NYT on DeFi: “Decentralized finance, or DeFi, loosely describes an alternative finance ecosystem where consumers transfer, trade, borrow and lend cryptocurrency, theoretically independently of traditional financial institutions and the regulatory structures that have been built around Wall Street and banking. The DeFi movement aims to “disintermediate” finance, using computer code to eliminate the need for trust and middlemen from transactions. Practically speaking, users are not engaging with a financial services company — at least not one that collects identifying information or claims custody of their assets. It’s a computer-controlled market that automatically executes transactions, like issuing loans backed by crypto or paying interest on holdings.”
Himanshu: “This failure to reflect the economic conditions of our population’s majority is partly a result of the way data on GDP is calculated, but also due to infirmities of the database itself. But its limitations at the conceptual level are far more serious. The pandemic and slowdown have not only impacted homes and individuals in terms of livelihood, but also on various aspects of human development that are crucial for sustaining our growth momentum. Since the 2020 lockdown, disruptions in education, with significant numbers of students dropping out or unable to get educated, is unlikely to be reflected in GDP statistics. So is the case with malnutrition and other health parameters. These are unlikely to see a recovery in the near future, but will cause irreparable long-term damage, unless they receive the same attention that the usual economic indicators get.”
Washington Post: “Politico rightly identified two shortcomings in political media: It was too slow and too dull. Politico pioneered the fast-paced coverage of Capitol Hill and campaigns that now thrives on Twitter and cable news. And it recognized that there is a real audience of people who love the behind-the-scenes machinations of politics.” [Politico was recently sold for a billion dollars to Axel Springer.]
