

Some have long argued that private digital money and the technology underpinning it will revolutionize finance in the long term. But with Bitcoin plunging, stablecoins collapsing, and crypto lenders freezing withdrawals, we asked PS commentators whether the industry has a future.
发自慕尼黑——在大衰退将经济打入自大萧条以来前所未有的低谷整整十年后,是时候从日常的政治中跳脱出来才能瞥见更大的图景。欧洲人需要问问自己从哪里走来,未来又该去向何处。
二十年前的1998年,欧盟许多国家为了引入欧元而将自身汇率永久固定了下来。一时间几近破产的南欧国家不再需要支付比德国高出约5~20个百分点的巨额利息溢价。自此之后廉价贷款泛滥的南欧经历了债务融资推动下的经济繁荣,推高了工资和价格。最终这一繁荣演化成了一场泡沫。
然后在十年前,同时在美国次级抵押贷款市场不断膨胀的泡沫破灭,导致全球金融危机以及随之而来的南欧泡沫破裂。在火烧眉毛之时,危机肆虐下的南欧国家利用欧洲支付体系进行大规模透支,以取代被切断了的私人贷款来源。
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