Welcome to The Bitcoin Layer, where we bring you research, analysis, and education for all things bitcoin and macro. In this episode, Joe sits down with the inimitable Professor Peter St Onge. Peter breaks down the banking crisis and Fed's response, where the credit contraction is headed next, how fractional reserve banking introduces fragility to the financial system, how fully-reserved banks could still prove tenable, and why this is the latest but not last in a long line of bailouts form the Fed unless serious changes are made.

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