Here's an interesting take on how financial markets actually work: from the repo market perspective, 'Outside Money' gains its true power not through legal decree, but through its ability to function as collateral that can generate liquidity when the market needs it.

This repo market framework is really the key to understanding modern finance. It reveals that money isn't just what a government says is money—it's what the system recognizes as capital capable of producing more capital. When you look at it this way, the whole mechanics of collateral, lending, and liquidity creation become crystal clear. The repo market essentially shows us that the real 'moneyness' of any asset comes from its utility in creating financial flexibility.