What are these constraints and how do you define money?
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Replying to @MimeticValue
the constraint is that the value of a financial asset is tethered to the underlying cash-flows, indefinite divergence is not sustainable
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Replying to @_Vimothy_ @MimeticValue
money I'm defining as whatever instruments circulate as money in practice. this is context dependent, eg bank deposits in a retail context, repo in wholesale
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Replying to @_Vimothy_
Sure, but that doesn't say anything about mimetic desire. The motivation for the underlying cash flows are still mimetic desire other than the most basic instinctual needs.
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Replying to @MimeticValue
also you mentioned that stocks and bonds were not purely mimetic. how so? and money is? how are you distinguishing money from other credit instruments?
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Replying to @_Vimothy_
Yes, because you can do fundamental analysis for of companies for stocks and bonds. Money is the medium of exchange (mimetic/reciprocal behavior in the domain of valuation) itself.
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Replying to @MimeticValue
now we get to the meat. what do you mean by "fundamental anaysis"?
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Replying to @_Vimothy_ @MimeticValue
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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Replying to @_Vimothy_
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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you seem also to be comparing bonds to a hypothetical form of money (gold does not circulate as money; btc may arguably function as money in certain crypto asset markets, idk but its clearly a special case) rather than actually existing money, which is always someone's liability
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