their citizens for violations of their laws, they can force the use of a type of money. This results in good and bad outcomes.
Invariably all governments, regardless of which theory on governance guides them, always debase their money supply in the search of a teleportation device to a post-scarcity society. Achieving post-scarcity will not result from clever ways of printing money, but will require a deeper understanding of the physical universe and an ability to manipulate this construct to our advantage. However, a politician can’t wait decades or centuries to achieve a scientific revolution. And thus, the people’s palliative cure for a volatile and uncertain universe is always to print more money.
While governments are powerful, the people always find ways to retain their sovereignty. In many cultures that experienced endemic inflation over centuries of successive governments or dynasties, cultures created gifting rituals marking major life milestones (birth, marriage, and death) that involve the exchange of hard money. In this way, the people save through cultural rituals. No politician dares subvert these rituals lest they lose their mandate to lead and find themselves headless.
In the modern era, when the power of centralized governments — whether a democracy, socialist republic, communist state, etc. are all powerful because of the advances of thinking machines and the internet, how can we the people preserve our rights to sound money? The gift that Satoshi gave to humanity via their Bitcoin whitepaper is a technological miracle that was launched at a very important time in history.
Bitcoin in the current state of human civilization is the best form of money ever created. Like all money, it has a relative value. Given that Pax Americana quasi-empire rules via the US dollar, we value Bitcoin relative to the dollar. Assuming the technology works, Bitcoin’s price will ebb and flow because of the price and supply of dollars.
The point of this philosophical preamble is to provide the context that produces my guiding light as to the duration of the Bitcoin/USD price cycle. There have been three cycles, where the all-time high (ATH) occurring every four years. As the four-year anniversary of this fourth cycle is upon us, traders wish to apply the historical pattern and forecast an end to this bull run. They apply this rule without understanding why it worked in the past. And without this historical understanding, they miss why it will fail this time.
To illustrate why the four-year cycle is dead, I want to conduct a simple study of two charts. The primary theme is the price and quantity of money, e.g. dollars. Therefore, I will analyze a chart of the Effective Fed Funds rate and the supply of dollar credit. The secondary theme is the price and quantity of yuan emanating from China. For most of human history, it was the wealthiest squiggly line enclosure on the map. It took a half-millennium break, 1500 to 2000, but they are back to reclaim the global economic throne. The question is, are there any obvious turning points at the various Bitcoin ATH levels that can roughly explain the peak and subsequent collapse of the price? For each four-year period, I will provide a synopsis of the monetary trends at the time that explains the charts.
**_US Dollar:_**
The white line is a gauge of the price and supply of dollar credit. This is a combination of banking reserves held at the Fed and the US banking system’s total other deposits and liabilities. The Fed publishes both numbers weekly.[\[1\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn1)
The green line represents the Effective Fed Funds rate, which is set by the FOMC.
The gold line is the Bitcoin/USD price.
**_Yuan:_**
China’s economy is even more credit dependent than America’s therefore, I used the Bloomberg Economics China Credit Impulse % 12 Month Change index. You would get a similar chart if you looked at the YoY% change in nominal GDP.
Back to the past.
**Genesis Cycle: 2009 to 2013**
On 3 January 2009, Bitcoin produced its first block, called the genesis block. The 2008 Global Financial Crisis (GFC) raged, destroying financial institutions globally. The banksters aided and abetted by the bought and paid for US government almost destroyed the world economy but Fed chairperson Ben Bernanke “saved” the system by enacting unlimited QE, which was announced in December 2008 and started in March 2009.[\[2\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn2)
The Chinese helped the world economy by ramping up credit fueled infrastructure spending. By 2013, both the Fed and PBOC wavered in their support for an infinitely expanding money supply.[\[3\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn3)
As you will see, that caused a deceleration in credit growth or outright contraction in the supply of money, which ultimately ended the Bitcoin bull run.
**_US Dollar:_**
The price of dollars was effectively 0%. The supply of dollars rose sharply and peaked and rolled over at the end of 2013.
**_Yuan:_**
The massive increase in credit growth flooded the world with yuan, trillions of which escaped from China into Bitcoin, gold, and global real estate. By 2013, while the credit growth was impressive, it was much less than before, and the deceleration coincided with that of dollar credit growth.
This deceleration in dollar and yuan credit growth popped the Bitcoin bubble.
**ICO Cycle: 2013 to 2017**
This was the ICO cycle because during this time period the Ethereum mainnet went live and ushered in a growth of new issues funded by subscribing via public blockchain using smart contracts.[\[4\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn4)
Bitcoin rose from the ashes because of an explosion in yuan supply, not dollars. As you can see below, the China credit impulse accelerated in 2015 alongside a devaluation of the yuan versus the dollar. The supply of dollars fell and the interest rate rose. Bitcoin skyrocketed because of a fuck ton of yuan sloshing around the global money markets. Ultimately, as yuan credit growth decelerated from its 2015 highs, the tighter dollar monetary conditions bit into the bull market and gnashed it to the floor by late 2017.
**_Yuan:_**
**_US Dollar:_**
Press enter or click to view image in full size
**COVID Hoax: 2017 to 2021**
While COVID definitely killed millions, the crisis was exacerbated by poor government policy. COVID was the ruse to condition the population to accept its loss of freedoms, and this transcended whatever type of government theory ruled in a particular locale. In the spirit of throwing shit at the wall and seeing what stuck, COVID was the perfect opportunity for Pax Americana to unleash helicopter money whereby then-US President Donald Trump provided the largest populist government handout since Franklin Delano Roosevelt’s New Deal. The trillions of dollars printed found their way into crypto. Trump ran it hot, and every market was up only.
**_US Dollar:_**
The supply of dollars doubled, and the price of money quickly fell to 0%.
**_Yuan:_**
While the Chinese credit impulse rose during COVID, President Xi Jinping did not go all out. He used COVID as the time to launch an attack on China’s property bubble. This level of yuan credit growth did not forestall a collapse in local property prices started by the “[**Three Red Lines**](https://en.wikipedia.org/wiki/Three_red_lines)
” policy. But this was by design, and with no one allowed to enter or leave China at this time, it was very easy to control capital flight and social discontent on the mainland. As a result, China’s monetary policy did not materially contribute to this Bitcoin bull market.
The inflation produced by Trump and subsequent US President Biden’s economic policy of running it hot was too much to handle by the end of 2021. Inflation spiked, and those without a horde of financial assets felt cheated. The federal government stopped handing out stimmies, the Fed began shrinking its balance sheet, and announced it would quickly raise interest rates. This marked the end of the bull market.
**New World Order: 2021 -?**
The Pax Americana quasi-empire is but a nostalgic dream. What comes next? This is the question with which global leaders wrestle. Change is not good nor bad, but change creates economic winners and losers. Sometimes the losers are politically and economically powerful, which creates issues for ruling parties. In order to shield the negative effects of change from the populace, politicians print money.
This time around, the engine of credit growth came from the Fed’s Reverse Repo Program (RRP in magenta with the y-axis inverted). The price of money increased. The supply of money fell. But Biden needed to juice markets. Therefore, his henchwoman, US Treasury Secretary Bad Gurl Yellen, issued more treasury bills than notes/bonds in order to drain the RRP. This unleashed ~$2.5 trillion of liquidity into the markets. Her successor, Buffalo Bill Bessent, continued the policy until the RRP fell to its current value near zero. China entered bouts of deflation as judged by a negative credit impulse. Xi remained committed to reducing the price of housing and its importance to the Chinese economy. And with no other guidance or changes in the outlook for US and Chinese monetary policy, I would agree with many crypto traders that the bull run is over. But the rhetoric and recent actions by the Fed and PBOC augur otherwise.
**_US Dollar:_**
**_Yuan:_**
In the US, newly elected President Trump wants to run the economy hot. He routinely speaks about America growing in order to reduce its debt load. He lambasts the Fed for a too-tight monetary supply. His desire is generating action. The Fed resumed cutting interest rates in September even though inflation is above its own target.
The white line is Effective Fed Funds rate, the yellow line is Core PCE, and the green horizontal line is the Fed’s 2% target.
Trump also speaks about lowering the cost of housing to release trillions of dollars of trapped home equity because of the rapid rise in housing prices post-2008.
Finally, Buffalo Bill Bessent will deregulate banks so that they can increase loans to critical industries. The future as painted by the ruling political elite points to lower, not higher, interest rates and higher, not lower, growth in the money supply.
While Xi does not want to issue credit in the quantities of 2009 and 2015, he does want to end deflation. When the economic pressure proves too intense, as the above BCA chart indicates, Chinese policymakers print money. I don’t believe that China currently will be the driver of global fiat credit growth, but it won’t hinder it either.
Listen to our monetary masters in Washington and Beijing. They clearly state that money shall be cheaper and more plentiful. Therefore, Bitcoin continues to rise in anticipation of this highly probable future. The king is dead, long live the king!
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[\[1\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref1)
The Fed stands for the US Federal Reserve.
[\[2\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref2)
QE stands for quantitative easing.
[\[3\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref3)
PBOC stands for People’s Bank of China.
[\[4\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=post_page---author_recirc--9eb355974421----0---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref4)
ICO stands for Initial Coin Offering. The most famous ICO was the EOS one where Block.one extracted $4 billion from suckers worldwide.
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# Bastille Day. Would the brave souls chanting… | by Arthur Hayes | Oct, 2025 | Medium
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Bastille Day
============
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[Arthur Hayes](https://cryptohayes.medium.com/?source=post_page---byline--3f4eba0c6eb8---------------------------------------)
21 min read
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Oct 1, 2025
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Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be proud to be led by a coke-up teacher fucker? Are they pleased that a crocodilian ex-con countess slithering in Frankfurt controls their monetary policy? Probably not.
As I donned my Panama hat and stunner shades while two-stepping to Rufus in St. Tropez this past Bastille Day, I briefly chuckled to myself at the irony of the fact that Bastille Day followed American independence. The broke French royalty further exacerbated the perilous state of the monarchy’s finances by supporting the tax-dodging slavers who were leading their own revolution against the English King George. Fast forward a few years, and the idea that white male property owners should follow their own and not royal edicts combined with popular discontent at the broken nature of the state boomeranged back across the Atlantic and caused the head fall of Louis XVI.
It is ironic that a change in the American foreign and monetary policy will be one trigger that forces France to, in all but name, leave the euro. The euro is many things. A common currency of the unholy Roman Empire. An abomination created by those who wish to stifle local culture and the will of the people. An absolute stinking piece of shit. I write this essay with glee, for I cannot wait until Euro-poor-eans liberate themselves from its clutches and regain self-determination.
It is a bold thing to predict the end of the euro. Many commentators fell prey to false predictions of a collapse during the euro banking crisis of 2011 to 2012. But the smaller southern European nations were never large enough to break apart this devilish currency union if Germany and France, the two countries which underwrite the euro, were on board with printing the money necessary to forestall its dissolution via the European Central Bank (ECB).
This time around, Germany and France are pulling in opposite directions. And French savers know what’s up. They, not my cursory knowledge of American, European, and economic history, inform me that France will soft or possibly hard default on its obligations to the euro currency project. Behold this beautiful chart and listen to the people speak:
This is a chart of the change in TARGET balances of NCBs at the ECB from January 2020 to the present.[\[1\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---author_recirc--9eb355974421----1---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn1)
If you are not familiar with the TARGET system, shame on you. Here is a brief explanation from Perplexity:
● TARGET balances appear as net claims or liabilities on the balance sheets of NCBs vis-à-vis the ECB.
● A positive TARGET balance means an NCB has a net claim on the ECB, showing that more funds have flowed into its banking system than have left.
● A negative TARGET balance indicates a net liability, meaning more funds have left the country than entered, often because of payment outflows or capital flight.
● Every day, individual NCB bilateral balances are netted out to show only a single net position vis-à-vis the ECB, not with every other NCB. By design, the sum of all claims and liabilities across the Euro system (all NCBs plus the ECB) always equals zero.
The simple way to think about TARGET is that euro savers are confident their money is safe in countries that have a positive balance, and not safe in countries with a negative balance. The relevant thought experiment is to imagine if a particular country left the euro. Would their new national currency appreciate or depreciate versus the euro, and more importantly, in which country’s banking system would you feel safe leaving your funds?
Germany almost always has a positive TARGET balance because it is the largest and strongest economy in the euro. Also, the Bundesbank possesses the most inflation-fighting credibility of any European NCB. Therefore, folks with German bank euro deposits aren’t worried if Germany left the euro because the Deutsche Mark would appreciate vs. the rump euro.
But what about the country that represents that bold white line? How can we describe it? This is a country that as recently as early 2021 ran a TARGET surplus. A country with the second-largest economy in the euro. A country whose politicians have spread far and wide throughout the various unelected but supremely powerful centralized bureaucracies that de facto run Europe. This country is France. And French savers increasingly do not believe that their euros are safe within the French banking system. Therefore, they find greener pastures in places like Germany and Luxembourg.
Smart local capital tells us that something is seriously amiss. That is why France has the largest TARGET deficit of any country in the euro. If the second-largest economy in the euro with the largest debt load is experiencing a bank walk, it doesn’t bode well for the future of the common currency. The problem is that France is too big to fail, but too big to bail out as well. And this is where it becomes interesting for Satoshi’s faithful. What will the policy response be from the French politicians, the ECB, and foreign monetary authorities to the quickly deteriorating French finances?
This essay will focus on why France is fucked. Why a change in US monetary and foreign policy means German and Japanese capital can no longer finance the generous French welfare state. The variety of ways France can steal capital from domestic and foreign savers. And finally, what the policy options are for the ECB. The TLDR is that many folks will wake up one morning and understand that money in the bank is not yours and then fully comprehend why Bitcoin is so necessary. The ECB will valiantly print money to forestall the loss of its raison d’être. It shall be a glorious day for the faithful as printed euros will combine with printed dollars, yuan, yen, etc to bid up the price of Bitcoin.
**Geographic Irony**
The sometimes stated but mostly unstated goal of US foreign policy is to prevent integration of the Eurasian world-island. At all costs, Russia, China, and Iran cannot cooperate. These foreign policy goals lead to ironic outcomes, especially when one considers the current financial state of the two major losers of WW2.
Lay out a map of the world and look at the positioning of Germany and Japan. Between them are Pax Americana’s three main strategic rivals or enemies depending on how much Made-in-USA NeoCon cyanide consumed. Post WW2, the last thing the US political elite was going to allow was for those dirty pinko commies to change the social structure of Germany and Japan and align with Moscow. For in truth, the German and Japanese cultures produced very industrious societies. Unfortunately, this productivity made war just like every other major nation state. They just lost, so history thinks poorly of them.
The US tolerated ex-Nazis and Japanese imperialists keeping their social, political, and economic standing if only to prevent the will of the people from trying a different form of government. That meant that the German and Japanese economies must grow to prove communism was ideologically bogus and serve as the front line in containment of Soviet Russia. The easiest way to grow was to allow them to piggyback on the American economic rocket ship. America loaned capital and goods to both nations so that they could rebuild their industries and export their cheaper finished goods back to America. However, America also allowed Germany and Japan to put up stiff trade barriers to keep out stronger American companies. These trade policies, more than anything else, are the genesis of the current American trade deficit and financial capital surplus.
Another interesting fact is that even to this day, of American troops stationed in foreign countries, Japan and Germany rank number one and two, accounting for 50% of the total. That gives a new meaning to Fuck Around and Find Out if you think devilish communist thoughts.
The policy worked, and four generations on, German and Japanese elite politicians are toadies of the US. Can you believe conservative Japan even followed the US into the nihilist abyss, allowing chicks with dicks into workplace bathrooms previously only reserved for humans born with a uterus. While there is noise complaining about aggressive, ugly American foreign policy, German and Japanese politicians always do what they are told on the issues that matter. The financial result is that Germany and Japan are the richest countries in the world as measured by the net portfolio balance (NPB). To calculate NPB, subtract foreign ownership of local portfolio assets from the total ownership of foreign portfolio assets of a country but excluding its official foreign exchange reserves.[\[2\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---author_recirc--9eb355974421----1---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn2)
**_Germany NPB = $4,968bn_**
**_Japan NPB = $4,446bn_**
The US runs the largest NPB deficit at 58% of GDP. Guess who the number deux is? They eat baguettes, wear berets, and produce some excellent pinots … Zeeee French. Frances’ NPB deficit is 38% of GDP and is the world’s second largest. However, one of these two is not like the other. The US has the global reserve currency, the largest consumer market in the world, and is one of the three major military superpowers alongside Russia and China. France is none of those things yet has racked up a massive bill financed by the Germans and the Japanese. It’s interesting that yet again after almost two centuries of blood, sweat, white flags, and tears, France is owned by the Germans.
After eighty years, the imbalances in this system will cause severe change. The Pax Americana elite finally bankrupted their empire, and in order to rebuild strength, they must look inward. That is what America-first is all about. The plebes are restless that, for all the economic excellence of America over the last eighty years, their lives relative to their parents are less prosperous. The elite outsourced their jobs to China to dampen inflation and boost corporate profits and in the process created an America that can’t win a proxy war in Ukraine against Russia, and can’t allow its attack dog Israel to bomb Muslims with impunity in Iran because of a shortage of defensive missiles. What a shame! What kind of Christians are they if they can’t successfully win a Crusade…
If America is finally going to put up its trade barriers and use its domestic finance to rebuild its domestic industrial capacity, then Germany and Japan can’t continue their mercantilist policies. They themselves must repatriate that foreign capital and retool their economies to focus on their domestic market to compete with China as well. This is a big issue for the US, and I have written about how the US monetary authorities will replace foreign capital flows with printed money. But what about the European Union (EU)? The problem for the EU is France because its largest creditors, Germany and Japan, must repatriate their capital.
Germany and Japan got the memo, and their political leaders will repatriate their country’s assets to spur local industries. Here are some selected quotes from the leaders of Germany and Japan.
Christian Sewing, CEO of Deutsche Bank, said this about “Made in Germany”:
_61 leading companies and investors have come together across industries to launch the initiative “Made for Germany”, aimed at shaping a future-proof German economy. Against the backdrop of geopolitical and economic challenges, “Made for Germany” initiates a new era of strengthened dialogue for constructive exchange between business and government, aiming to sustainably enhance Germany’s investment climate._
[**GZero**](https://www.gzeromedia.com/news/analysis/japans-leadership-race-gender-milestone-or-generational-reset)
describes former Economic Security Minister Sanae Takaichi’s platform as she campaigns to rule the Liberal Democratic Party:
_Her “Japan First” policies include_ [**_reviewing_**](https://www.bloomberg.com/news/articles/2025-09-28/japan-s-ldp-contender-takaichi-hints-at-review-of-us-trade-deal)
_the US-Japan trade deal, cracking down on_ [**_badly-behaving tourists_**](https://www.japantimes.co.jp/news/2025/09/26/japan/politics/foreigners-policy-ldp-election/)
_, and curbing immigration._
If German and Japanese capital will not finance others any longer, why is this an acute problem for France? The French government and the banks require foreign funding. 59% of French OAT government bonds with maturity over one year are owned by foreigners. 70% of French long-term bank debt is owned by foreigners. And the biggest two foreign country holders of said debt eat sauerkraut and sushi.
Given the dire state of France’s finances, are the domestic politicians willing to curb spending? Non.
One reason Macron’s presidency is terminally ill is that the ECB opposes the increased government spending desired by the domestic politicians. Macron cannot pass a budget; two prime ministers failed to pass a budget this year. Over in Frankfurt, the crocodile ex-con countess refuses to support France’s bond market with printed euros without massive politically unfeasible budget cuts. In the end, domestic politics on both the left and right are determined that the French state should spend more rather than less money. And they will succeed if it results in Macron resigning early, then so be it.
The French budget deficit will continue to grow, but there are no willing foreigners with checkbooks large enough to finance it. And this brings us to the next section of this essay, where I shall ideate on ways in which capital controls can ameliorate the situation.
**L’État C’est Moi**
When faced with the intractable problem of who shall pay, politicians always start with foreigners. The Communist Party (New National Front) leader Jean-Luc Melenchon had this to say about foreign debt holders earlier this year:
_Do not provoke a crisis by spreading an atmosphere of panic around France. The 3000 billion in debt is not ours. It belongs to foreign investors at 60%. Let them be cautious with the French. If they amuse themselves by trying to bankrupt France, they will pay the bill._
If you are a French government, bank, or corporate bondholder, and you say to yourself, “He’s a communist, and France is capitalist, so I have nothing to worry about.” That is the wrong answer. There is no such thing as private property when the state faces bankruptcy. Foreigners are always the first to be relieved of their capital. Therefore, I can confidently say that if you are a foreign owner of French bonds and equities, the best time to sell was yesterday and the next best is today. There is no reason to fuck around and find out if the French would rather work longer, retire later, and pay higher taxes to preserve your capital. If Macron’s raising of the retirement age by two years triggered nationwide protests in 2023 (remember the “Gillet Jaune”?) no politician will win an election advocating for austerity at this juncture. France is burning right now as protesters express their frustration at the possibility of less government spending.
Let’s first concentrate on the effect on the euro financial system if foreign holders of French assets get fucked. Remember that the fugazi financial system is a fractionalized one. What is one entity’s asset is another’s liability. And a thin veneer of equity supports all assets. Therefore, if French assets that were counted as capital at various EU financial institutions evaporate, insolvency follows.
