IKN

a consummation devoutly to be wish'd

Socratic wisdom of the day

A lovely little thinker but a bugger when he’s pissed

After 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.

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