I study the political impact of the first populist radio personality in American history. Father Charles Coughlin blended populist demagoguery, anti-Semitism, and fascist sympathies to create a hugely popular radio program that attracted 30 million weekly listeners in the 1930s. I find that exposure to Father Coughlin’s anti-Roosevelt broadcast reduced Franklin D. Roosevelt’s vote share in the 1936 presidential election. Coughlin’s effects were larger among Catholics and persisted after Coughlin left the air. Moreover, places more exposed to Coughlin’s broadcast were more likely to form a local branch of the pro-Nazi German-American Bund and sold fewer war bonds during World War II.

We test the joint efficiency of the bitcoin and ether options and perpetual futures markets and identify the determinants of arbitrage opportunities. Our novel fiat-currency-free put–call parity relationship motivates new arbitrage tests for options-only and option–perpetual cross-markets. Bitcoin and ether derivatives markets are becoming more efficient, especially for options of maturity ≥ 15 days. Bitcoin derivative markets are generally more efficient than ether derivative markets, but arbitrage strategies can still be highly profitable even under conservative transaction cost scenarios, which include slippage for large orders, especially during periods of high trading volumes or when the blockchain traffic becomes more congested.