I'm trying to understand... This is accounting. I don't see how this says anything about how the behavior of money on the market is not mimetic. How a bank manages the money internally doesn't have anything to do with money as a medium of exchange.
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"
-
-
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).
-
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)
-
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...
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.