Alice Fullwood, an American finance correspondent for The Economist, dives deep into the tumultuous world of cryptocurrencies. She explains the crucial role stablecoins play and the chaos that ensues when their pegs break, particularly after the collapse of Terra. The discussion also touches on the pressing issue of intense heatwaves in India, linking these climate challenges to economic struggles. Additionally, the conversation highlights Indonesia's unique culture of songbird contests and the environmental threats these beloved birds face.
Stablecoins are essential to the financial plumbing of the cryptocurrency world. They’re pegged to a real-world asset, usually the dollar. But when that peg breaks, things can turn ugly in a hurry. Much of India is suffering through a particularly blistering and costly heatwave. And Indonesians’ love of songbirds is threatening wild bird populations within and beyond Indonesia itself. For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer