The competitive insecurity of money as a religion

‘Le Monde’ and also – in more detail – the ‘New York Times’ have reported on President Macron’s interesting recent efforts in West Africa. Macron has persuaded the ex French West African colonies to abolish their previous ‘CFA’ currency, requiring 50% of foreign currency reserves to be kept in the French Treasury (who knew?). A… Read more

Libra is not so free

It seems that Facebook’s intentions have been unwittingly exposed in this article. Zuckerberg cautioned that the U.S. might lose its “financial leadership” on the world stage if Libra is not allowed to launch, noting that “China is moving quickly to launch similar ideas in the coming months.” Of course China – or at least its government… Read more

Capitalism’s indebted dynamism

Paul Mason has an interesting article in the New Statesman, which starts: In his own dumb way, Matt Hancock just summed up the survival strategy for global capitalism. Blinking into the camera lights, Britain’s hapless Health Secretary assured viewers that he could promise to build 40 new hospitals with just £100m because “the rest of the… Read more