Norbert's gambit

I executed one of the oddest financial transactions of my life earlier this week. I did Norbert's Gambit. These days a big chunk of my i...

Europe's SWIFT problem

SWIFT headquarters in Belgium ( source ) German foreign minister Heiko Maas recently penned an article in which he said that "it’s ess...

Two notions of fungibility

A few centuries ago, lack of fungibility used to be a big weakness of monetary systems. But technological and legal developments eventually ...