A Wealth Tax Is a Machine for Capital Destruction
Taxing unrealized paper values would punish the investment that builds companies, misfire on valuation, and raise far less than promised. Europe already ran this experiment.
Taxing unrealized paper values would punish the investment that builds companies, misfire on valuation, and raise far less than promised. Europe already ran this experiment.
Central clearing mandates are reshaping the world's most important market, and dealers, funds, and platforms are repositioning around the new pipes.
Money market funds and private credit are leading the migration of real assets onto shared ledgers, with custody and legal finality the remaining battlegrounds.
On-chain money market products are absorbing idle balances across trading firms and protocols, knitting public debt into digital asset plumbing.
Recurring-revenue loans, data-driven monitoring, and fund structures built for scale are turning software lending into an asset class of its own.
Letting margin move in minutes instead of days is the rare blockchain application with unanimous institutional demand, and infrastructure providers are competing to supply it.
Dozens of specialist providers rented scarce accelerators at premium prices; falling scarcity is now sorting operators from arbitrageurs.
Structured tenders for employees and early investors are normalizing partial liquidity, changing when companies must exit at all.
After the rate transitions, scrutiny is moving to the indexes, prices, and reference data that quietly steer trillions.