– Said El Mansour Cherkaoui

• Initially posted December 5, 2021 in English as – Casino Royal – Cryptop Secret Mania
• Updated: June 19, 2022 – July 6, 2022 – October 3, 2022 – November 18, 2022 -December 14, 2022

• Université de la Sorbonne, Paris III
• Institut des Hautes Etudes de l’Amérique Latine, Paris
• Institut de Recherche Economique et de Planification, Université Grenoble Alpes
• Sciences Po, Grenoble, Université Grenoble Alpes

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Creepy Crypto News and Abuses – Crypto Secret Mania – Crypto Greedy Mafia

I have no idea how they can put people in front of a camera and have nice looking studio around while talking with assertiveness and they are introduced to us as the creme de la creme working for these companies that are the Top of the Top in their fields of actions and operations. After all these superlatifs, when we are listening to their explanations, all I am obliged to do is to try to discern what is the explanation and where is the analysis or even just the expression of descriptive narrative in their talk and answer, as we say again in French, “on reste sur notre faim” with these talking heads not thinking heads.

La Creme de la Creme turn out to be real sour and profoundly moldy and has no flavor or taste of great thought. It is worse than those “torchons” not of the Kitchen but what we call in Parigot, the language of Paris, the Newspaper that are only good to clean with the grass left on the counter or on the pot before passing them under the water to be clean.

There is apparently nothing to clean, as we say in America: “Where is the Beef” yes indeed, there was no beef at all so the pot and casseroles are clean.Given that Miss Clean has replaced Mr. Clean in the screen of these programs of TV Bidon, here is my predictions on what we are actually witnessing at the level of these assets that went South and wracked in Bahamas and Seoul before and in many other places around the world of the creepy and greedy ones that found their destiny drowned in a virtual world of supply chain of scams and Ponzi schemes with a plus: an Artificially Intelligent Scammer.

All comments, responses or any other possibilities of communication on these publications or other ones, here is my email: saidcherkaoui@triconsultingkyoto.com

Here are my publications that some were initially published as “Warning” and “Preventive Calls” and this on December 2021:

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Top stories

Former FTX CEO Sam Bankman-Fried arrested in Bahamas

FTX CEO Sam Bankman-Fried is talking about his crypto company’s final days : NPR – npr.org

Cryptocurrency company

FTX Trading Ltd. is a defunct company, currently in bankruptcy proceedings, that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 and, at its peak in July 2021, had over one million users and was the third-largest cryptocurrency exchange by volume. 

Founders: Sam Bankman-Fried, Gary Wang

CEO: John J. Ray III

Headquarters: Nassau, New Providence, The Bahamas

Founded: May 2019

CTO: Gary Wang

Subsidiaries: FTX, QUOINE Corp., FTX EMEA Limited, LT Baskets Ltd., Technology Services Bahamas Limited

Owner: CEO Sam Bankman-Fried 

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FTX founder apologizes to staff

LinkedIn News – 11/24/2022

FTX founder Sam Bankman-Fried has issued an apology to staff over the shock collapse of the crypto exchange, saying that the company’s collateral crashed to $9 billion from $60 billion. “I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again,” he wrote, in a message seen by Bloomberg. His comments came as FTX’s lawyers offered a dire portrait of the company’s finances during a bankruptcy hearing Tuesday, saying a “substantial amount of assets have either been stolen or are missing.”

• Bankman-Fried ran FTX as a “personal fiefdom,” lawyers for the company told the court.
• Once valued at $32 billion, FTX is now effectively worth zero, with the exchange owing its top 50 creditors some $3.1 billion.
• The shockwaves from FTX’s implosion are threatening other crypto exchanges: Genesis is warning of bankruptcy and Coinbase’s stock has hit an all-time low, dropping more than 80% year-to-date.
• Between 100 and 150 crypto hedge funds are believed to have at least some direct exposure to FTX Group or its native token.
• FTX account holders are expected to file a “wave” of lawsuits, Reuters reports. A proposed class-action lawsuit was brought last week against Bankman-Fried and celebrity FTX endorsers including Tom Brady and Larry David.

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Trevor Ward, CPA 💭• 2nd CEO @ Multisig – Web3 news, education, and insights for accounting and finance professionals • 11/17/2022

The contents of FTX’s Chapter 11 First Day Affidavit are SHOCKING 🤯

The appointed restructuring CEO John Jay Ray III, who oversaw Enron’s bankruptcy proceedings, says FTX’s case is the worst he’s seen in his career…possibly WORSE than Enron’s.   

 Here are the most important findings: 

• 1 – Ray opens with this:
• “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
• 2 – There are 4 business siloes within FTX:
• – WRS Silo (FTX US, Ledger X, and affiliates)
• – Alameda Silo (Alameda Research LLC)
• – Ventures Silo (FTX Ventures and affiliates)
• – Dotcom Silo (FTX . com)
• He says that “each of the Silos was controlled by Mr. Bankman-Fried.” (How in the world did we let a single psychopathic fraud control a custodian, prop trading desk, venture firm, and exchange?!) 
• 3 – We can’t trust any of the financials that have been furnished (as bad as they already are): FTX US’s balance sheet shows $1.36 billion in assets as of Sept 30th. “However, because this balance sheet was produced while the Debtors were controlled by Mr. Bankman-Fried, I do not have confidence in it”
• 4 – FTX had horrendous cash management: “The FTX Group did not maintain centralized control of its cash. Cash management procedural failures included the absence of an accurate list of bank accounts and account signatories, as well as insufficient attention to the creditworthiness of banking partners around the world.”
• 5 – We find out who (supposedly) audited the WRS Silo and the Dotcom Silo of FTX, for the period ended December 31, 2021. Armanino LLP audited the WRS Silo and Prager Metis the Dotcom Silo, who no one has heard of and apparently is “the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.” He says he has “substantial concerns as to the information presented in these audited financial statements” and that the audited financials can’t be trusted. (In other words, the auditors blew it.)
• 6 – FTX had no type of employee management, not even a list of employees, terms of their agreements, or each employee’s status.
• 7 – FTX’s digital asset custody was entirely fraudulent. SBF and Gary Wang controlled all assets and used an unsecured group email account to share private keys. They also used “software to conceal the misuse of customer funds” and, most significantly: “the secret exemption of Alameda from certain aspects of FTX.com’s auto-liquidation protocol”
• 8 – Remember how FTX was supposedly “hacked”? Ray confirms that $300 million in FTT tokens were minted AFTER THE PETITION DATE (which was also the day of the hack).
• 9 – Sam used Signal, an encrypted messaging app, to cover his tracks.  And these aren’t even the official bankruptcy proceedings — just a first look into what went down!

