This financial crisis will unfold ten times faster than 2008

In 2007 reddit was only a couple of years old and barely used, youtube was only two years old and barely used, twitter was only one year old and barely used. None of these websites gained mainstream popularity and mainstream usage until around 2010.

Before the 2008 crisis none of these platforms were used to share information, all people had was the financial times, forbes, and the nightly news. As the 2008 crisis was unfolding all people were hearing was the nightly news showing segments from george w bush and ben bernanke saying everything was fine, everything was contained and that there was no possibility of a recession or financial crisis. People had zero real information all they had was propaganda to listen to.

Fast forward to 2023 and billions of people consume information on these platforms in real-time. Not only do people now get all the information they need instantly they are also still well aware of how fragile banks can be after the global financial crisis, the european sovereign debt crisis and the cyprus bail-in crisis.

It is because of this that the financial crisis that appears to be starting right now could unfold so much faster than 2008. In 2008 people were complacent because of a lack of real information but today within one week the entire western world is mobilising their savings already moving it to the safest place they can think of. Today people have the information they need to protect themselves and they are doing so at a rapid rate. As people withdraw their deposits from their bank accounts to whatever form of safety they can this phenomenon will accellerate financial contagion.

In 2008 it took months for it to spread from the US to Europe, this time with credit suisse it has taken one week.

I expect this financial crisis to not only be worse than 2008 because of the higher debt levels and more agressive rate rises, I also expect it to unfold ten times faster because of social media and truthful real-time information.

As bitcoiners we are prepared. We all hold a swiss bank in our pockets immune to inflation, and i expect social media and real-time information to bring hundreds of millions of people to that same conclusion extremely fast. By the end of this year the world will be a different place likely full of new bitcoiners protecting themselves from their failing banks.

"There are decades where nothing happens, and there are weeks where decades happen"

Things are about to start happening extremely quickly and its better to be prepared a week early rather than a day late.