What are NFT’s “non-fungible tokens", death by a thousand cuts - Archegos, what's happening with the GameStop stuff, and 'Immediate and drastic.' The climate crisis is seriously spooking economists.

What are NFT’s “non-fungible tokens", death by a thousand cuts - Archegos, what's happening with the GameStop stuff, and 'Immediate and drastic.' The climate crisis is seriously spooking economists.

What are NFT’s “non-fungible tokens"
“Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different. But NFTs are designed to give you something that can't be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original. NFTs are part of the Ethereum blockchain.

Death by a thousand cuts - Archegos and what's happening with the GameStop stuff - source and the reddit post
Archegos defaulted on margin calls from several global investment banks, including Credit Suisse and Nomura Holdings as well as Goldman Sachs and Morgan Stanley. Why this is a big deal. Banks could have a huge sell off which is really bad. And the banks are already bracing for huge fallouts of this. Investment banks Credit Suisse and Nomura said they would incur significant losses after the U.S.-based hedge fund was forced into a fire sale of assets and defaulted on its margin calls.

SUM UP FROM REDDIT -
-The economy is propped up by jack shit
-Banks, Hedge Funds etc, over leverage themselves and are allowed to have infinite money (Margin)
-Short positions being sold cannot be returned (domino effect) because everyone is shorting everything with money by Fed
-Eventually someone is left holding the biggest bag in the history of capitalism causing the largest Domino Default that has ever happened
-Will make 2008 look like nothing
-Anyone on other end of Short will get fat rich
-A few banks might collapse, unless Government bail them out by printing 10s of trillions of dollars
-Cash will be worthless
-Innocent people will get screwed because Bonds are now worth nothing, their capital management firm just went bankrupt losing savings, boomer stocks plummet as they are all being sold off by big bears trying to obtain liquidity for themselves.

'Immediate and drastic.' The climate crisis is seriously spooking economists - source

“Nearly three-quarters (74%) of economists agree "immediate and drastic" action is warranted to curb emissions, according to a survey released Tuesday from the Institute for Policy Integrity at the NYU School of Law. That's up sharply from 50% in 2015. Since that time, the United States has been hit by an onslaught of extreme and deadly weather events including Hurricane Maria, massive wildfires in California and this year's deep freeze in Texas. With those floods, wildfires and hurricanes occurring more frequently, the financial toll from the climate crisis is expected to rise dramatically: Economic damage from climate change is projected to reach $1.7 trillion per year by 2025 and surge to roughly $30 trillion annually by 2075 under most scenarios, according to consensus forecasts included in the survey.”

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