Anatomy Of A Financial Scam
<p>When I was young I wanted to be a pilot. I grew up on Air Force bases and knew nothing but aircraft. By the time I got to university and started actually studying aviation, one of the courses I had to take was “Human Factors in Aviation”. It was all about ways pilots screw up in the air, and breaking down the commonalities of air traffic accidents.</p>
<p>In the end it was political economy that stole my heart during university. However, even in the world of economics and finance, the same methodical approach of breaking down a financial scam or crisis can be used as it can in aviation.</p>
<p>This week we saw yet another crack down in the crypto world, this time it is <a href="https://cryptoslate.com/mirror-trading-international-to-pay-1-7b-in-restitution-to-victims-of-bitcoin-investment-scam/" rel="noopener ugc nofollow" target="_blank">Mirror Trading International</a> being forced to pay 1.7 billion in restitution for its Crypto scam. It’s just another scam in a long line of crypto scams. We’ll see more.</p>
<p>The regulated banking sector is no different. We’ve had a few big names that have gone to the wall, SVB and Signature bank, but it is the smaller regional banks that are of greater concern, at least to me. This is because regional banks are where the average consumer does their business and saves for the future. It’s all brought on by rising interest rates and banks being over leveraged, which I wrote about at the beginning of the year.</p>
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