Crypto fans might wonder what the “craft” refers to. Grant’s believes the burgeoning digital currencies have more in common with craft beers and government fiat currencies than Krugerrands, Eagles and the golden like.
All tagged Grant's Interest Rate Observer
Risky Banking Turns Japanese
The problem is Japanese customers do not deposit dollars, so to buy dollar-denominated assets Japanese banks must borrow in dollars typically on a short-term basis.
Thus, the perils facing all bankers -- borrowing short to lend long.