Systemic risk

In which the curmudgeonly old sod puts the world to rights.

Index — Click ᐅ to expand: The Devil’s Advocate

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Safe assets are much riskier than risky ones. This is I think the deep lesson of the 2008 financial crisis, and crypto loves re-learning the lessons of traditional finance. Systemic risks live in safe assets.
— Matt Levine, 2022