Tag: World Bank

What to watch for at this year’s World Economic Forum

World leaders converge to discuss climate change, co-operation and globalisation Global leaders, corporate titans, academics and thinkers are gathering in the Swiss ski resort of Davos for the annual World Economic Forum, which begins on Tuesday morning. Some 3,000 participants have converged on the Alpine town for the meeting of the global elite that this […]

Vatican Calls For Central World Bank And Global Authority

The Vatican has called for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in controlling the masses. A major document from the Vatican’s Justice and Peace department condemned what it called “the idolatry of the market” as well as a “neo-liberal […]

A Cashless Economy in Zimbabwe? With Little Cash, There’s Little Choice

The time came for worshipers to surrender their tithes on Sunday morning. But instead of dropping bills into a collection plate, the congregants at a large Pentecostal church rose and filed toward the deacons clutching hand-held card-reading machines. With a swipe, they were done. “Yes, it looks like shoppers in a supermarket,” said Mercy Chihota, […]

Moving Toward a Cashless Society

Will a cashless society open up the door to a one-world government? By Rick Brinegar   Soon physical cash will cease to exist. Paper money will be a relic of a bygone era. When cash is declared worthless and money is all electronic, the one-world government will have so much power it will be able […]

IBM finds 65% of banks expect to have blockchains in production in three years

IBM has released a load of survey findings about banks, financial institutions and their enthusiasm for blockchain technology, with a headline figure of 65% that expect to be “in production” within three years. This is dramatically faster that initially expected, according to IBM.   Some 15% of banks and 14% of financial market institutions interviewed […]

Harvard Economist: US Should Phase-Out All Currency Larger Than $10 Bills

The Unites States should phase-out all denominations of the U.S. dollar larger than a $10 bill to thwart money launderers and tax evaders, Harvard economist Kenneth Rogoff told attendees at a Council on Foreign Relations event this week in Washington, D.C.   “Cash is not used in ordinary retail transactions. It’s used by tax evaders and […]

Goodbye, Password. Banks Opt to Scan Fingers and Faces Instead

The banking password may be about to expire — forever.   Some of the nation’s largest banks, acknowledging that traditional passwords are either too cumbersome or no longer secure, are increasingly using fingerprints, facial scans and other types of biometrics to safeguard accounts.   Millions of customers at Bank of America, JPMorgan Chase and Wells […]

Cashless Britain advances as contactless and debit cards thrive

Britain has passed another milestone on the path to a cashless society, with 2015 the first year that cash was used for less than half of all payments by consumers.   Cash usage will be eclipsed by debit cards and contactless payments by 2021, according to Payments UK, which represents the major banks, building societies […]

Hyperinflation may cause Venezuela to use US dollar

Normally, moderate inflation follows the path of the deficit with a relatively large delay, because economic agents are unable to anticipate deficit values and monetization with precision. On the other hand, in times of hyperinflation, inflation anticipates the deficit (economic agents overestimate new monetization policies and there is a universal tendency to evade local currency). […]

Dark money: London’s dirty secret

One Monday in March last year, an announcement by the US justice department caught the attention of a former employee of the Swiss bank BSI. BSI’s bosses had agreed to violate the first rule of Swiss banking. To escape prosecution for abetting tax evasion, the bank would disclose the names of its clients and reveal […]