That's a perfect way to describe interests in real property - not ownership of the asset, but a bundle of legal rights.
I'm still haunted by Weimar. We can face the consequences of interest rates going up, or we can just skip that step and go straight to printing money. In your analysis, Alasdair, do you think the direct route to hyperinflation is a possibility?
I would put hyperinfaltion differently: I would not rule out a rapid collapse in the value of all credit, which includes, of course, fiat currencies.
That's a perfect way to describe interests in real property - not ownership of the asset, but a bundle of legal rights.
I'm still haunted by Weimar. We can face the consequences of interest rates going up, or we can just skip that step and go straight to printing money. In your analysis, Alasdair, do you think the direct route to hyperinflation is a possibility?