Who in their right mind would be so bold as to predict the end of money and banking as we’ve known it (besides yours truly, that is)?
Well, how about the Governor of the Bank of England?
“There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a massive barter economy. All it requires is some commonly used unit of account and adequate computing power to make sure all transactions could be settled immediately. People would pay each other electronically, without the payment being routed through anything that we would currently recognize as a bank. Central banks in their present form would no longer exist – nor would money.”Beyond Money
– Mervyn King – Governor of the Bank of England
Coming soon: a world without money and banks.
Thomas H. Greco, author of The End of Money and the Future of Civilization
(h/t Michael Bauwens via Twitter)