Martin Chorzempa on China’s Cashless Revolution and the Rise of Super Apps
Macro Musings with David Beckworth
Jack Ma's Money Market
Jack Ma and Alibaba, as well as Onema and Tencent, they step into this space. They disrupt it. You mentioned Jack Ma's money market. If I talk about that story, how did that disrupt banks? Yeah. So really interestingly, this is a repeat of the United States. In the 1970s, the US government had these controls on interest rates that banks could pay on deposits. And so what he does is when the banks are paying you.35% on a demand deposit, really low, he manages to figure out if you can pool people's money together and try to shop it around in the inner bank market, you can get 6%. It's way higher than
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