Archive for December 13th, 2019

Economics for people by Prof Ha Joon Chang

December 13, 2019

Nice video lectures on INET by Prof Ha Joon Chang

In the new series “Economics For People” from the Institute for New Economic Thinking (INET), University of Cambridge economist and bestselling author Ha-Joon Chang explains key concepts in economics, empowering anyone to hold their government, society, and economy accountable.

U.S. Regulations and Approaches to Cryptocurrencies: Drawing lessons from history

December 13, 2019

Most major countries are talking about digital currencies barring US.

Interesting speech by Michael Held of NY Fed who reviews existing regulations in US regarding digital currencies:

Thank you, Diego, for “volunteering” me to speak about digital currencies—a field in which I count myself as very much a trainee, not an expert. Today I will focus on the U.S. regulatory landscape for digital currencies, in particular on digital currencies issued by private organizations that are intended to be used like money. As always, the views I express are my own, not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System.1

Policy makers and regulators in the United States, to date, have not developed an overarching framework for regulating private digital currencies. The field has been seen as too new for a comprehensive regulatory response. To be sure, the digital nature of new private currencies will raise challenges to which policy makers must respond. In my view, however, we spend so much time wrestling with the novelty of digital currencies that we forget that private currency is nothing new. The theme of my talk today is accordingly best encapsulated by a quote that is attributed—perhaps wrongly—to Mark Twain: “History may not repeat itself, but it does rhyme.”

He draws lessons from US history on free banking:

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RBI’s subservience to the Government is systemic, not ideological

December 13, 2019

EPW Engage reflects on few EPW papers on relationship between RBI and Govt. One line summary:

The autonomous functioning of the Reserve Bank of India has been, if anything, an exception rather than the rule.


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