I was looking for the tools that you could use to solve global problems in an environment when the nation‐state has turned out to be a very very ineffective set of machinery at all. So I’m going to talk a little bit about the technology. I’m going to talk a little bit about what it does and where it’s going. And then I’m going to try and tell a story about the kind of global long‐term picture that we could get if this stuff actually works.
I think one first step is to distinguish between traditional banking, which sells money it has (or it can borrow very quickly, whatever) and finance, which sells something it does not have. And in that selling what it does not have lies its creativity. It has to invent instruments. And secondly—and they go together—it has to invade other sectors. Because it itself does not have what it needs to produce.