Excellent read. I just finished the book a few weeks ago. I just saw Kuppy had reposted you so signed up for a subscription.
The part about speculation resonates strongly. In fact it very much lines up with this post from Epsilon Theory on financial nihilism from a few weeks ago which talks about the exact same thing.
When you are priced out of fiat markets, you throw yourself into hopium trades.
Also worth rereading Ferguson When Money Dies. I feel like we are heading toward a very binary set of outcomes. Either some version of France or Weimar or Zimbabwe- though since US$ is reserve asset I shudder to think of consequences. Or we somehow find austerity and reduce spending- leading to an economic crash- another way to solve the problem. Goldilocks may have left the building…
Excellent read. I just finished the book a few weeks ago. I just saw Kuppy had reposted you so signed up for a subscription.
The part about speculation resonates strongly. In fact it very much lines up with this post from Epsilon Theory on financial nihilism from a few weeks ago which talks about the exact same thing.
When you are priced out of fiat markets, you throw yourself into hopium trades.
https://www.epsilontheory.com/financial-nihilism/
Also worth rereading Ferguson When Money Dies. I feel like we are heading toward a very binary set of outcomes. Either some version of France or Weimar or Zimbabwe- though since US$ is reserve asset I shudder to think of consequences. Or we somehow find austerity and reduce spending- leading to an economic crash- another way to solve the problem. Goldilocks may have left the building…