a cautionary tale on deleveraging!, page-4

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    "As soon as the man walks upstairs, the owner grabs the bill and runs next door to pay his debt to the butcher."

    I think the logic is flawed. The owner has not earned that $100 (i.e. he does not have ownership of that $100, he might be in possession of it, but not ownership) and should not have been able to use it to pay off his debt which sets off that cycle.

 
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