Latest from the Blog
Winter doesn’t last forever: why Crypto Spring is coming
As investors scramble for the exits and the “crypto has no value” doomsayers reappear, when better for reiterating the core role that crypto can play in future finance — in a Harmonic Triangle alongside CBDCs and (properly-reserved) stablecoins. The stakes are high: the smart contracts operated on cryptocurrency blockchains have the potential to be a…
The Fed just became much more expansionary
Is it real or nominal short-term interest rates that matter? Rising nominal rates matter when they cause financial stress – borrowers who can’t service debt, loans called in because collateral values have fallen, lenders facing loan losses that erode their capital, etc. Right now, that’s not happening – so it’s real rates that matter. Real…
China Embraces Ethereum
CBDC running smart contracts on Ethereum! That idea has now been proposed semi-officially in China, by Yao Qian, former head of the digital currency initiative at China’s central bank (see link below). The proposal is important both by showing how central bank thinking is advancing rapidly to embrace the idea of CBDC and cryptocurrencies operating…
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