the value of a banks liabilities can be related to the value of its assets, so not purely memetic
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Same question and reply as here:https://twitter.com/MimeticValue/status/1016741475953102861?s=19 …
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tbc you said I haven't provided anything that shows money markets aren't mimetic, but there's no hard and fast distinction between "bonds" and "money"
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Huge difference. Bonds = debt, not complete settlement of account. Bonds represents the underlying assets of a government/company and need to be enforced, while gold/hard money/btc represents nothing else, and only had value due to mimetic desire (interdividual consensus).
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as Ive been arguing over and over, there is no real difference. certain debt instruments function as money in certain markets, they dont undergo some fundamental transformation at that point. they're still debt. (eg, in certain financial markets, us treasuries function as money)
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imagine a company that buys a bunch of stocks and bonds. it finances this portfolio by issuing liabilities. the value of its assets arent purely mimetic (according to you). how about the value of its liabilities? now, call this institution a "bank" and repeat the same analysis...
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money is just a financial liability which although subject to complicated intermediation is ultimately a claim on real economic resources
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