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In my last post, I debunked the myth of the "reserve pool" of British workers. In this post, I discuss three more labour force myths that refuse to die: the myth of the "tide of unskilled immigration" ...
What do you do when your economy is in the doldrums and you need to kickstart growth? Why, you put more people to work, that's what you do. This has been the Tories’ strategy since 2010. The sustained ...
I spent last Saturday singing Elgar’s Dream of Gerontius. There’s a famous “Demon’s Chorus” in this piece, which made me think… well, about the demons. I felt sorry for them. Seriously. In the Dream ...
As we saw with Silvergate, fair value losses can be concealed by means of accounting devices such as classing securities as held-to-maturity and carrying them at amortised cost. In 2021, Silicon ...
In 1Q22, Silvergate moved $1.5bn of securities from available-for-sale to held-to-maturity, and in 2Q22 it moved a further $1.9bn. This enabled it to hold these securities at amortised cost instead of ...
I haven't written a post about WASPI for a very long time. I felt I had said everything I wanted to say, and it had become evident that the WASPI campaign and its offshoots had neither the widespread ...
By exchanging Paxos BUSD for Binance-pegged BUSD, holders can use their BUSD tokens on multiple blockchains, rather than being restricted to the Ethereum blockchain. It's a bit like putting a coin ...
This is the conclusion I've reached after studying the U.S. Examiner's final report (yes, I've read all 476 pages of it) and Celsius's audited reports and accounts up to 31st December 2020. There are ...
Today, I bring you the sad tale of a crypto lender that promised safety and high returns to its depositors, but whose promises have proved to be as hollow as its name. Donut Inc., a self-proclaimed ...
It works brilliantly. So, this becomes Joe's business model. Customer assets deposited on the exchange are routinely lent to the hedge fund against collateral consisting of the exchange's tokens.
A note to the financial statements explains that as of June 2022, Coinbase has taken all customer assets on to its own balance sheet. It was already recording customer cash balances on its balance ...
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