X @Nick Szabo

Protean collateral does indeed matter, because "the money printer" is really bank loans, and large bank loans require collateral under regulations. So one of the ways to become a Cantillon insider, if you are not one of the small number of entities (mostly the federal government) whose bonds banks are required to hold by those regulations, is (a) having friends at a bank and (b) having protean collateral that you can buy low and value high. Wexler, Black, Epstein, and friends had both.PatriotAnonymous (@Twi ...