Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
  1. Redistribute society's resources by giving priority to some claims over others. (Which leads to a stampede to get the highest priority claim on resources possible -- US treasuries.) or,

  2. Grow the amount of real resources so that the claims can be transferred to the future and made good then.

Or in fact

3/ Change the nature of the claim

In this case from a dated debt obligation issued by a credit middleman, aka a bank, to an open undated credit obligation issued by a producer of "money's worth" in value.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Mon Mar 23rd, 2009 at 11:48:17 AM EST
[ Parent ]

Others have rated this comment as follows:


Occasional Series