90% of all newly issued debt is for refinancing of existing debt, not new debt/financing

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

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

now you might think that gold would be a perfect collateral for repos, but currently: it's too volatile - price may drop > 10% on systemic risks there is no lender of last resort (you can't print gold or have swap lines for it 😀)

transition into multipolarity brings risks & volatility into financial markets some FX currencies & bonds go up - others down the demand for safe assets is not going away anywhere the debt still needs to be refinanced 🤷‍♀️