Macoreconomists have developed a “bottleneck theory” for a monetary reset through the launch of Central Bank Digital Currencies. We could see a gradual (soft) reset, with analog and digital money temporarily coexisting. If the debt crisis gets out of control, we may see a “hard” (overnight) reset. A hard reset would be no fun. Paper assets could get a massive haircut as they pass through the bottleneck. The repricing of paper assets would impact everyone, especially the middle class. In the video, asset manager Matthew Pieperburg breaks down the probability of a hard reset.