What do you make of this new information?

#ftxcrash #ftx #LItrendingtopics #digitalassets #cryptocurrency

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Said El Mansour Cherkaoui

#OECD #inflation rises to .% in September 2022, with inflation pressures broadening beyond food and energy in most countries.

Find out more 
https://fal.cn/3tm8R

U.S. Financial Stability Oversight Counselors Say Crypto Poses Financial Stability Risks

For the U.S. Financial Regulators, the Limit is NOT the Sky of the Financial Space, It is the Crypto Cloud Platforms

Next the European Central Bank will follow the Course

Said El Mansour Cherkaoui

The U.S. Financial Stability Oversight Council meets, with Treasury Secretary Janet Yellen presiding, as the cost-of-living crisis grows.

United States Financial regulators recommended a series of new safeguards to ensure that establish frame of work and legal environment to the growing and unregulated cryptocurrency market trying to isolate the repercussions of the cascade of bankrupcies and scam affecting the crypto assets online businesses.

The U.S. Treasury Secretary Janet Yellen presided a financial stability council meeting today [10/3/2022] aiming to neutralize the risks coming from the Crypto Assets that can erode the U.S. financial stability.

#Reuters #live #news #treasury #inflation #Treasury SecretaryYellen #JanetYellen

This report comes at the direction of President Biden’s executive order in March that tasked federal government agencies with studying cryptocurrencies and proposing how to best regulate them. The U.S. Treasury warned in three new reports last month that cryptocurrencies pose meaningful risks for consumers, investors, and businesses if not properly regulated. The FSOC has been monitoring cryptocurrencies and distributed ledger technology since 2015.

The FSOC says it will continue to monitor risks posed by crypto. Given the risks, FSOC offers 10 recommendations to rein in the risks of crypto, including Congress passing new legislation to give regulators authority over the spot market for crypto assets that aren’t securities; legislation to regulate stablecoins; and legislation that would give regulators authority to see across a crypto firm’s full business that has multiple subsidiaries operating under different regulations.

The report also encourages agencies to continue to enforce existing rules and regulations and coordinate with each other to regulate crypto companies, such as stablecoin issuers or crypto-asset platforms, particularly in cases where different players with similar activities may be subject to different regulations.

Who is Next: The European Central Bank !

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Frankly, everything that affects crypto today is an adventure without discoveries or exploration except bankruptcy at the end of the road if not hanging over the heads of investors seeking refuge, a territory no state’s land, a scam noiseless digital. These characteristics are the attractions and strength of crypto which are based on the effect of the sheep of Panurge and the glorifying and banging talk of endless profit.

All this din has found its own limits and the States are now dealing with this aspect which has become a gangrenous part of the State monetary system and which puts the judicial system in front of a dilemma and a flagrant situation of scam which presents itself as victim of the upheavals of the capitalist financial and productive conjuncture.

Thus, in the United States, a rise in protests parallel to the emergence of groups of investors in crypto are forming to be able to defend their interests in the face of this cascade of bankruptcies bringing down the blockchains and the companies managing the funds, thus making everything that touches on crypto whether it is investment such as lending from the nebulous effects of an inflationary trend that has no origin or fiduciary production base secured by deposits and reserves or withdrawal rights in banking institutions, financial or even monetary with the direct and indirect endorsement of national States.

cascade of Crypto Complotop Virus is Spreading from the flat platform source to the Ocean of Investments and digital assets management

Latest Crypto Crime News

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WOUNDED DUCKS FLYING TOWARD BANKRUPTCY FOR PROTECTION

July 20, 2022 – Troubled cryptocurrency lender Celsius Network has filed for Chapter 11 bankruptcy protection, a month after it froze more than a million customer accounts. Before halting withdrawals, the New Jersey-based firm had accumulated more than $20 billion in assets by offering depositors interest rates as high as 18%. Celsius is the latest casualty of a crypto crash that has wiped out $2 trillion in value. Crypto broker Voyager Digital filed for bankruptcy last week, and major crypto hedge fund Three Arrows Capital sank into liquidation late last month.

Insolvent crypto lenders Celsius and Voyager Digital have both filed for Chapter 11 bankruptcy via Kirkland & Ellis, while Babel Finance has retained the behemoth corporate law firm to advise its restructuring.

The crypto lenders chose Kirkland for its past successes in Chapter 11, legal experts say, and Kirkland took on the three cases to give itself a reputation as a leader in crypto firm restructurings — which appear to just be getting started. 

Lawyers told Blockworks it makes sense the three bankrupt lenders would each hire Kirkland, given its sterling reputation. Kirkland led the two shortest Chapter 11 restructurings in history, both clocking in under 24 hours.

Click below to sign up to make you Bucks flying like Ducks without sign of coming back to your way.

If you are following the scam crypto-markets you must avoid to attend this summer’s Digital Currency Summit.

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If you have been crippled by the Crypto Casino Royal Market and lost all of your bets, better to get this Shock Treatment prescribed by those who know the best of the Crypto Scam, the New layers of liars who want to take what is left around you and still own by you, they are the new Savers and the new Warriors of the recovery process for themselves. These are the New Vultures trying to gauge themselves on the carcasses of the Crypto dead structures of the crypto scams.

Join more than two dozen scam industry experts including hedge fund managers, founders, CEOs, and blockchain pioneers as they gather to reveal the best opportunities in the future of crypto.

If they are that EXPERTS why they need to tell unknown people how to get rich while they are just paid for their presentations and could use first their advises for themselves and get rich and not to have to waist time in these presentations.

These EXPERTS will tell you how to give your Money to them and make them rich while you will be sitting there on the Docks of the Crypto Bay wondering what happen to my money while it is flying away and time cannot and will never bring it back to your way.

