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Archive for 20. Juli 2019

Cryptocurrency to the Rescue

Posted by hkarner - 20. Juli 2019

Date: 19-07-2019
Source: The Wall Street Journal By The Editorial Board

Facebook’s Libra could help the poor who lost credit after Dodd-Frank.

Members of Congress this week lashed Facebook over its plans to create a new cryptocurrency that ostensibly aims to serve low-income folks and fill a market need that Democrats created in 2010 with the Dodd-Frank Act. Here is a parable of regulatory unintended consequences.

Facebook says its cryptocurrency Libra, which it claims will be based on blockchain technology, is intended to reduce friction in the financial system and serve people who don’t have access to traditional banking. Customers could store money and make online payments with its digital wallet that would operate like a checking account without fees and minimum-balance rules. Den Rest des Beitrags lesen »

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Does Ursula von der Leyen have the right skills for the EU Commission?

Posted by hkarner - 20. Juli 2019

Date: 18-07-2019
Source: The Economist: Charlemagne

She is less twinset and pearls than knuckle-dusters and caffeine pills

It is hard to imagine a biography less suited to the mood of today’s Europe than that of Ursula von der Leyen, the German incoming president of the European Commission. Insurgent parties are sweeping the continent, cracks are forming between and within the eu’s member states and new threats are looming in the wider world. Mrs von der Leyen is the posh daughter of a Christian Democrat (cdu) minister-president of Lower Saxony. She rose through various government roles as an ally of Angela Merkel, glides multilingually through the world’s foreign-policy salons and can seem rather prim. Many consider her spell as German defence minister a debacle. Just what the old continent needs, one might groan: a slick, over-promoted scion of Europe’s unloved political establishment.

The manner of Mrs von der Leyen’s election supports that gloomy gloss. She was never a favourite to run the eu’s executive but rather a last-ditch candidate stumbled upon by sleep-deprived leaders at the conclusion of a three-day summit two weeks ago. In a speech before the European Parliament ahead of a binding approval vote on July 16th she issued a screed of mostly familiar albeit sensible policy proposals designed to secure a centrist majority, including faster progress towards carbon-emissions targets, enabling the eu to take some foreign-policy decisions without reaching unanimity, more capital-markets integration and a 50% female commission. She had hoped to win over socialists, liberals and greens as well as members of her own centre-right bloc—together the four hold 518 of the 751 seats in the parliament. But she failed to persuade parts of the centre-left and won her tiny nine-seat majority with the support of some opportunistic meps from populist groups. Den Rest des Beitrags lesen »

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