Here are some sobering statistics about intra-EU French liabilities; let’s assume that foreigners hold 50% of this debt:
\- 25% of EU-issued securities are French, 12.5% EU non-French owned
\- 27% of EU bank debt issued is French, 13.5% EU non-French owned
\- 39% of EU non-financial debt is French, 19.5% EU non-French owned
If we assume banks hold a mix of these assets as collateral for loans, then the average percentage is 15.17%.
Press enter or click to view image in full size
If these assets get wiped out, the EU banking system is approaching insolvency on an unlevered basis. To save the EU banking system, the ECB would print EUR 5.02 trillion.
What happens when there is a whiff of systemic banking stress? The central bank in charge prints the fiat needed to keep the banking system solvent on a nominal basis. In the US, the Fed did it in 2008; in Europe, the ECB under Super Mario Draghi did it in 2012. And crocodile ex-con countess Lagarde will do it before the end of the decade.
We know the ECB will respond to French foreign bondholder appropriation by printing EUR 5.02 trillion euros to save the banking system. That is just the starting number; once you pop, you just can’t stop. The ECB, liberated from its faux austerity regarding QE and various forms of money printing, will keep going as contagion spreads throughout the EU. Which other highly indebted countries will default on foreign debt holders? I don’t know, but investors will be scared shitless and sell anything they can to get capital out of the euro.
What about non-EU foreign holders of French debt? What will they do? In the EU, the largest holder of French debt is Germany. Outside the EU, it’s Japan. The relevant question is, will the BOJ allow the financial institutions it oversees and the government itself to accept massive losses on French debt securities? Of course not. To Japanese financial institutions, losses on French assets would not be fatal but embarrassing. It’s estimated that Japan Inc. holds $200 billion worth of French financial assets, which gives us a starting point for yen printed to plug a hole.
Finally, the Fed could use the contagion risk radiating from a collapse of the euro as an excuse to accelerate its money-printing efforts.
**Domestic French Capital Controls**
Politicians’ theft never stops with just foreign capital because financial crises never just stop after whacking the first mole. The euro is an almost thirty-year-old ghoul. The unwind won’t be over just because the foreigners got their comeuppance. It’s time for French savers to become patriots as the state steals their capital.
French savers will rightly worry that their euro assets within the banking system and euro-denominated French equities will get re-denominated into a much weaker franc. The only option for the politicians to make good on their societal spending programs is to leave the euro and readopt the franc. Even though the French state is broke, the country is still intrinsically wealthy. France is a global tourist destination, possesses abundant fertile farmland, and low-cost nuclear energy powers the country. A limited period of autarky would not be disastrous for the French real economy. However, those locals who hold euro-denominated French assets would experience instant deflation because of re-denomination of said assets into a much weaker franc.
A much weaker franc would boost tourism, supercharge exports especially against more expensive German ones, and it would allow France to regain its sovereignty over its money supply. Both the left and the right bristle at following edicts from Frankfurt and Brussels. That is why the ECB and EU council are dead-set on preventing any “extremist” left or right leaning French politician from taking over. But the people want to be free, and shall be in short order.
French capital recognizes this is the likely endgame that is not far off. That is why the TARGET deficit is accelerating. Those with two eyes and a modicum of common sense are getting the fuck out.
Locals who still hold French financial assets still have time to get out because of the fractured political climate. There are no domestic capital controls yet. But when they come, you cannot withdraw much in the way of physical euro cash, or wire euros outside of the French banking system, or escape by buying Bitcoin and gold. Therefore, as the growth TARGET deficit of France accelerates, Bitcoin will benefit.
How much capital will leave the French banking system?
[**As of July 2025**](https://www.banque-france.fr/en/statistics/money/money-and-financing-economy-2025-03)
, domestic French banking deposits totaled EUR 2.6 tn.
Most global banking regulators do not appreciate how digital banking speeds up the transmission of a bank run. Therefore, a significant amount of the capital could leave quickly before the French banking regulators and or the ECB react and restrict movement of capital out of the French or European banking system. Putting a finger in the air, I estimate that 25% of this capital could leave within a few days before the imposition of capital controls. This amounts to EUR 650 bn.
What is the size of domestic holdings of French financial assets that could fly out of France?
_Total value of French equities: $3.45 trillion_
_Total value of the French government bond market: $3.25 trillion_
Selling these assets quickly in size is tough because who will buy them? The Germans and Japanese are no longer there bidding up the market. Non-froggies will steer clear of the French capital markets for fear of expropriation. Therefore, using the same finger in the air estimation that 25% of holders could sell and leave equates to $1.68 trillion of capital flight. $1.15 trillion could escape quickly using the current EURUSD exchange rate and adjusted by the 53% foreign ownership. Of course, this is a shitty estimate. I use this mental exercise to point out that hundreds of billions if not trillions of dollars could quickly leave France and find a home in Bitcoin and gold if domestic capital gets spooked.
Once the French capital controls become a reality, the virus will spread to the rest of the Eurozone.
**Euro Contagion**
If Germany and France effectively say “fuck you” to the imbeciles in Frankfurt and Brussels, why should any other euro member do what they say? Domestic politicians across Europe are populist despite the best efforts of the establishment to crush the will of the people. The plebes want the money to be printed to make their lives better, not the lives of foreign capital holders. There will be nothing stopping any euro member from running up deficits over 3% of GDP, which the Maastricht Treaty forbids.
The question then becomes, does Germany want to retain the common euro currency or not? If it does, then most of the euro members will stay so they can piggyback off of the German Bundesbank’s stellar reputation. If Germany leaves the euro, then everyone else will too. Why would a domestic politician tie their country’s future to a bunch of other middling countries with shaky finances? A euro without Germany is weaker than one that includes it, which helps exports, but foreign investors would charge much higher interest rates to finance a non-German euro. Given that most European countries currently want to run deficits for a generous welfare state and to increase defense spending to fight big bad Russia, I believe they would rather stick with Germany to access cheaper foreign capital.
Regardless of what happens, there will be a period of intense uncertainty. Investors who hold euro-denominated stocks and bonds dislike this type of uncertainty. They will dump these assets indiscriminately. This euro risk-off event will bring the EU banking system to the brink of insolvency again. And again, to save the system, the ECB will print euros. These euros effectively pump Bitcoin and gold as the only two hard assets any investor with a single neuron would purchase in this situation. I guess the next best thing after Bitcoin and gold are US equities, which is a hard thing for me to say. Shortly after the ECB smashes the Brrrr button, they will impose EU-wide capital controls because they cannot allow capital to leave.
I can’t put a number on the amount of capital that will flee Europe into hard assets and the US stock market. If you believe this sequence of events is even a remote possibility, you must sell all euro-denominated assets and remove your capital from the EU banking system. What do you have to lose? Let’s look at the performance of the EU stock and bond market post-COVID to understand the opportunity cost of protecting your capital early. Remember, they who sell first, sell best.
The EuroStoxx 50 Index (white) underperformed the MSCI World Index (yellow) from 2021 to the present.
Over the same time frame, The Bloomberg EuroAgg Bond Index (white) and the EuroStoxx 50 Index (yellow) underperformed Bitcoin (magenta) and gold (green) in euro terms.
As you can see, EU stocks and bonds underperformed all major assets. In the future, the financial situation will only deteriorate further as Europe scores successive own-goals. How can you invest in an economic zone that actively purchases expensive American natural gas transported via ship rather than cheaper Russian gas transported directly via pipeline? Just get the fuck out.
**Why Doesn’t the ECB Print?**
None of this analysis is groundbreaking. Even the paper-pushing pillocks at the ECB know that France’s finances are figgity fucked in a world where German and Japanese capital is absent. If the euro is the sacred cow, why isn’t the ECB doing “whatever it takes” in former ECB emperor Super Mario Draghi’s words, to prevent a dissolution? The ECB should restart QE using its array of alphabet letter soup programs.
While the ECB’s goal is maximum euro, its maximum euro as long as they are in control. The ECB wants all of its member country subjects to do what they are told. They are told that yearly government deficits should not exceed 3% of GDP. They are told that domestic politicians and political parties are unacceptable if they espouse views of national sovereignty. In France’s case, the ECB opposes any party like Marine Le Pen’s very popular National Front that wishes to enact France-first policies. You might hate Le Pen or more likely, her father because they dine on Billie Holiday’s “Strange Fruits” of the Algerian flavor, but she believes in democracy more than Lagarde. And that’s a problem for Lagarde because the French public wants the government to print and spend money for the benefit of France, not unelected bureaucrats in Frankfurt and Brussels. And therefore, because the ECB’s teacher-fucker pet has lost control of the French Parliament, the ECB will exert control by withholding freshly printed euros.
In the ECB and EU council Soviet think, if France runs greater than 3% deficits to fund populist policies that benefit France domestically, what’s stopping all the other wayward European children from doing the same? Austerity and the associated costs to the populations must be enforced such that Europe™ survives. The lack of action by the ECB euro money printer scares French capital into leaving the clutches of domestic French banking regulators by moving deposits to other euro member countries.
The ECB is so focused on control of Europe™ that it’s cutting off its nose to spite its face. The ECB should telegraph to the market that it will save France and any other nation whose “free” bond market refuses to fund the government at affordable rates. Why? Because the euro needs to weaken dramatically against the dollar. As you can probably tell if you study contemporary history, the US is keen to maintain Europe as its vassal state, and various elite US politicians take a dim view of their wannabe Soviet EU Judeo-Christian cousins. Buffalo Bill Bessent plans to continue this policy by destroying Europe’s competitiveness with a strong euro vs. the dollar.
To grow US exports at the expense of mostly German and other EU countries’ exports, Bessent must weaken the dollar versus the euro dramatically. Continuing to run massive deficits, proclaiming an industrial policy and the associated explosion of bank credit generation, teasing a gold revelation, browbeating the Fed to cut rates when by all objective measures the US economy is strong to very strong, etc. are all policies which will ceteris paribus weaken the dollar vs. most other fiat currencies including the euro. While Bessent is busy trashing the dollar to supercharge Pax Americana’s manufacturing resurgence, Lagarde is busy running too tight of a monetary policy in order to discipline democratically elected politicians of member countries who want to spend money on populist policies. This is why the euro appreciated 12% vs. the dollar since Trump ascended the throne.
**Bitcoin Doesn’t Care**
Either the ECB presses the Brrr button now and implicitly finances the French welfare state, or it does it later when French capital controls threaten to destroy the euro. Either way, money gets printed in the trillions of euros. Bitcoin doesn’t care and will continue its inexorable rise versus the piece of trash that is the euro.
One thing we can be sure of is that EU banking regulators will attempt to close the exits regardless of which path the ECB takes. If you are a Euro-poor-ean with capital within the euro banking system, the freedom with which you can spirit your capital away into the loving arms of the one true Lord Satoshi will wane rather than wax. The slow-motion collapse of the French state is the signal that it’s time to sell euros and buy Bitcoin. If you read too much mainstream financial press and believe Bitcoin is a scam, sell euros, buy Bitcoin, and then use that Bitcoin to buy another hard asset outside of the EU. Bitcoin is the best way to preserve options on what to do with your precious capital is that it is a digital bearer asset. In a few minutes, you can convert your euro bank balance into Bitcoin using a spot exchange on the continent. And voila, you are no longer Lagarde’s bitch.
If you are not a denizen of Europe™ do not buy European financial assets under any circumstances. Instead, buy some Bitcoin, sit back and watch your sick gainz as printed euros contribute to the bull market in growth of the fiat money supply. If you want to know when the cracks in the euro will emerge, watch the trajectory of France’s TARGET deficit. Maybe, just maybe, you can flaunt your riches at next year’s Bastille Day jamboree. You too can light capital on fire by purchasing a [**Nebuchadnezzar**](https://www.premierchampagne.com/products/armand-de-brignac-brut-rose-15l-nebuchadnezzar-ace-of-spades.html)
of bubbly water and fist pump to Rufus in the middle of the afternoon.
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[\[1\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---author_recirc--9eb355974421----1---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref1)
NCB stands for National Central Bank e.g. Bundesbank.
[\[2\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---author_recirc--9eb355974421----1---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref2)
Thank you, Russell Napier, for this definition.
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# Bastille Day. Would the brave souls chanting… | by Arthur Hayes | Oct, 2025 | Medium
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Bastille Day
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Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be proud to be led by a coke-up teacher fucker? Are they pleased that a crocodilian ex-con countess slithering in Frankfurt controls their monetary policy? Probably not.
As I donned my Panama hat and stunner shades while two-stepping to Rufus in St. Tropez this past Bastille Day, I briefly chuckled to myself at the irony of the fact that Bastille Day followed American independence. The broke French royalty further exacerbated the perilous state of the monarchy’s finances by supporting the tax-dodging slavers who were leading their own revolution against the English King George. Fast forward a few years, and the idea that white male property owners should follow their own and not royal edicts combined with popular discontent at the broken nature of the state boomeranged back across the Atlantic and caused the head fall of Louis XVI.
It is ironic that a change in the American foreign and monetary policy will be one trigger that forces France to, in all but name, leave the euro. The euro is many things. A common currency of the unholy Roman Empire. An abomination created by those who wish to stifle local culture and the will of the people. An absolute stinking piece of shit. I write this essay with glee, for I cannot wait until Euro-poor-eans liberate themselves from its clutches and regain self-determination.
It is a bold thing to predict the end of the euro. Many commentators fell prey to false predictions of a collapse during the euro banking crisis of 2011 to 2012. But the smaller southern European nations were never large enough to break apart this devilish currency union if Germany and France, the two countries which underwrite the euro, were on board with printing the money necessary to forestall its dissolution via the European Central Bank (ECB).
This time around, Germany and France are pulling in opposite directions. And French savers know what’s up. They, not my cursory knowledge of American, European, and economic history, inform me that France will soft or possibly hard default on its obligations to the euro currency project. Behold this beautiful chart and listen to the people speak:
This is a chart of the change in TARGET balances of NCBs at the ECB from January 2020 to the present.[\[1\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---read_next_recirc--9eb355974421----1---------------------2cd0d9e7_48e0_4783_a6f5_128e868fc25c--------------#_ftn1)
If you are not familiar with the TARGET system, shame on you. Here is a brief explanation from Perplexity:
● TARGET balances appear as net claims or liabilities on the balance sheets of NCBs vis-à-vis the ECB.
● A positive TARGET balance means an NCB has a net claim on the ECB, showing that more funds have flowed into its banking system than have left.
● A negative TARGET balance indicates a net liability, meaning more funds have left the country than entered, often because of payment outflows or capital flight.
● Every day, individual NCB bilateral balances are netted out to show only a single net position vis-à-vis the ECB, not with every other NCB. By design, the sum of all claims and liabilities across the Euro system (all NCBs plus the ECB) always equals zero.
The simple way to think about TARGET is that euro savers are confident their money is safe in countries that have a positive balance, and not safe in countries with a negative balance. The relevant thought experiment is to imagine if a particular country left the euro. Would their new national currency appreciate or depreciate versus the euro, and more importantly, in which country’s banking system would you feel safe leaving your funds?
Germany almost always has a positive TARGET balance because it is the largest and strongest economy in the euro. Also, the Bundesbank possesses the most inflation-fighting credibility of any European NCB. Therefore, folks with German bank euro deposits aren’t worried if Germany left the euro because the Deutsche Mark would appreciate vs. the rump euro.
But what about the country that represents that bold white line? How can we describe it? This is a country that as recently as early 2021 ran a TARGET surplus. A country with the second-largest economy in the euro. A country whose politicians have spread far and wide throughout the various unelected but supremely powerful centralized bureaucracies that de facto run Europe. This country is France. And French savers increasingly do not believe that their euros are safe within the French banking system. Therefore, they find greener pastures in places like Germany and Luxembourg.
Smart local capital tells us that something is seriously amiss. That is why France has the largest TARGET deficit of any country in the euro. If the second-largest economy in the euro with the largest debt load is experiencing a bank walk, it doesn’t bode well for the future of the common currency. The problem is that France is too big to fail, but too big to bail out as well. And this is where it becomes interesting for Satoshi’s faithful. What will the policy response be from the French politicians, the ECB, and foreign monetary authorities to the quickly deteriorating French finances?
This essay will focus on why France is fucked. Why a change in US monetary and foreign policy means German and Japanese capital can no longer finance the generous French welfare state. The variety of ways France can steal capital from domestic and foreign savers. And finally, what the policy options are for the ECB. The TLDR is that many folks will wake up one morning and understand that money in the bank is not yours and then fully comprehend why Bitcoin is so necessary. The ECB will valiantly print money to forestall the loss of its raison d’être. It shall be a glorious day for the faithful as printed euros will combine with printed dollars, yuan, yen, etc to bid up the price of Bitcoin.
**Geographic Irony**
The sometimes stated but mostly unstated goal of US foreign policy is to prevent integration of the Eurasian world-island. At all costs, Russia, China, and Iran cannot cooperate. These foreign policy goals lead to ironic outcomes, especially when one considers the current financial state of the two major losers of WW2.
Lay out a map of the world and look at the positioning of Germany and Japan. Between them are Pax Americana’s three main strategic rivals or enemies depending on how much Made-in-USA NeoCon cyanide consumed. Post WW2, the last thing the US political elite was going to allow was for those dirty pinko commies to change the social structure of Germany and Japan and align with Moscow. For in truth, the German and Japanese cultures produced very industrious societies. Unfortunately, this productivity made war just like every other major nation state. They just lost, so history thinks poorly of them.
The US tolerated ex-Nazis and Japanese imperialists keeping their social, political, and economic standing if only to prevent the will of the people from trying a different form of government. That meant that the German and Japanese economies must grow to prove communism was ideologically bogus and serve as the front line in containment of Soviet Russia. The easiest way to grow was to allow them to piggyback on the American economic rocket ship. America loaned capital and goods to both nations so that they could rebuild their industries and export their cheaper finished goods back to America. However, America also allowed Germany and Japan to put up stiff trade barriers to keep out stronger American companies. These trade policies, more than anything else, are the genesis of the current American trade deficit and financial capital surplus.
Another interesting fact is that even to this day, of American troops stationed in foreign countries, Japan and Germany rank number one and two, accounting for 50% of the total. That gives a new meaning to Fuck Around and Find Out if you think devilish communist thoughts.
The policy worked, and four generations on, German and Japanese elite politicians are toadies of the US. Can you believe conservative Japan even followed the US into the nihilist abyss, allowing chicks with dicks into workplace bathrooms previously only reserved for humans born with a uterus. While there is noise complaining about aggressive, ugly American foreign policy, German and Japanese politicians always do what they are told on the issues that matter. The financial result is that Germany and Japan are the richest countries in the world as measured by the net portfolio balance (NPB). To calculate NPB, subtract foreign ownership of local portfolio assets from the total ownership of foreign portfolio assets of a country but excluding its official foreign exchange reserves.[\[2\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---read_next_recirc--9eb355974421----1---------------------2cd0d9e7_48e0_4783_a6f5_128e868fc25c--------------#_ftn2)
**_Germany NPB = $4,968bn_**
**_Japan NPB = $4,446bn_**
The US runs the largest NPB deficit at 58% of GDP. Guess who the number deux is? They eat baguettes, wear berets, and produce some excellent pinots … Zeeee French. Frances’ NPB deficit is 38% of GDP and is the world’s second largest. However, one of these two is not like the other. The US has the global reserve currency, the largest consumer market in the world, and is one of the three major military superpowers alongside Russia and China. France is none of those things yet has racked up a massive bill financed by the Germans and the Japanese. It’s interesting that yet again after almost two centuries of blood, sweat, white flags, and tears, France is owned by the Germans.
After eighty years, the imbalances in this system will cause severe change. The Pax Americana elite finally bankrupted their empire, and in order to rebuild strength, they must look inward. That is what America-first is all about. The plebes are restless that, for all the economic excellence of America over the last eighty years, their lives relative to their parents are less prosperous. The elite outsourced their jobs to China to dampen inflation and boost corporate profits and in the process created an America that can’t win a proxy war in Ukraine against Russia, and can’t allow its attack dog Israel to bomb Muslims with impunity in Iran because of a shortage of defensive missiles. What a shame! What kind of Christians are they if they can’t successfully win a Crusade…
If America is finally going to put up its trade barriers and use its domestic finance to rebuild its domestic industrial capacity, then Germany and Japan can’t continue their mercantilist policies. They themselves must repatriate that foreign capital and retool their economies to focus on their domestic market to compete with China as well. This is a big issue for the US, and I have written about how the US monetary authorities will replace foreign capital flows with printed money. But what about the European Union (EU)? The problem for the EU is France because its largest creditors, Germany and Japan, must repatriate their capital.
Germany and Japan got the memo, and their political leaders will repatriate their country’s assets to spur local industries. Here are some selected quotes from the leaders of Germany and Japan.
Christian Sewing, CEO of Deutsche Bank, said this about “Made in Germany”:
_61 leading companies and investors have come together across industries to launch the initiative “Made for Germany”, aimed at shaping a future-proof German economy. Against the backdrop of geopolitical and economic challenges, “Made for Germany” initiates a new era of strengthened dialogue for constructive exchange between business and government, aiming to sustainably enhance Germany’s investment climate._
[**GZero**](https://www.gzeromedia.com/news/analysis/japans-leadership-race-gender-milestone-or-generational-reset)
describes former Economic Security Minister Sanae Takaichi’s platform as she campaigns to rule the Liberal Democratic Party:
_Her “Japan First” policies include_ [**_reviewing_**](https://www.bloomberg.com/news/articles/2025-09-28/japan-s-ldp-contender-takaichi-hints-at-review-of-us-trade-deal)
_the US-Japan trade deal, cracking down on_ [**_badly-behaving tourists_**](https://www.japantimes.co.jp/news/2025/09/26/japan/politics/foreigners-policy-ldp-election/)
_, and curbing immigration._
If German and Japanese capital will not finance others any longer, why is this an acute problem for France? The French government and the banks require foreign funding. 59% of French OAT government bonds with maturity over one year are owned by foreigners. 70% of French long-term bank debt is owned by foreigners. And the biggest two foreign country holders of said debt eat sauerkraut and sushi.
