The siren call of T+0, or real-time settlement

The NYSE’s clearinghouse in 1898, six years after its founding Traditional financial systems often get mocked for being slow. In North America, for instance, securities markets have recently switched from…

When a rising stock market is a bad thing

If the world had a single cauldron for mixing various monetary phenomena, it would be Zimbabwe. Over the last two decades, it has experienced pretty much everything that can happen…

No rupees left behind

Data on the world’s biggest monetary event of the 21st century—Narendra Modi’s demonetization—continues to trickle in. The Reserve Bank of India’s just published its annual report (pdf) and I’ll just…

The gold trick

Now that the U.S. debt ceiling season is upon us again, I’ve been wondering if the U.S.’s official gold price is going to finally be revalued from $42.22. Why so?…

Money in an economy without banks

by Alex Schaefer   Most of the world’s money is currently in the form of deposits created by banks. After the 2008 credit crisis, which instilled a strong suspicion of…