Thumbs down to Facebook's cryptocurrency

China's evolving relationahip with Africa is not entirely comfortable
China's evolving relationahip with Africa is not entirely comfortable

Only a fool would trust Facebook with his or her financial wellbeing. But maybe that’s the point: with so much personal data on some 2.4 billion monthly active users, who knows better than Facebook just how many suckers are born every minute? JOSEPH E. STIGLITZ* writes

NEW YORK: Facebook and some of its corporate allies have decided that what the world really needs is another cryptocurrency, and that launching one is the best way to use the vast talents at their disposal. The fact that Facebook thinks so reveals much about what is wrong with 21st century American capitalism.

In some ways, it’s a curious time to be launching an alternative currency. In the past, the main complaint about traditional currencies was their instability, with rapid and uncertain inflation making them a poor store of value. But the dollar, the euro, the yen, and the renminbi have all been remarkably stable. If anything, the worry today is about deflation, not inflation.

Editor's Comment
Refrain from risky behaviours

After long spells of dryness and high temperatures, it is important to celebrate the torrential rains with caution and reasonableness especially when all indications suggest that the rains are not going to stop anytime soon, especially in the northern parts of the country.We want to encourage both the young and the old to refrain from any risky behaviour during this rainy season.Batswana need to be on red alert and not take chances during the...

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