Some European academics tried to argue that there was no need for US-like fiscal transfers, because any desired degree of risk sharing can, in theory, be achieved through financial markets. This claim was hugely misguided.
一些欧洲学者试图论证像美国那样的财政转移并不是必须的，因为从理论上说，不管你想要多大程度的风险共担，都可以通过金融市场达到。这一论断大错特错。金融市场可能非常脆弱，所提供的分担劳动收入相关风险能力几乎为零，而劳动收入是发达国家收入的最大来源。