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People complain about inflation, which is very odd in the 2% era but understandable when talking about genuine hyperinflation. But, when talking about a four hundred year old bond, I would like people to think about all the population, political, technological and environmental changes that have happened across that period, look me in the eye, and say "yes, I expect every single item to have the same price that it did in 1624".





It is worse than that though.

Credit markets don't work without inflation and none of this progress in the last 400 years happens without credit markets.

The age of this bond and the march out of the dark ages is not unrelated.




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