Oil serves legit purposes (like them or not). So does wheat. Crypto serves no legit purpose. “Stabilizing “crypto means lowering the cost of crime by eliminating some of the (criminal) counterpart risk.
A condition for a buffer stock is controlling the supply. (Lack of control explains OPEC’s periodic breakdowns). On wheat, I will note that Russia, China, and India are the three largest producers of wheat (40 % of global output).
Great podcast but you came close to endorsing tech-bro / Phil Gramm rubbish about “disruption” when you talked about the “old stodgy banking system”. This was a fair description before the mid-70s, weakened with reforms until the 90s when Internet banking went live, has been absurd since mobile apps boomed with smartphones. I can do everything with a mobile app and so can decent sized businesses. Really Large businesses, banks, and govts need more capable software but they run on the same internet-based platforms (eg, World Bank uses SAP).
Don't miss this! Another gem from Macro N Cheese!
Agree with Rohan that #crypto is a commodity like oil or gold and should be treated as such rather than a currency. #LearnMMT #Bitcoin
Oil serves legit purposes (like them or not). So does wheat. Crypto serves no legit purpose. “Stabilizing “crypto means lowering the cost of crime by eliminating some of the (criminal) counterpart risk.
A condition for a buffer stock is controlling the supply. (Lack of control explains OPEC’s periodic breakdowns). On wheat, I will note that Russia, China, and India are the three largest producers of wheat (40 % of global output).
Great podcast but you came close to endorsing tech-bro / Phil Gramm rubbish about “disruption” when you talked about the “old stodgy banking system”. This was a fair description before the mid-70s, weakened with reforms until the 90s when Internet banking went live, has been absurd since mobile apps boomed with smartphones. I can do everything with a mobile app and so can decent sized businesses. Really Large businesses, banks, and govts need more capable software but they run on the same internet-based platforms (eg, World Bank uses SAP).