It is a great article. I am familiar with it and Levine has consistently understood this area and how it fits into broader society better than anyone.

I am trying to say, indirectly, that the rates are high for even worse reasons than risky loans. What if you can create new currencies that engage in circular finance? How do you prop that up? To Levine's point, this is all based on trust. Do you trust the entities controlling these pools of liquidity? What happens when money flow out of these these systems.

I'm not asking questions to waste electrons.

This is a cascade of falling knives that is at risk of tipping over. I just wanted to call attention to the drop and hopefully make people think about what a systemic failure would look like before it happens.