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The Cascade of Crypto Virus is Spreading to the Ocean of Investments and the Sea of digital assets management

Crypto-Monnaie a Terre

Posted December 5, 2021 – Said El Mansour Cherkaoui – Updated June 19, 2022 & July 6, 2022 Sciences Po, Grenoble Institut de Recherche Economique et de Planification, Grenoble Institut des Hautes Etudes de l’Amérique Latine, Paris Université de la Sorbonne, Paris III Time has given me confirmation … Continue reading

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Cryptop Dives in the winter and claims new victims among Investors

Time to buy warm lifejackets to swim in those troubled and cursed waters of cryptoceans

By Theunis Bates, Editor at LinkedIn News 7/6/2022

Troubled crypto brokerage Voyager Digital has filed for Chapter 11 bankruptcy protection, becoming the latest casualty of the spiraling crisis in digital asset markets. The Toronto-listed company commenced bankruptcy proceedings at a federal court in Manhattan after losing more than $650 million on a loan to Three Arrows Capital, a crypto hedge fund that fell into liquidation last week. Voyager stated in its filing that it has more than 100,000 creditors and between $1 billion to $10 billion in assets. It has liabilities in the same range.

Voyager last week froze all withdrawals, deposits and trading on its platform; other crypto firms, including Celsius and Babel Finance, have taken similar steps.

The overall market capitalization of crypto assets has plummeted from about $3 trillion last November to less than $1 trillion today.

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Bitcoin dropped below $19,000 for the first time since late 2020, and Ethereum tumbled below $1,000, as cryptocurrencies’ “brutal slide” gets aggravated by the Fed’s aggressive rate hike, CNBC reports. The rate increase led to a pullback on high-risk investments in the midst of the crypto market’s monthlong $2 trillion beating. Over the past few weeks, the crypto ecosystem been hammered by the $60 billion implosion of two coins — including one of the most popular U.S. dollar-pegged stablecoins — layoffs and at least two firms froze withdrawals.

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Crypto coined assets bad news week as told by Babel, Celsius, and Three Arrow Capital – The Verge

Three big firms — Celsius Network, Three Arrows Capital, and Babel Finance — appear distressed. The trouble in the market …

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Crypto was touted as a bulwark against currency debasement and a hedge against inflation but just when the dollar inflation hit a 40 year high, the cryptos failed in its single most important mission – protect value!

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Inflation hits 40-year high (again) – 6/11/2022

Inflation has surged to yet another 40-year high, startling economists and ramping up pressure on the Federal Reserve to continue increasing interest rates. The consumer price index soared by 8.6% from a year ago, according to the Labor Department — a 1% jump from last month, shattering economists’ expectations. The voracious growth in consumer prices is being felt in many facets of American life, particularly when it comes to groceries, rent and at the gas pump.

Grocery prices are up 11.9% annually — their highest rate since 1979, according to government data. Further, energy prices jumped 34.6% from a year earlier, with gas prices up 49%.

The irrepressible growth of consumer prices is a worldwide problem, as Russia’s invasion of Ukraine ensures inflation becomes “stubbornly entrenched in countries around the globe.”

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Now after all these collapses even the one that have proposed to create Crypto Euro Wallet are backing away and now they are rushing and competing who is going to say the most accurate condamnation of “Crypto Coined Assets”

‘A pyramid scheme,’ ‘worth nothing,’ ‘not reliable’: Crypto is being savaged at Davos by critics. Here’s a list of who said what

A “pyramid scheme,” “worth nothing” and “not reliable” — cryptocurrencies have been given a scathing review by top officials gathering in Davos, Switzerland for the World Economic Forum’s 2022 meeting.

Digital assets are a hot topic after the collapse of stablecoin TerraUSD sparked a major cryptocurrency crash this month, with around $1 trillion wiped out of the market.

Bitcoin, once worth more than $54,000, was trading at $23,424 on Tuesday, according to Coinbase, and is down by around 37% year-to-date. Other popular cryptocurrencies, like Ethereum and Solana, have seen even bigger year-to-date losses.

International Monetary Fund Managing Director Kristalina Georgieva compared some cryptocurrencies to pyramid schemes.

“When somebody promises you a 20% return on something that is not backed by any assets, what would we normally call this? We would call it a pyramid,” she said during a panel discussion on Monday.
“In other words, this is a pyramid [scheme] in the digital age.”

Speaking to WEF Founder and Executive Chairman Klaus Schwab for an episode of Radio Davos, European Central Bank President Christine Lagarde said “cryptocurrencies are not currencies at all.”

“They are speculative assets, the value of which changes enormously over the course of time, and they present themselves as currencies, which they are not,” she said.

“We should call a spade a spade. An asset is an asset, it has to be regulated as such, has to be supervised by the asset regulators and supervisors, but should not claim that it is a currency. It is not.”

François Villeroy de Galhau, governor of the Bank of France, said at Davos on Monday that he does not refer to crypto assets as cryptocurrencies.

“They are not reliable currencies, they are not a reliable means of payment,” he said. “In order to be a currency somebody must be responsible for the value — nobody is responsible for the value of cryptos. And it must be accepted universally as a means of exchange — it’s not.”

An investment, not a means of payment

Meanwhile, Sethaput Suthiwartnarueput, governor of the Bank of Thailand, told an audience at Davos: “It’s fine if you want to invest in [crypto], but we don’t want to see it as a means of payment because it’s not appropriate.”

Thailand’s central bank is developing a digital currency for the public, but the country announced earlier this year that it was banning the use of cryptocurrencies as a method of payment, saying widespread use of digital assets was a threat to the Thai economy.

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Bitcoin plunges overnight – CNN

04/12/2021 – Bitcoin prices plunged overnight to a low of about $43,000.

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Ed Rodriguez• 3rd+Blockchain / FinTech / Mobile, Info Solutions Startup & Strategic Initiative Strategy, Biz Dev and • 1 year ago 2021

Nine months of analysis and experimentation, “has led us to decide to move up a gear and start the digital euro project,” ECB President Christine Lagarde said.
#blockchain #cryptocurrency #crypto #bitcoin #euro #venturecapital #angelinvestors #banking

KEY POINTS BY European Central Bank President Christine Lagarde

“Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money,” Christine Lagarde, the ECB’s president, said.

The digital euro would allow consumers to pay electronically, without the need for banknotes and coins.

However, it would “complement” the existing monetary system rather than replacing physical cash and erasing the business of commercial lenders.

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The famous infamous Dame

which I baptized as Madame “OneCoin Maniac”?

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OneCoin “induced investors all over the world to invest in this actually worthless currency,” according to Europol. The Ponzi scheme is estimated to have netted about $4 billion. Ignatova is on Europe and the FBI’s most wanted list. It is widely considered the biggest scam yet in the history of crypto. 

