@akkartik @haitchfive @coaxial (a party that sells to you, holds paper briefly, then directly or swapping to some other party buys stuff back from you with your own paper should be experience very little penalty. a party that holds your paper should bear a penalty proportional to time. that’s what a “foreign payouts tax” delivers. transactional lending to lubricate commerce is fine. portfolio accumulation, long-term holdings, are penalized.) /fin