A similar but, imho better piece can be found on https://meaningness.com/geeks-mops-sociopaths. Still, the interesting bits for me in this one were the following:

"Financial innovation is always and in all ways one of two things — a new way of securitizing something or a new way of leveraging something.

"Securitization is a ten-dollar word that means associating something in the real world (a cash flow from a debt, an ownership interest in a company, a deed on a property, a distributed ledger mathematical calculation, etc.) with a piece of paper that can be bought and sold separately from that real world thing. Leverage is a ten-dollar word that means borrowed money.

"That’s it. There’s nothing new under the sun. Finding new ways to trade things (securitization) or new ways to borrow money on things (leverage) is what financial innovation is all about, and there are vast riches awaiting the clever coyotes who can come up with a useful scheme on either. The biggest market disasters happen when both leverage and securitization get mixed up with the same clever scheme."

For learning the above this was worth the read.