Since the fire baptism, she has never shown the other side of this “OneCoin” as she has never shown the other side of her real face, Bingo et Hasta la Vista Crypto !!!

In early June 2016, 36-year-old businesswoman Dr Ruja Ignatova took the stage at Wembley Arena in front of thousands of raving fans. She was dressed, as usual, in an expensive ball gown, wearing long diamond earrings and bright red lipstick.

She told the enthusiastic crowd that “OneCoin” was set to become the world’s largest electronic currency “for anyone to make payments anywhere”.

“Bitcoin” was the first electronic money and remains the largest and most well-known – its rise in value from pennies to several hundred dollars per coin in mid-2016 had caused a frenzy of enthusiasm among investors.

The idea of ​​digital currency had only just come into vogue. A lot of people were looking to get involved in this strange new opportunity.

“OneCoin,” Dr Ruja told the Wembley audience, was the “Bitcoin Killer”. “In two years, no one will be talking about Bitcoin!” She cried.

All over the world, people were already investing their savings in OneCoin, hoping to participate in this new revolution.

Documents leaked to the BBC show the British spent nearly € 30m (FCFA19,678,709,999) on OneCoin in the first six months of 2016, including € 2m (FCFA 1,311,913,999) in just one week – and that the investment rate could have increased after the Wembley extravagance.

Between August 2014 and March 2017, more than 4 billion euros (2,623,828,000 FCFA) were invested in dozens of countries.

From Pakistan to Brazil, from Hong Kong to Norway, from Canada to Yemen… and even in Palestine.

Ruja Ignatova called herself the “queen of digital currency”. She told people that she invented electronic money to compete with Bitcoin, and persuaded them to invest billions.

Then, two years ago, she disappeared.

The use of crypto assets as a currency is forbidden for Muslims, according to Indonesia’s council of religious leaders. Nov 11, 2021

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For the moment it is a pure scam like the casinos  

A currency that floats without direction, nor productive and growing added value, and which is also not based on a reserve.  

This reserve should be a surplus of which several interbank transactions verify and sanction, control and increase its basis for transfer, convertibility [example of central banks and LIBOR] and achievements as a form of deposit, exchange, conversion, settlement. , loan and support for integrated productions in the circuit of regional, national and interbank international circulation.  

Add to this, Cryptomania is not used for the payment of debts, financial obligations such as taxes.

If all these procedures do not exist in the fiduciary identity and the financial value of Cryptomania, it cannot therefore claim institutional financial and legal legitimacy.

It is neither the number of participants, nor the level of transactions, nor the amount achieved, nor the slogans and propagandist speeches that will give legitimacy to Cryptocracy and Cryptorobotech.

The Suitcase and the Briefcase – Empty Case

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This new monetary technology is not geographically limited because it is based on the Internet. Among the most famous currencies, we find Bitcoin, Ethereum, Litecoin, XRP, Cardano, EOS, Monero, etc ….

Cryptocurrency is a new form of currency whose nature ultimately remains unclear or ambiguous, insofar as it cannot be reduced to either scriptural or fiat money. Payment information is stored on a smartphone and is securely encrypted to authorize payments. 

It is a currency that allows you to make online payments from a website. This currency does not belong to any state, it is not materialized and is not issued by any central bank, and which is not subject to any supervision by any country or any other regulatory body, it is a currency without bank, received by its own network users. Cryptocurrencies have multiplied and varied, and the differences between them are related to creation, time spent in the trading process, method and distribution, and others are related to the algorithms responsible for the process of trading.

The most important risk is that these users are not fully protected, so the responsibilities in case one of the parties does not respect these commitments is difficult to determine if not impossible, even the modalities of dispute resolution.

This situation does not please the States or the central banks, which today want to regulate this virtual currency which escapes them, certain countries like Japan or France even want to tax the exchanges in bitcoin, other States have outright banned like the China and Bolivia.

Nigeria has one of the fastest growing peer-to-peer Bitcoin markets in the world, but so far the country has banned cryptocurrency and warned its citizens that Bitcoin investments have no cover. legal. On January 12, 2017, the CBN (Central Bank of Nigeria) warned all banks and financial institutions in Nigeria to never use, hold, exchange or trade any virtual currency. On February 5, 2021, the CBN ordered banks across the country to close the accounts of anyone transacting in cryptocurrencies. 

Not only Nigeria, but also Morocco, Algeria, Libya, Egypt, Zambia, Zimbabwe, and Namibia have banned the use of cryptocurrency. In Kenya, the government is neither receptive nor opposed to cryptocurrency. However, it also warns its citizens that it is not legal tender, and therefore offers no protection for any failure that may appear in the cryptocurrency business. In South Africa, there are no specific laws or regulations that deal with the use of virtual currencies, however, a working group has been established on the regulation of crypto assets examining the country’s position on the subject. 

For demand factors, E-commerce has created the need among users to be able to consume at a distance, it should be noted that crypto-currencies are used in E-commerce operations. Today, millions of virtual money transactions are exchanged, such as bitcoin and others (Amazon coins, Ripple, Litecoin, Solidcoin, etc.). 

What is attractive to these companies is that cryptocurrency has the irreversible nature of payments. In other words, a settled transaction gives sellers a guarantee that the transaction is not at risk of being canceled.

Economic instability in Africa is one of the reasons Africans are switching to cryptocurrency. Companies like Bitcoin do not have a single domain, the money exchanged by the company is not affected by the inflation rates of a single country allowing citizens to protect their income from a failing economy. In addition, cross-border payments are easier with Bitcoin. 

For example, Paypal has already been banned in Nigeria due to its fraudulent and money laundering activities, but cryptocurrency companies use blockchain technology that stores public documents in a decentralized system, which means transactions cannot be banned from a single country.  In addition, cryptocurrency transactions are fast, transaction costs are lower and there are no intermediaries as they are decentralized. 

Finally, they are cryptographically secure. Business owners in Africa often want to expand their business internationally. Some of these companies have started using blockchain and cryptocurrency in order to gain the attention of the international market and protect companies against currency devaluation. 

Thus, the government ban on cryptocurrency cannot stop virtual currency online transactions. Some of these companies have started using blockchain and cryptocurrency in order to gain the attention of the international market and protect companies against currency devaluation. 

