46 Matching Annotations
  1. Dec 2023
  2. Oct 2023
    1. However, with your transaction account, you’ll still be able to withdraw cash from ATMs across Australia and overseas without fees*.

      Hurray, cash withdrawal still will be possible.

  3. Jan 2023
    1. Google frames the practices of teachers toward the banking model of education (Freire, 1970), potentially setting up a dynamic wherein the teacher has the most power and students are present to “receive” the knowledge of the instructor (Gleason & Heath, 2020).

      This framing is likely the result of an uncritical approach to traditional pedagogic practices, similar to HE faculty who simply teach the way they were taught because "that's how it's done". Unlike faculty, tech tools can't be trained in better or more responsive methods but rather contribute to further fossilization.

    1. you you have to back politicians who are   00:52:41 willing to change this and unfortunately there's  no party that's uh in favor of canceling student   debt or any kind of debt in the united states  because the political parties are subsidized   by the banking in the financial sector so  uh i don't see uh i don't see a way out

      !- Michael Hudson : The realities of debt writedown of any kind - Not pragmatic because no political party will support it because all political parties are subsidized by banking and financial sector

    2. you  see a lot of third world debts that uh if the   third world better countries have to pay uh their  foreign debts under as the world economy slows   down they're going to be subject to austerity to  the world banks and the imf's austerity programs   00:35:01 and they're going to be kept in poverty uh is it  really right that they should be kept in poverty   just to enrich the bondholders of the one percent  the one percent will say yes that's why we're   the one percent so that we can impoverish  other people that's our liberty our liberty   is the right to impoverish other people and reduce  them to dependency uh that will happen if you do   not write down the debts uh it's already happening  in the united states to the student debt uh crisis   00:35:30 where students uh have to pay so much money uh as  they fall behind on their student debts that they   can't afford to take out mortgages to buy homes  uh and you're having the home ownership rates   plunge in the united states that's the result of  leaving the debts in place uh the mortgage steps   uh uh are causing shrinkage so there is no way  to get out of this economic polarization without   00:35:54 a debt write down and that's something that  is too radical and uh uh when we talked about   when i was referring to what china's doing i'm  referring to what it's doing today and tomorrow   about uh the uh real estate company evergreen  uh uh china has a choice is it going to leave   evergreen's real estate debts in place and every  grand uh as a real estate company is two to three   00:36:21 percent of the entire chinese economy if it  pays the foreign creditors and the domestic   one percent of china it's going to impoverish the  uh the employees of evergrand it's going to make   housing prices more and more expensive in china  china has had a debt finance housing boom uh   if you leave the debts in place then uh you're  you're going to impoverish china and obviously   00:36:47 china is going to say i'm we're not going to put  the creditors first we're not going to do what   the west does and say the sanctity of debt service  debts are uh that you owe or sacred uh it's worth   sacrificing the economy it's worth plunging the  economy into poverty just to preserve the wealth   of the one percent i think china's uh is going to  make the opposite decision and say we're not going   00:37:12 to commit political suicide we're going to operate  for it's a socialist economy and when it comes to   debt and credit thank god we have our banking in  the public domain and since the public domain the   people's bank of china is the creditor they can  afford to write down the debt without having any   political backlash because it's cancelling that  so do itself uh which is a great advantage uh and   00:37:38 it's also uh as for the private bond holders uh  it's going to say well sorry bondholders you made   loans to a company that was way over leveraged  uh already uh the american bond rating companies   have reduced their bond rating to chunk so you  knew what you were buying if you continued to hold   bonds that uh fitch and other bond raiders moody's  all say or junk and you lose your money well   00:38:03 you took the risk you got a high rate of  interest now you're you're paying the price   that's how markets work uh and uh that really  uh is the argument and i think uh you have to   uh obviously what i'm suggesting is a radical  step just as you're suggesting of taxing wealth   would require the radical step of closing down  offshore banking centers of simply negating uh if   00:38:28 banks would simply erase all of the deposits  they have from the offshore banking centers from   the cayman islands from from panama from uh from  liberia to all the places that began by to be set   up by the mining companies the oil companies  and then were set up beginning in the 1960s   essentially by the cia to finance  the vietnam war by making america   like england the home for criminal capital  for flight capital all this uh all this flight   00:38:57 capital and the kleptocracy that you mentioned  in russia all this really should be wiped out   and if you leave this capital if you leave this  one percent in place the economy is going to be   sacrificed and shrinking is it worth shrinking  the economy just to leave the one percent in place   and if you challenge them that's pretty radical  that's really what i think marx would say today

