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Brendan Bernstein @BMBernstein
, 3 tweets, 1 min read Read on Twitter
Diversification reduces idiosyncratic risk. All monetary assets today have risk b/c of CB meddling or b/c it’s not fully adopted (gold)

Consequently, people diversify savings into oil, RE,art, etc.

But, in a world of a single reserve SoV, diversifying money is an anachronism
Money is supposed to be the asset with the lowest idiosyncratic risk. But today in the “everything bubble” and era of CB intervention, there arent great set it and forget savings vehicles

A myriad of non moneys have an imbued monetary premium

IMO this collapses with sound money
Would the art market be so large without fiat currencies, for example? I don’t think so. Real estate too even

This doesn’t mean people won’t invest to generate income but that people won’t hold assets like art *just* to store value
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