Or to put it in terms of a sociological metaphor, the "debt huddle" is so inward focused, it behaves like a locust swarm in the external world, feeding unsustainably on anything it can find.
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The cartoon pipeline is a cartoon because it doesn't work as advertised. Distortion and capture every step of the way.https://twitter.com/NickPinkston/status/1267493781697249291 …
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I think the big missing piece that could make debt less toxic is being able to choose much more meaningfully who you get indebted to. Every individual/group being able to designate debt in their own currency tokens would be a step in that direction. Decouple globally a bit.
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You kick the global coupling up a level to a much more fine-grained currency market, with much less exposure on the management or mismanagement of the dollar, but higher exposure to smaller-scale bad behavior.
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If instead of a few hundred national currencies and $ as the denoting default, you had millions or billions of currencies, almost all of it backed by small/local patterns of debt holding, what would happen? Like in crypto markets most tokens would have effectively no liquidity.
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The median currency would have 1-2 market movers. In fact typical case would be “my mom bought all my tokens in exchange for indulgently priced better tokens”
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Heh,
@Archivd is running precisely such a closed, illiquid token currency for his young son out of a cookie jar. That idea but broadened.Show this thread -
Hehe, my theory of polyglot microservices money might run into demand problems https://twitter.com/vgr/status/1267499651638280203?s=21 …https://twitter.com/vgr/status/1267499651638280203 …
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End of conversation
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would read, please write it
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I'm getting a whiff of Weyl and Posners radical markets from this. Aimed at internalizing the cost of externalities and make rent seeking significanty less profitable.
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Capital and Time by Martijn Konings has interesting and relevant discussion about money, uncertainty, and speculation (some chapters are a slog, though)
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