Given the dire state of France’s finances, are the domestic politicians willing to curb spending? Non.
One reason Macron’s presidency is terminally ill is that the ECB opposes the increased government spending desired by the domestic politicians. Macron cannot pass a budget; two prime ministers failed to pass a budget this year. Over in Frankfurt, the crocodile ex-con countess refuses to support France’s bond market with printed euros without massive politically unfeasible budget cuts. In the end, domestic politics on both the left and right are determined that the French state should spend more rather than less money. And they will succeed if it results in Macron resigning early, then so be it.
The French budget deficit will continue to grow, but there are no willing foreigners with checkbooks large enough to finance it. And this brings us to the next section of this essay, where I shall ideate on ways in which capital controls can ameliorate the situation.
**L’État C’est Moi**
When faced with the intractable problem of who shall pay, politicians always start with foreigners. The Communist Party (New National Front) leader Jean-Luc Melenchon had this to say about foreign debt holders earlier this year:
_Do not provoke a crisis by spreading an atmosphere of panic around France. The 3000 billion in debt is not ours. It belongs to foreign investors at 60%. Let them be cautious with the French. If they amuse themselves by trying to bankrupt France, they will pay the bill._
If you are a French government, bank, or corporate bondholder, and you say to yourself, “He’s a communist, and France is capitalist, so I have nothing to worry about.” That is the wrong answer. There is no such thing as private property when the state faces bankruptcy. Foreigners are always the first to be relieved of their capital. Therefore, I can confidently say that if you are a foreign owner of French bonds and equities, the best time to sell was yesterday and the next best is today. There is no reason to fuck around and find out if the French would rather work longer, retire later, and pay higher taxes to preserve your capital. If Macron’s raising of the retirement age by two years triggered nationwide protests in 2023 (remember the “Gillet Jaune”?) no politician will win an election advocating for austerity at this juncture. France is burning right now as protesters express their frustration at the possibility of less government spending.
Let’s first concentrate on the effect on the euro financial system if foreign holders of French assets get fucked. Remember that the fugazi financial system is a fractionalized one. What is one entity’s asset is another’s liability. And a thin veneer of equity supports all assets. Therefore, if French assets that were counted as capital at various EU financial institutions evaporate, insolvency follows.
Here are some sobering statistics about intra-EU French liabilities; let’s assume that foreigners hold 50% of this debt:
\- 25% of EU-issued securities are French, 12.5% EU non-French owned
\- 27% of EU bank debt issued is French, 13.5% EU non-French owned
\- 39% of EU non-financial debt is French, 19.5% EU non-French owned
If we assume banks hold a mix of these assets as collateral for loans, then the average percentage is 15.17%.
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If these assets get wiped out, the EU banking system is approaching insolvency on an unlevered basis. To save the EU banking system, the ECB would print EUR 5.02 trillion.
What happens when there is a whiff of systemic banking stress? The central bank in charge prints the fiat needed to keep the banking system solvent on a nominal basis. In the US, the Fed did it in 2008; in Europe, the ECB under Super Mario Draghi did it in 2012. And crocodile ex-con countess Lagarde will do it before the end of the decade.
We know the ECB will respond to French foreign bondholder appropriation by printing EUR 5.02 trillion euros to save the banking system. That is just the starting number; once you pop, you just can’t stop. The ECB, liberated from its faux austerity regarding QE and various forms of money printing, will keep going as contagion spreads throughout the EU. Which other highly indebted countries will default on foreign debt holders? I don’t know, but investors will be scared shitless and sell anything they can to get capital out of the euro.
What about non-EU foreign holders of French debt? What will they do? In the EU, the largest holder of French debt is Germany. Outside the EU, it’s Japan. The relevant question is, will the BOJ allow the financial institutions it oversees and the government itself to accept massive losses on French debt securities? Of course not. To Japanese financial institutions, losses on French assets would not be fatal but embarrassing. It’s estimated that Japan Inc. holds $200 billion worth of French financial assets, which gives us a starting point for yen printed to plug a hole.
Finally, the Fed could use the contagion risk radiating from a collapse of the euro as an excuse to accelerate its money-printing efforts.
**Domestic French Capital Controls**
Politicians’ theft never stops with just foreign capital because financial crises never just stop after whacking the first mole. The euro is an almost thirty-year-old ghoul. The unwind won’t be over just because the foreigners got their comeuppance. It’s time for French savers to become patriots as the state steals their capital.
French savers will rightly worry that their euro assets within the banking system and euro-denominated French equities will get re-denominated into a much weaker franc. The only option for the politicians to make good on their societal spending programs is to leave the euro and readopt the franc. Even though the French state is broke, the country is still intrinsically wealthy. France is a global tourist destination, possesses abundant fertile farmland, and low-cost nuclear energy powers the country. A limited period of autarky would not be disastrous for the French real economy. However, those locals who hold euro-denominated French assets would experience instant deflation because of re-denomination of said assets into a much weaker franc.
A much weaker franc would boost tourism, supercharge exports especially against more expensive German ones, and it would allow France to regain its sovereignty over its money supply. Both the left and the right bristle at following edicts from Frankfurt and Brussels. That is why the ECB and EU council are dead-set on preventing any “extremist” left or right leaning French politician from taking over. But the people want to be free, and shall be in short order.
French capital recognizes this is the likely endgame that is not far off. That is why the TARGET deficit is accelerating. Those with two eyes and a modicum of common sense are getting the fuck out.
Locals who still hold French financial assets still have time to get out because of the fractured political climate. There are no domestic capital controls yet. But when they come, you cannot withdraw much in the way of physical euro cash, or wire euros outside of the French banking system, or escape by buying Bitcoin and gold. Therefore, as the growth TARGET deficit of France accelerates, Bitcoin will benefit.
How much capital will leave the French banking system?
[**As of July 2025**](https://www.banque-france.fr/en/statistics/money/money-and-financing-economy-2025-03)
, domestic French banking deposits totaled EUR 2.6 tn.
Most global banking regulators do not appreciate how digital banking speeds up the transmission of a bank run. Therefore, a significant amount of the capital could leave quickly before the French banking regulators and or the ECB react and restrict movement of capital out of the French or European banking system. Putting a finger in the air, I estimate that 25% of this capital could leave within a few days before the imposition of capital controls. This amounts to EUR 650 bn.
What is the size of domestic holdings of French financial assets that could fly out of France?
_Total value of French equities: $3.45 trillion_
_Total value of the French government bond market: $3.25 trillion_
Selling these assets quickly in size is tough because who will buy them? The Germans and Japanese are no longer there bidding up the market. Non-froggies will steer clear of the French capital markets for fear of expropriation. Therefore, using the same finger in the air estimation that 25% of holders could sell and leave equates to $1.68 trillion of capital flight. $1.15 trillion could escape quickly using the current EURUSD exchange rate and adjusted by the 53% foreign ownership. Of course, this is a shitty estimate. I use this mental exercise to point out that hundreds of billions if not trillions of dollars could quickly leave France and find a home in Bitcoin and gold if domestic capital gets spooked.
Once the French capital controls become a reality, the virus will spread to the rest of the Eurozone.
**Euro Contagion**
If Germany and France effectively say “fuck you” to the imbeciles in Frankfurt and Brussels, why should any other euro member do what they say? Domestic politicians across Europe are populist despite the best efforts of the establishment to crush the will of the people. The plebes want the money to be printed to make their lives better, not the lives of foreign capital holders. There will be nothing stopping any euro member from running up deficits over 3% of GDP, which the Maastricht Treaty forbids.
The question then becomes, does Germany want to retain the common euro currency or not? If it does, then most of the euro members will stay so they can piggyback off of the German Bundesbank’s stellar reputation. If Germany leaves the euro, then everyone else will too. Why would a domestic politician tie their country’s future to a bunch of other middling countries with shaky finances? A euro without Germany is weaker than one that includes it, which helps exports, but foreign investors would charge much higher interest rates to finance a non-German euro. Given that most European countries currently want to run deficits for a generous welfare state and to increase defense spending to fight big bad Russia, I believe they would rather stick with Germany to access cheaper foreign capital.
Regardless of what happens, there will be a period of intense uncertainty. Investors who hold euro-denominated stocks and bonds dislike this type of uncertainty. They will dump these assets indiscriminately. This euro risk-off event will bring the EU banking system to the brink of insolvency again. And again, to save the system, the ECB will print euros. These euros effectively pump Bitcoin and gold as the only two hard assets any investor with a single neuron would purchase in this situation. I guess the next best thing after Bitcoin and gold are US equities, which is a hard thing for me to say. Shortly after the ECB smashes the Brrrr button, they will impose EU-wide capital controls because they cannot allow capital to leave.
I can’t put a number on the amount of capital that will flee Europe into hard assets and the US stock market. If you believe this sequence of events is even a remote possibility, you must sell all euro-denominated assets and remove your capital from the EU banking system. What do you have to lose? Let’s look at the performance of the EU stock and bond market post-COVID to understand the opportunity cost of protecting your capital early. Remember, they who sell first, sell best.
The EuroStoxx 50 Index (white) underperformed the MSCI World Index (yellow) from 2021 to the present.
Over the same time frame, The Bloomberg EuroAgg Bond Index (white) and the EuroStoxx 50 Index (yellow) underperformed Bitcoin (magenta) and gold (green) in euro terms.
As you can see, EU stocks and bonds underperformed all major assets. In the future, the financial situation will only deteriorate further as Europe scores successive own-goals. How can you invest in an economic zone that actively purchases expensive American natural gas transported via ship rather than cheaper Russian gas transported directly via pipeline? Just get the fuck out.
**Why Doesn’t the ECB Print?**
None of this analysis is groundbreaking. Even the paper-pushing pillocks at the ECB know that France’s finances are figgity fucked in a world where German and Japanese capital is absent. If the euro is the sacred cow, why isn’t the ECB doing “whatever it takes” in former ECB emperor Super Mario Draghi’s words, to prevent a dissolution? The ECB should restart QE using its array of alphabet letter soup programs.
While the ECB’s goal is maximum euro, its maximum euro as long as they are in control. The ECB wants all of its member country subjects to do what they are told. They are told that yearly government deficits should not exceed 3% of GDP. They are told that domestic politicians and political parties are unacceptable if they espouse views of national sovereignty. In France’s case, the ECB opposes any party like Marine Le Pen’s very popular National Front that wishes to enact France-first policies. You might hate Le Pen or more likely, her father because they dine on Billie Holiday’s “Strange Fruits” of the Algerian flavor, but she believes in democracy more than Lagarde. And that’s a problem for Lagarde because the French public wants the government to print and spend money for the benefit of France, not unelected bureaucrats in Frankfurt and Brussels. And therefore, because the ECB’s teacher-fucker pet has lost control of the French Parliament, the ECB will exert control by withholding freshly printed euros.
In the ECB and EU council Soviet think, if France runs greater than 3% deficits to fund populist policies that benefit France domestically, what’s stopping all the other wayward European children from doing the same? Austerity and the associated costs to the populations must be enforced such that Europe™ survives. The lack of action by the ECB euro money printer scares French capital into leaving the clutches of domestic French banking regulators by moving deposits to other euro member countries.
The ECB is so focused on control of Europe™ that it’s cutting off its nose to spite its face. The ECB should telegraph to the market that it will save France and any other nation whose “free” bond market refuses to fund the government at affordable rates. Why? Because the euro needs to weaken dramatically against the dollar. As you can probably tell if you study contemporary history, the US is keen to maintain Europe as its vassal state, and various elite US politicians take a dim view of their wannabe Soviet EU Judeo-Christian cousins. Buffalo Bill Bessent plans to continue this policy by destroying Europe’s competitiveness with a strong euro vs. the dollar.
To grow US exports at the expense of mostly German and other EU countries’ exports, Bessent must weaken the dollar versus the euro dramatically. Continuing to run massive deficits, proclaiming an industrial policy and the associated explosion of bank credit generation, teasing a gold revelation, browbeating the Fed to cut rates when by all objective measures the US economy is strong to very strong, etc. are all policies which will ceteris paribus weaken the dollar vs. most other fiat currencies including the euro. While Bessent is busy trashing the dollar to supercharge Pax Americana’s manufacturing resurgence, Lagarde is busy running too tight of a monetary policy in order to discipline democratically elected politicians of member countries who want to spend money on populist policies. This is why the euro appreciated 12% vs. the dollar since Trump ascended the throne.
**Bitcoin Doesn’t Care**
Either the ECB presses the Brrr button now and implicitly finances the French welfare state, or it does it later when French capital controls threaten to destroy the euro. Either way, money gets printed in the trillions of euros. Bitcoin doesn’t care and will continue its inexorable rise versus the piece of trash that is the euro.
One thing we can be sure of is that EU banking regulators will attempt to close the exits regardless of which path the ECB takes. If you are a Euro-poor-ean with capital within the euro banking system, the freedom with which you can spirit your capital away into the loving arms of the one true Lord Satoshi will wane rather than wax. The slow-motion collapse of the French state is the signal that it’s time to sell euros and buy Bitcoin. If you read too much mainstream financial press and believe Bitcoin is a scam, sell euros, buy Bitcoin, and then use that Bitcoin to buy another hard asset outside of the EU. Bitcoin is the best way to preserve options on what to do with your precious capital is that it is a digital bearer asset. In a few minutes, you can convert your euro bank balance into Bitcoin using a spot exchange on the continent. And voila, you are no longer Lagarde’s bitch.
If you are not a denizen of Europe™ do not buy European financial assets under any circumstances. Instead, buy some Bitcoin, sit back and watch your sick gainz as printed euros contribute to the bull market in growth of the fiat money supply. If you want to know when the cracks in the euro will emerge, watch the trajectory of France’s TARGET deficit. Maybe, just maybe, you can flaunt your riches at next year’s Bastille Day jamboree. You too can light capital on fire by purchasing a [**Nebuchadnezzar**](https://www.premierchampagne.com/products/armand-de-brignac-brut-rose-15l-nebuchadnezzar-ace-of-spades.html)
of bubbly water and fist pump to Rufus in the middle of the afternoon.
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[\[1\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---read_next_recirc--9eb355974421----1---------------------2cd0d9e7_48e0_4783_a6f5_128e868fc25c--------------#_ftnref1)
NCB stands for National Central Bank e.g. Bundesbank.
[\[2\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=post_page---read_next_recirc--9eb355974421----1---------------------2cd0d9e7_48e0_4783_a6f5_128e868fc25c--------------#_ftnref2)
Thank you, Russell Napier, for this definition.
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# Four, Seven. Buffalo Bill Bessent’s plan to… | by Arthur Hayes | Sep, 2025 | Medium
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Four, Seven
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Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire into purely a powerful nation state is nothing new. The exigent circumstances of WW2 allowed the Treasury to subsume the Fed from 1942 until 1951. Part of Bessent’s is reshaping the yield curve, aka yield curve control. What did the yield curve look like during that period versus today?
The Fed capped treasury bill (T-bills) yields at 0.675% and 10-year to 25-year bonds at 2.5%.[\[1\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn1)
As you can see, the current yield curve features both higher short-term and long-term rates. However, the key difference is that the yield curve back in the day was much steeper than the current one. Before I discuss the benefits to various sectors of the American economy of a 1951-shaped yield curve, let’s understand how the Fed, using its current tools, could engage in this type of yield curve control (YCC).
Manipulating the yield on T-bills by lowering the interest on banking reserves (IORB) and the rate at which banks borrow from the discount window (DW) allows the Fed to pin short-term yields where it desires. Using the System Open Market Account (SOMA) to print money (e.g. create banking reserves) and purchase bonds from banks, the Fed ensures yields do not exceed the agreed upon cap. This action expands the Fed’s balance sheet. The current Fed toolkit can perfectly achieve a 1951-shaped yield curve. The question this essay will ponder is how politically Trump and Buffalo Bill Bessent will achieve this level of market manipulation.
Before we get into the politics and bureaucratic rules that govern the Fed, I want to touch on the benefits for various sectors of the economy of a 1951-shaped yield curve.
The essence of Buffalo Bill’s plan is to move credit creation and by extension economic growth out of the hands of the Fed and various non-bank financial institutions like private equity firms into the hands of small and medium-sized bank loan officers (I will call these regional banks). In his recent Wall Street Journal op-ed where he lambasted the Fed, he described it in populist terms of elevating Main St. over Wall St. Don’t get too hung up on the fact that entrance into his economic Valhalla requires the use of the undemocratic tools of Fed money printing. Bessent is a two-faced Treasury Secrecy as evidenced by his critique of Bad Gurl Yellen’s policies prior to his ascension and dutiful implementation of the same said policies post-coronation.
For regional banks to create credit profitably, they require a steep yield curve. The chart below shows that while the overall rate of interest was lower during the 1942–1951 period, the yield curve was much steeper and thus it was safer and more profitable to lend to SMEs. SMEs are the lifeblood of the American economy. [**Firms with fewer than 500 FTEs account for roughly 46% of employment**](https://www.kaplancollectionagency.com/business-advice/54-small-business-statistics-for-2025/)
. However, these SMEs cannot get loans when the Fed is the primary issuer of credit, as this printed money flows to large corporations who can access institutional debt capital markets. Also, the yield curve is too flat if not inverted; therefore, it is too risky for regional banks to lend to these types of businesses. My essay “[**Black or White**](https://cryptohayes.substack.com/p/black-or-white)
” talked about this. I called Bessent’s monetary policy QE 4 Poor People.
The banks will now lend to the real industry that can produce the weapons needed for another glorious century of Bombs of Baghdad / Tehran / Gaza / Caracas (yes, an attempt at Venezuelan regime change is going to happen by 2028) etc. fill in your brown or Muslim population center and now the American military can bring forth DemocracyTM … assuming the denizens are still breathing :(.
That fixes the industrial side of the equation. In order to placate the American plebes, who require the ever-expanding welfare state to purchase their allegiance, the government must finance itself more affordably. By fixing the yield on long-term bonds, Bessent can issue infinite amounts of dogshit treasuries that the Fed dutifully buys with printed dollars. The interest expense collapses, as does the federal deficit.
Finally, the value of the dollar relative to other filthy fiat currencies and gold collapses. This allows American industry to export competitively priced goods to Europe first and then the global south in competition with China, Japan, and Germany.
Conceptually, it’s very easy to understand why Bessent wants to take control of the Fed and enact YCC, but the current Fed is not playing along. Therefore, Trump must pack the Fed with his loyalists who will submit to the will of Buffalo Bill lest they get the hose again. Fed Governor Lisa Cook is about to experience the 2025 version of the firehose treatment. If you don’t know what that is, take a gander at the tactics used by the establishment during the civil rights protests in the 1960s.
The Fed has two boards that control the various policies needed for Bessent’s plan to succeed. The Federal Reserve Board of Governors (FBOG) controls the IORB and, by extension, the rate on DW loans. The Federal Reserve Open Market Committee (FOMC) controls the SOMA. How do voting members of each board interact with each other? How are these voting board members chosen? How can Trump legally gain control of both boards quickly. Speed is of the essence because the 2026 midterm elections are a little over one year away, and Trump’s Team Red Republicans will face stiff competition at the ballot box. If Team Red Republicans lose control of the Senate and Trump hasn’t got a voting majority on both boards by November 2026, the Team Blue Democrats will confirm none of his future appointments. These are the questions that this essay shall answer. I must caution that when delving into the purely political sphere, there is a heightened risk of error. Humans do weird and unpredictable things. My goal is to point out a very probable path forward, and highly probable is all that my portfolio requires to remain long as fuck Bitcoin, shitcoins, physical gold bullion, and gold miners.
**Fed Board Primer**
Understanding the bureaucratic decision-making process of the organization in charge of printing money is integral to my investment framework. Along my educational journey into the mechanics of the global filthy fiat monetary system, I learned many things about how various finance ministries and central banks operate. As complex adaptive systems filled with nodes of human decision makers, these bureaucratic organisms must abide by “rules” to achieve anything. Certain rules govern the unelected bureaucracy (the Fed) responsible for the US monetary policy. Therefore, I must answer a few questions to forecast how said policy will bend to the will of Trump and Buffalo Bill Bessent.
1. Who, and specifically which boards, votes on which parts of monetary policy?
2. How many aye votes are required to carry a motion?
3. Who chooses the people who sit on these various boards?
4. When are board members replaced?
First, Trump must gain four seats for a majority on the seven-member FBOG. Then he can use his FBOG majority to get seven voting seats for a majority on the twelve-member Fed Open Market Committee (FOMC). I will explain the monetary policies each body can enact, member selection, and how Trump can get control by the end of the first half of 2026.
Let’s dive into the composition of the FBOG.
**FBOG Explained**
There are seven members appointed by the president, confirmed by the Senate, who sit on the FBOG. Below is the current list of governors:
The FBOG has power over two very important things. One, the board sets the IORB. Two, the board votes to approve nominated Federal Reserve District Bank presidents who rotate into voting positions on the FOMC.
