The neofunctionalism i learned about during my BA sounded much more...noble. Here the previous integration step that creates pressure to integrate further seems to be: fiscal austerity and the wish to create a deep, liquid government bond market for repos and monetary policy transmission.

😩 that screenshot was incomplete.

According to what theory would one expect bitcoin going up when it's premised on a networked world to exist?

Well, whatever it is, not feeling bad for anyone involved: neither shareholders who bought stock in companies that just hoarded bitcoins, nor those who came up with ideas to.create bitcoin "treasuries" (what?!?) or any bitcoin hodlers or whatever. What a waste of money, time and energy..

*ondergeschickt (geen talent voor deze taal)

Point is not to argue against divestment out of US treasuries. Rather: maybe a pension system based on the idea that others have to deliver us yields to cover our pensions (through equities or bonds) is a system susceptible to be exploited by madmen (or more likely: susceptible to financial crises)

Then nothing would change, because pension funds are part of a financial system that is compelled to seek yield (and dutch pension funds exposed themselves to that compulsion especially after the recent reform).
Also: an austerity obsessed gov like the Dutch one wouldn't supply enough bonds.

Depends on growth model: export-led might be (theoretically) less inclined to bear the costs.

1b) "answer": historically, isn't this how arbitrage and thus financial markets emerged (speculators exploiting difference in silver content of coins)?

Unless he means by incredible "not credible"