If Crypto Causes ‘Instability,’ It’s Because the System Is Unstable

The modern classic economics text was first printed in 2000, before the implosion of the “dot com boom,” and again in 2005, ahead of what turned out to be a housing market meltdown. Jon Cunliffe, the Bank of England’s deputy governor for financial stability, yesterday likened the $2.3 trillion crypto market to the $1.2 trillion subprime mortgage market in 2008, which contributed to that decade’s great financial crisis. Cunliffe was short on specifics and also on recommendations.

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