Financial markets go up and down. And they usually fall faster than they rise. But when does normal financial market turbulence tip over into a systemic collapse? How should policymakers […]
It’s been a torrid year for investors in cryptocurrency but the worst is not over, says Carol Alexander, my guest on the latest New Money Review podcast. In 2023 the […]
Two events in the last fifteen years have fundamentally altered the way the financial system operates—and neither was planned by global policymakers. The great crash of 2008 stopped banks from […]
Better-regulated digital money tokens are the real threat to the financial system. Last week’s Terra ($UST) collapse was hardly surprising: backed by little but hot air and an online cult, […]
The booming decentralised finance (‘DeFi’) market suffers from an existential problem, says the Bank for International Settlements (BIS): it isn’t decentralised. Meanwhile, the contagion risks from DeFi to the rest […]
US authorities are seeking to rein in the financial stability risks created by the runaway growth of the stablecoin market, according to a new report released yesterday. Stablecoins are digital […]
The market at the centre of the world’s financial system—repo—is witnessing record popularity. But it’s always prone to collapse, and now cryptocurrencies are joining the fray. The repo market The […]
The public needs protection from the Wild West land grab that’s now going on in money, says Rohan Grey, my guest on the latest episode of the New Money Review […]
Banks holding bitcoin will have to set aside capital to back the full amount of their cryptoasset exposure, under guidelines proposed today by the Basel Committee for Banking Supervision (BCBS). […]
The UK’s central bank is preparing for a once-in-a-lifetime reordering of the monetary system as a result of the arrival of new forms of digital money. In a discussion paper […]