Sublime

Everybody gets levered up the wazoo. If you can’t save because money does not retain value, then you have to be fully invested. If capital has all been misallocated such that price signals are unreliable and losses are artificially sustained, then any minor advantage has to be levered to achieve a satisfactory return. And if interest rates are arti

the yen and the mark were devalued over fears of Japanese collapse.

no more need to have them enforce our contracts.

Money is the minimal information that captures the social truth of the value of time and energy.

that people—or, if you like, automata, algorithms—can and do act in situations that are not well defined.

Imposing negative interest rates is strip-mining the capital stock.

A short-lived capital stock will manifest in accelerated depreciation and a fragile capital structure will incur an undue interest charge.