#CBDC Thread:I participated in the online questionnaire, in the perfect knowledge that it was a complete and utter waste of time. They were going at it full speed, and no word from peasants would stop them.(/)
(ht @pietercleppe )
First, they claimed that there was "market demand". As far as I know only professionals know even what that is, divided in two camps:
1 #Fintech seeing a business offering services to intermediaries, on the bandwagon of regulatory mandates;(/)
2 Banks, worried that they may lose their deposit base.
customers dont' know and WON'T know. #CBDC won't be anonymously tranferrable, it will be as cumbersome as a credit card, and for the life of me my wife won't see the difference.(/)
There is a reference to #NIRP, which is killing the #EU private sector, but I already wrote extensively on that. What caught my eye was: "The oversize exposure of banks to small businesses is part of Europe’s economic fabric. (/)
"Companies with fewer than 250 employees account for 99.8% of all firms and two-thirds of all private-sector jobs in the European Union, according to the European Commission. Small businesses in the U.S. also have economic weight, but they tend to be bigger."(/)
#ITALY Thread: 1. NOT passing meaningful reforms is the entry requirement for Italian politics; 2. The importance of the #RecoveryFund is wildly overstated, as is #EU's interest in Italian money going down the drain;(/)
3. #Renzi with this crisis loses his representation in the Government coalition, but day to day is still the one who can have it breathe or die; 4. what would be #Mattarella's counter in a dialogue with #Conte to "Had he wanted it his vote would have been no"(/)
The last is the most important because there is a measure of "prisoner's dilemma" here. Renzi doesn't want to be seen, from the LEFT no less, as the one setting parliament for a popular vote the Right would win bigly;(/)
"hybrids could offer a helpful solution to accelerate the exit of government support schemes and support smaller corporates struggling to access capital markets,” (/)
(h/t @jeuasommenulle )
Yet, as the article hints at, the problem is not the guise the money goes into the companies: it's how and where the money comes FROM, or rather, who decides that(/)
We have had a decade of relentless regulatory push towards a more intermediated market, where the playing field for savers and "institutional investor" (i.e., the companies and banks acting as gatekeepers between savers and investments) has been progressively skewed.(/)
Io ho vissuto la crescita del luddismo italiano dagli albori. non tutti quelli della mia età sanno chi fosse, ad esempio, Felice Ippolito. it.wikipedia.org/wiki/Felice_Ip… (/)
L'italia è un paese con scarse risorse naturali che si è sempre tenuto su con l'ingegno e l'inventiva. Ma l'inventiva è come un seme: il terreno non deve essere avvelenato. (/) doingbusiness.org/en/rankings
THREAD: on.wsj.com/3hHsJHl you might not think so, but this is also part of the #QE side effects. Artificially suppressed rates defer costs way after an incoming administration bent on wayward spending has come and gone. (/) @bondstrategist@nglinsman@Halsrethink
on a practical policy level, #QE is akin to trying to solve your house bug problem by liberally spraying carpets with breadcrumbs. do YOU eat bread? sure. But that's no reason to behave like that.(/)
But the best is for later. There is a feedback loop where through higher taxes, regulation and legislation, money must be kept in political hands, be they "private" or directly public. Ladies and Gentlemen here's the deal:(/)
THREAD: first we must define courage proper: dafties would call people like ANTIFA "courageous" simply because they put themselves at risk. If you define courage as the ability to be afraid and still think, I'm your man.(/) @nglinsman@amlivemon@Halsrethink
The best definition is widely quoted in an author I find myself thinking of more and more these days, Tom #Clancy: at odd points, Jack Ryan is defined as "a good man in a storm". That, of course, includes providing for the fact storms occur.(/)
MORAL courage, as in "trying to be objective", has been noticeably absent. I love strong opinions, provided that one can agree to be as fact based as it's possible and proves to have a coherent moral compass. I have an example of that: (/)