The very most important thing to understand in finance and economics is that when a person says “either the bank is lying or I am lying,” you must not give him your money! If you spend your time learning cryptography and working through blockchain consensus mechanisms and comparing yields of different DeFi projects, and then some guy is like “hand over your money to me and I promise I’ll give it back with 18% interest, no risk, economic freedom!” and you believe him, then you wasted your time understanding all the other stuff. All financial complexity is a footnote to “don’t hand all your money to some random guy promising high returns.” Celsius crypto network

Money Stuff: First Republic Calls In a Favor
from Matt Levine ✉️