China is discovering that under capitalism, what goes up must come down. The impending collapse of property developer Evergrande, as it struggles with more than $300bn debts, is reminiscent of the subprime mortgage crisis. The Chinese government is facing the same dilemmas as the US over a decade ago, as it stares into the abyss of capitalist crisis.
Continue reading Evergrande Crisis: Capitalism with Chinese characteristicsTag: Banks
How digital currencies could help humanity — and why they won’t
In 2008, Satoshi Nakamoto established the first digital bitcoin transaction by mining the so-called genesis block. This was to be the beginning of a new era for money and the payment system, but the story did not develop according to the original aims of the pseudonymous bitcoin creator. Digital currencies really have the potential to change the economic landscape. The problem is that, under capitalist conditions, they will not be used to help ordinary people, but rather, the profiteering bankers.
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