What’s Crypto Good For? Corruption, Exploitation, and Billions for Insiders
As with the subprime lending crisis, crypto appears to be more of an example of predatory inclusion than enhancing financial access.
Here's a post from Brad DeLong's blog, with DeLong using lots of all-caps and some abbreviations I can't figure out (what's "Z" for? Zounds? Zowie?--but I get the gist), and revising his view of the great Polish Marxist economist Michal Kalecki (he revised the spelling of Kalecki's first name, too, I noticed).
I am not quite sure why he's so surprised--productivity has to do with output per worker, and lots of people have been fired, and the ones who haven't are worried about losing their jobs. So--stands to reason. I guess it's that the growth is *so* large. Hat-tip to Larry P.
Read the original post.