We have an enforced monopoly in the economy. There is a minimal monopoly fee above the more liquid players, a price taking slightly unfair to all. No level of sound voting or perfect two party fantasies eliminate, it is small. But it accumulates, in the long term then short term rise in the Fed balance sheet.
All the rest we can recognize and front run, the government is, ultimately ours. But there will always be a residual loss that is no ones fault, but small. About 1% if the economy, or less. I call it the Godot cost, the cost of fools who want government mandated philosophies.
It is apolitical, sort of hard to see in the short term, except in the rate cycles. We are self sampled, w swap positions on a large scale. We can hedge that, better then earmarks. But ignoring the residual unknown unknown need be recognized.
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