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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the central bank does very little to determine leverage in M&A. This process is gradual and takes years of repeat games.
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same concept could apply to "valuations" in late stage venture which are really increased multiples of revenues being lent to companies
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You've drifted quite far away from the monetary base in your examples.
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yeah it isn't really the equivalent of monetary base of course. Have to stylize the concepts to define boundaries and players.
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Looking for a non-stylized, bare-metal example. In prison for eg, you can smoke cigarettes to deflate.
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forum karma currencies are the closest I know of, since you can mint with likes/upvotes/downvotes
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the leveraged loan market is actually decent because these securities come in and out of existence through cycles.
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players literally create them and then destroy them as cycles happen. But I hear you they are part of the overall money system.
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