Towards a Theory of Shadow Money

Naked Capitalism has the post Towards a Theory of Shadow Money.

The bigger task that follows from our analysis, is to define the social contract between the three key institutions involved in shadow money: the state as base collateral issuer, the central bank, and private finance.

I would call this a Donald Rumsfeld moment for me.  I have suddenly been introduced to the knowledge of what I didn’t know that I didn’t know.  Now at least I know that I don’t know this.

Armed with this, I can learn more about it to turn it into something I do know.  You can do the same, if you didn’t know that you didn’t know this.

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