In order for the Fed to manipulate short-term rates effectively, it must set the IORB within the upper and lower bound of the Fed Funds rate determined by the FOMC. Therefore, when things are harmonious within the organization, the FBOG and FOMC work together and the IORB is within that range. But what if the FBOG is pro-Trump and believes monetary policy set by the FOMC is too restrictive? Is there anything the FBOG can do to force the FOMC to lower the Fed Funds rate?
The FBOG could set the IORB much lower than Fed Funds. This opens up an arbitrage opportunity for the banks that are members of the Fed. The banks can post collateral at the DW, whose rate will follow the IORB lower, borrow at the lower DW rate and lend at SOFR.[\[2\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn2)
The loser is the Fed, as it essentially prints money and hands it to the banks doing the arbitrage. In order to stop getting cucked by Jamie Dimon et al., the FOMC must lower the Fed Funds rate to match the IORB, even if they would rather not because a majority of voting board members suffer from TDS.[\[3\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn3)
If Trump had a four-seat majority on the FBOG, he could force the FOMC to lower rates to the level he desires quickly. How many governors are loyal to Trump at this current moment?
Because beta cuck towel bitch boy Jerome Powell’s term as Fed chairperson finishes in May 2026, certain board members are angling to replace him. To show their fealty to Trump, they speak publicly about what the Fed policy should be, and in certain circumstances dissent from the majority decision at FOMC meetings. The two board members who dissented at the July 2025 meeting were Bowman and Waller.[\[4\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn4)
Trump is halfway there.
Surprisingly, Adriana Kugler abruptly resigned from the board this summer, and the Senate has confirmed Trump’s nominee Stephen Miran. The rumor on the street is that Kugler’s hubby was trading securities during Fed blackout periods; for those readers who are not politically connected, that behavior might be called insider trading and comes with a one-way ticket to JAIL if the DOJ ever comes knocking.[\[5\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn5)
Kugler resigned before being tarred and feathered by the Trump administration. With Kugler gone and Miran in, that’s three in Trump’s camp, just one more to go.
Like all humans, Fed governors abuse their power. They insider trade (see the previous paragraph), and in board member Cook’s case, allegedly lie on mortgage applications. Bill Pulte, the head of the Federal Housing Finance Agency, accused Cook of mortgage fraud and called for her resignation. She stood her ground and refused to go. Pulte referred her case to the Department of Justice (DOJ) and its head, Pam Bondi, is currently reviewing whether to seek a grand jury indictment for bank fraud. Grand juries almost always agree to indict. It is trivial for the DOJ to get the green light to indict Cook, and therefore I can only imagine the hesitation on the DOJ’s part is to use the threat of a formal indictment as leverage to force Cook to resign. I don’t know if she is guilty or innocent; depending on which mainstream media outlet you follow will determine whether you believe in her guilt or innocence. Supposedly, Buffalo Bill Bessent had irregularities on some of his financial applications with banks. _Everyone is a criminal in America, doncha know!_ Regardless of her ultimate guilt or innocence, the DOJ has close to a 100% conviction rate, and Cook will be cooked if she doesn’t resign. I imagine her obstinacy is purely a negotiation tactic for a soft, cushy landing at some well-paid academic post in government or academia provided by the Trump administration. In any case, she will not be on the FBOG by early 2026. Snake eyes, mothafucka!
With four votes in his pocket, Trump can cap the yields on T-bills quickly as he instructs the FBOG to drop the IORB. Next up, the FBOG can unshackle the regional banks from nonsensical regulations and allow them to lend to Main St. small businesses as Bessent desires. The FBOG can do this as it handles the regulation or lack thereof of commercial banks. The last piece of the puzzle is gaining control of the quantity of money, which allows him to fix long-term yields much lower via the SOMA. To accomplish this, Trump needs control of the FOMC.
How then can control of the FBOG lead to getting a seven-vote majority on the FOMC?
**Federal Reserve District Bank Presidents**
There are twelve Fed district banks. Back in America’s more agrarian past, different districts needed different interest rates depending on the type of goods and services provided to the national economy throughout the year — hence the need for twelve district banks. Each district bank nominates a president who must receive at least four aye votes from the FBOG to sit on the FOMC. There are only five voting members out of the twelve district presidents on the FOMC, with the New York Federal Reserve Bank president holding a permanent voting seat. Therefore, each year, four different district bank presidents vote on the FOMC. Every year ending in a 1 or a 5, the district presidents face re-election by each Fed district’s board. A simple majority of the Class B and C board members (four out of six) on each district board votes to select a bank president. In February of next year, all presidents are up for reelection. The relevant voting districts alongside New York are:
● Cleveland
● Minneapolis
● Dallas
● Philadelphia
What do you notice about the professional backgrounds of most of these board members? They are financiers or industrialists. Their personal net worth would increase dramatically if money were more plentiful and cheaper. These folks are also all human, and humans usually when left to their own devices, always act in their own self-interests. I do not know their political affiliations, but I am confident that even if they suffer from TDS, the antidote of higher asset prices that enrich themselves and their cronies will cure this affliction. That being said, if it’s known that the FBOG will only approve a president who would vote in favor of easier monetary policy on the FOMC, the boards of each district bank will do what’s in Trump and their best interests.
If the district boards don’t put through dovish candidates for the FOMC seat, the FBOG will reject them. Remember, Trump now has the controlling four votes out of seven.
Trump needs only three out of four new voting governors to be loyalists. That gets him to seven votes on the FOMC, and most importantly, control of the SOMA, which is the Fed’s money printer. Then Trump’s peeps on the FOMC will print the money to buy the shitload of dogshit debt which Buffalo Bill Bessent cannot find a buyer. And there you have it, ladies and germs, the Treasury Fed Accord of 2026. Complete with money printing and YCC. Just remember that in the filthy fiat financial system, a pre-flop hand of Four, Seven off-suit is more powerful than pocket rockets.
But I know y’all are jonesin’ for a bull post on my future price of Bitcoin assuming my money printing prediction comes true. Here you go.
**Bull Market Math**
For those who doubt Trump is serious about printing money to “revitalize” the dream of Pax Americana, here is a brief history lesson on what animates elite politicians to push for radical change. American elite politicians have always done whatever it takes, even if it is very unpopular, to preserve the fruits of the supposed empire for the ruling class. The relationship between the descendants of former African slaves and the European immigrants is a great example and one that continuously dominates the political and social discourse of the country. It was the Civil War, the bloodiest war in American history, that saw President Lincoln kneecap the Confederate economy by emancipating slaves. After the Union triumphed, they abandoned the newly freed humans to Jim Crow segregation in the former Confederate states, and the ruling elite didn’t reconsider formally extending suffrage and other civil rights to the former slaves until 1965. The rise in literacy amongst former slaves and the #Marketing of communism that espoused economic and civil equality of all humans enthralled the black underclass. The problem was that the elite needed those poor black bodies on the front line in Indochina fighting communist “Charlie”, in the northern factories producing exportable goods, in the wealthy households doing domestic work, and on the southern farm but definitely marching on televised Washington D.C. asking for the same rights as everyone else. American #Marketing also needed to sell an image to the non-aligned world that American capitalism was better than Soviet communism. And it’s not a good look when the nation’s Declaration of Independence says “all men are created equal” but police dogs are snarling at little girls on their way to newly desegregated schools. Therefore, a Southern Democrat, resident Lyndon B. Johnson, became a champion for civil rights for a bunch of niggers who were only a few generations removed from picking cotton, much to the chagrin of many members of his class. Today, another war against a more united, prosperous, and militarily strong Eurasia (Russia, China, India, and Iran) requires a drastic change in credit allocation. And therefore, I proclaim with extreme confidence regarding money printing, these crackers ain’t playin’.
Trump and Buffalo Bill Bessent believe it is their mission to restore the global primacy of America. That requires rebuilding a solid manufacturing base to produce real goods, not “services”. President of China, Xi Jinping, came to a similar conclusion when faced with the 2018 US-China Trade War started by Trump. Xi crushed the animal spirits of the financiers and big tech CEOs to change the economic direction of China. Who would have thought Alibaba CEO Jack Ma would be called to Zhongnanhai to drink tea and serve a stint in tycoon jail. Instead of building shitty apartments and bike-sharing apps, the best and brightest in Xi’s China would conquer the green economy, rare earths, military drones, ballistic missiles, AI etc. And after almost a decade, China can endogenously produce all the real goods a nation state needs to preserve its sovereignty in the 21st century without the help of America.
The point is, do not doubt that team Trump will use all the tricks in the book to print the money this transformation of America requires. With that said, indulge me in a bit of mental masturbation as to the amount of credit the Fed and the commercial banking system will create by 2028.
Between now and 2028, the Treasury must issue new debt to pay back old debt and to fund the government deficit. I used the function on Bloomberg to estimate the total amount of treasury debt maturing between now and 2028. Then I assumed the federal deficit would be $2 trillion per year until 2028. That brings my estimate of treasury debt issuance to $15.32 trillion.
During COVID the Fed purchased approximately 40% of all treasury debt issued using the SOMA, which increased the size of the balance sheet. I believe the Fed will purchase 50% or more of debt issued, because today even fewer foreign central banks will buy treasury debt because they know Trump will issue a fuck ton of it.
Arriving at an estimation of bank credit growth is difficult. The most defendable estimate is to use the COVID period as guidance. During COVID, Trump ran QE 4 Poor People. Bank credit growth increased by $2.523 trillion over that period evidenced by the growth in banking other deposits and liabilities reported each week by the Fed. Trump has approximately three years left to juice the markets, which equates to $7.569 trillion of bank loans issued.
That brings the total Fed plus commercial banking credit growth to $15.229 trillion. The most finger in the air portion of this model is guessing how much Bitcoin will rise per dollar of credit created. Again, I referred to the COVID time period. The slope of the percentage increase in Bitcoin to a dollar of credit growth was ~0.19. Ladies and gentlemen, that results in a 2028 Bitcoin price prediction of $3.4 million!
Do I think Bitcoin will rise to $3.4 million by 2028? No, but I believe the number will be markedly higher than the ~$115,000 that it trades at today. My goal is to get the direction of travel correct and be confident that I’m betting on the fastest horse, assuming that Trump is serious about printing trillions of dollars to achieve his policy goals. This model does just that.
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[\[1\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref1)
A T-bill has a maturity under one year.
[\[2\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref2)
It is a bit too technical for this essay to explain exactly how the DW rate will match IORB. The rate at which collateralized borrowing from the DW is determined by each Fed district bank president. The FBOG has control over who sits in that seat because it approves bank presidents after they have been nominated by each district bank’s board. SOFR stands for Secured Overnight Funding Rate; it is the replacement for the London Interbank Overnight Rate (LIBOR).
[\[3\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref3)
Jamie Dimon is the CEO of JP Morgan Chase and one if not the most powerful banker in the empire. TDS stands for Trump Derangement Syndrome. You know someone suffers from TDS if they oppose a policy they normally would support purely because Trump supports it.
[\[4\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref4)
However, at the most recent September FOMC meeting, Bowman and Waller did not dissent in favor of a larger 0.50% cut like Miran, but analysts believe Bowman and Waller got what they wanted in terms of a lower dot-plot neutral rate and dovish forward guidance.
[\[5\]](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=post_page---author_recirc--9eb355974421----2---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref5)
These are purely allegations with no substantiation other than tongues wagging over email speculating as to the reasons for Kugler’s sudden departure.
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# Buffalo Bill. US Treasury Secretary Scott Bessent… | by Arthur Hayes | Medium
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US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock. Yes, his demolition ding-dong is destroying the status quo across the global financial ecosystem, but this moniker doesn’t do him justice. I believe he needs a more apt name to describe the pain he will inflict on two very important constituents in the fugazi financial system: the Eurodollar banking system and foreign central banks.
Similar to the serial killer in the movie Silence of the Lambs, a fucking classic worthy of a “Netflix and Chill” night for any uninitiated youngin, Scott “Buffalo Bill” Bessent is about to exterminate the Eurodollar banking system and take control of foreign non-dollar deposits. Where slaves and highly trained legions upheld Pax Romana, slaves and the hegemony of the US dollar uphold Pax Americana. The slavery aspect of Pax Americana isn’t just about historically shipping over Africans to pick cotton; the modern whip is the “monthly payment” multiple generations of youngsters willingly shouldering life-crushing levels of debt to acquire worthless credentials in the hopes they too can work at Goldman Sachs, Sullivan & Cromwell, or McKinsey. This is a way more widespread, insidious, and ultimately effective means of control. Unfortunately, now that America’s gots dat AI, these debt donkeys are about to be unemployed … put that blue collar on, playa.
I digress.
Pax Americana’s control over the global reserve currency, the US dollar, is what I will discuss in this essay. Various US Treasury Secretaries have wielded this dollar cudgel with varying degrees of success. The most notable failure was allowing the Eurodollar system to emerge.
The Eurodollar system emerged in the 1950s and 1960s to avoid US capital controls (e.g., Regulation Q), sidestep economic sanctions (the USSR needed a place to store its dollars), and bank non-US trade flows as the global economy recovered after WW2. The monetary authorities at the time could have recognized the need to supply foreigners with dollars and allowed domestic US money center banks to own this business, but domestic political and economic concerns required a hardline stance. As a result, the Eurodollar system grew to an unknown size over the ensuing decades and became a force with which to be reckoned. An estimated $10 to $13 trillion Eurodollars are sloshing around in various non-US bank branches. The ebb and flow of this capital caused various financial crises in the post-WW2 era, which always required money printing. “[**The Offshore Dollar and US Policy**](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5194402)
” was a paper written in August 2024 by the Atlanta Fed that discussed this phenomenon.
For Buffalo Bill Bessent, the problem with the Eurodollar system is twofold. The first issue is that he is clueless about how many Eurodollars exist and what they finance. The second issue, which is the most important, is that these Eurodollar deposits are not being used to buy his dogshit treasury debt securities. Is there a way for Bessent to solve these two problems? Hold this thought for a second while I touch quickly on foreign currency holdings of non-US retail depositors.
De-dollarization is real. It started in earnest in 2008, when the US monetary masters of the universe decided instead of allowing banks and financial institutions to fail because of their bad bets, to bail them out by embarking on QE Infinity.[\[1\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn1)
A useful proxy to understand the reaction of global central banks that hold trillions of dollars’ worth of USD-denominated assets is the percentage of gold in their reserves. The higher the percentage of gold in one’s reserves, the less one trusts the US government.
As you can see, post-2008 the percentage of gold in central bank reserves bottomed and began a secular ascent.
This is the TLT US ETF, which tracks US Treasury bonds with a 20-year or longer maturity divided by the price of gold. I have indexed it at 100 starting in 2009. Treasuries have lost almost 80% of their value versus gold since 2009. The monetary policy of the US government was to bail out its banking system and fuck over both foreign and domestic debt holders. No wonder foreign central banks began aping Scrooge McDuck. US President Trump intends to follow a similar strategy, but besides fucking over bondholders, he believes he can tax foreign capital and trade flows to Make America Great Again using tariffs.
Bessent can’t really do much to convince central bank reserve managers to buy more treasuries. However, there is a large under-banked, from a dollar perspective, cohort that exists in the Global South who would love nothing more than to have a positively yielding dollar currency account. As you know, all fiat is trash when compared to Bitcoin and gold. That being said, if you are within the fiat system, the best fiat is the dollar. Domestic regulators that rule most of the world’s population force their plebes to own shitty currencies beset with high inflation and limit access to the dollar financial system. These plebes would buy treasury bills at whatever yield Bessent offers, if only to escape their shitty government bond markets. Is there a way Bessent can bank these folks?
_I first travelled to Argentina in 2018 and have been back regularly since. This is a chart of ARSUSD indexed at 100 starting in September 2018. The Argentinian peso lost 97% of its value in dollars in seven years. Currently, when I travel there mostly to ski, I pay all service staff in USDT._
Buffalo Bill Bessent found a new tool that will solve his problems. It is called a stablecoin. Dollar-pegged stablecoins are now promoted by the US Treasury. The empire will support select issuers as they hoover up Eurodollar and Global South retail deposits. To understand why, I will quickly step through the structure of an “acceptable” dollar-pegged stablecoin. Then, I will touch on the implications for the TradFi banking system. Finally, and this is what y’all degens are here for, I will lay out why Pax Americana supported dollar-pegged stablecoin global adoption will power a secular rise in the use of DeFi applications, specifically Ethena, [Ether.fi](http://ether.fi/)
, and Hyperliquid.
As you know, Maelstrom doesn’t fuck for free. We have bags and bags and more fucking bags.
If you haven’t gotten your fill of stablecoins, I will tease a new stablecoin infrastructure project — [**Codex**](https://www.codex.xyz/)
— that we are advising, which I believe will be the best performing token; from its soon to launch TGE until the end of this cycle.
**What is an Acceptable Stablecoin?**
A dollar-pegged stablecoin is analogous to a narrow bank. The stablecoin issuer accepts dollars and invests those dollars in a risk-free debt instrument. The only risk-free debt instruments in nominal dollar terms are treasury debt securities. Specifically, because the issuer must be able to provide physical dollars on demand if a holder redeems, stablecoin issuers will only invest in treasury bills (T-bills). A T-bill has a maturity of less than one year. Because it has little to no duration risk, it trades as if it were cash.
Let’s walk through the flow.
Creation of a unit of stablecoin, I will use the example of Tether USD (symbol: USDT):
1. The authorized participant (AP) wires dollars into the Tether’s bank account.
2. Tether creates 1 unit of USDT for every dollar deposited.
3. To earn a yield on its dollars, Tether buys T-bills.
If an AP wires $1,000,000, they receive 1,000,000 USDT.
Tether buys $1,000,000 worth of T-bills.
USDT pays no interest.
But
The T-bills pay essentially the Fed Funds rate, which currently is 4.25% to 4.50%.
Tether has a net interest margin (NIM) of 4.25% to 4.50%.
In order to accumulate deposits, Tether or an affiliated financial institution like a crypto exchange will pay out a portion of the NIM if a depositor stakes their USDT. Staking just means you lock your USDT up for a period of time.
Redemption of a unit of stablecoin:
1. The AP sends USDT to Tether’s crypto wallet.
2. Tether sells T-bills in the USDT dollar amount.
3. Tether sends one dollar for every one USDT to the AP’s bank account.
4. Tether burns USDT, removing it from circulation.
The business model of Tether is very simple. Receive dollars, issue a digital token that rides on a public blockchain, invest the dollars in T-bills, and earn the NIM. Bessent will ensure that issuers the empire will tacitly support by law can only hold dollars in a chartered US bank and or treasury debt securities. No funky stuff.
**Eurodollar Implications**
Before the emergence of stablecoins, the US Federal Reserve and the US Treasury Department always bailed out Eurodollar banking institutions when they got into trouble. A well-functioning Eurodollar market was essential to the health of the empire. But now, there is a new tool that allows Bessent to soak up those flows. At the macro level, Bessent must provide a reason for Eurodollar deposits to shift on-chain.
For example, during the 2008 Global Financial Crisis, the Fed [**secretly lent billions of dollars**](https://truthout.org/articles/news-in-brief-fed-gave-secret-bailout-to-foreign-banks-and-more/)
to foreign banks who were short dollars because of the knock-on effects of the collapse of subprime mortgages and their associated derivatives.[\[2\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn2)
As a result, Eurodollar depositors believe that the US government implicitly guarantees their money even though technically they are outside of the US-regulated financial system. Declaring that non-US bank branches will not receive any help from the Fed or Treasury should another financial crisis occur will redirect Eurodollar deposits into the loving hands of stablecoin issuers. If you think this is far-fetched, a strategist at [**Deutsche Bank**](https://www.reuters.com/markets/currencies/de-dollarisation-could-speed-up-with-us-isolationist-policies-analysts-say-2025-03-27/)
wrote a piece openly questioning whether the US would weaponize dollar swap lines to force the Europeans to do what the Trump administration requires of them. You better believe Trump would love nothing more than to castrate the Eurodollar market by effectively debanking it. These same institutions debanked his family after his first term; it’s time for payback. Karma is a bitch.
Without the guarantee, Eurodollar depositors would act in their own best interest by moving funds into dollar-pegged stablecoins like USDT. Tether holds all of its assets as US bank deposits and or T-bills. By law, the US government guarantees all deposits held at the eight Too Big to Fail (TBTF) banks; post the 2023 Regional Banking Crisis, the Fed and Treasury effectively guaranteed all deposits at any US bank or branch. The default risk of T-bills is nil as well because the US government will never voluntarily go bankrupt because it can always print dollars to repay T-bill holders. Therefore, stablecoin deposits are risk-free in nominal dollar terms, but now Eurodollar deposits are not.
Quickly, dollar-pegged stablecoin issuers will face an influx of $10 to $13 trillion, and subsequently purchase T-bills. The stablecoin issuer becomes a price-insensitive buyer of Buffalo Bill Bessent’s dogshit paper in FUCKING SIZE!
Even if Fed chairperson beta cuck towel bitch boy Powell continues to obstruct Trump’s monetary agenda by refusing to cut Fed Funds, end quantitative tightening, and restart quantitative easing, Bessent could offer T-bills at a lower rate than Fed Funds. He could do this because the stablecoin issuer must buy whatever he is selling at the yield offered if they are to earn a profit. In a few moves, Bessent gains control of the front end of the yield curve. There is no point in the Fed’s continued existence. Maybe a statue of Bessent in the style of “Perseus with the Head of Medusa” by Cellini will tower over some square in Washington D.C. entitled “Bessent with the Head of The Creature From Jekyll Island”.
