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b'We discuss an extremely good paper by law professor Hilary J. Allen \\u2013 DeFI: Shadow Banking 2.0 \\u2013 which lays out a very clear, critical, and comparative analysis of the unregulated financial instruments that led to the 2008 global financial crash and their systemic similarities to the unregulated financial innovations that are emerging in DeFi / Web3. In this first part, we lay out the causes of the 2008 crash, explaining specific instruments and dynamics that caused this hyper-complex fragile system to collapse. In part two, on the patreon later this week, we explain how DeFi is already unfolding in ways that are best described as: \\u201cIt is happening again.\\u201d\\n\\nSome stuff we reference:\\n\\u2022\\u2022\\u2022 DeFI: Shadow Banking 2.0 | Hilary J. Allen https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4038788 \\n\\u2022\\u2022\\u2022 Is Crypto Re-Creating the 2008 Financial Crisis? | Charlie Warzel, Hilary Allen https://newsletters.theatlantic.com/galaxy-brain/624cb2ebdc551a00208c1524/crypto-bubble-web3-decentralized-finance/ \\n\\u2022\\u2022\\u2022 Defi and Shadow Banking 2.0: Leverage, rigidity and bank runs | Cory Doctorow https://doctorow.medium.com/defi-and-shadow-banking-2-0-7bae9d1d308e \\n\\nSubscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills \\n\\nGrab fresh new TMK gear: bonfire.com/store/this-machine-kills-podcast/ \\n\\nHosted by Jathan Sadowski (twitter.com/jathansadowski) and Edward Ongweso Jr. (twitter.com/bigblackjacobin). Production / Music by Jereme Brown (twitter.com/braunestahl)'