      !- Micheal Hudson : debt writedown - At a certain point, Governments of 3rd world countries who are so debt trapped may simply decide to write down the debts and start over - They may reach a point where instead of servicing the debt of the 1%, they decide its not worth it and save their own economies, freeing themselves from World Bank and IMF debt conditions - It's just as radical a move as your suggestion to stop tax evasion by closing down all offshore banks

    3. i think the reason  your book was praised so much uh in the west is   you didn't come up with a threatening political  solution uh and uh when they said this was the   mark book is the marks for modern time that meant  don't read marx read this book and i suspect that   after you put all of this enormous good work  into the uh statistics that you did on wealth   00:15:30 and income i think the publisher probably said  well what are what are your solutions well you   just came up with uh the solution that you uh said  in the book and that's to tax income and wealth   uh this is not a threatening solution because  there's no way that you're going to tax wealth   as long as you have offshore banking centers to  conceal wealth as long as you have what the oil   00:15:54 industry put in place a hundred years ago the  flags of convenience pretending to make their   uh income abroad the fact is uh the one percent  don't really make much income they're ideal if   you're a billionaire you want to do what uh half  of american corporations do you don't make a penny   of taxable income uh that that's uh the whole  problem

      !- Michael Hudson : critique of Thomas Piketty's books - Hudson comments that Piketty's books were not politically threatening to the elites - Piketty's solution is to tax the elites but this is no threat to the elites because they have wealth concealed in offshore accounts - billionaires strategy: don't make one penny of TAXABLE income

  4. Nov 2022
    1. The EU is considering whether the potential successor of PSD2 (PSD3), should be a regulation as opposed to a directive. Regulations are directly incorporated into member state law, which would shorten the timespan in which the PSD2 successor becomes effective law and promote increased standardization across member states. But there’s still a long way to go until this legislative process will be completed.
    2. Australia completed a phased timeline of open banking development in February this year
    3. According to a Mastercard study in 2021, the UK and Nordics were the leaders of the open banking revolution in Europe, thanks to a high number of well-functioning bank APIs, progressive regulators, and consumer readiness.
    1. Open Banking (and later Open Data) can only realise its full potential if organisations big and small persistently invest in making it better and more useful over time. The most efficient and effective way for that to happen is if there are self-sustaining market economics that reward those who do.
    2. A report on how it's possible to make money off of open-banking APIs.

  5. Oct 2022
    1. 65% plan to reduce their non-essential spending over the next 12 months, for example by cutting out takeaways and cancelling subscriptions
    2. people across these markets told us they plan to take drastic action to rein in their spending, as well as turning to a range of third parties for financial support. Among those they would most likely turn to are their banks and other financial providers.
    3. in July 2022 we worked with Opinium Research to survey 7,000 consumers across key European markets – France, Germany, Italy, the Czech Republic, Slovakia and the UK
    4. As this report highlights, the majority of people in the UK have now swapped their preference for in-branch banking for a digital-first service.
    1. If people have been doing international transfers for a thousand years, why are they still so complicated? The reason is largely KYC/AML, the compliance processes that the world financial system uses to ensure you aren't transferring money to economically sanctioned individuals, criminals, terrorists, etc. Banks won't send money to just anywhere, they first want to check that it's not at risk of going to the baddies. This can take a long time and often requires exchange of lots of complicated documents. Any blockchain-based financial transfer system that grows in popularity will be pressured by governments to implement KYC/AML and will then start to resemble traditional international transfers, except with higher charges and smaller economies of scale. Many Bitcoin brokerages have long since required identity verification for the account owner. Some are starting to require details of who you're sending money to.

      Bank transfers require compliance processes

      Know-your-client and anti-money-laundering compliance are based on laws that sanction individuals and criminal organizations. A blockchain version of bank transfers would require the same compliance workflows. As more money moves by blockchain, there will be more pressure on the intermediaries to comply with these laws. Unless you support the funding of criminal enterprises, I suppose.

  6. Jul 2022
    1. In principle, you could use stablecoins as money, like how you use deposits as money. Stablecoins are not used like money; rather than facilitating almost the entire diversity of transactions in the economy, they are overwhelmingly used for a few niche use cases.

      Uses of stablecoins

    1. You don’t deposit a $20 bill. You purchase a $20 deposit, coincidentally using a piece of paper with the same number on it. The deposit is a liability (a debt) of the bank to you. The bill which you gave the bank in return for the deposit is now theirs, the same as if you had bought a cup of coffee from Starbucks. On their balance sheet, it is now an asset.

