they are shares in the GOV
Discussion
3)
securities are formal
markets are stable when there are no informal securities
formalization produces stable interest rates set by supply and demand at every term
informal securities are vague or unwritten promises that may or may not be legally binding
“informal securities” may sound like a financial category that exists in the third world
it does. it also exists in the First World.
in fact ( as we’ll see )
if all informal securities were suddenly cancelled, First World finance would instantly implode.
this does not mean that informal securities are vitamins
they are not vitamins. they are more like addictive drugs
getting off these drugs will be dangerous and difficult
what is this strange financial system we have?
boomer finance
but don’t just pull the trigger on that, ok?
winding down boomer finance is like shutting down a nuclear reactor, except worse...