@GabrielDuquette You turn around and go to the Federal Reserve bank and borrow $1000 in cash from them, using the contract as collateral.
@GabrielDuquette It's not that advanced but it is weird as hell. Basically you open a bank with $1000 to lend. You lend $1000 to someone.
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@GabrielDuquette You now have $1000 in cash! Lather rinse repeat. This is how banks ACTUALLY WORK. -
@GabrielDuquette There are other similar processes that create money out of thin air. It does your head in.
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@GabrielDuquette You now have no cash but you own a contract that says someone owes you $1000. That contract is an asset worth $1000.Thanks. Twitter will use this to make your timeline better. UndoUndo
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. Banned in Sweden. SubGenius, Zhuangist, white-hat troll. Defrocked mathematician. Brain problems.