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[...] One is convinced that the market will rise; the other that it will fall [...] The first person is so convinced that the markets will rise that he bets $1 million that it will be higher a year from now. Sure that he will be much richer in a year's time, he starts to spend now. The second perso…

[...] If the government boosts spending to bring unemployment below its natural rate, then the increased demand for labour will push wages up. But to restore firms' profits, prices will also rise, and real wages will fall back to their original level. [...]

the imposition of a negative real interest rate--effectively a wealth tax--on all forms of financial wealth expropriates the incomes of savers and might alter expectations of future effective rates of wealth taxes.

[...] Someone buying a meal in a restaurant might use a card, as now, but the result would not be a transfer from their bank account to that of the restaurant; instead there would be a sale of shares from the diner's portfolio and the acquisition of different shares, or other assets, to the same va…