Campbell observes that post-2008, there has been a trend away from opaque, credit-risky bank deposits and risky short-term commercial paper toward government-guaranteed money market funds or bank deposits at the largest banks perceived as too-big-to-fail.
factualpending
Speaker
Austin CampbellEvidence Quote
“one of the trends we've seen post-2008 writ large before we even get to blockchains is a move away from opaque credit risky bank deposits as something people prefer and a move away from risky short-term commercial paper for which you don't pick up much yield. That was prime money market funds and they've been shrinking into one of two things, which is government-guaranteed money market funds, which have been growing, or the balance sheets of the largest banks because there's this perception that if Wells Fargo fails, the government's going to bail them out.”
Source
The Secret To Maintaining Dollar Dominance | Joseph Wang & Austin Campbell LIVE @ DAS— Forward GuidanceCreated: 8/11/2026, 8:05:39 AM
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