Zero Hedge: After two years of recurring warnings (both on this website and elsewhere) that Canada’s largest alternative (i.e., non-bank) mortgage lender is fundamentally insolvent, kept alive only courtesy of the Canadian housing bubble which until last week had managed to lift all boats, Home Capital Group suffered a spectacular spectacular implosion last week when its stock price crashed by the most on record after HCG revealed that it had taken out an emergency $2 billion line of credit from an unnamed counterparty with an effective rate as high as 22.5%, indicative of a business model on the verge of collapse.
Or, as we put it, Canada just experienced its very own “New Century” moment. more …
Opinion: If there were no cash in the bank – there wouldn’t be a run.
Since the 2008 financial crisis, bankers, financial analysts, and politicians have come to the realization that paper money is the problem.
Financial experts from former hedge fund billionaire Jim Rogers to former Obama Treasury Secretary Larry Summers have called for the elimination of large bills while Harvard’s professor of Public Policy Kenneth Rogoff argues “a less-cash society would be a fairer and safer place”.
Neither one of the above three experts seem to be aware that a follower of Jesus prophesied a cashless society 2000 years ago (Rev. 13:16-17).
From eliminating financing for terrorism and drug trafficking, to giving governments more revenue in the form of taxation, a great argument can be made to finally get rid of dirty paper and bulky coins.
There is a new technology already in use that will change how business is transacted and how money will move from place to place called Blockchain.
Like the internet (or your car), you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
Blockchain allows digital information to be distributed but not copied. Blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency Bitcoin, the tech community is now finding other potential uses for the technology.
“The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
The video by Don & Alex Tapscott, authors of Blockchain Revolution (2016) is worth the time.
A run on the bank is so yesterday.
(Thanks to Noah for sending this in)