Motion: Corporate bailouts and capital market rescues make sense (Qiao Wang vs. Jimmy Song)

The Blockchain Debate Podcast

Guests:
Qiao Wang (@qwqiao)
Jimmy Song (@jimmysong)
Host:
Richard Yan (@gentso09)
We all know the dominant crypto-native perspective on corporate/Wall Street bailouts — as generally anti-intervention, both fiscally and monetarily. But it’s important to hear the other side, if only to kick the tires of your own beliefs. After all, many smart people embrace a statist, big government view, in how to run an economy.

In this debate, we covered many topics, including the following:

• A way to think about corporate bailouts as claims on a social insurance policy, with an analogy in social security and Medicare
• How the monetary policies are worsening the wealth gap by giving a disproportionate advantage to the rich not enjoyed by the poor
• Whether FDR’s intervention policies were instrumental in lifting the nation out of the Great Depression, or this was just revisionist economic history, with these policies accomplishing the opposite or having tepid effects at best

Our two knowledgeable guests are both in the crypto circle, but come from very different backgrounds. One used to be a Wall Street trader and is a finance buff. The other is a bitcoin maximalist and an unapologetic libertarian.

Be sure to also check out our previous episodes too. We’ve featured some of the best known thinkers in the crypto space. And it was great to have a few no-coiners on. I always appreciate their agreeing to do the show, and adding perspectives to what sometimes seem like an echo chamber.

If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.

Please note that nothing in our podcast should be construed as financial advice.

Source of select items discussed in the debate:

• Change in unemployment and GDP during the Great Depression: https://www.thebalance.com/unemployment-rate-by-year-3305506
• The Forgotten Depression (1921) by James Grant: https://www.forbes.com/sites/nathanlewis/2017/02/23/james-grant-explains-how-a-crash-in-1921-cured-itself-with-the-help-of-good-policy/#3feb9a1dbd86
• Qiao's Messari articles (paywall): https://messari.io/article/how-will-the-recession-impact-crypto-theses-questions-and-lessons
• Jimmy Song's Programming Bitcoin book: https://programmingbitcoin.com/
• America's Great Depression by Murray Rothbard: https://www.amazon.com/Americas-Great-Depression-Murray-Rothbard/dp/1607960656