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Bon post sur la mécanique. Un complément sur les ratios et la question de la limite "infinie" :
Les ratios (Bâle III, LCR, NSFR) encadrent chaque banque individuellement. Mais au niveau du système, la contrainte est élastique. Quand les banques atteignent leurs limites et ne peuvent plus prêter, la banque centrale intervient : elle crée de nouvelles réserves ex nihilo (QE), les échange contre des actifs bancaires, et redonne aux banques la capacité de relancer le cycle de crédit.
En 2007, le système bancaire américain avait 63 dollars de dette pour chaque dollar de monnaie de base. Quand la crise a éclaté, plutôt que laisser le système se contracter, la Fed a multiplié la base monétaire pour absorber le choc. En 2020, elle a créé plus de 1 000 milliards de dollars de réserves en trois semaines.
La Fed elle-même a abaissé les niveaux de réserves obligatoires en 2019, puis à nouveau en 2023, contribuant respectivement à la crise du marché repo et aux faillites bancaires de 2023.
C'est la pièce manquante du puzzle : les ratios contraignent les banques individuellement, mais quand le système dans son ensemble atteint ses limites, c'est la banque centrale qui déplace les limites.
Comme l'écrit Lyn Alden dans Rupture monétaire : le Trésor et la banque centrale agissant ensemble « peuvent injecter de l'argent fraîchement créé dans l'économie. S'ils ne manient pas cet outil avec prudence, ils disposent d'un financement potentiellement illimité, jusqu'à provoquer une inflation galopante. »
En 70 ans (1952-2022), la dette totale américaine n'a jamais baissé — sauf 1,3% en 2008, avant que la Fed n'intervienne. Le système fiat est fait pour toujours augmenter la dette, by design.
Konsensus publishing house is open to manuscript submissions on self-sovereignty, freedom tech, Austrian economics, and libertarian ideals.
Find out more about our streamlined application process here:
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In France, there was 45 crypto kidnappings in 2025. 77 in the first six months of 2026.
The EU forcing every exchange to hand over names, home addresses, and transaction histories to governments across 30+ countries is a clear threat.
@BullBitcoin just became the first company to fight this DAC8 regulation. They filed before France's highest administrative court to get the whole thing struck down.
Respect to the whole team for fighting back the EU monster. Who else is stepping up?
In Europe, DAC8 has turned “Know Your Customer” into “Kill Your Customer.”
Today, Bull Bitcoin is officially opening the first legal front against DAC8.
We have brought a case before France’s Conseil d’État, the country’s highest administrative court, to strike down the decree implementing DAC8 in French law.
Since January 1, 2026, DAC8 has required crypto-asset service providers to systematically collect user and transaction data and subsequently report it to national tax authorities.
These authorities will automatically exchange this information across the European Union and with tax administrations in other participating countries around the world.
The result is a massive international financial-data honeypot linking people’s legal identities, home addresses and crypto activity, including information with no relevance whatsoever to taxation.
This is grossly disproportionate and poses a serious threat to the physical safety of crypto holders and their families.
Until now, most customer data remained within each crypto-asset service provider unless a suspicious transaction was reported or a competent authority made a lawful request.
DAC8 replaces this model with the systematic reporting and cross-border sharing of highly sensitive financial information.
The more authorities, civil servants, contractors, systems and foreign jurisdictions that have access to this data, the greater the risk that it will eventually be leaked, stolen, illegally accessed or sold to criminal organizations.
At the same time, kidnappings and violent attacks against crypto holders and their families are rising, with leaked personal and financial data increasingly being used to identify and target victims.
France has already suffered numerous breaches of highly sensitive government and financial databases.
Given enough time, a database of this scale is almost certain to be breached.
When that happens, criminal organizations will gain a ready-made map of who to target and where to find them.
This is not responsible financial oversight. It is a recipe for disaster.
We filed our initial application before the Conseil d'État on February 24, 2026, followed by a substantive legal brief setting out the full grounds of our case.
This is not a symbolic gesture. It is a serious legal action, grounded in law and handled by experienced legal professionals.
We are seeking the outright annulment of the French decree implementing DAC8’s crypto-asset reporting regime, on the grounds that automated mass financial-data collection violates fundamental human rights.
If necessary, we are prepared to take this fight before the Court of Justice of the European Union and the French Constitutional Council.
A victory in France could establish an important judicial precedent and provide a blueprint for other European actors seeking to fight DAC8 in their own countries.
Someone has to draw a line in the sand.
Bull Bitcoin is willing to do it.
In the video, Bull Bitcoin founder @francispouliot_ takes the stage at @BTCPrague to expose the threat DAC8 poses to the privacy and physical safety of crypto holders and explain why Bull Bitcoin has decided to lead this fight.
