— John Paul Koning (@jp_koning) December 20, 2020
I think he misses the point. Why is a banknote distinct from a bond? Both are stores of value. But a banknote is special because it serves as a medium of exchange & a unit of account. Bonds don't.
Bonds insure the crops and ship arrivals. Bonds are time measures, currency is asynchronous currency risk. The farmer who does a few exchanges at harvest needs gets a currency pile once a year. The farmer is stuck with the rotation period. He wants to invest in yearly bonds with periodic payments because he has this known sequence, almost exactly repeatable that he cannot compress.
Retirement planning tends toward synchronous, but it remains very flexible. College plans are another time sunk process. Baseball is another.
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