It is if free market ideologues are saying “let the market handle it” and avoiding non market proposals while stuff is getting damaged or destroyed. Ie by the time people demand action (in both senses of the word) it’s too late
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Uhhh... you want to tell him
@matt_levine? -
(No snark implied by use of site, can’t figure out how to get direct link on phone) http://lmgtfy.com/?q=%E2%80%9CPeople+Are+worried+about+bond+market+liquidity%E2%80%9D+matt+Levine …
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Insufficient liquidity was a major macroeconomic question in the 19th C US both before and after the Gold Standard was adopted. Market failure in the Great Depression led most nations to go off gold - you want Econ history
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The original agrarian populists were attracted to schemes like the Subtreasury plan and free silver due to the deflationary and cash scarcity created by Gold standard policies
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How are you differentiating this from insufficient demand? Made me think of pink sheet and BB markets - stuff that doesn’t qualify for proper listing bc most of it is junk.
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Trying to get the kids phrasing right. Climate action would be an example. If we wait till demand develops it will be too late for a lot of damage prevention. Impossible lag problem.https://twitter.com/vgr/status/971943568074883072?s=20 …
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it’s becoming a more well understood failure as people level up in economics & markets because of crypto. Incentives all the way down.
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Insufficient liquidity has other nuanced faces as well. Discovery of inventory/sellers for buyers, timing of buyer inquiry and availability. Sadly, marketplaces fail for many more fundamental reasons.
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