Facebook’s proposed cryptocurrency, Libra, would make it a lot easier for hot money to move around the world. Speculators are always looking for the next big thing. One of the most painful side effects of the past 10 years of unconventional monetary policy has been the tendency of investors looking for yield in a low-rate world to pile into the latest bubble — whether it’s emerging markets, commodities or junk bonds. That’s why countries such as Brazil and Thailand, for example, have sometimes resorted to capital controls to stabilise their financial systems, a move that even the IMF now sees as legitimate.
Facebook计划发行的加密货币Libra将使得热钱更容易在manbetx app苹果 范围内流动。投机者总是在寻找下一个可带来暴利的投机目标。过去十年非常规货币政策最令人痛苦的副作用之一，就是在低利率大环境下寻找收益率的投资者往往会涌入最新泡沫市场——无论是新兴市场、大宗商品还是垃圾债券。这就是为什么例如像巴西和泰国这样的国家有时会诉诸资本管制措施来稳定其金融体系，这一举措甚至连国际货币基金组织(IMF)现在都认为是正当的。