Could a few hedge funds decide to begin issuing debt denominated in the hedge fund's own debt? If the funds became known for stability and their debt was highly rated, it would then function as a free bank.

Hrm, is an ETF functionally similar?

Update: I don't know what I was thinking, an ETF is obviously not similar, because it pays creditors in currency not in its shares.

The Minefield of Historical Communism

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