The Last Trade E061: The Great Deleveraging with Sam Callahan

Sam Callahan, senior Bitcoin analyst and former Swan researcher, joins Mark Connors and the OnRamp team to dissect the global macro environment following the August 2024 market turmoil triggered by Japan's rate hike. Callahan draws on Hyman Minsky's framework to explain how low-volatility environments breed the excessive leverage that eventually causes catastrophic deleveraging events. The panel explores how 24 years of zero interest rate policy in Japan created systemic fragility that a mere 25 basis points could destabilize. The conversation concludes with why Bitcoin, as a non-sovereign hard asset, is structurally positioned to benefit from continued monetary debasement as the only viable exit from over-leveraged global debt systems.