      How banks view money deposits

  7. Jan 2022
    1. RBI has not yet formally announced any “normalization” procedure, though absorption of excess liquidity was attempted by increasing the cut-off yield rate of variable rate reverse repo (VRRR) to 3.99%, and curtailing the government securities acquisition programme

      Variable Reverse Repo-rate

  8. Nov 2021
    1. A Human hour (HUR), denoted as ħ, here is defined as population-weighted all-countries average price of an hour (3600 SI seconds) of human labor in all economic sectors.
  9. Nov 2020
  10. Aug 2020
  11. May 2020
    1. they remain beholden to and supported by the state.This makes them operate in fundamentally different ways than U.S. banks.

      How do Chinese banks operate differently compared to U.S. Banks? What relationship do they have with the government and how does it help Chinese banks run effectively?

    2. such as stock and bond markets, leaving banksas the main providers of credit in China’s economy and,thus,indispensable.

      This system has made Chinese banks indispensable but how has this led to inefficiencies? how could China adapt this system to prevent future financial losts

  12. Jul 2019
    1. Big banks beat profit expectations but warning signs grow

      Note: article is an update to a previous report on large US Banks - https://uk.reuters.com/article/uk-goldman-sachs-results/goldman-sachs-profit-beats-estimates-boosted-by-strong-equities-trading-idUKKCN1UB1B3?il=0

      Heading analysis

      1. clear and concise- The headline isn't misleading and clearly illustrates to the reader what the article is about
      2. Catches the readers attention- Headline summarises the article concisely but does not elaborate upon what the warning signs are, encouraging the reader to read on to find out what these signs are.
      3. Does not use any unfamiliar technical jargon or abbreviations
  13. Aug 2017
  14. Apr 2016
    1. Unfortunately, the new rule would leave out key banks with big international presences, like State Street or Bank of NY Mellon, ones that are clearly important global institutions. It would also roll back the Consumer Financial Protection Bureau’s “qualified mortgage” rules, which aim to cut some of the predatory lending practices from the 2008 crisis. It would overhaul the Federal Reserve governance system, possibly making the Fed less independent and more political, as well as undercut regulators’ ability to monitor “shadow banking,” the firms and institutions like hedge funds, asset managers, and money market funds that fall outside the normal banking system but are where many experts believe the next financial crisis will begin.

      This new attempt to roll back the Dodd-Frank reforms is being opposed by Sen. Sherrod Brown, Sen. Elizabeth Warren, and Rep. Maxine Waters.

    2. Now it seems that using the budget bill to water down Dodd-Frank is becoming business as usual. Republicans are pushing a number of potential reform rollbacks as part of the usual end-of-year, closed-door haggling over spending packages. In particular, a bill sponsored by Senator Richard Shelby, S. 1484, has been attached to the 2016 spending bill.
  15. Jan 2016
  16. neweconomicperspectives.org neweconomicperspectives.org
    1. This website offers policy advice and economic analysis from a group of professional economists, legal scholars, and financial market practitioners . We started this blog in order to weigh in on the serious challenges facing the global economy following the financial meltdown in 2007. We aim to provide an accurate description of the cause(s) of the current meltdown as well as some fresh ideas about how policymakers — here and abroad — should address to the continued weakness in their economies.

      Announcing the Bank Whistleblowers United Initial Initiatives

      Our group publicly released four documents on January 29, 2016. The first outlines our proposals, all but one of which could be implemented within 60 days by any newly-elected President (or President Obama) without any new legislation or rulemaking. Most of our proposals consist of the practical steps a President could implement to restore the rule of law to Wall Street.

    1. It is the third bucket that contains the most ambitious applications: “smart contracts” that execute themselves automatically under the right circumstances. Bitcoin can be “programmed” so that it only becomes available under certain conditions.

      In other words, it can facilitate a deferred payment system that works when the payer provides payment in escrow, like Kickstarter and other crowdfunding systems. It could manage deposits on purchase-and-sale agreements and handle escrows on legal judgments, without a third party holding title to the money. The core financial system itself could hold the money.

      Could it be made into a complete deferred payment system for managing loans, mortgages, and coupon bonds? I don’t know how, since the source of those payments is outside the bitcoin system and generally doesn’t exist at the time of the loan or bond purchase. But imagine if a financial system was entirely built around a programmable trust system, then financial instruments themselves become a part of the logic of a company’s assets and liabilities. When a corporate bond coupon comes due the company treasurer doesn't create a transaction, instead the coupon payment is automatically transferred to the holder of the bond by the financial system itself. That is, the structure of the bond has been integrated directly into the financial system for automatic execution.

