Every bill of exchange in pre-1914 London carried a death date. Ninety-one days after acceptance, the consumer's gold payment for the delivered goods extinguished the credit that had financed the entire chain from production to sale.
Modern government debt carries no such mechanism. It rolls over perpetually, compounding interest on interest, until the arithmetic forces either default or debasement.
Self-Liquidating Credit: The Instrument That Destroys Itselfby Max
10h ago
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