Gillian Tett is an award-winning journalist, best-selling author, and the U.S. managing editor of the Financial Times, where she oversees global coverage of the financial markets. She is the author of “Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe,” which examines the 2008 financial crisis, “Saving the Sun: A Wall Street Gamble to Rescue Japan from Its Trillion-Dollar Meltdown,” and most recently, “The Silo Effect,” which analyzes the financial system through the lens of cultural anthropology. Tett was named “Columnist of the Year” by the British Press Awards in 2014.
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Gillian Tett discusses how Bitcoin and blockchain are being used by some to fight poverty – but will bitcoin last?
Gillian Tett discusses how the financial industry is transforming – and whether blockchain will be relevant five years from now.
In 2014, Gillian Tett argued, “Over the past two years … Bitcoin’s value soared from $50 per Bitcoin (in 2012) to $1,150 (in late 2013), before collapsing this year to under $400, when a scandal erupted about the use of Bitcoin for money laundering. That makes Bitcoin arguably the worst-performing asset this year.”
"But here is one crumb of comfort: history suggests that bull markets usually end with a sudden crash, not a series of disorientatingly wild swings. In that sense, then, today’s markets are indeed unusual. But they also give seasick investors opportunities to jump ship."
"Can China learn enough lessons to avoid the fate of Japan in 1997 — or America a decade ago? That trillion-dollar question will not be answered for several years. But the one thing that is already crystal clear is that if Beijing does ever succumb to its own boom and bust, the implications for the global economy could be devastating."
A review of Gillian Tett's book "Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe."
"But the most interesting (and urgent) debate that needs to take place in response to what Mr Bernanke and the others have to say does not concern the US at all. The trio also revealed this week that they are surprised and dismayed by the degree to which Europe’s financial system remains troubled a decade on."
Gillian Tett shares stories about her experience at the Financial Times and explains how her background in anthropology has helped her identify financial bubbles in technology and the economy.
"Tett's doom-mongering did not make her tremendously popular. Largely, her cautions were ignored, and when they weren't ignored they were subject to criticism. 'We had enormous kickback from the bankers in the City saying, 'Why are you being so critical of the industry? Why are you being so negative?' All that kind of stuff.' On a trip to the economic forum Davos in 2007, she was even denounced from the stage. 'One of the most powerful people in the US government at the time stood up on the podium and waved my article, the article that predicted the problems at Northern Rock, as an example of scaremongering.'"
Gillian Tett argues, "[o]f course, the US’s credibility could crash if it suffers its own sovereign debt crisis. This is a real and rising threat in the medium term, given Mr Trump’s budget-busting tax cut and spending bills. Some people on Wall Street are so concerned about this that they tell me they are developing dollar alternatives, as a hedge for clients. But these focus on digital hedges, using blockchain or gold — not euros, yen or renminbi."