Tuesday, January 10, 2017

A millennial born in 1990, say

Looking for a career, learning about liabilities and discovers the Texas bailout of the 1980s. For me, it is the second, or third rollover of that debt, this new millennial is justy learning about it.

But, if he does not notice, then he has implicitly agreed to pay, for infinity, his share of about 100 billion in recurring, compounded interest charges. Then the millennial extends his vision a bit and discovers another 400 billion in infinite interest payments are due.  This is deposit rates due, on nothing loaned,

Pricing and asset allocation breaks down. No flow, no quantization, Hawking's rule

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