@vgr 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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Replying to @davealevine
@vgr dated but highlights the point.pic.twitter.com/snuL18b2ro
1 reply 0 retweets 2 likes -
Replying to @davealevine
@vgr same concept could apply to "valuations" in late stage venture which are really increased multiples of revenues being lent to companies2 replies 0 retweets 0 likes -
Replying to @davealevine
@davealevine You've drifted quite far away from the monetary base in your examples.1 reply 0 retweets 1 like -
Replying to @davealevine
@davealevine Looking for a non-stylized, bare-metal example. In prison for eg, you can smoke cigarettes to deflate.1 reply 0 retweets 0 likes -
Replying to @davealevine
@davealevine forum karma currencies are the closest I know of, since you can mint with likes/upvotes/downvotes1 reply 0 retweets 1 like -
Replying to @davealevine
@vgr players literally create them and then destroy them as cycles happen. But I hear you they are part of the overall money system.2 replies 0 retweets 0 likes
@davealevine Properties of systems with a finite vs. infinite game boundary are qualitatively different. Base monetary sys = ∞ game boundary
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