A lovely little thinker but a bugger when he's pissedAfter the post yesterday that quoted Jeremy Grantham, I received a mail from a regular reader who is let's just say "an industry professional", as we're not into blowing covers round here. Here's the whole mail re-printed; well worth sharing this chunk of wisdom on a day such as today:
Otto, I liked your note on Grantham, which reminds me of a quote I keep from Socrates on fiat money:
- I note that your bronze coin has an inscription that ensures your king will pay its face value, says Socrates.
- That is correct, answers the merchant.
- And with what will he pay? asks Socrates.
- He is the King, for God’s sake! And besides you are a wise man, responds the phoenician.
- Well then, I shall buy those good quality papyrus you bring from Byblos, I need them for my writings. Can I pay you with your bronze coin?
- No your lordship, with gold, I am also a wise man, said the merchant.
Just goes to show that plus ça change, plus c'est la même chose.