I’m not talking about simply one big central database. Or silos of data held by governments or health services. As you’ll have seen recently, such centralised stores of data are honeypots for hackers and criminals. That’s pre-blockchain thinking.
As the world’s largest stock market (the S&P 500) continues to trade near record highs, you’d assume the US economy is strong, right? The market is adjusting to ‘lower for longer’ interest rates. As long as economic growth doesn’t slow too much, this is the primary reason why stocks will remain elevated.
Not only will this become a form of protection from the potential calamities of the fiat money system, it could also provide the average person with a real, functioning money tree.
The general view has gone from one of another potential interest rate cut, to a question of when the rate rising cycle will start. But the just-completed reporting season didn’t exactly confirm that view. Overall, earnings growth was lacklustre. But that’s what you should expect in a low growth economy.
Some cryptocurrencies are actually starting to create blockchains Wall Street can get behind. Predicably, it’s the big names that are moving first…
You can still profit in a market trending sideways. All you have to do is come up with an investment idea, identify growing trends and only invest in what you understand.
The report found more than six million US adults will have their personal bankruptcies disappear over the next five years. That negative credit history has meant that banks have been unable to lend to those consumers. It means banks can start lending again, which will start greasing the wheels of economic activity once more.
The Commonwealth Bank of Australia has potentially just turned its free ATM withdrawals announcement into a marketing disaster. The new ATM rollout is pretty underwhelming to a lot of people. And just at the time when customers from other banks can now freely use your ATMs for withdrawals.
Last month the chief of JPMorgan, Jamie Dimon said the digital token was a fraud. He added that he would fire any employee trading it for being ‘stupid’. But if JPM isn’t going to use this opportunity, rival investment bank, Goldman Sachs Group Inc., will.
ATM use is in decline. As technology sends transaction costs towards zero, banks will no longer be able to charge exorbitant fees for standardised, commoditised services. Growth will have to come from elsewhere. This is a sign of things to come for Aussie banks.