Uploaded March 2026 | Updated September 2026, 1 week ago
Nik explains why the financial system's bailout playbook is still intact, how SVB proved it in three days, and what could change it.
This clip comes from our weekly Global Macro Update, now delivered exclusively to TBL Pro subscribers on Substack.
The full 46-minute video dives into a Goldman report on private credit default scenarios, the actual dollar figures behind potential losses, why bank lending and record corporate bond issuance are the offset, and what Nik is watching more closely than private credit: stagflation and AI.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-will-private-credit-cause-a
🔓 Subscribe to TBL Pro: thebitcoinlayer.substack.com/subscribe
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
Topics discussed in this clip:
Why the bailout playbook has survived across multiple presidents and party lines
SVB and the Bank Term Funding Program as proof the framework is intact
$350 trillion in global debt and the system's inability to pay down principal
Kevin Warsh and the question of whether bailout culture could change
Private credit, energy, and AI as the three big risk scenarios
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin's role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
Nik explains why the financial system's bailout playbook is still intact, how SVB proved it in three days, and what could change it.
This clip comes from our weekly Global Macro Update, now delivered exclusively to TBL Pro subscribers on Substack.
The full 46-minute video dives into a Goldman report on private credit default scenarios, the actual dollar figures behind potential losses, why bank lending and record corporate bond issuance are the offset, and what Nik is watching more closely than private credit: stagflation and AI.
📎 Watch the full update: thebitcoinlayer.substack.com/p/video-will-private-credit-cause-a
🔓 Subscribe to TBL Pro: thebitcoinlayer.substack.com/subscribe
Inside TBL Pro you get:
Two weekly macro updates from Nik Bhatia (one letter + one exclusive video)
One weekly Bitcoin market analysis
Access to the TBL Research Dashboard to track liquidity metrics yourself
Monthly report collaboration with James Check (Checkonchain)
Topics discussed in this clip:
Why the bailout playbook has survived across multiple presidents and party lines
SVB and the Bank Term Funding Program as proof the framework is intact
$350 trillion in global debt and the system's inability to pay down principal
Kevin Warsh and the question of whether bailout culture could change
Private credit, energy, and AI as the three big risk scenarios
About The Bitcoin Layer
The Bitcoin Layer provides macro research focused on liquidity cycles, global markets, and Bitcoin's role in the financial system.
New Global Macro Updates are released every Thursday for TBL Pro members.
