How Inequality Reduces Growth By William H. Janeway, Project Syndicate. December 3, 2020 How Inequality Reduces Growth2020-12-032020-12-03https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/12/inequality.jpg200px200px Above photo: Spencer Platt, Getty Images. There are numerous theories for why the US economy has continued to benefit the few at the expense of the many, and because these explanations are not mutually exclusive, it helps to consider them all. Fortunately, a new book by a leading light of macroeconomics does precisely that. Lance Taylor with Özlem Ömer, Macroeconomic Inequality from Reagan to Trump: Market Power, Wage Repression, Asset Price Inflation, and Industrial Decline, Cambridge University Press, 2020. Cambridge – As the neoliberal epoch […]
Growth
Since the outbreak of the COVID-19 pandemic India’s apex bank, the Reserve Bank of India, has infused liquidity worth $125 billion into the economy to stabilise financial markets. Central banks the world over have pumped $9 trillion into the global economy amid the pandemic. India’s apex bank RBI on Friday said the country’s economic growth, measured as Gross Domestic Product (GDP), is likely to contract by 9.5 percent in the current financial year (April 2020-March 2021). The growth projections were made by the Reserve Bank of India (RBI) Governor Shaktikanta Das while announcing the key lending rates, which remained unchanged […]
In such a fast-growing industry as crypto asset markets, it can be overwhelming to try to extract the main themes driving liquidity and investor interest. Yet, doing so helps to understand how relatively new markets evolve, and what the catalysts will be for the next big steps forward. The latest CoinDesk Research Quarterly Review focuses on three features that have exhibited astonishing growth in Q3 and are playing a significant role in the evolving maturity of the digital asset markets. In 24 charts, we look at stablecoins, decentralized finance (DeFi) and derivatives, and tease out some intriguing findings. It is a […]
A store announces its looming closure in Salt Lake City on Aug. 30, 2020. An economic recovery is starting to show signs of losing momentum as businesses close and companies announce big layoffs. Rick Bowmer/AP hide caption toggle caption Rick Bowmer/AP A store announces its looming closure in Salt Lake City on Aug. 30, 2020. An economic recovery is starting to show signs of losing momentum as businesses close and companies announce big layoffs. Rick Bowmer/AP Updated at 8:49 a.m. ET Job growth slowed sharply in September, as U.S. employers added just 661,000 new workers. The report from the Labor Department […]
The super-charged trajectory of the cryptocurrency industry is translating to faster growth at the publicly traded digital-asset brokerage Voyager Digital, where revenue this quarter is tracking at an eightfold increase over the prior 12 months’ average pace. Voyager CEO Steve Ehrlich told CoinDesk in a Zoom interview that the company’s on pace for revenue of about $2 million during the fiscal first quarter that ends Sept. 30. That compares with $1.1 million during the fiscal year that ended in June. The company’s shares, listed on the Canadian Securities Exchange, have rallied about 250% year, far surpassing the 49% year-to-date gains for […]
Less than 0.2% of Friday’s daily options trading happened on CME, according to data from Skew. Source link
In cryptocurrency markets, newfangled “decentralized exchanges” like Kyber are piddling compared with more-established and centralized venues like Binance. But in the eyes of traders, it’s the upstarts who are winning lately – at least based on the year-to-date performance of digital tokens affiliated with the various exchanges. Take Kyber Network Crystal (KNC), which is used to pay trading fees on the decentralized exchange Kyber. The token’s price has surged eight-fold in 2020. That compares with a 21% gain for Binance Coin (BNB), which customers of the exchange can use to pay trading fees, at a discounted rate. You’re reading First Mover, CoinDesk’s daily […]
When India’s Supreme Court overturned the banking restrictions for crypto exchanges back in March, everything changed. Since then, Binance joined the Internet and Mobile Association of India (IAMAI), which played a key role in overturning the ban, and noted explosive growth via WazirX, the Indian exchange Binance acquired in 2019. A WazirX spokesperson told CoinDesk the exchange saw 150% more signups in many Indian cities from February to May 2020, which boosted local trading volumes by 66%. “The Supreme Court’s positive verdict has surely helped in creating positivity around crypto in India,” the spokesperson said. Read more: Binance Joins Indian Tech […]
As the number of bitcoin ATMs soars, one crypto analytics firm suggests they are increasingly being used to sidestep anti-money laundering (AML) controls. In its Spring report, published earlier this month, analytics company CipherTrace found bitcoin ATMs were frequently used to send funds to “high-risk exchanges” – trading platforms the company considers to be known for facilitating criminal activity and money laundering. “The percentage of funds sent to high-risk exchanges from U.S. BATMs [bitcoin ATMs] has seen exponential growth, doubling every year since 2017.” the report reads. While approximately 2% of U.S. transactions went to high-risk exchanges in 2017, that number […]
WAHINGTON (Sputnik) – A potential new wave of the novel coronavirus outbreak in 2021 could reduce global economic growth to nought, International Monetary Fund (IMF) Chief Economist Gita Gopinath said on Wednesday following the release of the updated World Economic Outlook. “When we have looked at the impact of a second wave that hits in, say, early 2021- in that case, instead of growth of 5.4 percent it would be zero percent”, Gopinath said. The IMF chief economist warned that such a development would be a dramatic hit for the global economy. Gopinath said the novel coronavirus crisis is not over […]
One of the newer entrants to the decentralized finance (DeFi) space, Curve, is riding the wave of demand for the freshly issued Compound governance token, COMP, which has surged to a $774.3 million market cap since first being distributed on Monday. Curve is an automated market maker devoted exclusively to stablecoins. On Sunday, it saw $3.5 million in daily trading volume, according to its self-reported stats. On Monday that shot up to $12.6 million; as of this writing on Tuesday, it’s at $23.3 million in trading volume over the last 24 hours, a roughly 7X gain. According to Curve founder Michael […]
A conversation with the “Price of Tomorrow” author on the key structural challenge looming over the global economy. Two powerful and diametrically opposed forces are shaping the economy. On the one hand is inflationary economic policy, which keeps the price of assets like real estate and stocks rising ever higher, but at the expense of savings as the value of currency depreciates. On the other is technology-wrought deflation. As technology increases its capacity exponentially, it causes everything it touches to be less expensive. Jeff Booth is the author of “The Price of Tomorrow: Why Deflation Is the Key to an Abundant […]
China says that its exports rebounded last month, beating most expectations of a sharp decline. However, the drop in the country’s imports accelerated as the coronavirus continues to crush demand. Data released by the General Administration of Customs shows that April’s exports surpassed $200 billion. This is a 3.5 percent rise from the previous year. Last month’s results reversed the 6.6 percent fall in March, as well as the collapse recorded at the beginning of the year. China’s exports are also much better than some economists polled by various media predicted, with the expected decline varying between 10 and nearly 19 percent. Read […]
Finland is one of the least-hit Nordic nations amid the ongoing pandemic, with 5,412 confirmed COVID-19 cases and 246 deaths; it has already started to lift the restrictions, but pundits predict a grim economic outlook. The coronavirus epidemic and the ensuing stern measures, including massive shutdowns and lockdowns, will have resounding economic repercussions, robbing Finland of decades of profits, Risto Murto, the CEO of Varma Mutual Pension Insurance Company, has warned. In his analysis of the economic ramifications of the pandemic in his column for the Oulu-based newspaper Kaleva, Murto forecasted that Finland will have to tackle the outbreak throughout this […]