I can see how mathematicians would dislike an entity that lacks absolute guarantees, but it seems like a quite normal attribute to encounter in the real world.
I think the main point here is that debt has different quality then ‘normal money’. Debt doesn’t exist in M0 and only exist for other forms of money then M0. Going from M0 to M1 and M2 is the hack that allows for negative money.
I think the main point here is that debt has different quality then ‘normal money’. Debt doesn’t exist in M0 and only exist for other forms of money then M0. Going from M0 to M1 and M2 is the hack that allows for negative money.