The main monetary policy processes

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“Monetary policy is to orient economic activity by regularizing the money supply “

Monetarism, Liberalism and Globalization: US Reactions and Coronavirus Clashes

The Aftermath of Coronavirus? Is this a Mathematical Formula or New Readings of Economic State Intervention? Where is the Invisible Hand of the Market? A second lecture more sincere of the works of David Hume and Adam Smith as well as David Ricardo needs to be conducted without having preconceived prism on our thoughts and perspectives that focus only and extract as well as manipulate … Continue reading Monetarism, Liberalism and Globalization: US Reactions and Coronavirus Clashes

The increased use of cryptocurrencies could have profound consequences for the financial system as well as the conduct and effectiveness of monetary policy.  Demonetization has important consequences for all monetary and economic aggregates.

In his book “The Curse of Cash” published in September 2016, economist K. Rogoff writes: “Liquidity stimulates the growth of the underground economy rather than that of the official economy”. He adds: “I am not in favor of a society without cash, which would neither be feasible nor desirable at the present time. However, a society without cash would be fairer and more secure ”.

On the other hand, in a recent IMF study in 2017, the impact is major at the level of monetary policy, thus the Bundesbank, in a 2014 study, estimates that reducing the costs of transformation would allow a gain of 2 to 3% of the GDP in Germany. The effects are however more structuring in monetary matters. As long as there is the possibility of having an electronic wallet [15].

However, complete demonetization presents risks for the control of monetary aggregates on the one hand and for financial and monetary stability on the other. The central bank is unable to control interest rates.

On the demand side, the public prefers to use cryptocurrency issued by the private sector rather than the primary currency issued by a public organization for privacy reasons.

The supply of cryptocurrency in particular by the private sector is inflexible in relation to the money supply circulating in the economy. The widespread use of cryptocurrencies despite their unsatisfactory characteristics compared to legal currencies. The question then arises: why is this currency incapable of playing the roles of medium of exchange, unit of account and store of value – because the supply of this currency is inelastic – is chosen?

Monetary policy instruments

Monetary policy instruments are of two kinds: reserve requirements and interest rate instruments such as open market operations which serve to signal the stance of monetary policy.

Financial innovations, the rise of international financial markets and the transformation of forms of money, which have called into question the dominant conceptions of monetary policy. All this forced the monetary authorities to adopt new provisions to control the issuance of the cryptocurrency and its management in order to conduct an effective monetary policy [12].

Demonetization and monetary policy, the case of Sweden: among the world’s leading cryptocurrency economies; we cite Sweden, with a drop in liquidity of more than 50%, and this since 2010. This has enabled the Swedish state to fight against tax evasion and corruption. This particularly reflects monetary policy in a remarkable way.

The Riksbank (the Swedish central bank) has set up its central digital currency called “E-Krona”.

The Riksbank considers the lack of cash as a threat to the payment system, this criterion was taken into consideration when preparing the E-Korna cryptocurrency.

In fact, this risk manifests itself because money creation by the private sector outside the cycle of the Swedish central bank generates a risk of finding itself in monopoly situations led by private suppliers, which is passed on to the costs by the bank. Swedish central. Following. The central bank fears in such a situation of losing control of the currency and therefore of the effectiveness of monetary policy.

The Riksbank took the decision to make a gradual transition and introduce a core cryptocurrency with the aim of increasing its ability to manage the money supply and ensure the stability of the payment system and maintain its role as a bank. banks. In this context, a new dematerialized version of the currency was tested by the Riksbank, with the aim of ensuring the sustainability and resilience of payment systems. 

The E-Korna, which is in the technical and legislative study phase, will be the object of a design so as to take the form of electronic money and this by proposing to the public to open accounts at the central bank which allows them to exchange legal tender in central currency via an exchange rate set by the central bank, and in a separation of these two forms of currency, or by issuing a central cryptocurrency by the Riksbank on an electronic wallet while maintaining the anonymity of transactions. Anonymity is only guaranteed for transactions below a certain threshold (currently at 250 euros) which is set by the central bank. 

Thus, E-Korna can either take the form of electronic money at the central bank or of course the form of cryptocurrency in an electronic wallet. Whether in the first or second case, transactions take place on a distribution ledger managed by the Riksbank connecting private payment service providers, end users and all. Anonymity is only guaranteed for transactions below a certain threshold (currently at 250 euros) which is set by the central bank. Thus, E-Korna can either take the form of electronic money at the central bank or of course the form of cryptocurrency in an electronic wallet. 

Whether in the first or second case, transactions take place on a distribution ledger managed by the Riksbank connecting private payment service providers, end users and all. Anonymity is only guaranteed for transactions below a certain threshold (currently at 250 euros) which is set by the central bank. Thus, E-Korna can either take the form of electronic money at the central bank or of course the form of cryptocurrency in an electronic wallet. Whether in the first or second case, transactions take place on a distribution ledger managed by the Riksbank connecting private payment service providers, end users and all.

In order to ensure a valid business model, the Bank of Canada consulted with payment service providers and merchants. Finally, and in order to prevent the illicit use of this currency, the Bank of Canada consulted various public bodies to discuss how to reconcile considerations of confidentiality and anonymity of transactions.

Conclusion: In conclusion, demonetization is now a challenge for monetary authorities, it presents an opportunity to further improve the effectiveness of monetary policy, but this must be done taking into account the enormous risks associated with the stability of the financial system, as well as the mechanisms by which these activities are carried out, the reduction of these risks associated with payment systems necessarily requires the deployment of encrypted central money and better control of its issuance, within a regulatory and legislative framework that is well defined, ensuring a good climate of competitiveness but above all a high level of security and guarantee for the entire system and its stakeholders.

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Response from Said El Mansour Cherkaoui 

First of all, I would like to have specific quotes on what you write as such and I quote you:

“Today, countries, large institutions and international companies have converted some of their money into crypto …”

In addition to giving names, I would also like to know the amounts and their end use by these countries, institutions and international companies.

Likewise, these conversions of “a portion of their money into crypto ..” are carried out and again, what are the end uses and their corresponding transactions.

These amounts in foreign currencies, they have what like guarantee and reserve of reference of their solvency at the level of the nominal value, the exchange value and the level of the convertibility value.

Regarding the reaction of legal tender of central banks and cryptocurrency, through the central bank’s controlled introduction of central cryptocurrency, within an appropriate regulatory and technical framework.

