Macroscope | Global stablecoin surge highlights overlooked risks in crypto finance
In May 2023, Australian economist Paul Sheard published a book, The Power of Money, explaining how governments and banks create money. Things have moved on since then in the world of cryptocurrency, and it is the little understood international politics of money that need clearing up now.
Public interest continues to centre upon instruments such as bitcoin and its cryptocurrency imitators, whose huge price swings attract headlines. These are not currencies, however, but “risk assets” as Sheard noted during a recent event at the Foreign Correspondents’ Club of Japan in Tokyo.
The focus should be upon developments in the United States, China, Japan and Europe, where the battle for currency domination is accelerating via the issue of…
