62cef0e406bc8f00188e8ccb Paul Krugman: The Cryptocurrency Market Is A Postmodern Pyramid Scheme

Paul Krugman: The Cryptocurrency Market Is A Postmodern Pyramid Scheme

– Paul Krugman refers to the cryptocurrency market as a “postmodern pyramid scheme” in a New York Times op-ed.

– He says that the industry has lured investors in with a combination of technobabble and libertarian derp, and that it has used some of the cash flow to buy the illusion of respectability.

– Krugman believes that the recent crash in the crypto market is a chance for federal regulation.

– In a speech last week, Fed Vice Chair Lael Brainard said that the recent sell-off in the crypto market exposed “serious vulnerabilities in the crypto financial system.”

– Brainard called for regulation of the crypto industry before it gets too large and poses a threat to the existing financial system.

62cef0e406bc8f00188e8ccb?width=1200&format=jpeg Paul Krugman: The Cryptocurrency Market Is A Postmodern Pyramid Scheme
Paul Krugman: The Cryptocurrency Market Is A Postmodern Pyramid Scheme 3

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