Crypto is the next reframing of the repo market regular cycle of failures. Virtual money is not new, it's what the eurodollar system is (US dollars outside of t

Crypto is the next reframing of the repo market regular cycle of failures. Virtual money is not new, it's what the eurodollar system is (US dollars outside of the US also called shadow bank system that know one knows the value of). The offer on hand will be that blockchain will help keep track of the liquidity and rehypothecation; in reality it is yet another patching of an economic system that more closely resembles feudalism than capitalism. (Perry Anderson, Jeffrey P. Snider, Yanis Varofakis).