      If a future government were to implement blockchain technology and legislate its adoption throughout the financial community (perhaps as an option, in parallel with the pre-existing system), it could 'write the code' for legally certified instruments like corporate bonds, mortgages, car loans. It could further write legally permissible derivatives of those instruments (yes, derivatives have tremendous value in reducing risk, when used wisely).

      At that point, financial companies like Vanguard or Fidelity could issue mutual funds whose prospecti assert that the only kind of instruments held by the fund were those certified by the government to use the legislated systems. This could reasonably allow safe and less expensive adoption of powerful financial instruments with far less risk to the system.

      Sure there are plenty of flaws and dangers in this kind of a system. But could they be worked out to create a safer, less expensive, more transparent and more accessible financial system than we currently have? Would it help engender some of the trust that has most recently been lost?

    2. This has implications far beyond the cryptocurrency

      The concept of trust, in the sociological and economic sense, underlies exchange. In the 15th-17th centuries, the Dutch and English dominance of trade owed much to their early development of instruments of credit that allowed merchants to fund and later to insure commercial shipping without the exchange of hard currency, either silver or by physically transporting the currency of the realm. Credit worked because the English and Dutch economies trusted the issuers of credit.

      Francis Fukuyama, a philosopher and political economist at Stanford, wrote a book in 1995, Trust: The Social Virtues and the Creation of Prosperity, on the impact of cultures of trust on entrepreneurial growth. Countries of ‘low trust’ have close family culture who limit trust to relations: France, China, S. Italy. Countries of ‘high trust’ have greater ‘spontaneous sociability’ that encourages the formation of intermediate institutions between the state and the family, that encourage greater entrepreneurial growth: Germany, England, the U.S. – I own the book and (shame on me!) haven’t yet read it.

      I thought of this article in those contexts – of the general need for trusted institutions and the power they have in mediating an economy, and the fascinating questions raised when a new facilitator of trust is introduced.

      How do we trust? Across human history, how have we extended the social role of trust to institutions? If a new modality of trust comes available, how does that change institutional structures and correspondingly the power of individuals, of institutions. How would it change the friction to growth and to decline?

      Prior to reading this article, I had dismissed Bitcoin as a temporary aberration, mostly for criminal enterprises and malcontents. I still feel that way. But the underlying technology and it’s implications – now that’s interesting.

  17. Dec 2015
    1. Omidyar Network, established in 2004 by eBay founder Pierre Omidyar, is funding a company called eCurrency Mint, eCM, for a technology that will allow central banks to issue digital currency called cryptocomplex cash. They have been working with 30 central banks, and two of them are about to announce deployment.

  18. Oct 2015
    1. Um sistema bancário livre, como sugerido na pergunta do Hélio Beltrão, não teria, como disse o Gustavo Franco, "o poder discricionário de criar moeda".

      Mas teria, no entanto, vários outros tipos de controles e balanços, que seriam criados automaticamente pelo mercado, e que tornariam inútil essa capacidade. Em resumo, os bancos não precisariam criar moeda discricionariamente porque não haveria crises monetárias como a de 2008 e, quando houvesse crises importadas elas não trariam risco algum de crise bancária.

      Este arranjo, que para todos os efeitos é apenas uma hipótese imaginária, vale? Bate com a realidade e se encaixa na teoria econômica que Gustavo Franco conhece e defende? Acho que sim, mas seria interessante ouvir o que o Gustavo Franco pensa. O problema é que isto nunca vai acontecer, porque Gustavo Franco é, como mostra este vídeo, incapaz até mesmo de compreender a pergunta.

  19. Sep 2015
    1. This evidence consists of extracts from the Minutes of Proceedings and Evidence of the Standing Committee on Banking and Commerc
    2. Central bank deposits are a special kind of money generally used only by banks and governments and therefore not generally regarded as part d the money supply in the hands of the public.
    3. Ninety-five per cent. of all our volume of business is being done with what we call exchange of bank deposits—that is simply book-keeping entries in banks against which people write cheques?
    4. the need for a currency gold reserve was to-day largely psychological so far as domestic currency was concerned?
    5. PAPER CURRENCY TO PURCHASE GOLD. Q. Now, as a matter of fact to-day our gold is purchased by the Bank of Canada with notes which it issues .... not redeemable in gold ..... in effect using printing press money .... to purchase gold? Mr. TOWERS: That is the practice all over the world