**Global South Implications**
The US social media companies will be the Trojan horse that destroys the ability of foreign central banks to control the money supply of their plebes. In the Global South, the penetration of Western social media platforms (Facebook, Instagram, WhatsApp, and X) is total.
I have spent half of my life in the Asia-Pacific region. Converting depositors’ local currency into dollars or dollar equivalents (e.g. HKD) so that capital can access dollar yields and US equities makes up a large part of investment banking activity in the region.
The local monetary authorities play whack-a-mole against TradFi institutions to shut down schemes which allow capital to leave. The government needs the capital of the plebes and to some extent the non-politically connected wealthy sequestered so they can inflation tax them, prop up poor performing national champions, and provide low-interest loans to heavy industry. Even if Bessent wanted to use the large US money center banks as the tip of the spear to bank these desperate folks, local regulators forbade it. But there is another, more potent way to access this capital.
Apart from mainland China. Everyone uses Western social media companies. What if WhatsApp rolled out a crypto wallet to every user? Within the app, users can seamlessly send and receive an approved stablecoin like USDT. With this WhatsApp stablecoin wallet, what if users could also send money to any other wallet on a variety of public blockchains?
Let’s walk through a fictional example to illustrate how WhatsApp could provide a digital dollar bank account to billions of members of the Global South.
Fernando is a Filipino who operates a click farm in the rural Philippines. Basically, he will create fake followers and impressions for social media influencers. Because all of his clients are outside of the Philippines, he finds it difficult and expensive to receive payment. WhatsApp becomes his primary payment method as it provides a wallet with which to send and receive USDT. His clients, who also have WhatsApp, are more than happy to stop using shitty banks. Both sides are delighted with this arrangement, but it dis-intermediates the local Filipino banking system.
After a while, the Philippine Central Bank takes notice that a large and growing portion of banking flows has disappeared. They realize WhatsApp has spread dollar-pegged stablecoins throughout their economy. The central bank has effectively lost control of the money supply. However, there is not much they can do about it. The most effective way to prevent Filipinos from using WhatsApp is to shut off the internet. Short of that, even pressuring the local Facebook executives, if there are any, won’t do anything. Mark Zuckerberg reigns from a Hawaiian bunker. And he has gotten the blessing of the Trump administration to roll out stablecoin functionality globally to Meta users. Any sort of internet laws that disadvantage US tech players will cause the levying of high tariffs by the Trump administration. Trump already [threatened the EU](https://www.bbc.com/news/articles/cgr5xrygzk5o)
with higher tariffs unless they backed down on their “discriminatory” internet legislation.
Even if the Filipino government could remove WhatsApp from the Android and iOS app stores, it’s trivial for motivated users to circumvent the blocks by using a VPN. Of course, any sort of friction inhibits usage of an internet platform, but social media is basically an addictive drug for the masses. After experiencing constant dopamine hits for over a decade, the plebes will find any workaround to continue destroying their brains.
Finally, Bessent could wield his sanctions weapon. The Asian elite all squirrel their money away in USD offshore banking centers. They obviously don’t want their wealth inflated away through their monetary policies. Do as I say, not as I do. Let’s say that Filipino President Bongbong Marcos threatens Meta. Bessent could hit right back and sanction him and his cronies, thus freezing their billions of dollars of offshore wealth unless they bend the knee and allow stablecoins to proliferate inside their country. His mother, Imelda, knows all too well how long the arm of the US law is as she beat RICO charges stemming from allegations that she and her late husband, the former dictator Ferdinand Marcos, of embezzling Philippine government money to purchase New York City real estate. I don’t think Bongbong is itching for round two.[\[3\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn3)
If my thesis is correct and stablecoins are part and parcel of Pax Americana’s monetary policy to expand the use of the dollar, the empire will protect US tech giants from local regulator reprisals as they provide dollar banking services to the plebes. And there is nothing any of these governments can do about it.
Assuming I got this right, what is the TAM of potential stablecoin deposits from the Global South? The most advanced bloc of countries in the Global South are the BRICS nations.[\[4\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn4)
Let’s exclude China because it banned Western social media companies. The question is what’s the best estimate of local currency bank deposits. I asked Perplexity, and it spat out $4 trillion. I know this might be controversial, but let’s add the Euro-poor-eans to this group that use the euro. I believe the euro is a dead garcon walking as Germany-first then France-first economic policies will splinter the currency union. With the coming capital controls, by the end of the decade the only thing a euro will be useful for is paying the cover charge at Berghain and the table minimum at Shellona. When we add Euro bank deposits of $16.74 trillion, the total comes close to ~$34 trillion up for grabs.
**Go Big or Go Home**
Buffalo Bill Bessent has a choice: go big, or go Democrat. Does he want Team Red to triumph in the 2026 midterm and, most importantly, the 2028 presidential elections? I believe he does, and if that is the case, the only path to victory is to finance Trump’s ability to provide more free shit to the plebes than the Mamdanis and AOCs of the world.[\[5\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn5)
Therefore, Bessent needs to find a price-insensitive buyer of treasury debt. Obviously, he believes stablecoins are part of the solution given public statements of support for this technology. But he needs to go all the way.
If the Eurodollars and deposits of the Global South and Euro-poor-eans don’t flow into stablecoins, he must Bismark them with his star-studded member. It puts the dollars on its skin, or it gets the sanctions again.
**_$10 to $13 trillion_** of T-bill buying power comes from the dismantling of the Eurodollar system.
**_$21 trillion_** of T-bill buying power comes from retail deposits of the Global South and Euro-poor-eans.
**_Total = $34 trillion_**
Obviously, not all of this capital will find its way into the hands of dollar-pegged stablecoins, but at least we have a large potential TAM.
The real question is how the addition of up to $34 trillion in stablecoin deposits powers DeFi usage to new heights? And if there is a credible argument to be made that DeFi usage will increase, which shitcoins will Pump Up The Jam?
**The Stablecoin to DeFi Flow**
The first concept readers must understand is staking. Let’s imagine that some portion of that $34 trillion now exists as stablecoins. For simplicity’s sake, let’s assume Tether’s USDT received all the inflows. Because of the intense competition from other issuers like Circle and large TBTF banks, Tether has to pass on some of its NIM to holders. It does this by partnering with a few exchanges whereby USDT staked with an affiliated exchange’s wallet accrues some interest in the form of newly minted USDT units.
Let’s walk through a simple example.
Fernando from the Philippines has 1,000 USDT. PDAX, a crypto exchange based in the Philippines, offers a 2% yield on staked USDT. PDAX creates a staking smart contract on Ethereum. Fernando stakes his 1,000 USDT by sending it to the smart contract address, and then a few things happen:
1. His 1,000 USDT becomes 1,000 psUSDT (PDAX Staked USDT; a liability of PDAX). Initially, 1 USDT = 1 psUSDT but every day psUSDT becomes more valuable than USDT by the amount of interest accrued. E.g. using a 2% annual rate and ACT/365 simple interest accounting, psUSDT gains ~0.00005 each day. After one year, 1 psUSDT = 1.02 USDT.
2. Fernando receives 1,000 psUSDT into his exchange wallet.
Something powerful just happened. Fernando locked his USDT up with PDAX and received an interest-bearing asset in return. psUSDT is now acceptable collateral within the DeFi ecosystem. That means he can trade it for another crypto; he can borrow against it; he can use it as leverage to trade derivatives on a DEX, etc.
What happens when Fernando wants to redeem his psUSDT for USDT after one year?
1. Fernando goes to the PDAX platform and unstakes 1,000 psUSDT by sending it to his exchange wallet and or connecting a third-party DeFi wallet like Metamask to the PDAX dApp.
2. The psUSDT is burnt, and he receives 1,020 USDT.
Where does the interest come from to pay Fernando an extra 20 USDT? That comes from Tether in partnership with PDAX. Tether has a positive NIM, which is just interest income earned from its T-bill portfolio. Tether then creates additional USDT with those dollars and sends a portion to PDAX to satisfy its contractual obligation.
Both USDT (base money) and psUSDT (interest-bearing money) become acceptable collateral throughout the DeFi ecosystem. Therefore, some percentage of total stablecoin flow will interact with DeFi dApps. Total Value Locked (TVL) measures this interaction. Whenever a user interacts with a DeFi dApp, they must lock up their capital for some period, which is represented by TVL. TVL is at the top of the funnel for trading volume or other revenue-generating actions. Therefore, TVL is a leading indicator of future cash flows of a DeFi dApp.
Before we look at how TVL affects the future earnings of a few projects, I want to explain the major assumptions used in the upcoming financial models.
**Model Assumptions**
I will shortly present three simple yet powerful financial models which estimate a target price by the end of 2028 for Ethena (Token: $ENA), Ether.fi (Token: $ETHFI), and Hyperliquid (Token: $HYPE). I will forecast until the end of 2028 because that is when Trump leaves office. My base case is that it’s slightly more likely for a Team Blue Democrat to win the presidency than a Team Red Republican. That is because there is no way Trump can successfully right the wrongs for his base in under four years that result from a culmination of a half a century of monetary, economic, and foreign policy. The rat poison on the cake is that no politician ever keeps all their campaign promises. Therefore, voter turnout from Team Red Republicans will wane.
The Team Red rank and file will be apathetic to whoever is the Trumpian successor running for president and will not show up in large enough numbers to outvote childless cat ladies suffering from Trump Derangement Syndrome (TDS). TDS will afflict any member of Team Blue Democrat that ascends the throne, which results in them engaging in monetary policies that cut off their nose to spite their face if only to prove they differ from Trump. But in the end, no politician can resist printing money, and dollar-pegged stablecoins are one of the best price-insensitive buyers for short-term treasury debt. Therefore, they might not initially support stablecoins wholeheartedly, but the new Emperor will discover they are quite naked without said capital and ultimately continue the policies I spoke about previously. This policy wobble will burst the crypto bubble and lead to a bear market of epic proportions.
Finally, the numbers bandied about in my models are massive. This is a once in a century change of the global monetary architecture. Most of us, unless we inject stem cells intravenously for the rest of our lives … maybe, will never witness such an event again in our investing careers. The upside potential I forecast will be bigger than SBF’s amphetamine habit. You will never again see such a bull market in the pillars of DeFi that profit from the proliferation of dollar-pegged stablecoins.
Because I like to forecast with base-ten numbers that end in a zero, I estimate that by 2028 the total amount of dollar-pegged stablecoins in circulation will be at least $10 trillion. This number is large because the deficits Bessent must finance are massive and growing exponentially. The more Bessent finances the government using T-bills, the faster the debt pile grows because he must roll over debt yearly.
The next critical assumption is what level of the Fed Funds rate Bessent and the new post-May 2026 Fed chairperson choose. Bessent has gone on record saying the Fed Funds rate is 1.50% too high, and Trump routinely demands a 2.00% cut. Given that on the upside and downside you always overshoot, I think Fed Funds will quickly land around 2.00%. There is no real rigor around this number in the same way none of the establishment economists have a clue either. We are all making shit up on the fly, so my number is as good as theirs. And the political and economic realities of a dead-broke empire require cheaper money that a 2% Fed Funds rate provides.
Finally, where do I think 10-year yields will land? Bessent’s goal is to create 3% real growth. Adding that to Fed Funds at 2%, which in theory represents long-run inflation or thereabouts, gets us to a 10-yr yield of 5%. I will use this to calculate the present value of terminal earnings.
Using these assumptions, we arrive at a terminal value of cumulative cash flows. Because these cash flows are available to token holders as buybacks, we can use this as the **_fundamental value_** of a particular project. This is how I value and forecast FDV.[\[6\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn6)
Then I compare my model’s future output to the current value, and presto, the upside potential becomes clear.
_All model inputs are in_ **_BLUE_**_, and all outputs in_ **_BLACK_**_._
**Spend It**
The most important behavior that new stablecoin users engage in is spending on goods and services. By now, everyone is used to tapping their phone or debit / credit card on some sort of point-of-sale system to pay for things. Using stablecoins has to be just as easy. Is there a project that allows users to deposit their stablecoins to a dApp, and spend them as if it were a Visa debit / credit card? Absolutely, it’s called Ether.fi Cash.
Users from around the world can sign up in minutes, and after completing the onboarding process, now have their very own Visa-powered stablecoin spending card. You can use it on your mobile phone, and or via a physical card. After depositing stablecoins to your Ether.fi wallet, you can spend anywhere that accepts Visa. Ether.fi can even extend credit against your stablecoin balance to turbo charge your spending.
I am an advisor and investor in the Ether.fi project, so I’m obviously biased, but I have been waiting for a low-fee solution to spending my crypto offline for over a decade. The customer experience whether I use my Amex or Ether.fi cash card is the same. This is important because, for the first time, many in the Global South will pay for goods and services anywhere in the world powered by stablecoins and Ether.fi.
The real juice is becoming a financial supermarket, offering many traditional products a bank offers. Then, Ether.fi can offer additional products to depositors. The key ratio I forecasted in order to calculate future cash flows is the **_Fee / Vault Ratio_**. For every dollar of stablecoin deposited, how much revenue does Ether.fi earn? To arrive at a defensible number, I perused the latest annual filing from the best-run commercial bank in the world, JP Morgan. On a deposit base of $1,060.4 bn, they earned $18.8 bn in revenue, or a **_Fee / Value Ratio_** of 1.78%.
**Ether.fi Cash Vault %:** This represents the percentage of stablecoin supply that is deposited into a cash vault. Currently, after only four months in existence, the percentage is 0.07%. Given that this product just launched, I believe there is room to grow that percentage to 1.00% by 2028.
**I believe that $ETHFI can 34x from the current levels.**
Now that the plebes can spend their dollars, is there a way to earn a higher yield than Fed Funds?
**Lend It**
After millions more folks can go out and spend stables to purchase a coffee, they will want to earn interest. I already spoke about how I believe issuers like Tether will pay a portion of their NIM to holders. But that won’t be a massive number; many savers will be in search of higher yields without taking too much extra risk. Is there an endogenous yield within the crypto capital markets that new stablecoin users can capture? Absolutely, Ethena offers higher-yielding opportunities.
There are only two ways to lend money within the crypto capital markets safely. Lend to speculators via derivatives, or lend to crypto miners. Ethena focuses on lending to speculators via shorting crypto/USD futures and perpetual swap (perp) contracts against long crypto capital. This is a strategy that I called “cash and carry” back in the days when I was promoting it at BitMEX. I subsequently wrote an essay entitled “[**Dust on Crust**](https://cryptohayes.substack.com/p/dust-on-crust-300d4b5cf3ec)
” where I implored an intrepid entrepreneur to package this trade up and offer it as a synthetic-dollar, high-yielding stablecoin. Guy Young, the founder of Ethena, read that essay, and subsequently assembled a rockstar team to do the hard work and bring it to reality. When we heard about what Guy was building, Maelstrom signed on as a founding advisor. Ethena’s USDe stablecoin became the fastest-growing stablecoin ever, racking up ~$13.5 billion in deposits in under 18 months. USDe is now third largest behind Circle’s USDC and Tether’s USDT in terms of circulating supply. Ethena’s growth is so strong that by St. Patty’s Day next year, Circle CEO Jeremy Allaire will drown his sorrows with a pint of Guinness as Ethena because the second largest stablecoin issuer behind Tether.
Because of exchange counterparty risk, the rate that speculators pay to borrow dollars to go long crypto is usually above that of T-bills. I set the neutral rate at 10% when I created the perp along with the team at BitMEX in 2016. That means if the perp price is equal to that of spot, longs will pay shorts a 10% APY. Given that every single perp exchange copied BitMEX’s design verbatim, they all feature a 10% neutral rate. The reason this is important is that 10% is much higher than the current upper bound of Fed Funds at 4.50%. Therefore, staked USDe yields should almost always be higher than Fed Funds. This gives the opportunity for new stablecoin savers who wish to take a little extra risk the ability to earn double on average the yield offered by the Buffalo Bill Bessent.[\[7\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftn7)
Some, but definitely not all, of the new stablecoin deposits will save using Ethena, earning higher yields. Ethena takes a 20% cut of interest income. Below is a simple model:
**USDe Market Share:** Currently, Circle’s USDC has a 25% market share of total stablecoins in circulation. I believe Ethena will surpass Circle, and we have seen over time that at the margin USDC loses deposits as USDe gains them. Therefore, my long-term assumption is that USDe captures a 25% market share behind Tether’s USDT.
**Avg USDe Yield:** Given that in this long-run scenario I forecast $2.5tn of USDe supply, this will put downward pressure on the basis spread between derivatives and spot. As Hyperliquid takes over as the largest derivatives exchange of any type, they will decrease the neutral rate to increase the demand for leverage. This also implies that the open interest (OI) of the crypto derivatives market will grow substantially. It makes sense that if there are millions more DeFi users who have trillions of dollars in stablecoin deposits at their disposal, they can pump OI into the trillions of dollars.
**I believe that $ENA can 51x from the current levels.**
Now that the plebes can earn a bit more interest income, how can they trade their way out of inflation-induced poverty?
**Trade It**
The most pernicious effect of global monetary debasement is that it forces everyone to become a speculator to maintain their standard of living if they don’t already own a phat stack of financial assets. With a much larger portion of the world, who has suffered the most under wanton fiat debasement, now saving on-chain via stablecoins, they will trade the only asset class, crypto, which offers them the ability to speculate their way out of assured poverty. The on-chain trading venue of choice currently is Hyperliquid (Token: $HYPE) which has a 67% DEX market share. Hyperliquid is so transformational that it is quickly growing against CEXs like Binance. By the end of this cycle, Hyperliquid will be the largest crypto exchange of any type, and Jeff Yan might become richer than CZ, the founder and former CEO of Binance. The King is dead. Long live the King!
_DEX market share —_ [_Source_](https://www.theblock.co/data/decentralized-finance/derivatives/perpetual-protocol-trade-market-share)
_CEX market share —_ [_Source_](https://hyperdash.info/marketshare)
The theory that DEXs will consume all other types of exchanges is not new. What is new in Hyperliquid’s case is the execution ability of the team. Jeff Yan has built a team of roughly ten folks that ships better product at a faster pace than any other centralized or decentralized team in the space.
The best way to think about Hyperliquid is as a decentralized version of Binance. Because Tether and other stablecoins predominantly powered Binance’s banking rails, we can think of Binance as the precursor to Hyperliquid. Hyperliquid also depends solely on stablecoin infrastructure for deposits, but it is an on-chain trading experience. With the rollout of HIP-3, Hyperliquid is quickly transitioning into a permissionless derivatives and spot juggernaut. Any application that wants a liquid central limit order book with real-time margining can integrate any derivatives market they desire with the HIP-3 infrastructure.
My prediction is that by the end of this cycle, Hyperliquid is the largest crypto exchange of any type, and the growth in stablecoin circulation to $10tn will supercharge this growth. Using Binance as an example, we can forecast Hyperliquid’s ADV for a given level of stablecoin supply.
Currently, Binance’s perp ADV is $73 billion at a $277 billion total stablecoin supply; the ratio is 26.4%. You will see this represented in the model as **_Hyperliquid ADV Share_.**
I believe that $HYPE can 126x from the current levels.
Finally, I want to talk about the shitcoin stablecoin project I’m the most excited about because it has an upcoming token launch.
**Collateralize It**
Now that millions and possibly billions more folks use stablecoins, how will non-crypto businesses take advantage of this new form of payment? Most businesses around the world have issues with payments. They get charged egregious fees by payment processors, and many times banks will just not deal with them. But with stablecoins in the hands of many more users, businesses can liberate themselves from the clutches of rapacious TradFi financial institutions. While this is a great aspiration, businesses will need an easy to implement tech stack that enables them to accept stablecoin payments, pay suppliers and taxes in local currency, and account for cash flows properly.
Codex is a project that has launched a purpose-built blockchain for stablecoins. They are not an issuer today, but provide the ability for businesses to deal with stable-to-stable, stable-to-fiat, and fiat-to-stable payments. Remember Fernando and his click farm. He needs to pay some of his staff in pesos into their local bank accounts. Using Codex, Fernando can receive stablecoins from his clients and convert a portion of those stablecoins into Pesos which are deposited directly into a local bank account. Codex has already launched this functionality and in its first month did $100m of trading volume.
Why I’m so excited about Codex has nothing to do with disintermediating the global transaction banking business of TradFi. Yes, that is a massive TAM to go after, but the more game-changing business that no one is attacking is extending credit to SMEs who otherwise have no access to working capital financing. Today, Codex only extends sub one-day credit to the safest PSPs and fintechs, but tomorrow, Codex could extend longer-term loans to SMEs. If an SME is fully on-chain and runs its payments with stables using Codex, it can achieve triple-entry bookkeeping.
The improvement of triple over double-entry bookkeeping is that because revenue and expense transactions are all on-chain, Codex can in real-time compute a net income and cash flow statement for an SME using unfalsifiable data. Based on this unfalsifiable data, Codex can lend money to an SME with confidence that the fundamentals of the business will allow said business to repay the loan with interest on time. Currently, in most developing countries and to some extent in developed countries, SMEs find it difficult or impossible to get bank loans. Banks understandably don’t want to take the risk because they fear the backwards looking accounting data they receive is fugazi. Therefore, banks lend only to large companies or politically connected elites.
Codex, in my vision, will become the largest and most impactful financial institution for the Global South first, and then the developed world ex-US by using stablecoin infrastructure to underwrite loans to SMEs. Codex will truly become the first real crypto bank.
