In 2022, central banks bought the most gold since 1950. It wasn’t a spur of the moment thing nor a rash decision: they had been stockpiling gold for more than a decade. And while the year had its flare-ups, namely in the form of Russia’s invasion of Ukraine, was it really worse than the previous two?

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Central Bank Digital Currencies, or CBDCs, have gotten an enormous amount of attention. Many central banks are looking into them, from the Federal Reserve to the European Central Bank to African nations. Yet they almost seem difficult to define. Why is that so? It might be because what they propose is so brazen that we can’t quite wrap our heads around how it would work.

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