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Three things matter for FX reserves: Location, location, location.
A Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can’t even pursue a claim against, argues Robert McCauley.
ETFs are not necessarily the answer, argues Robert McCauley.
How can a central bank stabilise security markets? What are the precedents and how extraordinary is the action? Robert McCauley offers some insight.
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