Sunday, September 26, 2021

El Salvador exemplifies the surrealism of cryptocurrencies — Jeffrey Frankel

Surreal!...
Econobrowser
Guest Contribution: “El Salvador exemplifies the surrealism of cryptocurrencies”
Jeffrey Frankel | James W. Harpel Professor of Capital Formation and Growth at Harvard University's Kennedy School, Research Associate at the National Bureau of Economic Research, and member of US President's Council of Economic Advisers in 1983-84 and 1996-99


4 comments:

Peter Pan said...

E-cargo cults sure are surreal.

Matt Franko said...

Bitcoin/crypto could be a solution for the third world… oops did it again … sorry I meant the turd world.., forgive me…

mike norman said...

Borrow in a foreign currency to borrow in a foreign currency. Dumb.

Matt Franko said...

“ In mid-19th-century United States, private banks and other institutions issued an estimated 8,000 competing private currencies. As Fed Governor Lael Brainard has noted, that period “is now notorious for inefficiency, fraud and instability in the payments system.” This is essentially why central banks were created.”

IT costs have plummeted since… and the Fed screws up all the time…