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“In some ways, it’s a curious time to be launching an alternative currency. In the past, the main complaint about traditional currencies was their instability, with rapid and uncertain inflation making them a poor store of value. But the dollar, the euro, the yen, and the renminbi have all been remarkably stable. If anything, the worry today is about deflation, not inflation.
The world has also made progress on financial transparency, making it more difficult for the banking system to be used to launder money and for other nefarious activities. And technology has enabled us to complete transactions efficiently, moving money from customers’ accounts into those of retailers in nanoseconds, with remarkably good fraud protection. The last thing we need is a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be.
The real problem with our existing currencies and financial arrangements, which serve as a means of payment as well as a store of value, is the lack of competition among and regulation of the companies that control transactions. As a result, consumers – especially in the United States – pay a multiple of what payments should cost, lining the pockets of Visa, Mastercard, American Express, and banks with tens of billions of dollars of “rents” – excessive profits – every year. The Durbin Amendment to the 2010 Dodd-Frank financial-reform legislation curbs the excessive fees charged for debit cards only to a very limited extent, and it did nothing about the much bigger problem of excessive fees associated with credit cards.”
JJ Editor's Picks
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"For the first time since President Richard Nixon refused to turn over the White House tapes, the United States is facing a genuine constitutional crisis. To be sure, Donald Trump had already created a crisis in the presidency by abusing the..."
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"I sat on my childhood bed, surrounded by 52-year-old stuffed animals, with a smartphone lodged between my ear and shoulder. My father had died unexpectedly the day before, and I was jotting down notes as my rabbi back in Ohio described various..."
"In August, it was SoulCycle and Equinox. The month prior, Home Depot. Back in 2017, L.L.Bean. These are only a few of the companies to ignite the collective ire of progressive consumers over corporate ties to Trump. In the case of the boutique..."
"Movies like Gemini Man are usually ideal airplane viewing. Take a formulaic plot about spies and cloning, then add dialogue so predictable that getting interrupted by pilots’ announcements and turbulence and your seatmate’s need to get up and..."
"It’s still unclear whether Israel’s next election will be in four years or four months. But either way, if the center-right wants a better outcome, it needs to learn the lessons of September’s election. So here are two: First, while center-right..."
"Smart homes, bountiful oceans and casual sexism: the future as envisaged from 1967 ‘Yes, life will be richer, easier, healthier as space-age dreams come true.’ In 1967, the Ford Motor Company (then known as Philco-Ford) released the short film..."