America's Federal Reserve Banks are moving ahead with plans to improve the country's payment infrastructure, promising to publish a roadmap in the coming months that could eventually lead to a faster payments system.
The accepted version of history is that the Federal Reserve was created to stabilize our economy. One of the most widely-used textbooks on this subject says: "It sprang from the panic of 1907, with its alarming epidemic of bank failures: the country was
fed up once and for all with the anarchy of unstable private banking." Even the most naive student must sense a grave contradiction between this cherished view and the System's actual performance. Since its inception, it has presided over the crashes of 1921
and 1929; the Great Depression of '29 to '39; recessions in '53, '57, '69, '75, and '81; a stock market "Black Monday" in '87; and a 1000% inflation which has destroyed 90% of the dollar's purchasing power.
I would agree that if the Noth American Banking Industry continues to drag their feet that other industries will step in to solve the clearing process. You can only feel sorry for yourself for so long. That time is here. You have to invest the money to stay
current not keep adding duct tape.
CompetitiveNew York City, NY (USA)
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