Image by Steffi Reichert via Flickr
by Michael Hudson
Writer, Dandelion Salad
March 16, 2023
Geopolitical Economy Report on Mar 14, 2023
Economist Michael Hudson analyzes the collapse of Silicon Valley Bank, Silvergate, and Signature Bank, explaining the similarities to the 2008 financial crash.
Image by Christoph Scholz via Flickr
by Ellen Brown
Writer, Dandelion Salad
The Web of Debt Blog
June 27, 2019
Payments can happen cheaply and easily without banks or credit card companies. This has now been demonstrated – not in the United States but in China. Unlike in the US, where numerous firms feast on fees from handling and processing payments, in China most money flows through mobile phones nearly for free. In 2018 these cashless payments totaled a whopping $41.5 trillion; and 90% were through Alipay and WeChat Pay, a pair of digital ecosystems that blend social media, commerce and banking. According to a May 2018 article in Bloomberg titled “Why China’s Payment Apps Give U.S. Bankers Nightmares“:
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