Codex is in its infancy, but the founders will make their users and token holders uber wealthy if they are successful. Before Maelstrom took on this advisory role, I ensured the founders were ready to pursue a tokenomics playbook similar to Hyperliquid. From day one, revenue earned will flow back to token holders. They may conduct a capital raise. [**_Sign up to learn more here._**](https://ico.codex.xyz/)
But I want to make sure the world is aware that there is already an actual piece of stablecoin infrastructure, doing real volume today, that will TGE soon. It’s time to get on board an FTL spaceship.
**The Rein of Buffalo Bill Bessent**
The degree to which Buffalo Bill Bessent will terrorize the Eurodollar and non-dollar bank depositors around the world depends on the spending trajectory of the US government. I have the utmost confidence that Bessent’s boss, US President Trump, has no intention of balancing the budget, cutting taxes, or curtailing spending. I know this because Trump admonished his fellow Team Red Republicans for being too obsessed with cutting spending. He quipped in not so many words that they had an election to win in 2026. Trump has no ideology other than winning. And political winners in a late-stage capitalist democratic republic give out goodies for votes. Therefore, Buffalo Bill Bessent will run rampant, and there ain’t no Officer Starling around to stop him.
As the government deficit continues to widen, and Pax Americana’s hegemony declines, growth at least in the magnitude needed to increase tax revenues will be scarce. Therefore, Bessent will stuff more and more debt down the throat of the market. However, the market doesn’t want to own debt in a currency when the express policy of the folks in charge is to weaken it. And therefore, using stablecoins as T-bill sink, it’s time to put the dollars on its skin, or get the sanctions again.
Bessent will wield his sanctions cudgel widely and violently in order to make sure that dollar-pegged stablecoins bring home capital sequestered in Eurodollars and non-US retail banking deposits. He will deputize the Tech Bros like Zuckerberg and Musk to bring forth the good word to the uncivilized barbarian horde over yonder. And these Broligarchs will gladly wrap themselves in the flag and push dollar-pegged stablecoins to their non-US users whether local regulators like it because they are PATRIOTS!
If I am right, we will see news headlines that hit on these themes:
1. The need for oversight of the offshore USD market, aka Eurodollars
2. Tying the use of central bank dollar swap lines with the Fed and or Treasury to opening up certain aspects of digital markets to US tech firms
3. Regulations put forward to require stablecoin issuers to hold dollars in a US bank branch and or T-bills.
4. Encouragement of stablecoin issuers to list on US stock markets
5. US big tech firms adding crypto wallets to their social media apps
6. General positive statements by members of the Trump administration about the use of stablecoins
Maelstrom will continue to be very long the stablecoin vertical because of positions in $ENA, $ETHFI, and $HYPE. We always look to the future; therefore, you will hear a lot more about Codex as I believe it will become the stablecoin infrastructure main character.
Pass dat dollar lotion, I’m a bit ashy.
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[\[1\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref1)
QE stands for quantitative easing, the process by which a central bank creates banking reserves by purchasing government bonds. US Federal Reserve chairman Ben Bernanke started QE infinity in 2008.
[\[2\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref2)
We only know about this stealth intervention due to Freedom of Information Act lawsuits in the US.
[\[3\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref3)
If you want to watch a fascinating documentary about the whole saga I highly recommend “[The Kingmaker](https://www.imdb.com/title/tt5105734/)
”.
[\[4\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref4)
BRICS stands for Brazil, Russia, India, China, and South Africa.
[\[5\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref5)
Zohran Mamdani (running for mayor of New York City) and Alexandria Ocasio-Cortez “AOC” (Congresswoman from New York City) are two leading Democrat politicians whose platforms are very socialist but popular.
[\[6\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref6)
FDV stands for Fully Diluted Valuation.
[\[7\]](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=post_page---author_recirc--9eb355974421----3---------------------e0b88d64_f8d1_44eb_99da_60dd4505177c--------------#_ftnref7)
The extra risk they are taking is the counterparty risk of the exchanges where Ethena sells derivatives contracts.
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[Text to speech](https://speechify.com/medium?source=post_page-----b7e7c5ddb962---------------------------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
[Sitemap](https://cryptohayes.medium.com/sitemap/sitemap.xml)
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
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Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
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[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Medium
[Sitemap](https://cryptohayes.medium.com/sitemap/sitemap.xml)
[Open in app](https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2Ffollowers&%7Efeature=LoOpenInAppButton&%7Echannel=ShowUserFollowers&%7Estage=mobileNavBar&source=---two_column_layout_nav-----------------------------------------)
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_followers_page----------------------2f6e06954878----------------------)
Followers
148,960 followers
-----------------
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[Abdul Qahar Lashari\
-------------------](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[Jumaboy Buronov\
---------------](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[Ahmed AL-Warthan\
----------------](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[Lucas Colling\
-------------](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[Navid Rahimy\
------------](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[Mr Libon\
--------](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[Lauraszikoraa\
-------------](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[Deans Antony\
------------](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
148K followers
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_followers_page---user_sidebar-----------------------------------------)
[Status](https://status.medium.com/?source=user_followers_page---user_sidebar-----------------------------------------)
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[Press](mailto:pressinquiries@medium.com)
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[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_followers_page---user_sidebar-----------------------------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_followers_page---user_sidebar-----------------------------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_followers_page---user_sidebar-----------------------------------------)
[Text to speech](https://speechify.com/medium?source=user_followers_page---user_sidebar-----------------------------------------)
---
# Medium
[Sitemap](https://cryptohayes.medium.com/sitemap/sitemap.xml)
[Open in app](https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2Ffollowing&%7Efeature=LoOpenInAppButton&%7Echannel=ShowUserFollowing&%7Estage=mobileNavBar&source=---two_column_layout_nav-----------------------------------------)
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_following_page----------------------2f6e06954878----------------------)
Following
1 following
-----------
[](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Medium Staff\
------------](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Official account for news and updates from Medium.](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Medium
[Sitemap](https://cryptohayes.medium.com/sitemap/sitemap.xml)
[Open in app](https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2Ffollowing&%7Efeature=LoOpenInAppButton&%7Echannel=ShowUserFollowing&%7Estage=mobileNavBar&source=---two_column_layout_nav-----------------------------------------)
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_following_page----------------------2f6e06954878----------------------)
Following
1 following
-----------
[](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Medium Staff\
------------](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Official account for news and updates from Medium.](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Medium
[Sitemap](https://cryptohayes.medium.com/sitemap/sitemap.xml)
[Open in app](https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2Ffollowers&%7Efeature=LoOpenInAppButton&%7Echannel=ShowUserFollowers&%7Estage=mobileNavBar&source=---two_column_layout_nav-----------------------------------------)
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_followers_page----------------------2f6e06954878----------------------)
Followers
148,960 followers
-----------------
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[Abdul Qahar Lashari\
-------------------](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[Jumaboy Buronov\
---------------](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[Ahmed AL-Warthan\
----------------](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[Lucas Colling\
-------------](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[Navid Rahimy\
------------](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[Mr Libon\
--------](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[Lauraszikoraa\
-------------](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[Deans Antony\
------------](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
148K followers
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_followers_page---user_sidebar-----------------------------------------)
[Status](https://status.medium.com/?source=user_followers_page---user_sidebar-----------------------------------------)
[About](https://medium.com/about?autoplay=1&source=user_followers_page---user_sidebar-----------------------------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_followers_page---user_sidebar-----------------------------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_followers_page---user_sidebar-----------------------------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_followers_page---user_sidebar-----------------------------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_followers_page---user_sidebar-----------------------------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_followers_page---user_sidebar-----------------------------------------)
[Text to speech](https://speechify.com/medium?source=user_followers_page---user_sidebar-----------------------------------------)
---
# Medium
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_following_page----------------------2f6e06954878----------------------)
Following
1 following
-----------
[](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Medium Staff\
------------](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Official account for news and updates from Medium.](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
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[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
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12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Medium
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_followers_page----------------------2f6e06954878----------------------)
Followers
148,960 followers
-----------------
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[Abdul Qahar Lashari\
-------------------](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[Jumaboy Buronov\
---------------](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[Ahmed AL-Warthan\
----------------](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[Lucas Colling\
-------------](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[Navid Rahimy\
------------](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[Mr Libon\
--------](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[Lauraszikoraa\
-------------](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[Deans Antony\
------------](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
148K followers
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_followers_page---user_sidebar-----------------------------------------)
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[About](https://medium.com/about?autoplay=1&source=user_followers_page---user_sidebar-----------------------------------------)
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[Press](mailto:pressinquiries@medium.com)
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[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_followers_page---user_sidebar-----------------------------------------)
[Text to speech](https://speechify.com/medium?source=user_followers_page---user_sidebar-----------------------------------------)
---
# Medium
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_followers_page----------------------2f6e06954878----------------------)
Followers
148,960 followers
-----------------
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[Abdul Qahar Lashari\
-------------------](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[Jumaboy Buronov\
---------------](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@jumaboyburonov?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[Ahmed AL-Warthan\
----------------](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[Lucas Colling\
-------------](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[Navid Rahimy\
------------](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[Mr Libon\
--------](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[Lauraszikoraa\
-------------](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[Deans Antony\
------------](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
148K followers
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_followers_page---user_sidebar-----------------------------------------)
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[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_followers_page---user_sidebar-----------------------------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_followers_page---user_sidebar-----------------------------------------)
[Text to speech](https://speechify.com/medium?source=user_followers_page---user_sidebar-----------------------------------------)
---
# Medium
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[Arthur Hayes](https://cryptohayes.medium.com/?source=user_following_page----------------------2f6e06954878----------------------)
Following
1 following
-----------
[](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Medium Staff\
------------](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
[Official account for news and updates from Medium.](https://medium.com/@MediumStaff?source=user_following_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
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[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_following_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Hallelujah. Praise be to Lord Satoshi that time and… | by Arthur Hayes | Nov, 2025 | Medium
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Hallelujah
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[Arthur Hayes](https://cryptohayes.medium.com/?source=post_page---byline--9eb355974421---------------------------------------)
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Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are.
Even if you are a government, there are only two ways to pay for stuff, using savings or debt. For a government, savings equates to taxes. Taxes are not very popular, but spending is. Therefore, when handing out goodies to the plebes and patricians, politicians prefer to issue debt. Politicians will always favor borrowing from the future to get re-elected in the present, because when the bill comes due, they won’t be in office.
If all governments, because of the incentives of its officers, are hard wired to prefer issuing debt rather than raising taxes to hand out goodies, then the next question is how do buyers of government debt fund these purchases? Do they spend their savings/equity or finance purchases by borrowing money?
Answering these questions as it pertains to Pax Americana is very important to my forward outlook of dollar money creation. If the marginal buyer of US treasury debt finances their purchases, then we can observe who is lending to them. Once we know the identities of the debt financiers, we can determine whether they create money ex nihilo or use their own equity to lend. If after answering all the questions we discover that a treasury financier creates money for lending then we can market the following leap of logic.
**_Government issued debt grows the money supply._**
And if this statement is true, then we estimate the maximum amount of credit that the financier can issue, assuming there is a maximum.
The reason these questions are important is that I will argue that if government borrowing continues as forecast by the Too Big to Fail (TBTF) Banks, the US Treasury Department, and the Congressional Budget Office, then the Fed’s balance sheet will grow as well. If the Fed’s balance sheet grows, that is dollar liquidity positive, and ultimately pumps the price of Bitcoin and other cryptos.
Let’s step through the questions and evaluate this logic puzzle.
**Question Time**
**Will US President Trump cut taxes to fund the deficit?**
No. He and the Team Red Republicans recently extended the 2017 tax cuts.
**Is the Treasury Department borrowing money to fund the federal deficit, and will they continue to do this in the future?**
Yes.
_Here are the estimates from the TBTF banksters, and a few US government agencies. As you can see, the estimates are for ~$2 trillion deficits funded by ~$2 trillion of borrowing._
Given the answer to the first two questions is Yes, then:
**_Yearly Federal Deficit = Yearly Treasury Debt Issuance Amount_**
Let’s step through the major buyers of treasuries and how they finance their purchases.
**Debt Shit Eaters**
**Foreign Central Banks**
Press enter or click to view image in full size
If Pax Americana is willing to steal Russia’s money, who is a nuclear power and the largest commodity exporter in the world, then no foreign owner of treasuries is ever safe. Cognizant of the risk of expropriation, foreign central bank reserve managers would rather buy gold than treasuries. Therefore, gold started ripping for realz post Russia’s invasion of Ukraine in February 2022.
**US Private Sector**
According to the US Bureau of Labor and Statistics, the 2024 personal savings rate was 4.6%. In the same year, the US federal deficit was 6% of GDP. Given that the deficit is larger than the savings rate, it is impossible for the private sector to be the marginal buyer of treasuries.
**Commercial Banks**
Are the four largest money center commercial banks buying shit loads of treasuries?[\[1\]](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------#_ftn1)
No.
As you can see the four large money center banks in the fiscal year 2025 bought ~$300 billion worth of treasuries. In the same fiscal year, the treasury issued $1,992 billion. While this cohort is definitely an important buyer of treasuries, they are not the marginal buyer of last resort.
**Relative Value (RV) Hedge Funds**
RV funds are the marginal buyers of treasuries as acknowledged by the [**Fed**](https://www.federalreserve.gov/econres/notes/feds-notes/the-cross-border-trail-of-the-treasury-basis-trade-20251015.html)
in a recent paper.
_Our findings suggest that Cayman Islands hedge funds are, increasingly, the marginal foreign buyers of U.S. Treasury notes and bonds. As shown in Figure 5, between January 2022 and December 2024, a time when the Federal Reserve was reducing the size of its balance sheet by allowing maturing Treasuries to roll off from its portfolio, Cayman Islands hedge funds purchased, on net, $1.2 trillion of Treasury securities. Under the assumption that these purchases are composed entirely of Treasury notes and bonds, they absorbed 37% of net issuance of notes and bonds, nearly the same amount as all other foreign investors combined._
_The Trade:_
_Buy a cash treasury debt security_
_Vs._
_Sell the corresponding treasury futures contract_
_Thank you,_ [**_Joseph Wang_**](https://fedguy.com/balance-sheet-dominance/)
_for this chart. SOFR volumes are a proxy for gauging the size of the RV funds’ participation in the treasury markets. As you can see, the growth in the debt load corresponds to a growth in SOFR volumes. This shows that RV funds are the marginal buyers of treasuries._
RV funds conduct this trade to earn the difference between the two instruments. Because the spread is miniscule (it’s measured in basis points; 1bps = 0.01%), the only way to make real money is to finance the purchase of the treasury security. This leads us to the most important part of this essay to understand what the Fed will do next. How do RV funds finance their treasury purchases?
RV funds engage in a repurchase agreement (repo) to finance the purchase of treasuries. In a seamless transaction, the RV fund pledges the treasury security it purchased to borrow overnight cash, that borrowed cash is then used to settle the treasury purchase. If cash is plentiful, the repo rate will trade at or right below the Upper Fed Funds. Why?
Let’s revisit how the Fed manipulates short term interest rates. The Fed has two policy rates, Upper and Lower Fed Funds; currently these equal 4.00% and 3.75% respectively. In order to force the effective short-term rate (the SOFR or Secured Overnight Funding Rate) to fall within that band, the Fed uses a few blunt instruments. I will go through them briefly, ordered from lowest to highest rate of interest.
**_Reverse Repo Facility (RRP)_**
Who is eligible: Money market funds (MMF) and commercial banks
Purpose: Cash deposited here overnight earns a rate of interest paid for by the Fed.
Award Rate: Lower Fed Funds
**_Interest on Reserve Balances (IORB)_**
Who is eligible: Commercial banks
Purpose: Banks receive interest on their excess reserves deposited at the Fed.
Award Rate: Between Lower and Upper Fed Funds
**_Standing Repo Facility (SRF)_**
Who is eligible: Commercial banks and other financial institutions
Purpose: When cash is tight, this allows financial institutions pledge eligible securities (mostly treasuries) and receive cash from the Fed. In effect, the Fed prints money and exchanges it for the pledged security.
Award Rate: Upper Fed Funds
Putting it all together we get this relationship:
**_Lower Fed Funds = RRP < IORB < SRF = Upper Fed Funds_**
_This is a useful chart of real-world values to visualize the relationship between these key USD money market rates. At the top the orange (SRF) and green (Upper Fed Funds) are equal. Right below that we have the red line (IORB). The magenta line (SOFR) usually vacillates between the upper and lower bound. The yellow (Lower Fed Funds) and white (RRP) are equal._
SOFR is a blend of the rate on multiple types of repo transactions. Unlike the London Interbank Offered Rate (LIBOR) which was based on bank submissions, SOFR is based on actual market trades. This is the rate the Fed targets. If SOFR trades above the Upper Fed Funds it means cash is tight and this is a problem. Because once cash gets tight, SOFR skyrockets and the filthy fiat financial system shuts down. That is because the marginal buyers and suppliers of liquidity are all levered. If they cannot roll over their liabilities predictably at Fed Funds, then they will first suffer massive losses, and subsequently cease providing liquidity to the system. The worry is that no one will participate in the treasury market because they cannot obtain cheap leverage.
What causes SOFR to trade above the Upper Fed Funds? To answer that question, we first must inquire who is the marginal provider of cash in the repo market? MMFs and commercial banks supply the repo market with cash. Let’s examine why they would do so assuming they are profit maximizing entities.
The goal of an MMF is to take as little credit risk as possible and earn the short-term interest rate. This means MMFs mostly earn a return parking money in the RRP, lending cash in the repo market, and buying treasury bills (T-bills).[\[2\]](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------#_ftn2)
In all three cases they take the credit risk of the Fed or the US Treasury, which is essentially risk free because the government can always print money to service its debts. Prior to the emptying of the RRP, the billions or trillions of dollars sat there would supply the repo market with cash. That is because RRP < SOFR, so a profit maximizing MMF will remove cash from the RRP and lend it in the repo market. But now the RRP balance is zero because the T-bill rate is so attractive; MMFs maximize profit by lending to the US government.
With the MMFs out of the game, commercial banks must fill the gap. They will happily lend reserves to the repo market because IORB < SOFR. The gating factor to how willing banks are to supply cash at “reasonable” levels, that is SOFR <= Upper Bound of Fed Funds, depends on how ample their reserves are. There are various regulatory requirements that force banks to keep a certain amount of reserves, once balance sheet capacity dwindles, they must charge higher and higher rates to supply cash to the repo markets. Banks lost trillions in reserves since the Fed began QT in early 2022.
Both marginal providers of cash, MMFs and banks, from 2022 onwards possess less cash with which to supply the repo market. At a certain point, neither was willing nor able to provide cash in the repo market at a rate at or below Upper Fed Funds. At the same time as the supply of cash that could supply the repo market at a reasonable rate fell, the demand for said cash rose. The demand rose because former US President Biden and now Trump continued to spend a fuck ton of money that required more treasury debt issuance. The marginal buyer of this debt, RV funds, must finance these purchases in the repo market. If they cannot predictably obtain funds daily at or slightly below Upper Fed Funds, they will not buy treasuries and the US government cannot finance itself at an affordable rate. For a more in-depth discussion of this please read my essay “[**Ski Cut**](https://cryptohayes.substack.com/p/ski-cut)
”.
Because a similar situation occurred in 2019, the Fed created the SRF. The Fed can supply an infinite amount of cash using its printing press at SRF as long as one provides an acceptable form of collateral. Therefore, RV funds can be confident that no matter how tight cash is, they can always fund themselves, in the worst case, at Upper Fed Funds.
If the SRF balances are above zero, then we know the Fed is cashing the checks of the politicians using printed money.
**_Treasury Debt Amount Issued = Increase in Supply of Dollars_**
_The top panel is (SOFR — Upper Fed Funds). When that difference is close to zero or positive, cash is tight. During these episodes non-trivial usage of the SRF (bottom panel, in USD billions) occurs. Usage of the SRF allows borrowers to avoid paying the higher less manipulated SOFR rate._
**Stealth QE**
There are two ways the Fed can ensure that there is ample cash in the system to facilitate the repos needed by RV funds to purchase dog shit treasuries. The first is to create banking reserves, by buying securities from banks. This is the textbook definition of QE. The second is to lend freely to the repo market via the SRF.
As I have said many times, QE is a dirty word. Even the most financially illiterate plebe now understands QE = money printing = inflation. When inflation bites, the average citizen votes for the opposition party. Given that Trump and Buffalo Bill Bessent want to run the economy hot, they don’t want to be blamed for the high inflation a credit fueled economic expansion will generate. Therefore, the Fed will do everything it can, with a straight face, to proclaim that its policy mix is not QE and does not stoke the fires of inflation. Ultimately, that means that the SRF is the conduit through which printed money enters the global financial system as opposed to using QE to create more banking reserves.
This will buy some time, but eventually the exponential expansion of treasury debt issuance will force the repeated use of the SRF. Remember that not only does Buffalo Bill Bessent need to issue $2 trillion annually to fund the government, he also must issue trillions more to roll over maturing debt. Stealth QE will begin shortly. I don’t know when it will begin. But if the current money market conditions persist, the treasury debt pile grows exponentially, the SRF balance must grow as the lender of last resort. As SRF balances grow, the amount of fiat dollars in the world expands as well. This phenomenon will reignite the Bitcoin bull market.
