The point of the Bancor was to have fixed exchange rates but also deal with the trouble of trade imbalances, which are a problem on a fixed exchange rate. On a fixed exchange rate, trade deficits are a problem because it means you are running out of the reserve currency, so you need a trade surplus to supply them. But the burden falls on the deficit country (who will endanger their peg if they run out of reserves) and not on the surplus country (who is happily accumulating foreign reserves). Under the Bancor plan, the negative interest rate on holdings of Bancor would have encouraged surplus countries to spend down their holdings, moving towards trade balance.
the growth, stability, and expansion of powerful states governed by representative democracy was in part a creation of the credit market, bondholders, and international finance. That’s not a world in which democratic decision makers ever had unconstrained sovereign decision-making authority over public finance, even in the powerful core states of the international system. It also means that the representative state emerged out of a kind of market competition for creditworthy providers of government. The representation of those who would have to be taxed in the future to repay the debt was taken as much more credible than a king’s prediction that his son would probably find the money somewhere.
Justice Jackson described his fear of what happens when the ends of government become remote from the wishes of the people due to the meddling of the bar and its assertions of fake complexity. “When free government becomes too perplexing and futile,” he said, “the people turn to dictatorship. It is the simplest form of government.”
Reuters found nearly 3,000 areas with recently recorded lead poisoning rates at least double those in Flint during the peak of that city’s contamination crisis. And more than 1,100 of these communities had a rate of elevated blood tests at least four times higher.
Cryptography or cryptology[a] is the practice and study of techniques for secure communication in the presence of third parties called adversaries. More generally, cryptography is about constructing and analyzing protocols that prevent third parties or the public from reading private messages;
Digital currency (digital money or electronic money or electronic currency) is distinct from physical (such as banknotes and coins). It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership.