Category Archives: Payment system

The “Petrodollar” Has No Bearing on Any Country’s Ability to Employ Its People Fully

Debunking the petrodollar myth.

The Mechanics of Cryptocurrency

An examination of cryptocurrency practicalities.

10 Down-to-Earth Things Powell Said about Cryptocurrencies

The Fed is perfectly content to have cryptocurrencies be the SEC’s problem.

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

How proposals to replace LIBOR will strengthen the Fed’s position in global markets.

Bill Black: Bitcoin Frauds Keep Growing

Another area where bitcoin hype exceeds reality.

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

More consumer pushback in the war on cash: An industry dogged by non-believers who fret about privacy and fraud.

Cryptocurrencies Are Lousy Investments

A skeptical look at the prospects for cryptocurrencies.

The Battle for Money Has Begun

Why the current fights over money, banking, and Modern Monetary Theory look like new ways to achieve bad neoliberal ends.

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

The mini-BOT has only been sketched out at a high level. How might it work and more important, would it succeed as a parallel currency?

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

The legendary short seller Jim Chanos in a wide-ranging discussion of financial frauds, starting with cryptocurrencies: Bitcoin is the last thing he’d want to own in the event of a catastrophe.

Don Quijones: Visa Goes Down in the UK, Chaos Ensues, Cash is Suddenly King

War on Cash suffers setback: Visa payments system crashes in the UK– one of the world’s most cashless economies– forcing people to ATMs to withdraw cash to settle transactions.

Cryptocurrencies’ Challenge to Central Banks

The risks of introducing a central bank digital currency are high while the efficiency gains do not seem large. A more efficient system can be achieved via innovation in current payment infrastructure.

TSB Are Using Their Own Customers to Alpha Test Their New IT Platform

The mess at TSB is even worse that the press would have you believe.

TSB Train Wreck: Massive Bank IT Failure Going into Fifth Day; Customers Locked Out of Accounts, Getting Into Other People’s Accounts, Getting Bogus Data

An epic IT disaster at the UK’s TSB illustrates how fragile banking systems are.

Disruptive Finance Huffing and Puffing Won’t Blow Big Bank Houses Down

Why newfangled finance will not have much impact on the banking industry.