Point: Forget money. Bitcoin 2.0 is about to disrupt everything else. Are regulators ready for it?
Counterpoint: On the robustness of cryptobonds and crypto settlement
“Policymakers often consider temporarily redistributing income from rich to poor households to stimulate the economy. This is based in part on the idea that poor households spend a larger share of their income than rich ones do. However, ample evidence suggests that the difference in spending between these groups is significantly smaller than commonly assumed. A second assumption is that redistribution through policy is more efficient than through capital markets. Whether this is true is important to consider when proposing this type of stimulus policy.”
“Most theories explain the volatility of the stock market with shocks to macroeconomic fundamentals that have important consequences for growth. This column argues that the most important forces behind the longer term gains in the US stock market have not been drivers of economic growth. Instead, they have been an accumulation of random shocks which resulted in redistribution between workers and shareholders.”