Eurobanks: The Probable Point of Failure as Systemic Stress Rises
Why Eurobanks are the most likely fracture point if current economic stresses continue.
Read more...Category Archives: Payment system
Money and Banking – Part 3
How the Fed balance sheet works and why what we, the public, consider to be money is a debt of the Federal Reserve. Part 3 of a series.
Read more...Why Bitcoin is Not Disruptive
Get a cup of coffee. This is a deep dive into how Bitcoin works from a payment systems perspective, and why the failure of promoters and journalists to look at it in those terms has led them to greatly overestimate its significance.
Read more...Money and Banking – Part 2
How the Fed balance sheet works and why what we, the public, consider to be money is a debt of the Federal Reserve.
Read more...Gaius Publius: Wall Street Reviews What Sanders Plans for Wall Street
An overview of the Sanders Big Finance reform proposal, and some of the ways it has been caricatured or flat-out misrepresented
Read more...“Failed: What the ‘Experts’ Got Wrong about the Global Economy”
An excerpt from CEPR co-director Mark Weisbrot’s important new book, Failed.
Read more...Don Quijones: “First They Came for the Pennies…” in the War on Cash
Governments and central banks must do away with the last remaining thing that gives people a small semblance of privacy, anonymity, and personal freedom.
Read more...Fight Over Postal Service Board Heats Up as Labor/Consumer Advocates/Minority Coalition Opposes Payday Lender Lobbyist, Privatization Backers
A broad coalition has taken the unusual step of opposing all of Obama’s five nominees to the Postal Service Board of Governors. But it’s the right move, given how terrible they are.
Read more...Chris Hedges and Leo Panitch: We are All Greeks Now
Leo Panitch and Chris Hedges discuss how nature of imperialism today is financial power.
Read more...More on Why Bank IT and Payment Systems Matter
The IT challenges of a Grexit are important not only in and of themselves, but as a window into the creaky state of bank IT and the systemic risk it poses.
Read more...Perry Mehrling: No One Has a Good Idea of How to Keep the Fed From Having to Rescue Mr. Market Again
Perry Mehrling’s post on the Fed’s progress in dealing with future market crises is damning, despite its “give everyone credit for what they have done” recap.
Read more...More on the Systemic Risk of Bank IT Systems
Why financial firm IT is a bigger and more imminent source of systemic risk than you might think.
Read more...Greece’s Drachma Drama: Why Planning Is Too Important to be Left to Economists
In conference call with hedgies, Yanis Varoufakis claims to have had approval to plan a parallel banking system using the drachma: Plan B.
Read more...Mario Draghi: The ECB Has No Mandate To Ensure Checks Clear Or Credit Cards Work
By Nathan Tankus, a writer from New York City. Follow him on Twitter at @NathanTankus Last week Mario Draghi held a press conference following the decision to raise ELA a paltry 900 million dollars for Greek banks. In that press conference he said many things but I’d like to focus on one passage that has gotten […]
Read more...Once Again on the IT Challenges in Converting to the Drachma
Why the left is not doing itself, or the Greek people, any favors by minimizing the difficulties in converting to the drachma.
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