Interesting interview with Admati about her views on banking, bailouts, credit/equity, "basel endgame"...
https://open.spotify.com/show/1te7oSFyRVekxMBJUSethH
Why is this fiat person interesting for bitcoiners?Why is this fiat person interesting for bitcoiners?
Admati is not a bitcoiner but I think she is an important forethinker on what our traditional banking system has become. And really questioning is structurally.
Admati is mainly known for advocating for a banking system that hasn't a safety net by the state and instead lets depositors know about the safety of their assets by free market rates and reducing the domino-effect risk of banking by enforcing more equity such as stocks, real estate etc instead of even more credit such as bonds, lending, federal reserve deposits. Private non-bank lenders have much more conservative riskprofiles because the government isn't incentivizing them to be reckless.
This is like listening to Bach to understand modern popThis is like listening to Bach to understand modern pop
Or like studying Assembly & C programming to understand python, Go and Java. Or like studying Japans Meji restauration to understand manga/anime. She layed important groundworks in the year 2004 for what Satoshis vision would be 5 years later. She didn't get it or wasn't courageous enough to reject the whole fiat system.
I hope you listen to it and watch it with the critical eye of a bitcoiner. Of course there are major/fundamental things I disagree with her, and at times it is frustrating. But I hope it still sparks a few lightbulb moments for you how things connect and how history lead us where we are now.