Facebook and its friends-companies determined that the planet wants another cryptocurrency, and that launching a brand new virtual coin is the best way to use the tremendous opportunities at their disposal. Such plans suggest that something is wrong with the twenty-first century American capitalist economy.
Continue reading “The world doesn’t want a cryptocurrency from Facebook.”
To some extent, this is a curious time to launch another currency. Within the past, complaints concerning traditional currencies were primarily associated with their volatility, and quick and unsure inflationary fluctuations made them a poor store of value. At the same time, the dollar, the euro, the yen and the yuan showed superb stability. Today, on the contrary, deflation, and not inflation, is worrisome.