The MCCLR framework for financial systems
The guest outlined a five-part framework - Money, Capital, Credit, Liquidity, and Regulation (MCCLR) - to analyze how the modern financial system functions.
The argument
He argued that the financial system has de facto recreated Glass-Steagall by disaggregating into distinct buckets: safe deposit-taking banks (G-SIBs), private credit giants (Apollo, Blackstone, KKR) making credit decisions, and specialized market makers (Citadel Securities, Jump). Understanding the flow and friction between these buckets reveals market gaps.
Hear it yourself
"I think about it in terms of money, capital, credit, liquidity, and regulation. That's my five money Capital, credit, liquidity, regulation, MCCLR. How do you separate money from capital?"
00:00 / 00:14
AFFILIATE LINK · ZORTIX MAY EARN A COMMISSION · NEVER A RECOMMENDATION TO TRADE