True until we hit the limits of the monopoly dollar

Low-Volatility Stocks Are Having A Rough SummerStocks that exhibit low volatility are prized as a risk factor that’s expected to beat the broad market over time with a smoother rise, according to academic research and countless backtests.

Capital Spectator is quoting the usual futures pricing model.

When prices are stable, yields across asset classes tend to equalize.  Under the pure central banking scheme we have, this implies we will have 1/2 to 1 point of growth for a hundred years while we work off the entitlement imbalance.  Meanwhile the stock market triples in value.

Obviously the techies are not that dumb and it is easier to design a competitive multi-currency environment; just skip central banking.  The tax dollar is going into a deflationary environment forever, pricing no longer works, the economy will swiftly move to crypto once the techies figure out savings and loans.

Like ledgerX and options trading:

The CFTC announced last week that it has approved LedgerX as a Swap Execution Facility (SEF). This means that LedgerX, which describes itself as an "institutional trading and clearing platform" for "options on bitcoin" (BTC), will be regulated by the CFTC. That imprimatur should help in a market whose development has been marred by scandals, many of which related to the exchanges on which Bitcoin traded.
The CFTC's approval of LedgerX is perhaps not a surprise. The firm's founder and CEO, Paul Chou, an alumnus of Goldman Sachs and tech entrepreneur, sits on the CFTC's Technology Advisory Committee, and Ananda Radhakrishnan, an independent director at LedgerX, was formerly the director of the CFTC's Division of Clearing and Intermediary Risk.
Options on Bitcoin have traded in the past, with retail-oriented exchange NADEX, also regulated by the CFTC, having offered binaries on the cryptocurrency up until last December. However, LedgerX is the first institutional platform to pursue trading in BTC options. Before LedgerX begins trading, it will have to find a way to clear trades. The firm has already applied to the CFTC to be a Derivatives Clearing Organization (DCO) in order to both trade and clear BTC options. The DCO application is currently awaiting approval, though there is no indication of when a decision will be made.

Options, a future market mimics the liquidity function well enough. Since bitcoin is central bank neutral, all of Jamie's socialist dollar clients can skip his irm and get a more accurate investment.