https://doctorow.medium.com/defi-and-shadow-banking-2-0-7bae9d1d308e
"14 year ago, the world’s financial system came to the brink of collapse.
Central banks scrambled to react. Businesses shuttered. People lost their
homes. Many governments fell. Faith in our institutions shattered. The Occupy
movement was launched. So was Bitcoin.
What brought on the Great Financial Crisis? The “shadow banking system” — a
system of unregulated financial activities that are just like their regulated
cousins, except that they’re, well,
unregulated. The GFC was precipitated by
“financial innovation”: new tricks that allowed traditional financial
activities to take place while evading the controls instituted to head off the
kinds of systemic collapses that plagued nations for centuries."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
