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Opinion: The Centuries-Old Financial System Better Than Reckless New DeFi

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In the history of dangerous naivety, the decentralized finance mania of 2021 will hold its own against the 2007 boom in collateralized debt obligations.

It took a financial crisis for the world to wise up to CDOs, which repackaged risky mortgage bonds to make them look safer than they were. “CDOs are nothing but a massive Ponzi scheme,” said the villain of a fictional account of the 2008 meltdown.

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