The Time of Money (Currencies – New Thinking for Financial Times) : [PDF Download]

PDF Title:The Time of Money
Author:Lisa Adkins
Publisher:Stanford University Press
Total Page:240 Pages
PDF Size:2.08 MB
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“The floating of the price of the US dollar and interest rates, however, rewrote the relationship between time and money, or more precisely, between time and profit opportunities on state debt securities.

Rather than acting as an external measure of financial objects and their movements, time became both part of those very objects and an object or event in and of itself.

Zaloom describes, for instance, how, as the market floating of price-setting took place and on receipt of the company’s first computer, a mathematician working at a New York bond house used it to calculate the prices of bonds and even fractions of bonds and began trading on the basis of these calculations.

Such calculations connected bonds that were previously traded as separate entities (as, e.g., two- and ten-year bonds). Moreover, in forging such connections, these calculations generated opportunities to exploit “the relationships between future points in time” (ibid.). In short, the calculations generated “profit making opportunities from temporal relationships” (ibid., 252).

Indeed, such calculations should be understood as techniques that, in the post–Bretton Woods era, have contributed toward amplifying and intensifying the productivity and profitability of financial securities along with that of other financial instruments.

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