The Future of Global Currency by Benjamin J. Cohen download in pdf, ePub, iPad
This interest rate affects the rate of interest among individuals, investments, and countries. All of these factors influence the ability of currencies to function as stores of value, to support liquidity, and to be accepted for international payments. We will continue to monitor this new currency and the possible effects on our portfolio.
We suspect there is some truth in both. Islam forbids usury, known in Arabic as riba.
Inertia also plays a role e. The move away from the gold standard reflected a desire to better control the supply of money, especially in times of economic uncertainty.
Some countries, such as Ecuador, El Salvador, and Panama, have gone even further and eliminated their own currency see dollarization in favor of the United States dollar. It transcends borders and allows for complete anonymity.
No such official currency currently exists. For a currency to have international reserve status, the related assets must be useable with minimal transaction-price impact, and have relatively stable values in times of stress. Resilience-enhancing financial regulation of global banks can help reduce the volatility of capital flows that are intermediated through such banks. Other countries will likely follow.
Financial stability reform enhances the safety of reserve assets, and may contribute indirectly to the stability of international capital flows. New transactions are checked against the block chain to ensure that the same Bitcoins haven't been previously spent, thus eliminating the double-spending problem. In particular, we maintain that the set of drivers should include the institutional and regulatory frameworks for financial stability.
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