🏦 Understanding Financial Institutions

Arnold Kling has an interesting point this week in reference to decentralized finance. He argues that for DeFi to work, we need folks that understand the moving parts on two complex fronts: crypto and the financial system. Many folks on each side don’t deeply understand the other:

Marvin Ammori understands more than I ever will about decentralized finance (DeFi). Indeed, there are thousands of young techies who understand DeFi better than I do.

But I bet that in order for DeFi to work, you need...