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Breakfast with BlackRock & Co.
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Wall Street comes to Cambodia’s microcredit sector
By Milford Bateman. One microcredit institution in Cambodia has in recent years been highlighted not just as a best practice example of the microcredit model in action, but as a leading example of ‘inclusive capitalism’ composed of ‘social enterprises’ that aim to do good in the community. Now AMK had been acquired for a cool $US150 million by the Taiwan-based Shanghai Commercial and Savings Bank, one of Asia’s most aggressive financial institutions.What is making the former owners of AMK wealthy, is very bad news for its already suffering creditors.
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Bundesbank rejects 100%-money based on sophistry and false claims
In its April monthly report, Deutsche Bundesbank explains that banks create money ex-nihilo and rejects the proposal of 100%-money. The full English version is now online. The arguments employed to discredit 100%-money are a mix of sophistry and misleading or false statements.
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Bundesbank corrects textbook mistakes on money creation, rejects 100%-money
In the April-edition of their monthly report, the Bundesbank has belatedly joined the Bank of England in explicitly stating that the treatment of banks and money creation in most textbooks is wrong: banks are not intermediaries; they create money ex-nihilo. This helps the Bundesbank to reject criticism that central banks are currently “printing” too much money. At the same time, the Bundesbank rejects the proposal of 100%-money, i.e. bank deposits fully backed by central bank money.
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