Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Fiat currency is and always has been a tax prepayment - whoever issues it (whether public or private) - and it is irrelevant how many units of it I hold, although historically I would have expected some sort of return to be convinced to do so.
The return is the opportunity cost of not having any on hand, which is substantial, either because of fines incurred for tax nonpayment, or the need to pay interest on borrowed money if everyday counterparties demand cash payments.

Finance is the brain [tumour] of the economy
by Carrie (migeru at eurotrib dot com) on Sun Sep 8th, 2013 at 05:57:54 PM EST
[ Parent ]
Opportunity cost denominated in what?

"The future is already here -- it's just not very evenly distributed" William Gibson
by ChrisCook (cojockathotmaildotcom) on Thu Sep 12th, 2013 at 01:39:10 PM EST
[ Parent ]
Disproportionate forfeiture of assets and liberties.

Specifically, goons with guns will take your stuff and put you in the slammer.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Sep 12th, 2013 at 07:13:43 PM EST
[ Parent ]


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