Tag: Payment system

The Reality Is Everything Must Change

By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as an “anti-poverty campaigner and tax expert”. He is Professor of Practice in International Political Economy at City University, London and Director of Tax Research UK. He is a non-executive director of Cambridge Econometrics. […]

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U.S. Treasury Sanctions Bitcoin Wallets For First Time

By Michael Kern, a newswriter and editor at Safehaven.com, Oilprice.com, and a writer at Crypto Insider. Originally published at CryptoInsider Last week, the U.S. Treasury Department of Foreign Assets Control (OFAC) targeted two bitcoin addresses, announcing that the wallets associated Iranian citizens Ali Khorashadizadeh and Mohammad Ghorbaniyan had been added […]

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How Trump’s Game of Chicken With Iran Could Weaken the Dollar’s Role as the World’s Currency

By Marshall Auerback, a market analyst and commentator. Produced by the Independent Media Institute Ever since the dollar replaced gold at the center of the global financial system, many outside the U.S. have complained about “dollar hegemony,”and the “exorbitant privilege” conferred on the U.S. by virtue of this hegemony. What […]

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Cryptocurrencies: Financial (In)stability and (Un)fairness

By Jon Danielsson, Director of the ESRC funded Systemic Risk Centre, London School of Economics. Originally published at VoxEU Cryptocurrencies are controversial.  Advocates see them as a better form of money that imparts freedom, useful economic functions, fabulous riches and hedges against bad government policies. The sceptics worry about investor protection […]

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10 Down-to-Earth Things Powell Said about Cryptocurrencies

By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Wolf Street Go find someone else to regulate them. Fed Chairman Jerome Powell, during his testimony before the House of Representatives Committee on Financial Services, was asked by representatives Patrick McHenry (R, North […]

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Marshall Auerback: How Plan to Replace LIBOR Will Cement Fed’s Role as Global Central Banker

By Marshall Auerback, a market analyst and Research Associate at the Levy Institute. Originally published at the Independent Media Institute Central banking systems like the Federal Reserve set interest rates that the public ultimately pays on its debt, loans and mortgages. They raise or lower short-term rates, stipulating bank reserve requirements, and establish a “floor” […]

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Bill Black: Bitcoin Frauds Keep Growing

By William K. Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City and author of The Best Way to Rob a Bank is to Own One. Originally published at New Economic Perspectives One of the prime myths that white-collar criminologists have to refute repeatedly is that blockchain makes fraud impossible.  Blockchain, […]

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Don Quijones: Consumers Stubbornly Cling to Cash, after Multiple IT Fiascos & Payment Systems Outages

Jerri-Lynn here. Latest instalment in the war on cash: Consumers display a healthy skepticism towards cashless transactions. By Don Quijones, of Spain, UK, and Mexico, and an editor at Wolf Street. Originally published at Wolf Street. The last month has been an unhappy time for daydreamers of a cashless nirvana. Following weeks of disruptive tech […]

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Cryptocurrencies Are Lousy Investments

Yves here. It’s so much fun to poke cryptocurrency promoters…and I haven’t done it in a while! By Jon Danielsson, Director of the ESRC funded Systemic Risk Centre, London School of Economics. Originally published at VoxEU Are cryptocurrencies the future of money, Ponzi schemes, speculators’ dreams, or just a prosperity gospel? While there is money […]

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The Battle for Money Has Begun

Yves here. At the beginning of the week, we republished a post by Richard Murphy which gave a high level explanation of why the Swiss banking reform referendum is misguided. Remarkably, the Financial Times’ Martin Wolf came out in favor of the Swiss referendum. Or maybe not. Wolf is prone to pump for ideas of […]

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A Hard Look at the Mini-BOT, the Parallel Currency Idea of Italy’s New Ruling Coalition

By Francesco Papadia and Alexander Roth. Papadia was the chair of the Selection Panel of the Hellenic Financial Stability Fund (HFSF). He was, between 1998 and 2012, Director General for Market Operations at the European Central Bank. He worked previously at the Banca d´Italia, first as Director of the International Section of the Research Department […]

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Jim Chanos on Fraud: “Cryptocurrency Is a Security Speculation Game Masquerading as a Technological Breakthrough”

By Lynn Parramore, Senior Research Analyst, Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Jim Chanos, founder and managing partner of New York-based Kynikos Associates, has spent much of his career studying financial fraud. He shares his thoughts with the Institute for New Economic Thinking—where he is a […]

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