Apart from supply and demand and once again I quote you:

“Today, countries, large institutions and international companies have converted some of their money into crypto …” Do these types of transactions have the same instruments as the foreign exchange market (FX or forex) or national currencies they exchange against each other via cryptographic realizations.

Does this crypto conversion provide hedge against international currency and interest rate risks and allow them to speculate on geopolitical events and diversify their portfolios?

On the other hand in FOREX, the main players in this market are usually financial institutions such as commercial banks, central banks, fund managers and hedge funds, there is no country.

But you support and once again I quote you: “At present the countries,…. Have converted part of their cash into crypto…. So the question that arises is, how do countries stay away from FOREX and invest in crypto? 

Do you have the floor to explain this suicidal choice of public funds?

Does Crypto allow global companies to be used as is the Forex function with respect to forex markets to hedge the currency risk associated with foreign transactions and anonymous transactions that convey money laundering as well as illegal goods transfer operations under the table?

In addition, more than 70% of bitcoins are stored for speculative purposes, this can be detrimental to its use, which calls into question its credibility following the fluctuations that these prices are experiencing as a result of these speculative operations. In addition, anonymity is used by technicians and e-merchants to purchase illicit goods.

At the start of 2017, there were over 500 virtual currencies with a total market value of $ 16.8 billion, Bitcoin alone accounted for around 85% of the market.

New technologies have given birth to new instruments of currency circulation in contemporary economies, such as cryptocurrency, therefore the creation of a global capital market requires the internationalization of currencies that circulate outside their space of traditional area of operation.

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Crypto-Monnaie a Terre

Crypto Casino Royal – Cryptop Secret Mania CRYPTOCURRENCY Posted December 5, 2021 – Said El Mansour Cherkaoui – Updated June 19, 2022 & July 6, 2022 Sciences Po, Grenoble Institut de Recherche Economique et de Planification, Grenoble Institut des Hautes Etudes de l’Amérique Latine, Paris Université de la Sorbonne, Paris III Time has given me confirmation … Continue reading

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Energy Price Comparison

Research by the Energy Price Comparison Service shows that the amount of energy spent on Bitcoin mining around the world has already exceeded the amount used on average by Ireland and most African nations and is greater than the annual usage of nearly 160 countries. Miners are turning to increasingly powerful computers to accomplish these tasks and earn Bitcoin, and as a result mining (and, in return, Bitcoin transactions) is consuming more and more electricity. Indeed, according to the Dutch bank ING, a single Bitcoin transaction consumes as much electricity to power a house for an entire month. 

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http://www.businessworld.in/article/Bitcoin-Electricity-Consumption-Unsustainable-Cryptocurrency/29-11-2017-133168/ 

https://www.do4africa.org/adoption-de-la-crypto-monnaie-en-afrique/9092/embed/#?secret=CmXtNFvWcv

https://www.econstor.eu/bitstream/10419/142671/1/EERI_RP_2014_08.pdf

Cryptocurrency and Currency – Hamadi Mokhtar

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Does Matt Damon have crypto regret?

Theunis Bates

Are Matt Damon and LeBron James suffering from crypto regret? They are just some of the big names who’ve boosted cryptocurrencies in ads over the past year, portraying digital currencies as a financial revolution — and an easy way to make a stack of cash. But with the crypto market in meltdown, those same celebs have gone silent, reports The New York Times. Critics are now accusing the stars of pushing fans toward volatile investments without explaining the risks. And marketers are wondering if a continued crypto downturn will damage these celebs’ reputations.

All Those Celebrities Pushing Crypto Are Not So Vocal Now

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A $200B crypto wipeout

More than $200 billion was wiped from cryptocurrency markets Thursday after the “stablecoin” TerraUSD suddenly plummeted in value, sending shockwaves through the whole sector. Stablecoins are supposed to be backed by reserves such as U.S. dollars or other traditional assets and are intended to serve as safe havens in times of market volatility. But TerraUSD is an algorithmic stablecoin backed by code, not cash. A sell-off in its sister currency, Luna, sent Terra to a low of 23 cents Wednesday. Other cryptocurrencies also took a beating amid the panic:

Tether, the world’s largest stablecoin, sank below its $1 peg Thursday.

Bitcoin, the largest cryptocurrency, dropped to its lowest level in 16 months; it has lost more than 45% in value so far this year.

Cryptocurrency trading platform Coinbase has lost more than half its value in a week.

Andrew Beer•

For anyone following the $LUNA debacle and the #crypto meltdown:
I have zero useful technical expertise to explain what happened and why, but this feels like a game changer in several respects:
1. The dollars are big: if my math works, $90 bn in a month.
2. The human impact is real: Per reddit, many people lost their life savings and some are suicidal.
3. This will be THE crypto story for a while — just smells like a massive ponzi scheme on steroids when you get promised 20% returns with no risk.
4. Regulators — both in the US and abroad — will face huge pressure to act and act fast.
5. Political will of the crypto lawmaker lobby will wither.
6. Institutions like banks will need to step back to reassess everything — no one wants to get dragged into the next litigation blender.
We shall see..

Jack Denton•

There is a crash in the cryptocurrency world. Around $600 billion in digital asset market capitalization has been wiped away in the last week, with the price of Bitcoin falling 25%.
Part of that has to do with the stock market, and investor sentiment for bets that are viewed as risky.
But the meltdown of a stablecoin called Terra—designed to be pegged to the U.S. dollar—was a significant factor. It comes as lawmakers press for new regulations on stablecoins, which represent the bedrock of the crypto economy.

My story for Barron’s:

How a Digital Token Designed to be Stable Fueled a Crypto Crash

Dror Poleg•

Stablecoins offer the benefits of Decentralized Finance, minus the volatility of traditional tokens. At least that’s the theory.
In practice, some stablecoins have struggled to maintain their value — leaving customers bruised and confused.
Current market turmoil paves the way for more regulation and broader adoption of stablecoins as official government currency.

Are Stablecoins Stable?

Dror Poleg

The crypto market is tumbling. It’s not the first time or the last. Volatility is one of the things that make cryptocurrencies attractive to investor

Richard Turrin•

Crypto Armageddon is underway as panic selling hits crypto markets, Tether breaks its dollar peg, and Bitcoin hits new lows.

While I normally don’t write much about crypto, tonight, there really is only one story: the crypto market tanking!

