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Theory of Interest and Prices in Paper Currency Part III (Credit)





We discuss legitimate credit vs. counterfeit central bank credit, the concepts of marginal time preference and productivity, speculation, and finally resonance.

 
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Theory of Interest and Prices in Paper Currency Part II (Mechanics)





In this part, we discuss stocks vs. flows, how prices are formed in a market, a broad concept of arbitrage, spreads, and how money comes into and goes out of existence.

 
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Theory of Interest and Prices in Paper Currency Part I (Linearity)





How does it really work under irredeemable paper? It's more complicated than under gold.

 
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