Credit-financed markets are inherently unstable. Inevitably, the pattern of payment promises doesn't align with actual ability to pay. What happens then depends on institutions, regulations and management. Today, the credit system is global, and so also is the prospect of financial instability.
Jim Chanos: “Cryptocurrency is a security speculation game masquerading as a technological breakthrough”
The “dean of short sellers” says bitcoin is the last thing he’d want to own in the event of a catastrophe. Read more