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Missed this story back in July but worth a read re: dark-money campaigns to bail out nuclear and move money away from wind and solar, even though nuclear is a dying industry in the US. Other coverage of Ohio's HB6 bill: ...Read More
Starbucks has around $1.6 billion in stored value card liabilities outstanding (the sum of all physical gift cards held in customer's wallets and electronic balances held in the Starbucks Mobile App). You, the loyal customer, are providing the company with free debt: Starbucks doesn't pay any interest on balances held ...Read More
This article by the NYT with the 60 Minutes on money laundering piece starts to put banks in the crosshairs of money laundering activity. A free press is a fundamental component of Democracy, and the Times has something here that could bring down a book of cards. This is ...Read More
This article is a great way to start thinking about how money works and how it could work.
‘The whole motivation of Bitcoin and similar systems is to create a digital substitute for gold, The aim is to break away, as the advocates see it, from a state monopoly of the issue of currency and a dependence on the international clearing bank system of payment. The idea that ...Read More
Being reminded of Russian ruble loosing 90% of its value multiple times throughout the 90s and people standing all day in lines to get cash out of banks so that they could spend it before it's totally worthless. "If you’re a vulnerable denizen of the informal economy, an off-the-grid hustler, or a low-income precarious worker, banks and payments intermediaries have little interest in prioritising you. The bank-payments society will not process the activity that takes place in the peripheral cracks that form the basis of your livelihood. Indeed, ...Read More