Young adults in the US are living an alternate financial reality as compared to their parents, thanks to student debt. The tone of the national political conversation suggests habituation to leverage is becoming a cultural phenomenon. Meanwhile, asset manager Fidelity has participated in a popular exercise to test Bitcoin's Lightning Network.
U.S. Is a Rich Country With Symptoms of a Developing Nation
"Some have suggested that the U.S. is actually two countries in one -- a developed nation for the rich and a developing one for the poor. But recent trends like the fall in construction productivity and the rise in health costs suggest that inequality isn't the whole story here. The U.S. is simply becoming less efficient along a broad spectrum of measures."
Millennials Are Facing $1 Trillion in Debt
"Student loans make up the majority of the $1,005,000,000,000 owed by this cohort, followed by mortgage debt. New mortgages among young adults today remain quite a bit below levels incurred in the early 2000s. This may suggest adults are waiting longer to buy homes and may opt to rent for a longer period of time than previous generations."
How America Learned to Stop Worrying and Love Deficits and Debt
"Economic orthodoxy that ruled for decades held that fiscal responsibility was inherently good and the national debt a leviathan to fear. Now the intellectual and political currents are flowing — gushing, really — in the opposite direction. After President Trump’s election, Republicans decided to pursue their agenda of tax cuts and higher military spending without doing the unpopular work of paying for it. Democrats are coming to believe they have hamstrung themselves in pursuit of their goals by worrying about so-called pay-fors, policies that offset the cost. When they next take power, they may feel empowered to take on a much more ambitious, expensive agenda."
How world’s next global power could be a PRIVATE army amid fears Russia is about to unleash mercenary battalions in Venezuela
"A report for the foreign policy think-tank Chatham House said: 'Increasingly arms and power are held in private hands, instead of the state. We’re seeing the growth of lethality among private companies who are not even in the shadows,' said McFate, now a professor of strategy at the National Defense University and Georgetown University in Washington DC. 'They are one of the biggest security threats of the 21st century. They’re not going to take over western Europe or North America but they can go to sub-Saharan Africa and then the Middle East and take over and sell natural resources. Or they could go into a fragile country and become the power behind the throne. Of the 190 or so states in the world, the top 30 are not in danger but they others should be concerned.'"
Surviving Crypto Winter — Part Three: Why Privacy Coins Will Rule the Next Bull Run
"Centralized money will continue to exist but it will die a slow death. In a hundred years who’s going to want money from a single country that can change the rules on you overnight or make a bad decision that tanks the economy? But if decentralized money fails to catch on, central money will mean absolute command and control in a way that dictators of the past could only imagine in their wildest dreams."
A Group of 30 Global Central Securities Depositories Is Exploring Crypto Custody
"A group of central securities depositories (CSDs) in Europe and Asia is taking a serious look at how they might collaborate on infrastructure to custody digital assets. Still very much in the exploratory phase, the CSDs are planning to present the findings of their working groups at the annual SIBOS conference in London in October. But these organizations, which have been guarding stock certificates for decades, clearly see an opportunity to apply their knowledge and skills to the crypto space, where losing your private keys means losing your coins forever."
Australian Regulator Trials Blockchain to Automate Transaction Reporting
"ZDNet reported Sunday that the Australian Transaction Reports and Analysis Centre (AUSTRAC) has partnered with the Swinburne University of Technology in Melbourne to build a prototype for the trial. The two partners will specifically examine how blockchain and smart contracts, as well as other technologies, can help entities such as banks to automate reporting of international funds transfer instructions (IFTIs) to the regulator."
Bitcoin Retail Investor Holdings Continue Incremental Growth
"Addresses holding anywhere between 1 and 10 Bitcoins now represent nearly 10% of the circulating supply. These addresses according to data crunching by Diar have seen a positive number of growth year-on-year (see chart). Despite the bubble burst, Bitcoin holdings in these addresses increased by 5% since Bitcoin's peak. Since January 2017 to date, the most popular band of address holdings have seen an increase of 38% with an average of 35% increase year-on-year since 2015."
Russia to Regulate Crypto While Launching its Own Oil-Backed Cryptocurrency
"With Russia hinting to become a crypto-friendly state, the country is also putting its first big blockchain bet on an oil-backed cryptocurrency. According to former energy minister Igor Yusufov, Russia is in the final stages of issuing a cryptocurrency-version of the petrodollar. The Fund Energy founder told Rambler that they were looking to bypass the trade and other financial restrictions. He also claimed that other oil-producing countries were also aiming to increase their oil and gas exports without relying on a US Dollar-pegged petrodollar."