Global Humanist Shoptalk

The Crisis from Crypto


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In this second miniseries of Season 2, "Global Finance", we're wrestling with the strangeness of living in a world that aspires to a level of global integration our current systems can't support - and maybe don't want to. The rise of cryptocurrency has many stories attached to it: some about wanting to change the world, some about exploiting the world in new ways. In this episode, we reflect on the deeper story: the fact that we're hungry for alternative financial relationships in the first place. How else can we answer that underlying need for global reform?

REFERENCES

Bains, Parma. "Regulating the Crypto Ecosystem: The Case of Stablecoins and Arrangements", FinTech Notes, IMF. 2022. https://www.imf.org/en/Publications/fintech-notes/Issues/2022/09/26/Regulating-the-Crypto-Ecosystem-The-Case-of-Stablecoins-and-Arrangements-523724

Clark, M L. "The crypto crisis fallout in El Salvador", OnlySky. 2022. https://onlysky.media/mclark/the-crypto-crisis-fallout-in-el-salvador/

---. "FTX to file for bankruptcy, CEO of crypto giant steps down", OnlySky. 2022. https://onlysky.media/mclark/ftx-to-file-for-bankruptcy-ceo-of-crypto-giant-steps-down/

Fuje, Habtamu et al. "Africa’s Growing Crypto Market Needs Better Regulations", IMF Blog, Fintech. 2022. https://www.imf.org/en/Blogs/Articles/2022/11/22/africas-growing-crypto-market-needs-better-regulations

Kharpal, Arjun. "IMF head says stablecoins not backed by assets are a ‘pyramid,’ hinting at UST debacle that crashed markets", CNBC. 2022. https://www.cnbc.com/2022/05/23/imf-head-says-stablecoins-not-backed-by-assets-are-a-pyramid-hinting-at-ust.html

Mandeng, Ousmène Jacques. "Stable coins’ rise has echoes of Bretton Woods", Financial Times. 2021. https://www.ft.com/content/4bb77dd2-ad49-4f26-990a-cf6513b54057

Martin, Eric. "IMF urges El Salvador to Strip Bitcoins Legal Tender Status", Al Jazeera. 2022. https://www.aljazeera.com/economy/2022/1/25/imf-urges-el-salvador-to-strip-bitcoins-legal-tender-status

Nugent, Ciara. "Why El Salvador’s Bukele Is Doubling Down on Bitcoin Despite the Crypto Crash", Times Magazine. 2022. https://time.com/6236899/el-salvador-bukele-bitcoin-crash/

Wheatley, Jonathan and Adrienne Klasa. "Cryptocurrencies: developing countries provide fertile ground", Financial Times. 2021. https://www.ft.com/content/1ea829ed-5dde-4f6e-be11-99392bdc0788

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Global Humanist ShoptalkBy M L Clark