most of debt is issued for re-financing of existing debt, not for new debt
Illya Gerasymchuk
most of debt is issued for re-financing of existing debt, not for new debt
repo markets are the backbone of that. and since they're collateralized loans - there is a huge demand for collateral/safe assets
90% of all newly issued debt is for refinancing of existing debt, not new debt/financing
Thus, new debt is extremely inflationary & asset bubble-nurturing
The financial system is extremely leveraged at a high risk
We need to fix this. DeFi is the tool
