Mark Yusko, Founder, Chief Investment Officer and Managing Director of Morgan Creek Capital Management speaks at at Blockworks' Digital Asset Summit about digital assets as a transformative tool and examines the market cycle we are currently heading towards. From the chaos of the free banking era to the Great Depression, this video explores the cyclical nature of financial systems. Join us on this journey through time and make sure to subscribe for more intriguing insights!
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00:00Um, history is not kind, uh, for these environments. Uh, there's a long-term cycle,
00:0990 years. Uh, if you go back to 1840, there, there wasn't a central bank. The, the banks
00:15constricted liquidity. We ran into something called the free banking era, total disaster for
00:2025 years. Um, and bottom line is, is we had a depression. 90 years later in 1929, 1930, uh,
00:29Smoot and Holly did one of the dumbest things ever, uh, put tariffs on and we contracted liquidity
00:35into a slowing economy, turn a garden brighter session into the great depression. So here we
00:39are 90 years later, uh, in the 2020s and we are tightening liquidity into a slowing economy
00:45and we already did the stupid tariff stuff. So we are, uh, on the verge of why I believe will be
00:53another depression, not even recession. Now it doesn't have to go that way.