The Daily Dig for Saturday, May 17

Put on your thinking cap before diving in to today’s Daily Dig, as you’ll enjoy scholarly debates, consider equity crowdfunding proposals and mull over hot button topics like Bitcoin and marijuana legalization.

Scholars find fault with Obama/Bernanke recovery tactics

Economists Atif Mian and Amir Sufi, in a a new book entitled House of Debt, argue that tactics employed by the Ben Bernanke-led Fed and the Obama administration contributed to the strength of the recession.  Binyamin Applebaum reviews the book and analyzes their findings.

Thursday debate sees Larry Summers and Nassim Taleb on different sides

In a debate earlier this week, Black Swan author Nassim Taleb argued that banks took excessive risks in the run up to the recession because they did not have enough skin in the game.  Larry Summers, on the other hand, said the combination of investment and commercial banking “was not a plausible concept.”  Ronald Orol summarized their exchange.

Greenspan bailout comments off target

Alan Greenspan recently said that the inevitable next bank bailout of Uncle Sam means current U.S. debt burdens are understated.  That ignores the profits the government made from the last bailout, argues Daniel Indiviglio.

Crimean banks adopt Russian payment system

The absorption of Crimea into Russia continues as the biggest Crimean lenders sign on to using a Russian payment system.  Ukrainian banks involved with an international payment system no longer operate in Crimea, says a report by RT.

Circle introduces Bitcoin exchange service

This week Circle unveiled a Bitcoin-foucsed payment service which allows users to convert funds into Bitcoin or their Bitcoin into currency.  Sam Machkovech gives the details.

Marijuana-related sales gone to pot

Complaints concerning companies involved in marijuana are at an, um, high, reports Clayton Browne.

New solutions proposed for TBTF

Forcing banks to assume long-term obligations through bonds and tying compensation to performance via bonds are two solutions to Too Big to Fail that are gaining steam, writes Mark Roe.

Lack of Eurasian support neutering TBTF reforms

Tepid responses by European and Asian regulators threaten to doom some TBTF proposals favored elsewhere, Huw Jones posits.

Public commentary invited for Canadian equity crowdfunding

Canadian regulators are mulling over what to do about equity crowdfunding and are inviting public commentary.  Click here to make a submission.

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