“We must accept finite disappointment, but must never lose infinite hope.” – Martin Luther King Jr.
The Chinese are convinced that the United States are a declining power, and they are basing – as a consequence – all their actions on this prediction. This is why China now feels that it is strong enough to take on a hitherto impregnable and unchallenged stronghold, that being America’s currency and the exorbitant…
Let us make no mistake: the massive economic imbalances and inequalities are not an anomaly but well and try integral to the system itself. Capital has of course always garnered more power than work, but this phenomenon is now reaching quite terrifying levels. It only needed a virus to destabilise – irreparably I think –…
My readers know that I am an advocate of the phasing out of cash, for macroeconomic reasons outlined across several articles and books. To summarise, negative rates – that we will inevitably see – will only be effective if cash is eradicated, because a world without cash would also be a world without recession. I…
The most coveted job in the world is that of the central banker, who also arouses the hastiest of judgments, all over them like a rash, and sometimes even hate-filled. Vilified for exacerbating inequalities and dragged through the mud for maintaining zero interest rates, it’s only fair that we don’t try to claim bankers…
Covid-19 has caused a run on cash, at least from the moment that the fears started to grip our Western societies. Intuitively, it is however the opposite of what we might have imagined. Weren’t there fears – albeit justified – that the illness could be transmitted by certain objects? Isn’t this why there…
I’ve been saying it for years: the use of cash is on its way out and the Coronavirus will be the final nail in its coffin. There’s no point in fighting against an inevitable phenomenon because the use of banknotes will more or less have disappeared from our intertwined economies – including China –…