Policymakers
[shouldn’t]
be
encouraging
people
to
park
their
savings
in
digital
wallets
instead
of
stocks,
bonds
and
other
assets
that
support
the
real
economy.
I
mean,
first
of
all,
politicians
aren’t
investment
advisers
and
their
words
shouldn’t
be
treated
as
investment
advice.
But
what
does
this
“real
economy”
mean?
Is
a
government
bond
part
of
the
real
economy,
if
that
money
is
going
to
pay
off
debt
from
government
spending
during,
say,
Covid?
Is
that
real?
Is
investing
in
Coca-Cola
or
Raytheon,
investing
in
the
real
economy?
Or
are
we
really
just
investing
in
sugary
drinks
and
missiles
that
do
a
lot
more
harm
to
kids
than
Ethereum
does?
Did
mortgage-backed
securities,
pumped
by
a
cocktail
of
explicit
and
implicit
government
guarantees
and
regulatory
subsidies,
“support
the
real
economy”
in
the
early
2000s?
Isn’t
a
real
“real
economy”
one
that
supports
individuals
and
families
to
live
the
lives
they
want,
and
doesn’t
crypto
do
that
quite
ably?
