Is there an example of an economic system with monetary inflation and deflation mechanisms being crowd-driven?
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the capital markets are that way. As times get better, banks and lenders allow more leverage (monetary expansion) opposite in bad times
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How big is that set? Big enough to be called a crowd? Or an oligarchy with a central banker dictator?
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oh for sure a crowd. This shows up in things like the amount of average debt / ebitda multiples in LBOs and M&A.
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I'm not sure that's a pure example. They still work within forcing function set by central banker.
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