24 Mar '13, 1pm

"The era of free capital mobility is definitely on life-support." --perfect tagline for #Bitcoin

"The era of free capital mobility is definitely on life-support." --perfect tagline for #Bitcoin

Let me make a broader point: we’ve now seen three island nations around Europe become huge international banking hubs relative to their GDPs, then get into crisis because their domestic economies don’t have the resources to bail out those metastasized banking systems if something goes wrong. This strongly suggests, to me at least, that we have a fundamental problem with the whole architecture (to use the preferred fancy word) of international finance... All of which raises the question, is the era of free capital movement just a bubble, fated to end one of these years, maybe soon? Hm. Well, the world's second largest economy maintains very tight controls over capital flows. The third largest economy is actively engaged in managing its currency. The sixth-largest economy has used capital controls to limit appreciation of its currency. Many of the world's other large economi...

Full article: http://www.economist.com/blogs/freeexchange/2013/03/inter...

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