A feature of modern life is that banking crises appear more frequently than they did. In yet another abuse of language this is what central bankers call “resilience”. Also these things invariably involve fraud and sometimes lots of it. I point this out because central bankers claim the risk of fraud and the frequent crises are a reason to avoid things like Bitcoin and completely ignore the issues with banks. Yes Bitcoin has risks but they need to be compared to the risks of banks as for example much monetary policy can be perceived as a banking bailout. For younger readers there is something awfully familiar about ... (full story)