Thursday, July 27, 2017

Peter J. Wallison — Why are we still separating banking and commerce?

What could go wrong with allowing big business to generate the unit off account "out of nothing" in addition to banks?

The push is on to erase the line between banking and fintech.

The American Banker
Why are we still separating banking and commerce?
Peter J. Wallison, senior fellow at the American Enterprise Institute and former general counsel of Treasury between 1981 and 1985


Andrew Anderson said...

If banks are to be unregulated then they should surely be UN-PRIVILEGED too.

Not that I believe that banks should be regulated beyond the ordinary laws against fraud and insolvency since how does one regulate government-privileged counterfeiting? Without becoming an accomplice to theft one's self?

Andrew Anderson said...

So the question should be "Why haven't we separated government from private credit creation?"