Between now and when stealth QE begins, one has to husband capital. Expect a choppy market especially until the US government shutdown ends. The treasury via its debt auctions is borrowing money (dollar liquidity negative) but not spending it (dollar liquidity positive). The Treasury General Account is above the $850 billion target by ~$150bn, and this extra liquidity won’t get released into the markets until the government reopens. This liquidity drain is one reason for the current softness in the crypto markets. Given that the four-year cycle anniversary of the 2021 Bitcoin all-time-high is nigh, many will mistake this period of market weakness and ennui as the top and dump their stack. That’s assuming they weren’t deaded in the altcoin collapse a few weeks back. That is a mistake, the dollar money market plumbing doesn’t lie. This corner of the market is shrouded in obtuse jargon, but once you translate the lingo into print money or destroy money, it becomes quite easy to know how to dance.
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[\[1\]](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------#_ftnref1)
The four major money center banks are JP Morgan, Citibank, Bank of America, and Wells Fargo.
[\[2\]](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------#_ftnref2)
Technically speaking the MMFs supply cash to the Tri-Party repo market.
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[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
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[Long Live the King!\
-------------------\
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[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
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Oct 1
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[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
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Sep 23
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[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
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Aug 26
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[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
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[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
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Jun 16
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[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
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May 15
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[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
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Apr 22
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[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
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Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
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---
# Long Live the King!. How does society adjudicate scarcity… | by Arthur Hayes | Oct, 2025 | Medium
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Long Live the King!
===================
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[Arthur Hayes](https://cryptohayes.medium.com/?source=post_page---byline--f45284bdebd9---------------------------------------)
10 min read
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Oct 8, 2025
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_(Any views expressed here are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)_
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How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy does not allow us to consume whatever we want whenever we want, which obviates the need for money. Therefore, we must use this devilish construct called money to allocate scarce resources. Money and markets combine to produce the best tool to inform society what to produce, in what quantities, and who should receive it. The market price of a good adjudicates scarcity. It follows, then, that the price of money and its quantity are the two most important variables in any society. Perversion of one or both variables leads to societal dysfunction. Every economic “ism” offers a theory of how to denigrate or glorify markets, and all contain a modicum of monetary manipulation.
While a free market is the perfect way to adjudicate scarcity, it doesn’t follow that the more market freedom given results in a linear progression towards economic Valhalla. The people desire to dampen economic volatility through regulating markets and money. That is the primary purpose of a government. The government provides goods and services that the people believe are best left under collective control. Or the government restrains markets from producing immoral outcomes like human slavery. Along with these powers, the government must exert some amount of control over the price and quantity of money. Sometimes governments are benevolent and other times despotic monetary dictators. Because governments legally can murder their citizens for violations of their laws, they can force the use of a type of money. This results in good and bad outcomes.
Invariably all governments, regardless of which theory on governance guides them, always debase their money supply in the search of a teleportation device to a post-scarcity society. Achieving post-scarcity will not result from clever ways of printing money, but will require a deeper understanding of the physical universe and an ability to manipulate this construct to our advantage. However, a politician can’t wait decades or centuries to achieve a scientific revolution. And thus, the people’s palliative cure for a volatile and uncertain universe is always to print more money.
While governments are powerful, the people always find ways to retain their sovereignty. In many cultures that experienced endemic inflation over centuries of successive governments or dynasties, cultures created gifting rituals marking major life milestones (birth, marriage, and death) that involve the exchange of hard money. In this way, the people save through cultural rituals. No politician dares subvert these rituals lest they lose their mandate to lead and find themselves headless.
In the modern era, when the power of centralized governments — whether a democracy, socialist republic, communist state, etc. are all powerful because of the advances of thinking machines and the internet, how can we the people preserve our rights to sound money? The gift that Satoshi gave to humanity via their Bitcoin whitepaper is a technological miracle that was launched at a very important time in history.
Bitcoin in the current state of human civilization is the best form of money ever created. Like all money, it has a relative value. Given that Pax Americana quasi-empire rules via the US dollar, we value Bitcoin relative to the dollar. Assuming the technology works, Bitcoin’s price will ebb and flow because of the price and supply of dollars.
The point of this philosophical preamble is to provide the context that produces my guiding light as to the duration of the Bitcoin/USD price cycle. There have been three cycles, where the all-time high (ATH) occurring every four years. As the four-year anniversary of this fourth cycle is upon us, traders wish to apply the historical pattern and forecast an end to this bull run. They apply this rule without understanding why it worked in the past. And without this historical understanding, they miss why it will fail this time.
To illustrate why the four-year cycle is dead, I want to conduct a simple study of two charts. The primary theme is the price and quantity of money, e.g. dollars. Therefore, I will analyze a chart of the Effective Fed Funds rate and the supply of dollar credit. The secondary theme is the price and quantity of yuan emanating from China. For most of human history, it was the wealthiest squiggly line enclosure on the map. It took a half-millennium break, 1500 to 2000, but they are back to reclaim the global economic throne. The question is, are there any obvious turning points at the various Bitcoin ATH levels that can roughly explain the peak and subsequent collapse of the price? For each four-year period, I will provide a synopsis of the monetary trends at the time that explains the charts.
**_US Dollar:_**
The white line is a gauge of the price and supply of dollar credit. This is a combination of banking reserves held at the Fed and the US banking system’s total other deposits and liabilities. The Fed publishes both numbers weekly.[\[1\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftn1)
The green line represents the Effective Fed Funds rate, which is set by the FOMC.
The gold line is the Bitcoin/USD price.
**_Yuan:_**
China’s economy is even more credit dependent than America’s therefore, I used the Bloomberg Economics China Credit Impulse % 12 Month Change index. You would get a similar chart if you looked at the YoY% change in nominal GDP.
Back to the past.
**Genesis Cycle: 2009 to 2013**
On 3 January 2009, Bitcoin produced its first block, called the genesis block. The 2008 Global Financial Crisis (GFC) raged, destroying financial institutions globally. The banksters aided and abetted by the bought and paid for US government almost destroyed the world economy but Fed chairperson Ben Bernanke “saved” the system by enacting unlimited QE, which was announced in December 2008 and started in March 2009.[\[2\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftn2)
The Chinese helped the world economy by ramping up credit fueled infrastructure spending. By 2013, both the Fed and PBOC wavered in their support for an infinitely expanding money supply.[\[3\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftn3)
As you will see, that caused a deceleration in credit growth or outright contraction in the supply of money, which ultimately ended the Bitcoin bull run.
**_US Dollar:_**
The price of dollars was effectively 0%. The supply of dollars rose sharply and peaked and rolled over at the end of 2013.
**_Yuan:_**
The massive increase in credit growth flooded the world with yuan, trillions of which escaped from China into Bitcoin, gold, and global real estate. By 2013, while the credit growth was impressive, it was much less than before, and the deceleration coincided with that of dollar credit growth.
This deceleration in dollar and yuan credit growth popped the Bitcoin bubble.
**ICO Cycle: 2013 to 2017**
This was the ICO cycle because during this time period the Ethereum mainnet went live and ushered in a growth of new issues funded by subscribing via public blockchain using smart contracts.[\[4\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftn4)
Bitcoin rose from the ashes because of an explosion in yuan supply, not dollars. As you can see below, the China credit impulse accelerated in 2015 alongside a devaluation of the yuan versus the dollar. The supply of dollars fell and the interest rate rose. Bitcoin skyrocketed because of a fuck ton of yuan sloshing around the global money markets. Ultimately, as yuan credit growth decelerated from its 2015 highs, the tighter dollar monetary conditions bit into the bull market and gnashed it to the floor by late 2017.
**_Yuan:_**
**_US Dollar:_**
Press enter or click to view image in full size
**COVID Hoax: 2017 to 2021**
While COVID definitely killed millions, the crisis was exacerbated by poor government policy. COVID was the ruse to condition the population to accept its loss of freedoms, and this transcended whatever type of government theory ruled in a particular locale. In the spirit of throwing shit at the wall and seeing what stuck, COVID was the perfect opportunity for Pax Americana to unleash helicopter money whereby then-US President Donald Trump provided the largest populist government handout since Franklin Delano Roosevelt’s New Deal. The trillions of dollars printed found their way into crypto. Trump ran it hot, and every market was up only.
**_US Dollar:_**
The supply of dollars doubled, and the price of money quickly fell to 0%.
**_Yuan:_**
While the Chinese credit impulse rose during COVID, President Xi Jinping did not go all out. He used COVID as the time to launch an attack on China’s property bubble. This level of yuan credit growth did not forestall a collapse in local property prices started by the “[**Three Red Lines**](https://en.wikipedia.org/wiki/Three_red_lines)
” policy. But this was by design, and with no one allowed to enter or leave China at this time, it was very easy to control capital flight and social discontent on the mainland. As a result, China’s monetary policy did not materially contribute to this Bitcoin bull market.
The inflation produced by Trump and subsequent US President Biden’s economic policy of running it hot was too much to handle by the end of 2021. Inflation spiked, and those without a horde of financial assets felt cheated. The federal government stopped handing out stimmies, the Fed began shrinking its balance sheet, and announced it would quickly raise interest rates. This marked the end of the bull market.
**New World Order: 2021 -?**
The Pax Americana quasi-empire is but a nostalgic dream. What comes next? This is the question with which global leaders wrestle. Change is not good nor bad, but change creates economic winners and losers. Sometimes the losers are politically and economically powerful, which creates issues for ruling parties. In order to shield the negative effects of change from the populace, politicians print money.
This time around, the engine of credit growth came from the Fed’s Reverse Repo Program (RRP in magenta with the y-axis inverted). The price of money increased. The supply of money fell. But Biden needed to juice markets. Therefore, his henchwoman, US Treasury Secretary Bad Gurl Yellen, issued more treasury bills than notes/bonds in order to drain the RRP. This unleashed ~$2.5 trillion of liquidity into the markets. Her successor, Buffalo Bill Bessent, continued the policy until the RRP fell to its current value near zero. China entered bouts of deflation as judged by a negative credit impulse. Xi remained committed to reducing the price of housing and its importance to the Chinese economy. And with no other guidance or changes in the outlook for US and Chinese monetary policy, I would agree with many crypto traders that the bull run is over. But the rhetoric and recent actions by the Fed and PBOC augur otherwise.
**_US Dollar:_**
**_Yuan:_**
In the US, newly elected President Trump wants to run the economy hot. He routinely speaks about America growing in order to reduce its debt load. He lambasts the Fed for a too-tight monetary supply. His desire is generating action. The Fed resumed cutting interest rates in September even though inflation is above its own target.
The white line is Effective Fed Funds rate, the yellow line is Core PCE, and the green horizontal line is the Fed’s 2% target.
Trump also speaks about lowering the cost of housing to release trillions of dollars of trapped home equity because of the rapid rise in housing prices post-2008.
Finally, Buffalo Bill Bessent will deregulate banks so that they can increase loans to critical industries. The future as painted by the ruling political elite points to lower, not higher, interest rates and higher, not lower, growth in the money supply.
While Xi does not want to issue credit in the quantities of 2009 and 2015, he does want to end deflation. When the economic pressure proves too intense, as the above BCA chart indicates, Chinese policymakers print money. I don’t believe that China currently will be the driver of global fiat credit growth, but it won’t hinder it either.
Listen to our monetary masters in Washington and Beijing. They clearly state that money shall be cheaper and more plentiful. Therefore, Bitcoin continues to rise in anticipation of this highly probable future. The king is dead, long live the king!
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[\[1\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftnref1)
The Fed stands for the US Federal Reserve.
[\[2\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftnref2)
QE stands for quantitative easing.
[\[3\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftnref3)
PBOC stands for People’s Bank of China.
[\[4\]](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------#_ftnref4)
ICO stands for Initial Coin Offering. The most famous ICO was the EOS one where Block.one extracted $4 billion from suckers worldwide.
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# Bastille Day. Would the brave souls chanting… | by Arthur Hayes | Oct, 2025 | Medium
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Bastille Day
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Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be proud to be led by a coke-up teacher fucker? Are they pleased that a crocodilian ex-con countess slithering in Frankfurt controls their monetary policy? Probably not.
As I donned my Panama hat and stunner shades while two-stepping to Rufus in St. Tropez this past Bastille Day, I briefly chuckled to myself at the irony of the fact that Bastille Day followed American independence. The broke French royalty further exacerbated the perilous state of the monarchy’s finances by supporting the tax-dodging slavers who were leading their own revolution against the English King George. Fast forward a few years, and the idea that white male property owners should follow their own and not royal edicts combined with popular discontent at the broken nature of the state boomeranged back across the Atlantic and caused the head fall of Louis XVI.
It is ironic that a change in the American foreign and monetary policy will be one trigger that forces France to, in all but name, leave the euro. The euro is many things. A common currency of the unholy Roman Empire. An abomination created by those who wish to stifle local culture and the will of the people. An absolute stinking piece of shit. I write this essay with glee, for I cannot wait until Euro-poor-eans liberate themselves from its clutches and regain self-determination.
It is a bold thing to predict the end of the euro. Many commentators fell prey to false predictions of a collapse during the euro banking crisis of 2011 to 2012. But the smaller southern European nations were never large enough to break apart this devilish currency union if Germany and France, the two countries which underwrite the euro, were on board with printing the money necessary to forestall its dissolution via the European Central Bank (ECB).
This time around, Germany and France are pulling in opposite directions. And French savers know what’s up. They, not my cursory knowledge of American, European, and economic history, inform me that France will soft or possibly hard default on its obligations to the euro currency project. Behold this beautiful chart and listen to the people speak:
This is a chart of the change in TARGET balances of NCBs at the ECB from January 2020 to the present.[\[1\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------#_ftn1)
If you are not familiar with the TARGET system, shame on you. Here is a brief explanation from Perplexity:
● TARGET balances appear as net claims or liabilities on the balance sheets of NCBs vis-à-vis the ECB.
● A positive TARGET balance means an NCB has a net claim on the ECB, showing that more funds have flowed into its banking system than have left.
● A negative TARGET balance indicates a net liability, meaning more funds have left the country than entered, often because of payment outflows or capital flight.
● Every day, individual NCB bilateral balances are netted out to show only a single net position vis-à-vis the ECB, not with every other NCB. By design, the sum of all claims and liabilities across the Euro system (all NCBs plus the ECB) always equals zero.
The simple way to think about TARGET is that euro savers are confident their money is safe in countries that have a positive balance, and not safe in countries with a negative balance. The relevant thought experiment is to imagine if a particular country left the euro. Would their new national currency appreciate or depreciate versus the euro, and more importantly, in which country’s banking system would you feel safe leaving your funds?
Germany almost always has a positive TARGET balance because it is the largest and strongest economy in the euro. Also, the Bundesbank possesses the most inflation-fighting credibility of any European NCB. Therefore, folks with German bank euro deposits aren’t worried if Germany left the euro because the Deutsche Mark would appreciate vs. the rump euro.
But what about the country that represents that bold white line? How can we describe it? This is a country that as recently as early 2021 ran a TARGET surplus. A country with the second-largest economy in the euro. A country whose politicians have spread far and wide throughout the various unelected but supremely powerful centralized bureaucracies that de facto run Europe. This country is France. And French savers increasingly do not believe that their euros are safe within the French banking system. Therefore, they find greener pastures in places like Germany and Luxembourg.
Smart local capital tells us that something is seriously amiss. That is why France has the largest TARGET deficit of any country in the euro. If the second-largest economy in the euro with the largest debt load is experiencing a bank walk, it doesn’t bode well for the future of the common currency. The problem is that France is too big to fail, but too big to bail out as well. And this is where it becomes interesting for Satoshi’s faithful. What will the policy response be from the French politicians, the ECB, and foreign monetary authorities to the quickly deteriorating French finances?
This essay will focus on why France is fucked. Why a change in US monetary and foreign policy means German and Japanese capital can no longer finance the generous French welfare state. The variety of ways France can steal capital from domestic and foreign savers. And finally, what the policy options are for the ECB. The TLDR is that many folks will wake up one morning and understand that money in the bank is not yours and then fully comprehend why Bitcoin is so necessary. The ECB will valiantly print money to forestall the loss of its raison d’être. It shall be a glorious day for the faithful as printed euros will combine with printed dollars, yuan, yen, etc to bid up the price of Bitcoin.
**Geographic Irony**
The sometimes stated but mostly unstated goal of US foreign policy is to prevent integration of the Eurasian world-island. At all costs, Russia, China, and Iran cannot cooperate. These foreign policy goals lead to ironic outcomes, especially when one considers the current financial state of the two major losers of WW2.
Lay out a map of the world and look at the positioning of Germany and Japan. Between them are Pax Americana’s three main strategic rivals or enemies depending on how much Made-in-USA NeoCon cyanide consumed. Post WW2, the last thing the US political elite was going to allow was for those dirty pinko commies to change the social structure of Germany and Japan and align with Moscow. For in truth, the German and Japanese cultures produced very industrious societies. Unfortunately, this productivity made war just like every other major nation state. They just lost, so history thinks poorly of them.
The US tolerated ex-Nazis and Japanese imperialists keeping their social, political, and economic standing if only to prevent the will of the people from trying a different form of government. That meant that the German and Japanese economies must grow to prove communism was ideologically bogus and serve as the front line in containment of Soviet Russia. The easiest way to grow was to allow them to piggyback on the American economic rocket ship. America loaned capital and goods to both nations so that they could rebuild their industries and export their cheaper finished goods back to America. However, America also allowed Germany and Japan to put up stiff trade barriers to keep out stronger American companies. These trade policies, more than anything else, are the genesis of the current American trade deficit and financial capital surplus.
Another interesting fact is that even to this day, of American troops stationed in foreign countries, Japan and Germany rank number one and two, accounting for 50% of the total. That gives a new meaning to Fuck Around and Find Out if you think devilish communist thoughts.
The policy worked, and four generations on, German and Japanese elite politicians are toadies of the US. Can you believe conservative Japan even followed the US into the nihilist abyss, allowing chicks with dicks into workplace bathrooms previously only reserved for humans born with a uterus. While there is noise complaining about aggressive, ugly American foreign policy, German and Japanese politicians always do what they are told on the issues that matter. The financial result is that Germany and Japan are the richest countries in the world as measured by the net portfolio balance (NPB). To calculate NPB, subtract foreign ownership of local portfolio assets from the total ownership of foreign portfolio assets of a country but excluding its official foreign exchange reserves.[\[2\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------#_ftn2)
**_Germany NPB = $4,968bn_**
**_Japan NPB = $4,446bn_**
The US runs the largest NPB deficit at 58% of GDP. Guess who the number deux is? They eat baguettes, wear berets, and produce some excellent pinots … Zeeee French. Frances’ NPB deficit is 38% of GDP and is the world’s second largest. However, one of these two is not like the other. The US has the global reserve currency, the largest consumer market in the world, and is one of the three major military superpowers alongside Russia and China. France is none of those things yet has racked up a massive bill financed by the Germans and the Japanese. It’s interesting that yet again after almost two centuries of blood, sweat, white flags, and tears, France is owned by the Germans.
After eighty years, the imbalances in this system will cause severe change. The Pax Americana elite finally bankrupted their empire, and in order to rebuild strength, they must look inward. That is what America-first is all about. The plebes are restless that, for all the economic excellence of America over the last eighty years, their lives relative to their parents are less prosperous. The elite outsourced their jobs to China to dampen inflation and boost corporate profits and in the process created an America that can’t win a proxy war in Ukraine against Russia, and can’t allow its attack dog Israel to bomb Muslims with impunity in Iran because of a shortage of defensive missiles. What a shame! What kind of Christians are they if they can’t successfully win a Crusade…
If America is finally going to put up its trade barriers and use its domestic finance to rebuild its domestic industrial capacity, then Germany and Japan can’t continue their mercantilist policies. They themselves must repatriate that foreign capital and retool their economies to focus on their domestic market to compete with China as well. This is a big issue for the US, and I have written about how the US monetary authorities will replace foreign capital flows with printed money. But what about the European Union (EU)? The problem for the EU is France because its largest creditors, Germany and Japan, must repatriate their capital.
Germany and Japan got the memo, and their political leaders will repatriate their country’s assets to spur local industries. Here are some selected quotes from the leaders of Germany and Japan.
Christian Sewing, CEO of Deutsche Bank, said this about “Made in Germany”:
_61 leading companies and investors have come together across industries to launch the initiative “Made for Germany”, aimed at shaping a future-proof German economy. Against the backdrop of geopolitical and economic challenges, “Made for Germany” initiates a new era of strengthened dialogue for constructive exchange between business and government, aiming to sustainably enhance Germany’s investment climate._
[**GZero**](https://www.gzeromedia.com/news/analysis/japans-leadership-race-gender-milestone-or-generational-reset)
describes former Economic Security Minister Sanae Takaichi’s platform as she campaigns to rule the Liberal Democratic Party:
_Her “Japan First” policies include_ [**_reviewing_**](https://www.bloomberg.com/news/articles/2025-09-28/japan-s-ldp-contender-takaichi-hints-at-review-of-us-trade-deal)
_the US-Japan trade deal, cracking down on_ [**_badly-behaving tourists_**](https://www.japantimes.co.jp/news/2025/09/26/japan/politics/foreigners-policy-ldp-election/)
_, and curbing immigration._
If German and Japanese capital will not finance others any longer, why is this an acute problem for France? The French government and the banks require foreign funding. 59% of French OAT government bonds with maturity over one year are owned by foreigners. 70% of French long-term bank debt is owned by foreigners. And the biggest two foreign country holders of said debt eat sauerkraut and sushi.
Given the dire state of France’s finances, are the domestic politicians willing to curb spending? Non.
One reason Macron’s presidency is terminally ill is that the ECB opposes the increased government spending desired by the domestic politicians. Macron cannot pass a budget; two prime ministers failed to pass a budget this year. Over in Frankfurt, the crocodile ex-con countess refuses to support France’s bond market with printed euros without massive politically unfeasible budget cuts. In the end, domestic politics on both the left and right are determined that the French state should spend more rather than less money. And they will succeed if it results in Macron resigning early, then so be it.