Alongside this legal challenge, we are launching STOP DAC8: a complete, fully sourced resource for citizens, journalists and policymakers.
More info 👇
In France, there was 45 crypto kidnappings in 2025. 77 in the first six months of 2026.
The EU forcing every exchange to hand over names, home addresses, and transaction histories to governments across 30+ countries is a clear threat.
@BullBitcoin just became the first company to fight this DAC8 regulation. They filed before France's highest administrative court to get the whole thing struck down.
Respect to the whole team for fighting back the EU monster. Who else is stepping up?
A Lodging of Wayfaring Men by Paul Rosenberg, in short:
1. A group of programmers and businessmen get tired of asking permission to live. They build an encrypted marketplace where anyone can trade, publish, and organize anonymously. No names, no jurisdiction, nothing to subpoena. Within weeks, the market has its ten-thousandth customer. The year is 2002.
2. The state notices the only way it can: tax receipts stop matching the economy. A classified memo admits someone has built "a fully-encrypted form of electronic cash" and that the agency isn't sure what an e-cash file would even look like. The state can only fight what it can see.
3. The FBI agent assigned to hunt the founders is written as a decent, intelligent man (which is rare in political fiction). The book makes you watch him slowly as you realize he was sent to destroy the best people he has ever studied. By the end of the book, he is on their side.
4. The founders never fire a shot. They win by being useful: arbitration instead of courts, restitution instead of prisons, entry gated by trust alone — if no one trusts you, you can't get in. Every merchant who joins is one more person the old world has lost, and no army can invade a market it can't find.
5. The cost is real, and the book refuses to hide it. Opting out means losing friends who think you're a criminal and carrying the moral weight that citizens never feel because they've outsourced it. "If you want to be great, you must be willing to be called evil."
6. Originally published in 2002: six years before the bitcoin launch, nine before Silk Road. Encrypted cash, anonymous markets, reputation as collateral, exit as strategy. The author published it all anonymously, and reality plagiarized him.
7. Rosenberg's message: the state doesn't need to be defeated. Institutions die when the people they feed on walk away. The title is from Jeremiah: "Oh that I had in the wilderness a lodging of wayfaring men, that I might leave my people and go from them." Millions are living that verse right now. Most of them have never heard the book's name.
> published in 2002
> imagines a group of freedom-seekers building an untraceable, ungovernable society on the internet
> no rulers. no taxes. no permission. a parallel economy beyond the reach of any state
> years before Bitcoin. before the darknet. before anyone said "decentralization"
> named Freedom Book of the Month
> becomes an underground bible in cypherpunk circles
> "there are five or six books every serious cypherpunk ends up reading. this is one of them" Max Hillebrand
> most people still haven't read it
> so we re-edited it last year
> you should get it
A Lodging of Wayfaring Men by Paul Rosenberg, in short:
1. A group of programmers and businessmen get tired of asking permission to live. They build an encrypted marketplace where anyone can trade, publish, and organize anonymously. No names, no jurisdiction, nothing to subpoena. Within weeks, the market has its ten-thousandth customer. The year is 2002.
2. The state notices the only way it can: tax receipts stop matching the economy. A classified memo admits someone has built "a fully-encrypted form of electronic cash" and that the agency isn't sure what an e-cash file would even look like. The state can only fight what it can see.
3. The FBI agent assigned to hunt the founders is written as a decent, intelligent man (which is rare in political fiction). The book makes you watch him slowly as you realize he was sent to destroy the best people he has ever studied. By the end of the book, he is on their side.
4. The founders never fire a shot. They win by being useful: arbitration instead of courts, restitution instead of prisons, entry gated by trust alone — if no one trusts you, you can't get in. Every merchant who joins is one more person the old world has lost, and no army can invade a market it can't find.
5. The cost is real, and the book refuses to hide it. Opting out means losing friends who think you're a criminal and carrying the moral weight that citizens never feel because they've outsourced it. "If you want to be great, you must be willing to be called evil."
6. Originally published in 2002: six years before the bitcoin launch, nine before Silk Road. Encrypted cash, anonymous markets, reputation as collateral, exit as strategy. The author published it all anonymously, and reality plagiarized him.
7. Rosenberg's message: the state doesn't need to be defeated. Institutions die when the people they feed on walk away. The title is from Jeremiah: "Oh that I had in the wilderness a lodging of wayfaring men, that I might leave my people and go from them." Millions are living that verse right now. Most of them have never heard the book's name.
@Bullcrapwork It’s 100% a choice but then they keep complaining about it, and politicians keep pushing against it saying it’s polluting and increasing climate change