I’m sorry to report this, and I am not gloating, even if I disapprove of the raw greed that the sector seems to worship. Still, this will be seen as a historic day given the magnitude of the losses, so let’s dive in.  

Why are markets tanking? The obvious explanation is their high degree of correlation with equity markets, which are pounded by rate rises. That makes sense, but I do believe that there is more to the story. 

My take on it is that fear levels have simply reached the breaking point for the majority of crypto holders. 

Just like a religion, crypto markets are challenging the faith of their followers, and the vast majority have had enough. Most are simply not going to sacrifice what little savings they have left on the alter of crypto.

Can you blame them? Who can afford to watch losses of 50+% and stand there and do nothing?  

Now it’s not just the losses. The headlines from this week show not just loss, but corruption:

1) Failure of Terra algorithmic stablecoin dropping some $50bn in market capitalization hit the market hard.

2) Reports that Terra founder Do Kwon launched another failed algorithmic stable coin a few years ago! “If at first, you don’t succeed, try, try again!”  

3)Bitcoin’s ongoing slide, which, while exacerbated by Terra, was well underway before Terra’s fall. 

4)Reports this week that 40% of crypto owners are now losing money on their investments. 

5) Coinbase, which is down 78% for the week, will have the rights to your crypto if they ever go bankrupt!

6) Reports from SEC head Gary Gensler that crypto exchanges are “trading against their customers often because they’re market-marking against their customers.” 

Still, despite the crash and bad news, this doesn’t mean that crypto is dead even if most of it should die.

One constructive comment on cryptos’ future that I hope the community can get behind came from a surprising place. 

CZ, the billionaire head of Binance stated on Twitter that:

“At the end of the day, we need to go back to fundamentals. Build real products, not reliant on short term incentives, or promotions, but with intrinsic value that people use.” 

So I don’t wish ill will toward crypto holders, nor am I gloating at their losses.

I do, however, wish that the considerable talent and resources of the crypto world would go back to “building real products with intrinsic value that people use.” 

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Peter A.•

More like un-stable coin… 300M so far in processed redemptions is peanuts compared to its 83 Billion dollar market cap… THEY DO NOT GUARANTEE REDEMPTIONS!!! #crisisofconfidence #bitcoin #tether #crypto

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Tether Loses $1 Peg, Bitcoin Drops to 2020 Levels of Near $24K

www-coindesk-com.cdn.ampproject.org •

William Nash• • 

Over the past 48 hours in crypto it’s all been a little hectic. A mixture of genuinely unprecedented events and normal market turbulence has led to a great number of news stories about crypto, coinbase, btc, LUNA etc. I speak with great crypto funds all the time – and wanted to quickly share their perspective over the past two days.
Firstly, fundamentals haven’t changed. All coins, and all stable coins are somewhat vulnerable to sophisticated attacks. Everyone knowledgeable in crypto knows that these types of long tail risks exist – and this hasn’t changed. Nobody is packing their bags because of this.
Secondly, crypto is still very very young. The fact that some genuinely brilliant journalistic outlets don’t understand crypto or defi is a sign that we’re still nowhere near to saturation.
Lastly, good processes and good systems are the most important thing in moments like this. It’s super noticeable that people with good risk management, strong systems and tools have been much much calmer. For them, this is the typical come and go of the market and they’re still focusing on their goals. #crypto

Rana Bhattacharjee• • 

Unbelievable volatility in one of top 10 coins/stable-coins recently. Keeping aside what happens to Terra Luna eventually or the future potential of crypto-currencies, from a financial investment perspective, this only goes on to reinvestment the age-old risk diversification principles.
1) Do not look at returns on a absolute basis. Always look at it relative to the amount of risk you are taking, risk being measured in terms of volatility. So in this example, one can very well imagine, what would be annualized volatility of an asset that can crash 98% in one day.
2) However good the projected return, do not put all eggs in one asset or even one asset class. Diversification can reduce the pain significantly.
3) Diversification should be among assets with low correlation. So investing in a ‘diversified portfolio’ of crypto currencies, is not achieving true diversification as all of them could go down together.
#investing #riskmanagement #diversification

Terra Luna cryptocurrency collapses 98%, investors lose life savings

Manoj Sugathan•

10 things I learnt from the ongoing Crypto Crash:
1. I am not smart enough to understand these complex crypto solutions. Neither are many of the founders of these Crypto solutions
2. You cannot create/mine/mint money out of thin air unless you are a government and has the military might to go along with it
3. On the way down, BTC and crypto’s looks like NASDAQ on steroids
4. Janet Yellen is more powerful than Do Kwon
5. SEC is more powerful than Terraform labs
6. After UST fiasco, regulators have no choice other than to come after other stable coins. USDT will be in the cross hairs next. And the outcome may not be pretty when the details of the commercial papers backing it comes out
7. Though BTC may be logically sound, if the pillars that holds it up like UST and USDT gets impacted, BTC can go a long way down
8. The last 2 days have been a great learning experience – nothing like real world flashing reds on computer screens
9. I think there are lot more lessons to be learnt in the coming days and we all need to start thinking more logically than getting carried away with exotic ideas
10. I am not smart enough to understand these complex crypto solutions. Neither are many of the founders of these Crypto solutions
#crypto #bitcoin #cryptocrash

Marcello Majonchi• •

If only there was a form of governance…
Maybe a central entity of some sort…
Wait a min…#stablecoin #terra #luna #defi #monetarypolicy #crypto

Aman Verjee, • 

Interesting story emerging about TerraUSD, an algorithmic stablecoin that seeks to maintain its value of 1:1 with the US dollar … a “peg.”
It does this with a complex combination of code, trader incentives, some smart contracts, and by working with a crypto token in the same ecosystem (Luna) which can be swapped for UST and vice versa by traders to keep the price of UST where it should be. A-list investors, a dollar peg, 15-20% “risk free yields,” all seemed like a crypto dream.
Only now it has come undone with stunning speed. A week ago, the future looked bright. On Monday, all of the mechanisms that were supposed to keep UST stable didn’t … it fell to a low of 60 cents. On Wednesday it crashed to 20 cents. They are now attempting to raise $1.5 billion from new and old investors alike to provide more collateral to UST, hoping to rebuild the token’s liquidity after it virtually disappeared from order books overnight.
Exactly why all of Terra’s carefully-planned mechanisms failed to do their job remains unclear. Let’s see if the peg holds.
#Luna #crypto #cryptocurrencies

