What YGG tells us about P2E as UBI
Alphabet soup and composability
Financial systems fail when they become so complex no-one has any idea of how interlinked they (and especially their bad debts) have become.
It’s what happened in Japan when its stock market peaked in 1989 — triggering a 12-year bear market — what happened globally in 2008, and something that’s currently being worked out in various ways in the Chinese r…
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