Let's talk about the global crisis that triggered the FTX bankruptcy

Hello dear readers, this is an opportunity to address some approaches to the global crisis that has triggered the bankruptcy of FTX, considering that the fall of FTX is so far-reaching that it transcends the world of cryptocurrencies.

The wunderkind of the World Economic Forum, Samuel Bankman-Fried, is at the center of a real storm of a global financial crisis, a situation that has even had repercussions in the troubled economy after the repeated adjustments to interest rates announced by the FED.

The imminent bankruptcy of FTX could be a lethal blow to the international political economy, particularly in the West. For some months now, the international banking system has been facing a new collapse and this could be the straw that breaks the camel's back.

There seems to be no end to the chain reaction. The accusations -many still under investigation- go as far as implicating the Democratic Party in a money laundering operation.

Hence, FTX was not only one of the main donors to Joe Biden's presidential campaign, but was also at the center of Western financing in the Ukrainian War. Financing that, in addition, found a space of opportunity in the private arms sector thanks to the facilities granted by the US president himself.

The crypto ecosystem will be challenged again, as the international banking system enters a new phase of crisis. It is expected that new regulations will seek to weaken the more independent cryptoassets and will increasingly give way to Central Bank Digital Currencies.


Wsws. The FTX crypto collapse and the underlying crisis of the capitalist financial system. Link


The cover image was designed by the author: @lupafilotaxia, incorporating image: Wsws.