Hell for Tether: a cryptocurrency crimped
The Intelligence from The Economist
The Economist
4.5 • 3.7K Ratings
🗓️ 25 February 2021
⏱️ ? minutes
🧾️ Download transcript
Summary
The notionally dollar-pegged “stablecoin” quietly underpins many crypto-market moves. We ask what the currency issuer’s clash with New York authorities means for the wider crypto craze. In many African countries, parliamentarians are asked to fill public-service gaps—at great personal cost. We examine moves toward a fairer forking out of funds. And why physical-education exams are popping up in China.
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Transcript
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| 0:00.0 | Hello and welcome to the Intelligence on Economist Radio. I'm your host, Jason Palmer. |
| 0:09.2 | Every weekday we provide a fresh perspective on the events shaping your world. |
| 0:14.5 | It's expensive to be an African parliamentarian. Constituents relentlessly ask for financial |
| 0:23.4 | help. It's not just handouts though, they simply want services this state isn't providing. |
| 0:29.5 | They look at efforts to fill in those gaps rather than emptying MPs pockets. |
| 0:35.1 | And Chinese authorities worry that the country's youngsters are in poor shape, so in a country |
| 0:40.6 | obsessed with exams there's now another. Physical education tests that carry as much weight |
| 0:46.1 | as the academic kind. |
| 0:55.8 | But first, assets of all sorts have been on a tear recently. |
| 1:04.7 | Yesterday the Dow Jones industrial average hit a fresh high. After Federal Reserve Chair |
| 1:09.4 | Jerome Powell reiterated in congressional testimony that America's central bank will continue |
| 1:14.7 | to help the economy. |
| 1:15.5 | The main thing that we can do is continue to support the economy, give it the support |
| 1:20.1 | that it needs. |
| 1:21.5 | In fact, America's indices have set 32 record highs in 2021 and it's only February. |
| 1:28.7 | Oil prices are also rising, even the resale value of baseball cards is on the up. |
| 1:34.2 | And then there are the cryptocurrency markets. |
| 1:36.8 | The market cap for Bitcoin above $1 trillion. |
| 1:39.9 | Another cryptocurrency called Dogecoin, which was started as a gag, has gained about 1500% |
| 1:45.8 | of its value in the last three months. |
| 1:47.6 | Is this just the beginning of a crypto craze or will the Bitcoin bubble burst? |
| 1:52.8 | The bubble might not be bursting, but it has been deflating. A smidgen, Bitcoin is now |
... |
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