The only way out of locust mode is to get back to equity > debt mode, which means finding new sources of external wealth and value that lower the sense of extreme risk, scarcity, and deprivation and unbundle the "collective family" into independent economic actors.
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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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Banks used to operate like this, didn't they? And presumably pre-bank debts between traders, land owners etc did too? Though in each case denominated in local 'currency' I think. Still had liquidity as long as you could call the debt
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