从死里复活|每日剥皮|2/8/22

Rising from the Dead- 经济理论就像试图插入USB一样；它几乎在第一次尝试中都无法使用，但是您只是继续扭转它并强迫它直到点击。问题是，您永远不知道该方法的开始。目前，2018年被广泛宣布死亡的经济理论的关键部分正在复仇。

The Phillips Curve, first hypothesized in 1958, is an economic theory arguing that inflation and unemployment have a "stable and inverse" relationship. Basically, it means that as the economy grows, inflation tends to pick up, which leads to job and wage growth, thus reducing unemployment, and vice versa.

Prior to the onset of a certain viral outbreak, the U.S. economy saw its lowest unemployment rate in half a century with basically zero inflation and steady economic growth, a.k.a., not what the Phillips Curve says is supposed to happen. This caused many-an-economists to pronounce the curve dead. But now, especially after January's jobs report, it appears to have arisen from the grave.

2020年4月，失业率一直升至14.8％，是杜鲁门政府自1948年以来的最高水平。与此同时，2020年4月的CPI印刷品为-0.8％。失业率激增，通货膨胀率下降。从那以后，这种趋势完全朝着相反的方向发展。失业率下降到4％，而通货膨胀率提高到7％，这表明菲利普斯曲线可能会从死者那里恢复过来。

If you're a normal human being, you're probably thinking to yourself, "Dude, who the f*ck cares? Don't you bully economists and economic theory all the time?" Well, yes I do, and yes they deserve it, but allow me to explain what this could suggest.

我们都非常清楚劳动力市场的紧张程度与现在一样紧张。这使经济学家相信工资，或更广泛地说，劳动力成本是通货膨胀的主要驱动力。从技术上讲，称为“工资 - 流通通货膨胀”，事实证明，我们看到的通货膨胀可能并不是全部。

当劳动力生产率被考虑时，BLS报告的上个月增长了6.6％，我们可以抵消总体劳动力成本增加6.9％的大部分增长，仅统一增加了0.3％。因此，这表明我们看到的标题通货膨胀数字可能会被生产力繁荣所抵消。

那么，这里的关键要点是什么？好吧，如果通货膨胀率被激发生产率抵消，那么美联储的理由将利率降低较小。我不需要解释这对金融市场有多大重要，而宏观猴子的这一部分持续了很长时间，所以让我们包裹起来。JPOW和CREW可能会认为这是一个迹象，以减少提高利率的积极进取，但话又说回来，您永远不会知道。

Over It- The United States, home of giant gaps in public restroom stalls and roughly 78mm COVID-19 cases, is getting over the virus. It has been 699 days since the WHO declared a global pandemic and after months of fear, confusion, bickering, toilet paper brawls, and much more, citizens of the U.S. are ready to move on.

Like a bad breakup, Americans are telling the virus, "it's not us, it's you." Not only have cases declined 57% in the past two weeks nationwide, last week, a Monmouth Poll registered 70% agreement with the statement, "It's time we accept that Covid is here to stay, and we just need to get on with our lives."

与过去的几个月相比爆发“大多数或几乎一直是。”

So what does this mean? Well, from a macro perspective, the answer, as always, is unclear. Experts anticipate that the relaxing of public health fear and confusion will play a role in easing economic constraints like supply-chain conundrums and worker shortages in public-facing roles.

有些人甚至说,通货膨胀可以放松反应se as intermediate costs like raw materials and transportation gradually return to Feb 2020 levels. For now, however, all we can really do is keep our fingers crossed that we don't see another outbreak.

Tokenize the World- 老实说，坦率地说，过去一年左右生长的数字货币的大量炒作是垃圾。当然，诸如Doge，Shib和Squid游戏代币之类的模因显然是吸引注意力的有效方法，但我们都知道这不是资产类别的未来所在。

As we venture to the alleged Promised Land of digital currencies, one space within the asset class will almost certainly be a big part of that end goal: tokenization.

You've definitely heard the word token thrown around (probably incorrectly) in the blockchain space. Tokens are nothing more than representations of ownership. Your car title or deed to your house are both tokens.

In the blockchain universe, a token is simply a representation of ownership of adigital资产存储在区块链上。不是太难。此外，令牌化是指将某物（任何东西）变成令牌的过程。另外，不太难。

Where it gets interesting, however, is the potential applications for tokenization. Theoretically, literally, any asset can be tokenized.

理解这一点的最佳方法也许是通过应用程序的示例。许多零售投资者希望接触房地产，私人公司和商品等资产类别。但是，凭借高度的复杂程度，通常甚至最低购买，这些资产类别通常无法访问我们的小家伙。

Tokenization would allow us to令牌ownership of a commercial building or a private company into much smaller pieces that would enable small investors to gain exposure. Moreover, retail investors could gain direct exposure to physical commodities without using complex derivatives or ETFs.

This would be huge. Of course, some rules around things like accreditation laws would need some adjustment, but the reduced risk in these investments that tokenization allows should eliminate the need for accreditation in at least some assets. Tokenization improves just about everything, such as liquidity, availability, risk reduction, and overall market efficiency.

TLDR：令牌化涉及将任何资产的所有权分为公共交易公司中的股票等分数。有了这项技术带来的好处，您当然不想忽略这一趋势。