Central Bank Digital Currencies: A Revolution in Banking?

Some great suggestions from Ellen Brown on how CBs can offer banking services directly using block chain technologies.

WEB OF DEBT BLOG

Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies, using the blockchain technology developed for Bitcoin. Skeptical commentators suspect that their primary goal is to eliminate cash, setting us up for negative interest rates (we pay the bank to hold our deposits rather than the reverse).

But Ben Broadbent, Deputy Governor of the Bank of England, puts a more positive spin on it. He says Central Bank Digital Currencies could supplant the money now created by private banks through “fractional reserve” lending – and that means 97% of the circulating money supply. Rather than outlawing bank-created money, as money reformers have long urged, fractional reserve banking could be made obsolete simply by attrition, preempted by a better mousetrap.  The need for negative interest rates could also be eliminated…

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‘Europe is too important to be left to its clueless rulers’ – Telegraph profile

On need for a “non-party” movement to address Europe’s “failure to co-ordinate”. Carpe Diem25

Yanis Varoufakis

Telegraph Cover.jpg

By Mick Brown

So, I say to Yanis Varoufakis, you were an obscure university lecturer, with a sideline in writing comment pieces about economics, who had also devised and plotted virtual currencies for computer games, but your only experience of political office was almost 40 years ago as secretary of the Black Students Alliance at the University of Essex (even though you’re white) – how exactly did you end up for five months as one of the pivotal figures in the biggest economic crisis to engulf Europe since the Second World War? 

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“The Donald”. Phenomenology of Trumpism

Great article on Trumpism.

ytali

By JUDITH STILES
You’re Fired!” Why is anyone surprised that the golden-haired reality tv show host, aka business mogul named Donald Trump, is leading the pack in the Republican Party? American culture spawned him. Hey, he even has his own star on the Hollywood Walk of Fame. Let’s face it, when Ronald Reagan lost in the Iowa caucus years ago, most Americans were watching more mind-numbing tv than paying attention to news that covered the primaries. (Italian Version)

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Today the chatter of political discourse has gotten shorter and less substantive – purveyed on our little smart phones in sound bites, and it seems most Americans like it that way. Short and sweet. Most “folks” do not read the NY Times and attention spans are super short these days. “Make America Great Again”. Forget nuance and details. Even in Canada, the Shark Tank reality tv…

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Before the Launch -DiEM in the making

Manifesto of new Democracy Europe movement.

Yanis Varoufakis

Screen Shot 2016-02-06 at 21.55.11.pngFew days, indeed hours, before DiEM’s 9th February Berlin launch, diem25.org is slowly getting off the ground. For the time being, it offers readers the opportunity to join the movement and to read the Manifesto in English – and soon in many more languages. (For convenience, and for now, click here for the English version and here for the Greek.)

DiEM LOGO2 White BackgroundAlso, readers can have a sneak preview of the themes and participants of the debates that will precede the evening launch by clicking here

And do not forget that the Main Event, at 20.30 Central European Time, will be live streamed here (http://www.volksbuehne-berlin.de/livestream)

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“Guerrilla Warfare Against a Hegemonic Power”: The Challenge and Promise of Greece

If Greece were to issue a digital currency to replace the Euro; a temporary measure with many precedents – including Roosevelt in 1933.

WEB OF DEBT BLOG

Banks create money when they make loans. Greece could restore the liquidity desperately needed by its banks and its economy by nationalizing the banks and issuing digital loans backed by government guarantees to its ailing businesses. Greece could provide an inspiring model of sustainable prosperity for the world. But it is being strangled by a hegemonic power in a financial war that is being waged against us all.  

On July 4, 2015, one day before the national vote on the austerity demands of Greece’s creditors, it was rumored in the Financial Times that Greek banks were preparing to “bail in” (or confiscate) depositor funds to replace the liquidity choked off by the European Central Bank.

The response of the Syriza government, to its credit, was “no way.” As reported in Zerohedge, the government was prepared to pursue three “nuclear options” to protect the deposits of the Greek people:

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Towards a Unified Model for Replicated, Shared Ledgers

More from Richard Gendal Brown on replicated shared ledgers.

Richard Gendal Brown

Don’t Say The “B Word”!

I’ve come to the conclusion that saying “blockchain” has become unhelpful. It just confuses people. It means too many different things to different people and so it’s almost impossible to have a conversation in this space without talking past each other. So, as I argued in this piece on permissionless ledgers and this piece on permissioned ledgers, it can be useful to talk in terms of replicated shared ledgerssince I think this gets to the heart of what unifies – and separates – these two worlds.

  • Shared: because multiple actors can read or write to different parts of the ledger
  • Replicated: because everybody who needs a copy can have a copy, rather than relying on a powerful central entity

In this piece, I try to bring it all together – to explain why we should be thinking about permissionless ledgers as a…

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Greece, Germany and the Eurozone – Keynote at the Hans-Böckler-Stiftung, Berlin 8th June 2015

Thoughtful speech, peppered with Greek allegories, that summed up Greek debt crisis as both a political crisis for Europe, and a monetary crisis that can be managed. Pragmatic. Curious to see how it will go down in Germany.

Yanis Varoufakis

Hans-Böckler-Stiftung

CLICK HERE FOR THE VIDEO

Thank you for inviting me. Thank you for being here. Thank you for the warm welcome. Above all thank you for the opportunity to build bridges, to pave common ground, to bring harmony in the face of blatant attempts to sow the seeds of discord between peoples whose historic duty is to come together.

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