The Crypto Crash: all Ponzi schemes topple eventually | Robert Reich

We’re back to the wild west finances of the 1920s as the crypto industry pours huge money into political campaignsOne week ago, as cryptocurrency prices plummeted, Celsius Network – an experimental cryptocurrency bank with more than one million customers that has emerged as a leader in the murky world of decentralized finance, or DeFi – announced it was freezing withdrawals “due to extreme market conditions”.Earlier Reich, a former US secretary of labor, is professor of public policy at the University of California at Berkeley and the author of Saving Capitalism: For the Many, Not the Few and The Common Good.

Many signs point in that direction. We have answers to questions that might be on your mindLast Friday, the US Bureau of Labor Statistics released its May Consumer Price Index (CPI) report, which showed inflation worsening. It’s the distinct possibility of recession. His newsletter is at robertreich.substack.comThis Yet the bigger story, and bigger worry, is not inflation. Is the US heading for a recession? Some of the country’s largest and most influential retailers are reporting disappointing sales and profits. Here are some frequently asked questions:1. On Wednesday, the Federal Reserve responded by raising interest rates by three-quarters of a point.

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