In this discussion, Tim Lee, the founder of Pi Economics known for his insights on financial markets, and Kevin Coldiron, a financial engineering lecturer at UC Berkeley, dive into the concept of carry trades. They explain how policymakers' suppression of volatility has turned the economy into a massive carry trade, distorting asset prices and intensifying income inequality. The conversation touches on the implications for liquidity and market behavior amidst rising risks, and questions the future of fiat money in a world increasingly influenced by cryptocurrencies.