> I rarely ever see good discussion into the details around why the GFC even happened There are many, many discussions, spanning nearly a decade now, about why

> I rarely ever see good discussion into the details around why the GFC even happened There are many, many discussions, spanning nearly a decade now, about why the GFC happened, ranging in all levels of quality. There are very few good reasons to believe that fiat money had anything to do with it. The people who predicted it and made money off it based it on their observation that debt was being issued to people who most likely could not pay it off, which is fine. These were marked as low quality debt. But then that debt was bundled with other similarly low quality debt and after bundling and rebuilding the bundles enough times, they were rated at a level which did not mathematically add up. But what converted this from a financial crisis to the GFC was the issuance of CDS’s worth several orders of magnitude greater than the underlying CDOs which also collapsed at a much greater rate than expected because the underlying assets were much shittier than expected. Add to this the fact that Paulson, ex-Goldman Sachs President who did not allow it to be bought at cents on the dollar (I don’t remember if this was because he personally hated Lehman or if he personally hated the purchasing bank getting a good deal, but it was entirely because of his personal feelings, which led him to override nearly everyone else) leading to a massive run on all banks, in a middle of an already complicated situation where they still needed to unwind all the different CDS’s and other exotic instruments. There’s a reason both TARP and Warren Buffett were able to make massive profits by simply promising to backup the Banks’s assets because their biggest issues was a classic bank run, as opposed to them lacking the actual assets (there were some companies that simply lacked assets, such as AIG, but most didn’t). None of this had anything to do with fiat currency. One reason we know that is that crypto currency based organizations have been speed running a version of this same process many times over the past 6-9 months.