Programming note: Money Stuff will be off tomorrow, back on Monday.
You can, with hindsight, do some dumb math about Silvergate Capital Corp., the crypto-friendly bank that melted this month. At the end of September, various crypto companies had about $12 billion of deposits at Silvergate. Silvergate’s interest expense on those deposits was $0.00 per year: Those were non-interest-bearing demand deposits; crypto firms kept their money at Silvergate for transactional and convenience reasons, not to earn interest, and they didn’t. (We