Professor Mark Dodgson from the University of Queensland’s School of Business talks about digital money, a technology that has changed the way we are able to conduct business transactions.
Tagged with “banking” (13)
Why digital money is one of the most important innovations ever - Ockham’s Razor - ABC Radio National (Australian Broadcasting Corporation)
Submitted by Chris Martenson of Peak ProsperityÂ Paul Brodsky: Central Banks Are Nearing The ‘Inflate Or Die’ Stage"It’s impossible to have a political solution to a balance sheet problem" says Paul Brodsky, bond market expert and co-founder of QB Asset Management. The world has simply gotten itself into too much debt. There are creditors that expect to be paid, and debtors that are having an increasingly difficult time making their coupon payments. No amount of political or policy intervention is going to change that reality. (Unless a global "debt jubilee" transpires, which Paul thinks is unlikely). Looking at the global monetary base, Paul sees it dwarfed by the staggering amount of debts that need to be repaid or serviced. The reckless use of leverage has resulted in a chasm between total credit and the money that can service it. So how will this debt overhang be resolved? Central bank money printing — and lots of it — thinks Paul. At this point, the danger posed by the instability of our monetary and fiscal house of cards is so great that trying to time an investment program to when this avalanche of printing will occur is too risky, in Paul’s opinion. It’s time to shift your remaining capital into hard assets and sit on the sidelines to watch the carnage play out. On The Imbalance Between Debts and Money Supply We are seeing — not only in the US but in Europe and in Asia, as well —Â separating bank assets and base money. Base money is comprised of currency in circulation plus bank reserves that are held at central banks — at the Fed or that is at the ECB, the Bank of Japan, so on and so forth. This is how the global economy rolls, as they say.Â Bank assets are loans mostly. And the amounts globally are staggering: something approaching $100 trillion in global bank assets. And in the US we think that is somewhere around $20 trillion held in the US and abroad. And the numbers for the monetary base are much, much lower.
Featuring Mark A. Calabria, Allan H. Meltzer, George A. Selgin and Roger W. Garrison
Get ready for the next big app attack, urging you to chop up your credit cards and use your mobile phone. You won’t have to go to a shop, just point the phone at a handily-placed barcode, and you’ve paid! It’s not a phone, it’s a ‘smart wallet’, and your mobile banker skims off a bit of every transaction. Security? It’s a work in progress. Reporter, Stan Correy.
Reserve Bank of Australia Strategic Review of Innovation in the Payments System – (http://www.rba.gov.au/payments-system/reforms/strategic-review-innovation/submissions/201106-strategic-review-innovation/index.html#content)
Australian Payments Clearing Association (APCA) – (http://www.apca.com.au/)
EMV Co – (http://www.emvco.com/)
Ross Anderson, University of Cambridge – (http://www.cl.cam.ac.uk/~rja14/)
Dr Stephen J Murdoch, University of Cambridge – (http://www.cl.cam.ac.uk/~sjm217/)
Stephen Wilson – (http://lockstep.com.au/)
The most important mobile payment infographic ever (according to one payments magazine) – (http://www.mobilepaymentstoday.com/blog/6295/The-most-important-mobile-payment-infographic-Ever?rb=false)
Michael Yip – (http://www.michaelyip.me.uk/)
Infographic on underground economy – (http://www.michaelyip.me.uk/blog/2011/08/the-underground-economy-ecosystem/)
Adam Laurie, Aperture Labs – (http://aperturelabs.com/)
099 Credit card 21 Oct 2010
Thu, 21 Oct 10
Duration: 14 mins
A plastic credit card. Neil MacGregor, Director of the British Museum, explores the changing role of money in the modern world by looking at a Shari’a compliant credit card. How is modern banking adapting for new markets and what are the moral issues confronting global finance? With contributions from Mervyn King, Governor of the Bank of England, and Razi Fakih of HSBC bank.
Visionary Kushal Chakrabarti is providing a solution. design mind ON AIR’s Chris Sallquist spoke with Kushal, the founder and CEO of Vittana, a person-to-person micro-lending Web site that makes it possible for students, wanting to go to college in developing countries, to get loans.
Michael Bordo of Rutgers University compares US banking panics in the early 1930s with panics in the shadow banking system and the repo market in 2007 and in investment banks and the universal banking system after Lehman failed. He argues that the bailouts of ‘too big to fail’ banks may lead to future crises, and discusses possible remedies. The interview with Romesh Vaitilingam was recorded at a conference on ‘Lessons from the Great Depression for the Making of Economic Policy’ in London in April 2010.
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