“You thought banks dealt with ‘money’ when in fact they deal with capital of varying liquidities.”
Random Heresies on Bitcoin and Fractional Reserve
Or, equity, leverage, liquidity, and duration as a guide to understanding money
https://allenfarrington.medium.com/random-heresies-on-bitcoin-and-fractional-reserve-d16b9a683851
“You thought banks dealt with ‘money’ when in fact they deal with capital of varying liquidities.”
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