‘Everything Broke’: Terra Goes From DeFi Darling to Death Spiral

Aya Kantorovich• • 

Thank you, Emily Chang & Bloomberg LP, for having me on to discuss what happened with #UST, Luna’s algorithmic stablecoin, this weekend into this week. 
UST is an algorithmic stablecoin that depends on a mint & burn function between LUNA and UST when the value of UST goes above or below its 1:1 ratio. Every time $1 worth of UST token is bought, $1 worth of LUNA is burned, and vice versa. 
The Terra team has also launched a number of applications, most notably, Anchor Protocol – which supplied a 20% yield on UST deposits to the pool. This pool hit $17bn in total value locked on Monday at its peak and consisted of money from every persona: retail, protocol treasuries, crypto native, traditional asset managers, venture funds, hedge funds, etc. 
This weekend, a motivated seller sold a significant amount of UST, de-pegging the algorithm. Why does this matter?
Loss of confidence in UST triggered a bank run which applied further downward pressure on the price of UST. UST is redeemable for $1 Luna up to a certain daily cap after which slippage increases. That cap was hit very quickly. The only alternative exit in DeFi is a liquidity pool on Curve. It contained $1bn of liquidity and got depleted by Monday morning.
Anchor went from $17bn in total value locked to $2bn today, with majority of folks rushing to pull out UST from the pull and convert to USDC or dollars as the peg saw lows of $0.3 today. 
What does this mean for algorithm stablecoins? All eyes on Frax, and TRON’s stablecoin, to see how these token fundamentals react to volatile markets.

The Role of Algorithmic Stablecoins in Crypto

Greg Parets• •

Some bumps in the road are unavoidable with the pace of crypto development. The failure of TerraUSD’s peg to the dollar (and the crash of UST and LUNA) is a big one. Coinbase has shaken both investors and users with the news that accounts would be considered unsecured creditors in the event of bankruptcy. Ultimately it’s a reminder that the path forward (or upward) is not always going to be a straight line (or a hockey stick). Digital assets, DeFi, Web3, etc. will be the future but not everyone is going to come out as a winner.
#cryptocurrency #stablecoin #terra #ust #luna #bitcoin #coinbase #digitalassets #defi #web3 #crypto

Trey Sellers•

#Bitcoin and #crypto are two completely different things. Bitcoin is decentralized money that can’t be manipulated; cryptos are decentralized in name only (DINO) and exist on a spectrum of misguided/infeasible to outright scam. Unfortunately, this can be an expensive lesson for some people to learn.

Luna Nosedives Under $2, Loses 98% Of Its Value As TerraUSD Struggles To Regain Its Dollar Peg

Gopal K.• •

With 7.5% inflation, you will lose half your money in 9 years. Crypto, I have discovered, is the only way to consistently outperform that. I have already lost half my money this year.
(from https://lnkd.in/egR9VTtb)

Krisztián Sándor• • 

My latest story on the biggest implosion in crypto in years:
the Luna Foundation Guard’s billions of dollars in bitcoin without an actual infrastructure ready to deploy left Terra’s $18 billion stablecoin UST vulnerable to a ‘Soros-style attack’.

UST’s Bitcoin Reserve Too Late in Coming to Save Dollar Peg

Andrew Busch• • 

This is where #crypto is going off the rails & feels like a big ponzi scheme.
1 crypto (#terrausd) is built upon another crypto (#luna) which can be sold for other cryptos like #btc .
What investor is going to pony up $1.5B to stabilise the market when there is no central bank as a backstop?
When the world melts down and investors dump risk, investments with shaky financial backing get crushed.
Investors are indiscriminate when trying to raise cash and sell everything.
While #BTC may hang in there, the periphery cryptos will be crash tested.
Theoretically, BTC works.
Others?

TerraUSD Backers Seek $1.5 Billion to Prop Up Stablecoin

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Additional Publications on Money by Said El Mansour Cherkaoui

Let’s wait for Godot – Sidna Kdar for better

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Publications on Related Topics in French Language by Said El Mansour Cherkaoui

Certaines de mes publications présentent le système monétaire international et le rôle de la Banque mondiale et du Fonds monétaire international dans la formation de l’évolution de l’économie mondiale en mettant l’accent sur les économies des pays du Sud.

Economie Mondiale en Mutation

Said El Mansour Cherkaoui – California – 15 Janvier 2021 Changing World Economy During the 1980s, the differences between non-Western countries and Third World countries became evident with regard to economic changes and progress at the level of the participation in the new industrial division of labor … Continue to read. إذا ريتا منكرن فغيره بي يديك فين لم تستطيع فغيره بي ليسانك فين لم … Continue reading

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Cours et Compréhension: Monnaie et Banques

Chapitre 27 – De la monnaie et des banques On a déjà tant écrit sur la monnaie, que, dans le nombre des personnes qui s’occupent de cette matière, il n’y a guère que les gens à préjugés qui puissent en méconnaître les vrais principes. Je me bornerai donc à un aperçu rapide de quelques unes … Lire la suite

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Coronavirus + Crise × Intervention de l’Etat => Circulation de Monnaie + Inflation = Chômage

COVID-19 – Coronavirus et le Besoin d’une Nouvelle Économie du Développement comme Remède National 5 – 4 = 2020 – Le 5 Mars 2020 Un Modèle Libéral Essoufflé par le Mal-Développement Durable et Ébranlé par l’absence de … Lire la suite

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Changing World Economy

Said El Mansour Cherkaoui – USA 15 Janvier 2021 Sciences Po, Grenoble Institut des Hautes Etudes de l’Amérique Latine, Paris Université de la Sorbonne, Paris III During the 1980s, the differences between non-Western countries and Third World countries became evident with regard to economic changes and progress at the level of the participation in the new industrial division of labor and the implementation of industrial strategy. East … Continue reading

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Débat sur la Monnaie: Economie Politique ou Politique Economique

Said El Mansour Cherkaoui 25/9/19 Oakland USA Sciences Po, Grenoble Institut des Hautes Etudes de l’Amérique Latine, Paris Université de la Sorbonne, Paris III Théorie Quantitative de la Monnaie VIEW ON THE NEW ECONOMY Vue sur la Nouvelle Economie Economie Politique ou Politique Economique MISE À JOUR LE 19 FÉVRIER 2020 Des origines lointaines Dès la … Lire la suite