These people likely do not know of the lives destroyed by the wildcat banking era of the mid-1800's in the United States, which is what DeFi seems to become.
People don't think of the failing power of international sanctions.
The consequences of a fully de-regulated financial system will likely lead to more armed conflicts. That said, I agree that the political system is broken, but that's a problem of democracy.
The historical consensus behind this idea is not there. Here's [1] a good example of some scholarly dissent. I'm pretty sure the truth is more complicated than advocates of the "Wildcat Banks evil" idea keep parroting.
People don't think of the failing power of international sanctions.
The consequences of a fully de-regulated financial system will likely lead to more armed conflicts. That said, I agree that the political system is broken, but that's a problem of democracy.
https://en.wikipedia.org/wiki/Wildcat_banking