The move comes as the central bank continues to research how a central bank digital currency would work as well as the possible risks. Source link
Economist
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Next year will be brutal for the US currency, according to Yale University senior fellow Stephen Roach. He said that his “seemingly crazed idea” that the dollar will crash shouldn’t seem so crazy anymore. “We’ve got data that’s confirmed both the saving and current account dynamic in a much more dramatic fashion than even I was looking for,” Roach told CNBC. According to him, “The current account deficit in the United States, which is the broadest measure of our international imbalance with the rest of the world, suffered a record deterioration in the second quarter.” He added that “The so-called net-national […]
“A pandemic-led acceleration of adoption.” That’s how Singapore-based DBS Bank describes the current state of digital assets in its quarterly report on cryptocurrencies published in August. It’s interesting to hear such an observation from a respected multinational bank and its chief economist, Taimur Baig. However, there have lately been murmurings about certain large financial institutions – particularly in places like Singapore, Switzerland and Germany – fielding a new wave of demand for crypto, filtering through from smaller private banks and wealthy clients. On the subject of cryptocurrencies like bitcoin (BTC), Baig identified two distinct phases of demand: pre-pandemic and post-pandemic. “Pre-pandemic […]
Fox News anchor Sandra Smith on Tuesday apparently thought she had Austan Goolsbee dead-to-rights on the economic growth claims he made on-air, only for the economist to retort with a fact-check, telling her to “check the numbers.” Goolsbee, a former economic adviser to President Barack Obama, was brought on to discuss Democratic presidential nominee Joe Biden’s latest tax plan, which features the ex-veep proposing tax hikes on wealthy individuals and businesses. The interview soon devolved into a contentious debate about the economic benefits of President Donald Trump’s corporate tax cuts, prompting Goolsbee to note that many of the president’s promises of […]
The central bank’s most senior economist now runs the department responsible for the digital currency task force and working group with other central banks. Source link
Modern Monetary Theory (MMT) says that countries such as the UK and US don’t need to worry about taxes and can essentially print as much money as they require, an argument which has taken increasing significance amid the COVID-19 crisis because of the level of spending governments are engaged in to help counter the effects of the global recession. But Michael Roberts, a long-time economist with investment research firms in the City of London, argues that whilst it is true that governments do not wholly depend on taxes in order to spend money, printing money without adding to the productive capacity […]
The Trump administration’s anti-China policies, including tariffs and attacks on telecoms giant Huawei, have forced the Chinese government to tighten its grip over Hong Kong, an analyst tells RT. Speaking to RT’s Boom Bust on the developments in the Chinese territory after Beijing imposed its national security law, Jeffrey Tucker of the American Institute for Economic Research said that it’s unclear how the bill will affect the economy. Some businesses operating in Hong Kong are now concerned that they could be found violating some provisions of the law, and face penalties varying from fines to confiscation of funds. “The US has […]
A shorter work week would not only make for a better work/life balance it would also increase overall productivity and the ability of citizens to more meaningfully participate in democracy, says economics professor Richard D. Wolff. World leaders, labour representatives and even some high profile business figures, such as Google co-founder Larry Page and Virgin’s Richard Branson, have been calling for the adoption of a shorter work week. Richard D. Wolff, Professor of Economics Emeritus, University of Massachusetts, Amherst agrees that, if done correctly, a shorter work week is both realistic and desirable. Professor Wolff, whose weekly show, Economic Update, is syndicated […]
While the coronavirus pandemic may become the last nail in the coffin of the US dollar’s status as the primary reserve currency, the seeds of its inevitable decline were sown long ago, a former Morgan Stanley economist believes. The greenback is set to decline due to a shortfall in domestic US savings and a massive budget deficit, according to Stephen Roach. “The US economy has been afflicted with some significant macro imbalances for a long time, namely a very low domestic savings rate and a chronic current account deficit,” Roach, who is also a Yale University senior fellow, told CNBC. Also on […]
The elderly have already been hit hardest by the coronavirus pandemic, but one Oxford economist thinks that they should shell out to ease the economic burden on the young. He’s since been accused of “scapegoating” the vulnerable. “Young people benefit the least from the lockdown measures, because they are less susceptible to the virus,” economist and professor Jan-Emmanuel De Neve told Belgian news channel VRT on Thursday. “The older generation should realise that young people are sacrificing themselves, both economically and in terms of mental health.” To even the score, the 41-year-old Oxford professor – who heads the prestigious university’s ‘Wellbeing […]
US 19:24 GMT 11.05.2020Get short URL An expert argues that a rush for US states to reopen their economies amid the COVID-19 novel coronavirus pandemic will more than likely backfire if there is a significant uptick, or “second wave,” of infections. Mark Zandi, chief economist of Moody’s Analytics, issued an economic warning to governors looking to turn their states’ economies around during his Friday appearance on CNBC’s “Trading Nation.” “If we get a second wave, it will be a depression,” he said, referring to a second surge of COVID-19 cases, CNBC reported. “We may not shut down again, but certainly it […]