Felix Salmon

Counterparties: The hourglass economy

April 15, 2013

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Gold: The fear bubble bursts

April 15, 2013

The total amount of gold in the world, according to Thomson Reuters, is 171,300 metric tonnes, or 5.5 billion troy ounces. What that means is that every time the price of gold falls by $100 an ounce, as it did on Friday and it has done again today, the value of the world’s gold falls by more than $500 billion.

The native matrix

April 15, 2013

Jay Rosen asks, reasonably, that people start drawing useful distinctions between buzzy terms like content marketing, sponsored content, native advertising, and even brand journalism. Here’s my stab at it:

Counterparties: To coin a phrase

April 12, 2013

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The problem with Promontory

April 12, 2013

The NYT and American Banker have both published detailed articles on Gene Ludwig and Promontory, with the former getting the most eyebrow-raising datapoint: never mind his $11.5 million Washington estate, Ludwig is paying himself “more than $30 million annually, making him better paid than top executives at many big banks”.

Counterparties: A surplus of cuts

April 11, 2013

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The promise of Ripple

April 11, 2013

This is a chart of the value of bitcoin yesterday, Wednesday. It’s hardly a secret that bitcoins are a highly volatile asset class, so relatively few eyebrows were raised when the price soared from an opening level of $230 all the way to a high of $266. An intraday swing of more than 15% is pretty much par for the bitcoin course, these days. But then came the crash: within a few hours, bitcoins the world over had lost well over half their value, and were trading as low as $107 apiece. That’s not normal — and it just goes to underline how bad bitcoin is at doing everything it’s meant to do.

Counterparties: How the Penney dropped

April 10, 2013

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Why Cyprus must leave the euro

April 10, 2013

Megan Greene has a great column on Cyprus and the euro today. In short, there are costs and benefits to leaving the euro — but the costs are going to be borne anyway, which means that at the margin, devaluation is likely to be good for the country.