From: jdd@aiki.demon.co.uk (Jim Dixon)
Date: Mon, 29 Aug 94 06:28:39 PDT
To: hughes@ah.com
Subject: Re: In Search of Genuine DigiCash
Message-ID: <8533@aiki.demon.co.uk>
MIME-Version: 1.0
Content-Type: text/plain


In message <9408290556.AA28298@ah.com> Eric Hughes writes:
>    The law and the enforcebility of agreements is what makes financial
>    instruments exist.  Their behavior is a direct result of their legal
>    underpinnings. 
> 
> This is absolutely false.  Both a promissory note and a bond can have
> identical financial structure, but the legalities are completely
> different.

This is absolutely illogical.  He says, laws underlay financial 'behavior'.
You say, [law1] -> [behavior1] and [law2] -> [behvarior1], and THEREFORE
the proposition fails.

He did not say "there is a one to one relationship between laws and
financial instruments".  What he says permits an N:1 relationship, or
an N:M relationship.
--
Jim Dixon