# Shut it Down!

<https://cryptohayes.medium.com/shut-it-down-15d230b28089>

- Host: [cryptohayes.medium.com](https://links.thingelstad.xyz/hosts/cryptohayes.medium.com/)
- Saved: June 2, 2022 (2022-06-02T22:59:14Z)
- Record: https://links.thingelstad.xyz/links/83a861edb663/
- JSON: https://links.thingelstad.xyz/links/83a861edb663.json

## What Jamie wrote

Good (and entertaining) read on Fed policy and inflation and how the overall market trends impact the crypto markets as well.

> The median yearly income for Americans is approximately $50,000. You know you’ve printed too much money when the median house appreciated more than the median income. That means you made more money sitting in your Lulu jammies than going to work, assuming you own a home.

Also touches on the Terra/Luna meltdown.

> TerraUSD tried to pay a very high interest rate (20% on Anchor), fix its price vs. the USD (the UST to 1 USD peg), and have an elastic supply (UST supply could rise infinitely). This is akin to a central bank fixing the rate of interest, fixing its fiat currency’s exchange vs. the rest of the world, but having an open capital account. It doesn’t work in TradFi, and it (clearly) doesn’t work in DeFi either.

Overall smart take, but who knows what will really happen. No crystal balls available. 🔮

## Facts

- Kind: [Page](https://links.thingelstad.xyz/kinds/page/)

## Appears in

- [WT222: Weekly Thing #222 / Smalltalk, Friendships, Automata](https://weekly.thingelstad.com/archive/222/), Notable

## Same host

- [Luna Brothers, Inc.](https://links.thingelstad.xyz/links/b08f10009d48/) (cryptohayes.medium.com, May 19, 2022)

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- [Thin Platforms – Stratechery by Ben Thompson](https://links.thingelstad.xyz/links/bf60284088b1/) (stratechery.com, June 2, 2022)
- [Calendar.txt](https://links.thingelstad.xyz/links/5b70d847f02c/) (terokarvinen.com, June 2, 2022)
- [The Web's Timeline](https://links.thingelstad.xyz/links/564fadf9aabb/) (thehistoryoftheweb.com, June 2, 2022)

## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://cryptohayes.medium.com/shut-it-down-15d230b28089