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News
Do High Interest Rates Fix High Inflation?
In prior articles and newsletters, I’ve explored the causes of consumer price inflation over time. In short, the rate of consumer price inflation in an economy comes from a combination of 1) money supply growth and 2) significant changes in productivity and/or resource abundance. Periods of fast bank lending or large monetized fiscal deficits (and thus rapid money supply growth) tend to create inflationary environments, while periods of fiscal austerity and/or private sector deleveraging events (and thus slow money supply growth or outright money supply contraction) tend to create disinflationary or outright deflationary environments.
BlackRock Close to Filing for Bitcoin ETF Application: Source
BlackRock, the world's biggest asset manager, is close to filing an application for a Bitcoin ETF (exchange traded fund), according to a person familiar with the matter. BlackRock will be using Coinbase (COIN) Custody for the ETF and the crypto exchange’s spot market data for pricing, the person said. Coinbase declined to comment. BlackRock began working with Coinbase to make crypto directly available to institutional investors midway through last year.
Hong Kong reiterates banks should support licensed crypto exchanges
Hong Kong's banking regulator said on Thursday it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges, responding to a report saying banks were under pressure to take such exchanges on as clients. The Hong Kong Monetary Authority's (HKMA) comments were in response to a Financial Times report which said lenders including HSBC (HSBA.L) and Standard Chartered (STAN.L) were facing pressure from Hong Kong's central bank to take on crypto exchanges as clients.
Default by Inflation Is the Real Drama in the Global Debt Market
The real drama of default in global markets has not been the federal debt ceiling negotiations in Washington but the write-off by inflation. The issue of whether it turns out that the US Treasury for a few weeks has been slow in servicing its debts—with all delays subsequently rectified—is a sideshow. We could regard this as camouflage for the ongoing real write-off operation. In this, countries led by the US, where a great inflation emerged during the pandemic and Ukraine war, have achieved big reductions in the real value of their debts.