GIULIETTA TALEVI: What’s behind the rise and rise of cryptocurrencies

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A new book argues that the world has lost a dangerous amount of trust in fiat money and banking institutions – contributing to the end of money as we know it, writes GTalevi.

The ructions that we’ve seen in the world’s stock and cryptocurrency markets over the past two weeks probably come as little surprise to the authors of, a truly gripping – and at times terrifying – read, released late last year by authors David Buckham, Robyn Wilkinson and Christiaan Straeuli.

ance sheet in the years since the global financial crisis of 2008, when US and other monetary authorities flooded the world with liquidity to drive down interest rates and help businesses and individuals out of the wreckage created by the US subprime lending crisis.et now sits at an incredible $9-trillion, from less than $1-trillion in 2004, and the authors argue that the Fed has created a system “that has become addicted to monetary stimulus”.

The discussion on crypto is one of the central themes in the book; namely, the argument that the world has lost a dangerous amount of trust in fiat money and banking institutions – contributing to the end of money as we know it. says he’s not changed his view on crypto at all. “It’s a really stupid idea which has been stolen from cryptography.”

The authors write that cryptocurrencies “pose a grave risk to our functional societies. Countercultural and intrinsically antisocial, cryptocurrencies have encouraged a growing contingent of the public to consciously choose chaos over order, to dispense with global institutions in favour of what has become known as peer-to-peer transactions, cutting out the intermediary – the entire banking system – in favour of a world in which we need never trust each other again.

 

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GIULIETTA TALEVI: What’s behind the rise and rise of cryptocurrenciesA new book argues that the world has lost a dangerous amount of trust in fiat money and banking institutions – contributing to the end of money as we know it, writes GTalevi.
Source: FinancialMail - 🏆 20. / 63 Read more »

GIULIETTA TALEVI: What’s behind the rise and rise of cryptocurrenciesA new book argues that the world has lost a dangerous amount of trust in fiat money and banking institutions – contributing to the end of money as we know it, writes GTalevi.
Source: FinancialMail - 🏆 20. / 63 Read more »