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Virtual Frenzies: Bitcoin and the Block Chain

Stephen G. Cecchetti | Posted 10.01.2016 | Business
Stephen G. Cecchetti

Bitcoin has prompted many people to expect a revolution in the means by which we make and settle everyday payments. Our view is that Bitcoin and other "virtual currency schemes" (VCS) lack critical features of money, so their use is likely to remain very limited.

The Euro: Bad Idea, Poorly Executed, Hard to Fix

David Backus | Posted 12.15.2012 | Business
David Backus

The euro crisis combines, in our view, a sovereign debt crisis and a banking crisis, with mutually adverse feedback between the two. But design flaws in the system magnified their impact and feedback.