This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macro economics telling it like it is. Bullish your bearish no holds barred.

Now here's your host, Eric Townsend.

Macro Voices episode 286 was pre-recorded back in early August 2021. I'm Eric Townsend.

This episode is brought to you by Apex Technologies, pioneering the design of smarter markets that

better meet the needs of both market participants and society as a whole. And by Eskro.com, the

world's most secure online payment system from a counterparty risk perspective because

the funds sit in Eskro. There will be no market wrapper post game segment this week, but

we'll be back to our normal format starting next week. Welcome to part 2 of our two

parts summer series on the decentralized finance revolution. We kicked off this series

last week with Dr. Pippa Melmgren and Clint Cox when we talked through digital currency

systems including cryptocurrencies such as Bitcoin, central bank digital currencies, and

now this week we're going to kick it into high gear starting with a discussion of Silicon

Valley digital currencies. And then we'll broaden the discussion to the decentralized finance

revolution more generally where it's headed and what it means for investors. Let's pick

up right where we left off at the end of part 1.

Let's move on then and include Silicon Valley digital currencies, our SVDCs. Now Facebook's

labor project was the most visible example to date, but I'm convinced that more projects

like that with similar aspirations are already under development behind closed doors. And

to be sure, this is where I think most of the conflict of interest exists because Big

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