for a sceurity " representing a claim against nothing in particular may have its advantages. In particular, the return to fiat money is not directly linked to any information that relates to the underlying fundamentals of a private asset"

this is a new monetarist finding a way to have insight without escaping his  capitalist bindings


surely the logic of this leads on to universal default innsurance
the bedrock of frictionless securitrization of obligatory payments