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World’s Oldest Central Bank Keeps Sounding Alarm on Fragility of Cashless Economies. Are Other Central Banks Listening?
World’s Oldest Central Bank Keeps Sounding Alarm on Fragility of Cashless Economies. Are Other Central Banks Listening? At a time when the dominant narrative around cash is that its demise is all but inevitable, as well as broadly desirable, the 2024 payment report by Sweden’s Riksbank may offer a cautionary tale. In October last year, […]
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending
Swedish Central Bank Makes U-Turn on Cash as NIRP is Ending Cash is less of a threat to central bank policies when interest rates rise above zero. Sweden’s Riksbank has become the first central bank in the 21st century to take concrete measures to ensure that cash does not disappear as a means of payment from […]
Swedish Central Bank Voice Alarm
Swedish Central Bank Voice Alarm QUESTION: Hi Martin, Yesterday the Swedish Riksbank Chairman Stefan Ingves went on prime time TV expressing fear that public authorities are losing control over the Swedish currency! He also on prime time TV asked rhetorically -We have asked our self what is money?! Can you believe that!? What the heck […]
Swedish Authorities Fear “Negative Spiral” As Society Goes Cashless ‘Too Fast’
Swedish Authorities Fear “Negative Spiral” As Society Goes Cashless ‘Too Fast’ In 1660, Sweden’s Riksbank was the first central bank in the world to issue paper currency. In 2016, Sweden began to accelerate its transition from cash to digital currency. At the time, Deputy Riksbank Governor Cecilia Skingsley warned: “We need to do the homework […]
‘No Cash’ Signs Everywhere Has Sweden Worried It’s Gone Too Far
‘No Cash’ Signs Everywhere Has Sweden Worried It’s Gone Too Far Cash usage declining both as share of GDP and in nominal terms Riksbank committee could publish report on issue in summer Sweden ‘Most Cashless’ Society in the World The value oof notes and coins in circulation are the lowest in nearly 30 years. Bloomberg’s […]
From the Moneyness Blog: Electronic Money Will Only Save Central Banks From Subjugation if it is Anonymous
FROM THE MONEYNESS BLOG: ELECTRONIC MONEY WILL ONLY SAVE CENTRAL BANKS FROM SUBJUGATION IF IT IS ANONYMOUS 50 SEK banknote issued by the Riksbank in 1960 “Do we need an eKrona?” asks Stefan Ingves, the Governor of the Riksbank, Sweden’s central bank. The Riksbank is probably the central bank that has advanced the furthest in discussions surrounding […]
Sweden: The World’s Biggest Housing Bubble Cracks
Sweden: The World’s Biggest Housing Bubble Cracks Sweden’s property bubble is probably the world’s biggest, despite which it gets relatively little coverage in the mainstream financial media – although that might be about to change. Warnings about this bubble are not new. In March 2016, Moody’s issued a very explicit warning that Sweden’s negative interest […]
Danish Central Bank Warns Of “Risk Illusion”, Fears “Fire Sale” Plunge In Asset Prices
Danish Central Bank Warns Of “Risk Illusion”, Fears “Fire Sale” Plunge In Asset Prices Having slashed rates below zero and unleashed various rounds of asset-purchases, the Riksbank (Denmark’s central bank) recently warned the rest of the world that “we have reached the limits of monetary policy.” Now, however, Denmark’s Systemic Risk Council has raised the financial system warning […]
Sweden Minister Says Cashless Society “Not Possible”; Elderly, Disabled People Blamed
Sweden Minister Says Cashless Society “Not Possible”; Elderly, Disabled People Blamed It was just a little over a week ago when we reported that Sweden had begun a 5-year countdown to becoming a cashless utopia. As The Local reported, “cash transactions today represent no more than two percent of the value of all payments made in Sweden, [and that […]
Swiss Bank “Goes There”, Applies Negative Rates To Retail Deposits
Swiss Bank “Goes There”, Applies Negative Rates To Retail Deposits Back in September in “How Mario Draghi Can Force The Swiss National Bank To Go ‘Nuclear On Depositors,” we discussed the implications of the ECB’s (likely) decision to plunge further into NIRP-dom at the bank’s December meeting. In short, DM central banks – with the […]
Hang Onto Your Wallets: Negative Interest, the War on Cash, and the $10 Trillion Bail-in
Hang Onto Your Wallets: Negative Interest, the War on Cash, and the $10 Trillion Bail-in In uncertain times, “cash is king,” but central bankers are systematically moving to eliminate that option. Is it really about stimulating the economy? Or is there some deeper, darker threat afoot? Remember those old ads showing a senior couple lounging on […]
Sweden Launches MOAR QE, As Krugman Paradise Quadruples Down After Dovish Draghi
Sweden Launches MOAR QE, As Krugman Paradise Quadruples Down After Dovish Draghi Over the last six months, we’ve documented Sweden’s descent into the Keynesian Twilight Zone in great detail. Once upon a time, the Riksbank actually tried to raise rates, only to be lambasted by a furious Paul Krugman who accused the central bank of […]
Global Easing Bonanza Continues As Norway, Taiwan Cut Rates To Spur Struggling Economies
Global Easing Bonanza Continues As Norway, Taiwan Cut Rates To Spur Struggling Economies On several occasions this year we’ve profiled Norway where the central bank, much like the Riksbank in neighboring Sweden, is walking a fine line between keeping rates low to support the economy (not to mention remain competitive in the global currency wars) […]
Sweden Central Joins The NIRP Club: Lowers Interest Rate To -0.1%, Launches QE
Sweden Central Joins The NIRP Club: Lowers Interest Rate To -0.1%, Launches QE It’s a NIRP world and you are either in it, or are determined to lose the currency wars. And hours ago, the world’s oldest central bank, that of Sweden, announced that it too would join its NIRP peers in an attempt to […]
