Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
My capacity to utilise the underlying value has no relationship to how many units of currency I may acquire as an investment. I can always dispose of the surplus to another user if mine is the best offer below the physical market price.

Moreover, no matter how many I buy, I can't corner the market with an undated instrument.

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.

Transparency is necessary, but not sufficient. There is also a requirement for a manager to conduct due diligence and a monetary authority to supervise the manager in accordance with agreed standards.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sat Sep 7th, 2013 at 05:53:29 PM EST
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