The French budget deficit will continue to grow, but there are no willing foreigners with checkbooks large enough to finance it. And this brings us to the next section of this essay, where I shall ideate on ways in which capital controls can ameliorate the situation.
**L’État C’est Moi**
When faced with the intractable problem of who shall pay, politicians always start with foreigners. The Communist Party (New National Front) leader Jean-Luc Melenchon had this to say about foreign debt holders earlier this year:
_Do not provoke a crisis by spreading an atmosphere of panic around France. The 3000 billion in debt is not ours. It belongs to foreign investors at 60%. Let them be cautious with the French. If they amuse themselves by trying to bankrupt France, they will pay the bill._
If you are a French government, bank, or corporate bondholder, and you say to yourself, “He’s a communist, and France is capitalist, so I have nothing to worry about.” That is the wrong answer. There is no such thing as private property when the state faces bankruptcy. Foreigners are always the first to be relieved of their capital. Therefore, I can confidently say that if you are a foreign owner of French bonds and equities, the best time to sell was yesterday and the next best is today. There is no reason to fuck around and find out if the French would rather work longer, retire later, and pay higher taxes to preserve your capital. If Macron’s raising of the retirement age by two years triggered nationwide protests in 2023 (remember the “Gillet Jaune”?) no politician will win an election advocating for austerity at this juncture. France is burning right now as protesters express their frustration at the possibility of less government spending.
Let’s first concentrate on the effect on the euro financial system if foreign holders of French assets get fucked. Remember that the fugazi financial system is a fractionalized one. What is one entity’s asset is another’s liability. And a thin veneer of equity supports all assets. Therefore, if French assets that were counted as capital at various EU financial institutions evaporate, insolvency follows.
Here are some sobering statistics about intra-EU French liabilities; let’s assume that foreigners hold 50% of this debt:
\- 25% of EU-issued securities are French, 12.5% EU non-French owned
\- 27% of EU bank debt issued is French, 13.5% EU non-French owned
\- 39% of EU non-financial debt is French, 19.5% EU non-French owned
If we assume banks hold a mix of these assets as collateral for loans, then the average percentage is 15.17%.
Press enter or click to view image in full size
If these assets get wiped out, the EU banking system is approaching insolvency on an unlevered basis. To save the EU banking system, the ECB would print EUR 5.02 trillion.
What happens when there is a whiff of systemic banking stress? The central bank in charge prints the fiat needed to keep the banking system solvent on a nominal basis. In the US, the Fed did it in 2008; in Europe, the ECB under Super Mario Draghi did it in 2012. And crocodile ex-con countess Lagarde will do it before the end of the decade.
We know the ECB will respond to French foreign bondholder appropriation by printing EUR 5.02 trillion euros to save the banking system. That is just the starting number; once you pop, you just can’t stop. The ECB, liberated from its faux austerity regarding QE and various forms of money printing, will keep going as contagion spreads throughout the EU. Which other highly indebted countries will default on foreign debt holders? I don’t know, but investors will be scared shitless and sell anything they can to get capital out of the euro.
What about non-EU foreign holders of French debt? What will they do? In the EU, the largest holder of French debt is Germany. Outside the EU, it’s Japan. The relevant question is, will the BOJ allow the financial institutions it oversees and the government itself to accept massive losses on French debt securities? Of course not. To Japanese financial institutions, losses on French assets would not be fatal but embarrassing. It’s estimated that Japan Inc. holds $200 billion worth of French financial assets, which gives us a starting point for yen printed to plug a hole.
Finally, the Fed could use the contagion risk radiating from a collapse of the euro as an excuse to accelerate its money-printing efforts.
**Domestic French Capital Controls**
Politicians’ theft never stops with just foreign capital because financial crises never just stop after whacking the first mole. The euro is an almost thirty-year-old ghoul. The unwind won’t be over just because the foreigners got their comeuppance. It’s time for French savers to become patriots as the state steals their capital.
French savers will rightly worry that their euro assets within the banking system and euro-denominated French equities will get re-denominated into a much weaker franc. The only option for the politicians to make good on their societal spending programs is to leave the euro and readopt the franc. Even though the French state is broke, the country is still intrinsically wealthy. France is a global tourist destination, possesses abundant fertile farmland, and low-cost nuclear energy powers the country. A limited period of autarky would not be disastrous for the French real economy. However, those locals who hold euro-denominated French assets would experience instant deflation because of re-denomination of said assets into a much weaker franc.
A much weaker franc would boost tourism, supercharge exports especially against more expensive German ones, and it would allow France to regain its sovereignty over its money supply. Both the left and the right bristle at following edicts from Frankfurt and Brussels. That is why the ECB and EU council are dead-set on preventing any “extremist” left or right leaning French politician from taking over. But the people want to be free, and shall be in short order.
French capital recognizes this is the likely endgame that is not far off. That is why the TARGET deficit is accelerating. Those with two eyes and a modicum of common sense are getting the fuck out.
Locals who still hold French financial assets still have time to get out because of the fractured political climate. There are no domestic capital controls yet. But when they come, you cannot withdraw much in the way of physical euro cash, or wire euros outside of the French banking system, or escape by buying Bitcoin and gold. Therefore, as the growth TARGET deficit of France accelerates, Bitcoin will benefit.
How much capital will leave the French banking system?
[**As of July 2025**](https://www.banque-france.fr/en/statistics/money/money-and-financing-economy-2025-03)
, domestic French banking deposits totaled EUR 2.6 tn.
Most global banking regulators do not appreciate how digital banking speeds up the transmission of a bank run. Therefore, a significant amount of the capital could leave quickly before the French banking regulators and or the ECB react and restrict movement of capital out of the French or European banking system. Putting a finger in the air, I estimate that 25% of this capital could leave within a few days before the imposition of capital controls. This amounts to EUR 650 bn.
What is the size of domestic holdings of French financial assets that could fly out of France?
_Total value of French equities: $3.45 trillion_
_Total value of the French government bond market: $3.25 trillion_
Selling these assets quickly in size is tough because who will buy them? The Germans and Japanese are no longer there bidding up the market. Non-froggies will steer clear of the French capital markets for fear of expropriation. Therefore, using the same finger in the air estimation that 25% of holders could sell and leave equates to $1.68 trillion of capital flight. $1.15 trillion could escape quickly using the current EURUSD exchange rate and adjusted by the 53% foreign ownership. Of course, this is a shitty estimate. I use this mental exercise to point out that hundreds of billions if not trillions of dollars could quickly leave France and find a home in Bitcoin and gold if domestic capital gets spooked.
Once the French capital controls become a reality, the virus will spread to the rest of the Eurozone.
**Euro Contagion**
If Germany and France effectively say “fuck you” to the imbeciles in Frankfurt and Brussels, why should any other euro member do what they say? Domestic politicians across Europe are populist despite the best efforts of the establishment to crush the will of the people. The plebes want the money to be printed to make their lives better, not the lives of foreign capital holders. There will be nothing stopping any euro member from running up deficits over 3% of GDP, which the Maastricht Treaty forbids.
The question then becomes, does Germany want to retain the common euro currency or not? If it does, then most of the euro members will stay so they can piggyback off of the German Bundesbank’s stellar reputation. If Germany leaves the euro, then everyone else will too. Why would a domestic politician tie their country’s future to a bunch of other middling countries with shaky finances? A euro without Germany is weaker than one that includes it, which helps exports, but foreign investors would charge much higher interest rates to finance a non-German euro. Given that most European countries currently want to run deficits for a generous welfare state and to increase defense spending to fight big bad Russia, I believe they would rather stick with Germany to access cheaper foreign capital.
Regardless of what happens, there will be a period of intense uncertainty. Investors who hold euro-denominated stocks and bonds dislike this type of uncertainty. They will dump these assets indiscriminately. This euro risk-off event will bring the EU banking system to the brink of insolvency again. And again, to save the system, the ECB will print euros. These euros effectively pump Bitcoin and gold as the only two hard assets any investor with a single neuron would purchase in this situation. I guess the next best thing after Bitcoin and gold are US equities, which is a hard thing for me to say. Shortly after the ECB smashes the Brrrr button, they will impose EU-wide capital controls because they cannot allow capital to leave.
I can’t put a number on the amount of capital that will flee Europe into hard assets and the US stock market. If you believe this sequence of events is even a remote possibility, you must sell all euro-denominated assets and remove your capital from the EU banking system. What do you have to lose? Let’s look at the performance of the EU stock and bond market post-COVID to understand the opportunity cost of protecting your capital early. Remember, they who sell first, sell best.
The EuroStoxx 50 Index (white) underperformed the MSCI World Index (yellow) from 2021 to the present.
Over the same time frame, The Bloomberg EuroAgg Bond Index (white) and the EuroStoxx 50 Index (yellow) underperformed Bitcoin (magenta) and gold (green) in euro terms.
As you can see, EU stocks and bonds underperformed all major assets. In the future, the financial situation will only deteriorate further as Europe scores successive own-goals. How can you invest in an economic zone that actively purchases expensive American natural gas transported via ship rather than cheaper Russian gas transported directly via pipeline? Just get the fuck out.
**Why Doesn’t the ECB Print?**
None of this analysis is groundbreaking. Even the paper-pushing pillocks at the ECB know that France’s finances are figgity fucked in a world where German and Japanese capital is absent. If the euro is the sacred cow, why isn’t the ECB doing “whatever it takes” in former ECB emperor Super Mario Draghi’s words, to prevent a dissolution? The ECB should restart QE using its array of alphabet letter soup programs.
While the ECB’s goal is maximum euro, its maximum euro as long as they are in control. The ECB wants all of its member country subjects to do what they are told. They are told that yearly government deficits should not exceed 3% of GDP. They are told that domestic politicians and political parties are unacceptable if they espouse views of national sovereignty. In France’s case, the ECB opposes any party like Marine Le Pen’s very popular National Front that wishes to enact France-first policies. You might hate Le Pen or more likely, her father because they dine on Billie Holiday’s “Strange Fruits” of the Algerian flavor, but she believes in democracy more than Lagarde. And that’s a problem for Lagarde because the French public wants the government to print and spend money for the benefit of France, not unelected bureaucrats in Frankfurt and Brussels. And therefore, because the ECB’s teacher-fucker pet has lost control of the French Parliament, the ECB will exert control by withholding freshly printed euros.
In the ECB and EU council Soviet think, if France runs greater than 3% deficits to fund populist policies that benefit France domestically, what’s stopping all the other wayward European children from doing the same? Austerity and the associated costs to the populations must be enforced such that Europe™ survives. The lack of action by the ECB euro money printer scares French capital into leaving the clutches of domestic French banking regulators by moving deposits to other euro member countries.
The ECB is so focused on control of Europe™ that it’s cutting off its nose to spite its face. The ECB should telegraph to the market that it will save France and any other nation whose “free” bond market refuses to fund the government at affordable rates. Why? Because the euro needs to weaken dramatically against the dollar. As you can probably tell if you study contemporary history, the US is keen to maintain Europe as its vassal state, and various elite US politicians take a dim view of their wannabe Soviet EU Judeo-Christian cousins. Buffalo Bill Bessent plans to continue this policy by destroying Europe’s competitiveness with a strong euro vs. the dollar.
To grow US exports at the expense of mostly German and other EU countries’ exports, Bessent must weaken the dollar versus the euro dramatically. Continuing to run massive deficits, proclaiming an industrial policy and the associated explosion of bank credit generation, teasing a gold revelation, browbeating the Fed to cut rates when by all objective measures the US economy is strong to very strong, etc. are all policies which will ceteris paribus weaken the dollar vs. most other fiat currencies including the euro. While Bessent is busy trashing the dollar to supercharge Pax Americana’s manufacturing resurgence, Lagarde is busy running too tight of a monetary policy in order to discipline democratically elected politicians of member countries who want to spend money on populist policies. This is why the euro appreciated 12% vs. the dollar since Trump ascended the throne.
**Bitcoin Doesn’t Care**
Either the ECB presses the Brrr button now and implicitly finances the French welfare state, or it does it later when French capital controls threaten to destroy the euro. Either way, money gets printed in the trillions of euros. Bitcoin doesn’t care and will continue its inexorable rise versus the piece of trash that is the euro.
One thing we can be sure of is that EU banking regulators will attempt to close the exits regardless of which path the ECB takes. If you are a Euro-poor-ean with capital within the euro banking system, the freedom with which you can spirit your capital away into the loving arms of the one true Lord Satoshi will wane rather than wax. The slow-motion collapse of the French state is the signal that it’s time to sell euros and buy Bitcoin. If you read too much mainstream financial press and believe Bitcoin is a scam, sell euros, buy Bitcoin, and then use that Bitcoin to buy another hard asset outside of the EU. Bitcoin is the best way to preserve options on what to do with your precious capital is that it is a digital bearer asset. In a few minutes, you can convert your euro bank balance into Bitcoin using a spot exchange on the continent. And voila, you are no longer Lagarde’s bitch.
If you are not a denizen of Europe™ do not buy European financial assets under any circumstances. Instead, buy some Bitcoin, sit back and watch your sick gainz as printed euros contribute to the bull market in growth of the fiat money supply. If you want to know when the cracks in the euro will emerge, watch the trajectory of France’s TARGET deficit. Maybe, just maybe, you can flaunt your riches at next year’s Bastille Day jamboree. You too can light capital on fire by purchasing a [**Nebuchadnezzar**](https://www.premierchampagne.com/products/armand-de-brignac-brut-rose-15l-nebuchadnezzar-ace-of-spades.html)
of bubbly water and fist pump to Rufus in the middle of the afternoon.
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[\[1\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------#_ftnref1)
NCB stands for National Central Bank e.g. Bundesbank.
[\[2\]](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------#_ftnref2)
Thank you, Russell Napier, for this definition.
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[Written by Arthur Hayes\
-----------------------](https://cryptohayes.medium.com/?source=post_page---post_author_info--3f4eba0c6eb8---------------------------------------)
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Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
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Followers
148,960 followers
-----------------
[](https://medium.com/@abdulqaharlashari23?source=user_followers_page----------------------2f6e06954878----------------------)
[Abdul Qahar Lashari\
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[Jumaboy Buronov\
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[Ahmed AL-Warthan\
----------------](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@ahmed.a.alwarthan?source=user_followers_page----------------------2f6e06954878----------------------)
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[Lucas Colling\
-------------](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@collinglucas84?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[Navid Rahimy\
------------](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@navid.rahimy.1400?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[Mr Libon\
--------](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@mrlibon3?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[Lauraszikoraa\
-------------](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@lauraszikoraa?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[Deans Antony\
------------](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
[](https://medium.com/@deansantonysr.official?source=user_followers_page----------------------2f6e06954878----------------------)
Arthur Hayes
------------
148K followers
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
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---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
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12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
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Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
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[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
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[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
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Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
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[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
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Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
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[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
[Sitemap](https://cryptohayes.medium.com/sitemap/sitemap.xml)
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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[Open in app](https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2F&%7Efeature=LoOpenInAppButton&%7Echannel=ShowUser&%7Estage=mobileNavBar&source=---two_column_layout_nav-----------------------------------------)
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
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Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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[Open in app](https://rsci.app.link/?%24canonical_url=https%3A%2F%2Fmedium.com%2F&%7Efeature=LoOpenInAppButton&%7Echannel=ShowUser&%7Estage=mobileNavBar&source=---two_column_layout_nav-----------------------------------------)
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
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[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---
# About – Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_about----------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
#### [148K followers](https://cryptohayes.medium.com/followers?source=user_about----------------------2f6e06954878----------------------)
·
[1 following](https://cryptohayes.medium.com/following?source=user_about----------------------2f6e06954878----------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_about---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_about---user_sidebar-------------------2f6e06954878----------------------)
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[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_about---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_about---user_sidebar-------------------2f6e06954878----------------------)
---
# Arthur Hayes – Medium
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Arthur Hayes
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page----------------------2f6e06954878----------------------)
[Hallelujah\
----------\
\
### Praise be to Lord Satoshi that time and compounding interest exist regardless of who you are. Even if you are a government, there are only..](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
12h ago
[A response icon1](https://cryptohayes.medium.com/hallelujah-9eb355974421?source=user_profile_page---------0-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F9eb355974421&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fhallelujah-9eb355974421&source=---------0-------------2f6e06954878----bookmark_preview------------------)
[Long Live the King!\
-------------------\
\
### How does society adjudicate scarcity given that humanity hasn’t reached a sci-fi utopian post-scarcity existence? Infinitely abundant energy](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
Oct 8
[A response icon7](https://cryptohayes.medium.com/long-live-the-king-f45284bdebd9?source=user_profile_page---------1-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Ff45284bdebd9&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Flong-live-the-king-f45284bdebd9&source=---------1-------------2f6e06954878----bookmark_preview------------------)
[Bastille Day\
------------\
\
### Would the brave souls chanting “Liberté, Egalité, Fraternié” be proud of the Fifth French Republic they fought and died for? Or be…](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
Oct 1
[A response icon6](https://cryptohayes.medium.com/bastille-day-3f4eba0c6eb8?source=user_profile_page---------2-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F3f4eba0c6eb8&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbastille-day-3f4eba0c6eb8&source=---------2-------------2f6e06954878----bookmark_preview------------------)
[Four, Seven\
-----------\
\
### Buffalo Bill Bessent’s plan to re-industrialize America and attempt to forestall the inevitable decline of Pax Americana from a quasi-empire](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
Sep 23
[A response icon7](https://cryptohayes.medium.com/four-seven-ee347d5ee535?source=user_profile_page---------3-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fee347d5ee535&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffour-seven-ee347d5ee535&source=---------3-------------2f6e06954878----bookmark_preview------------------)
[Buffalo Bill\
------------\
\
### US Treasury Secretary Scott Bessent deserves a new nickname. I previously christened him as the BBC, short for Big Bessent Cock…](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
Aug 26
[A response icon9](https://cryptohayes.medium.com/buffalo-bill-b7e7c5ddb962?source=user_profile_page---------4-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fb7e7c5ddb962&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fbuffalo-bill-b7e7c5ddb962&source=---------4-------------2f6e06954878----bookmark_preview------------------)
[Time Signature\
--------------\
\
### The most exalted form of praise humanity bestows on the universe is its happiness derived from dancing. Most religions incorporate some sort](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
Jul 22
[A response icon8](https://cryptohayes.medium.com/time-signature-27c516884c71?source=user_profile_page---------5-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F27c516884c71&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ftime-signature-27c516884c71&source=---------5-------------2f6e06954878----bookmark_preview------------------)
[Assume The Position\
-------------------\
\
### While Circle CEO Jeremy Allaire has no choice by to assume the position at the behest of his daddy gimp Coinbase CEO Brian Armstrong…](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
Jun 16
[A response icon8](https://cryptohayes.medium.com/assume-the-position-823ed2cf3c75?source=user_profile_page---------6-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F823ed2cf3c75&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fassume-the-position-823ed2cf3c75&source=---------6-------------2f6e06954878----bookmark_preview------------------)
[Fatty Fatty Boom Boom\
---------------------\
\
### It turns out that Lizzo, the fat-positive diva, and the economic imbalances of Pax Americana have much in common. Don’t get it twisted…](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
May 15
[A response icon8](https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487?source=user_profile_page---------7-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2F52e47a03f487&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Ffatty-fatty-boom-boom-52e47a03f487&source=---------7-------------2f6e06954878----bookmark_preview------------------)
[Ski Cut\
-------\
\
### The Hokkaido ski season ended for me in mid-March this year. However, lessons from the mountain can still be applied to President Trump’s…](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
Apr 22
[A response icon7](https://cryptohayes.medium.com/ski-cut-c24c971600c0?source=user_profile_page---------8-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fc24c971600c0&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fski-cut-c24c971600c0&source=---------8-------------2f6e06954878----bookmark_preview------------------)
[The BBC\
-------\
\
### Jerome Powell and Hiroki Kuroda became fast friends within the global central banking circuit. Kuroda’s term as governor of the Bank of…](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Mar 31
[A response icon12](https://cryptohayes.medium.com/the-bbc-a33ddb3ce00b?source=user_profile_page---------9-------------2f6e06954878----------------------)
[](https://medium.com/m/signin?actionUrl=https%3A%2F%2Fmedium.com%2F_%2Fbookmark%2Fp%2Fa33ddb3ce00b&operation=register&redirect=https%3A%2F%2Fcryptohayes.medium.com%2Fthe-bbc-a33ddb3ce00b&source=---------9-------------2f6e06954878----bookmark_preview------------------)
Arthur Hayes
------------
[148K followers](https://cryptohayes.medium.com/followers?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
Co-Founder of 100x. Trading and crypto enthusiast. Focused on helping spread financial literacy and educate investors.
[Help](https://help.medium.com/hc/en-us?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Status](https://status.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[About](https://medium.com/about?autoplay=1&source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Careers](https://medium.com/jobs-at-medium/work-at-medium-959d1a85284e?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Press](mailto:pressinquiries@medium.com)
[Blog](https://blog.medium.com/?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Privacy](https://policy.medium.com/medium-privacy-policy-f03bf92035c9?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Rules](https://policy.medium.com/medium-rules-30e5502c4eb4?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Terms](https://policy.medium.com/medium-terms-of-service-9db0094a1e0f?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
[Text to speech](https://speechify.com/medium?source=user_profile_page---user_sidebar-------------------2f6e06954878----------------------)
---