Can we protect privacy in a cashless society?

The key is to find digital mediums of exchange that preserve the distinct attributes of cash

Can we protect privacy in a cashless society?Canada leads the world in the transition to digitized commerce. With more than two credit cards per capita, the cashless economy is approaching swiftly. The move has been largely voluntary, driven by convenience, and half of Canadians favour dispensing with notes and coins altogether. With cash-only businesses declining to near non-existence, what’s the problem? As…

How cryptocurrency is changing basic economics

For survival, central banks have little choice but to enter the digital-currency race. But it’s a race they will eventually lose

How cryptocurrency is changing basic economicsCentral bankers increasingly sense their obsolescence – and rightly so. The more people turn to private currencies and conduct transactions without intermediaries, the less bureaucrats control the economy. In February 2019, a 33-page Bank of Canada discussion paper unwittingly admitted the vulnerability. The authors, James Chapman and Carolyn Wilkins, noted widespread adoption of cryptocurrencies as…

Canada is squandering its intangible future

The digital economy is underpinned by a new class of non-physical assets. Why aren’t we investing in them?

Canada is squandering its intangible futureCanada is in danger of becoming a tenant nation, according to a recent Public Policy Forum report written by Sean Speer and Robert Asselin. Speer and Asselin describe a post-industrial Canada falling into a modern form of dependency where, although we generate world-class innovation, we lack essential infrastructure and/or skills to commercialize it. We’re simply…

Real-time wage apps helping revolutionize currency exchange

Cryptocurrencies may still be experimental but they’re already driving competitive pressure on established institutions

Real-time wage apps helping revolutionize currency exchangeYour money is worth more to you today than tomorrow. This financial truth – the time value of money – backs the case for real-time pay, a nifty tool for the benefit of workers. Although Canadian unemployment is at a four-decade low, wage growth has stagnated and bankruptcies have spiked. This is where real-time pay delivers,…

How banks can help Canada’s SMEs

They could start by formalizing the treatment of intangibles so (some of them) can be collateralized for banking purposes

How banks can help Canada’s SMEsA  survey of SMEs (Small to Medium sized Enterprises) I once read laid bare the hard facts about running a technology-related business in Canada. On the upside, the ingredients for growth for SMEs were easily identified; they include better access to management, planning, marketing, manpower and product development. What was surprising, perhaps, was the realization…

3 first steps to cleaning up your finances

A financial housecleaning is at least as important as getting rid of old newspaper and kitchen crumbs

3 first steps to cleaning up your financesDo you have a hard time keeping track of bank accounts and bills? It may be time to clean up your finances. If you're like me, you clean the pantry and toss out old newspapers and flyers every week or so, but you may go several months without de-cluttering your finances. Our priorities may be…

Record Canadian use of Interac e-Transfers in 2018

More than 371 million transactions worth a total of more than $132 billion

Record Canadian use of Interac e-Transfers in 2018Canadians used digital money transfer service Interac e-Transfer more than one million times per day last year. In a news release on Tuesday, Interac said it experienced record numbers in 2018 – more than 371 million transactions worth a total of more than $132 billion, representing a 54 per cent increase in volume and a…

Central banks’ overreach risks another recession

We need a decentralized, innovative and transparent banking system driven by free-market principals

Central banks’ overreach risks another recessionAs financial markets around the world erupt, dampening the festive spirit of this time of year, plenty of blame has been passed around. There are some notable geopolitical risks in the Middle East, Ukraine, North Korea, Pakistan and elsewhere. There’s the trade war between China and the United States. There are also signs of slowing global…

Keep the Bank of Canada out of the digital currency playing field

Central banks – try as they might – can’t create genuine cryptocurrencies and should learn to live with rising competition

Keep the Bank of Canada out of the digital currency playing fieldState digital currencies that attempt to emulate private cryptocurrencies are doomed. Not only will they fail in terms of adoption, despite having the state behind them, they will fail in terms of the objectives that drive alternative currencies. The rise of cryptocurrencies, particularly bitcoin, has caught the attention of central banks and financial regulators. Given…

Millennials face challenges dealing with inheritance

Shawnette Fraser of TD Canada Trust says its important to remember that there are emotions at play

Millennials face challenges dealing with inheritanceShawnette Fraser is district vice-president of Calgary North for TD Canada Trust. How big of a market is the millennial generation these days for Canadian financial institutions? Fraser: Millennials make up a large portion of our population, and as customer service-based business we need to be looking to how we can best support them in their…

Can we avoid another financial crisis?

We need to embrace intangible assets. And the lending world and investors need to free up funds to support intangible creators

Can we avoid another financial crisis?Could intangibles help avert the next financial crisis? Yes. And they'd better, because the train of global prosperity is about to jump the track and intangible assets are the only possible salvation. Today's headlines are depressing. There's a constant stream of negativity led by U.S. President Donald Trump's assault on the North American Free Trade…

Was the 2008 financial crisis exacerbated by official misjudgment?

Countries as disparate as Ireland, Iceland and Greece showed that misplaced financial exuberance has many pedigrees

Was the 2008 financial crisis exacerbated by official misjudgment?We were on a train from London to Edinburgh when the financial crisis erupted in September 2008. The newspaper headlines were downright lurid and the detailed stories provided little comfort. A financial catastrophe was about to descend on all of us. As relatively recent retirees, we felt particularly vulnerable. There’d be no time or opportunity…

BDC broadens support for entrepreneurs

The development bank is deploying $700 million to increase financing for the most promising Canadian clean-tech firms

BDC broadens support for entrepreneursA record 56,000 entrepreneurs receive support from the Business Development Bank of Canada, a 14 per cent increase from last year, according to the BDC’s 2017-2018 annual report released on Thursday. “The ambition, agility and creativity of entrepreneurs inspires us to go further, faster – because when entrepreneurs succeed, Canada succeeds. We not only boosted…

Credit Union celebrates 75 years

Synergy’s history dates back to 1943 when the Lloydminster Credit Union was originally established. The maximum loan available in 1944 was $500

Credit Union celebrates 75 yearsKenneth Brown of The Clarion Synergy Credit Union has celebrated 75 years of history going back to the pre-amalgamation years of credit unions started in Lloydminster and Kindersley. The local Synergy CU branch in Kindersley hosted a 75th anniversary celebration on June 15. The staff served a beef-on-a-bun lunch to people in attendance and a…

China using its monetary policy as a weapon of war

China is conquering the world by creating money when it needs it and simply absorbing debt. Perhaps we should be copying them

China using its monetary policy as a weapon of warThe United States military believes we're losing the Third World War to China. According to U.S. Secretary of the Navy Richard V. Spencer, not only has that war started, but it’s unlike any conflict in history. “When it comes to China, the bottom line there is the chequebook,” he says. According to military leaders, this…