I think there’s a big story on the non-financial economy. What are you doing that’s keeping the economy spinning without activity being routed through the financial system? The thing I hate most about this situation is the the degree to which everything routes through dollars.
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Yes, do lend a goat and three chickens to make the mortgage
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In a market with unregulated arbitrage opportunities the contracts will converge on some currency: BTC:USD, for example. But because of cultural fragmentation, the global currency is both utilitarian and symbolic, e.g. 1 USD in Laos is not equal to 1 USD in USA.
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The distinction between finance and economy is superficial, e.g. we can find other mediums that were capturing value but these mediums were inseparable from economy. In modern terms, capital must be present for an economy to exist, because capital captures the value of time.
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Financialization of incomes creates new money that enables real growth, but it comes as the price of ever greater fragility/leverage.
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