A library of snippets
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When economists say that one of the functions of money is to act as a store of wealth and that one of money’s desirable properties is constancy of value (as measured by constancy of average prices), we are entitled to ask: How do you know this? Why should prices be stable?
From cwpe1842.pdf.
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Once the currency is launched and Scotland becomes an independent country, it will be responsible for managing its currency in the same way that every other country that has its own currency
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Would removing the 1p and 2p coins from circulation cause inflation? Or deflation? Or neither? Our analysis, and the overwhelming weight of literature and experience, suggests it would have no significant impact on prices because price rounding would be applied at the total bill level, not on individual items and it would only affect cash transactions, which make up a low proportion of spending by value.
From Opposing change? The price impact of removing the penny | Bank Underground.
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In some European countries — Finland and the Netherlands are good examples — both retailers and consumers have spontaneously abandoned low-value coins. Transactions are automatically-rounded (by custom and practice, not by law) to the nearest five euro cents and the one- and two-cent coins are just thrown away.
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We should not be investing in producing coins with a better anti-counterfeiting coating, we should be letting coins fade into oblivion, starting with an immediate end to the production of 1p and 2p pieces.
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“This is because the FCA has categorised [e-money and payment institutions] as having a low potential for negative impact on consumers and markets. They, like most of the firms within the FCA’s remit, are supervised as a sector, or sub-sector (what the FCA terms a ‘portfolio’),”
From “What the FCA really wants from e-money and payments institutions » PaymentEye”.
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Amsterdam and seven other popular cities are asking the United Nations for help in dealing with the problems of overcrowded city centers and overheating housing markets. The cities hope the UN will put pressure on national governments to intervene
From Amsterdam asks UN’s help on housing market problems | NL Times.
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Without clear regulations, cryptocurrency innovation in the United States is being stifled.
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Our research has found that security instructions described in terms and conditions of banks are inconsistent, confusing and far exceed what customers do in practice and what they can achieve with realistic effort. Therefore failing to take appropriate care should not be defined in terms of non-compliance to such documents. Banks should present evidence that their authentication systems will lead customers to act in a way that would allow them to readily prevent fraudulent transactions.
From Will new UK rules reduce the harm of push-payment fraud? – Bentham’s Gaze.
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The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.
From Facebook to Banks: Give Us Your Data, We’ll Give You Our Users – WSJ.
The story goes on to say that banks “face pressure to build relationships with big online platforms, which reach billions of users and drive a growing share of commerce”.
Snippings