Centralization makes many people, but especially bankers, comfortable, secure, and able to sleep at night. As much as bankers may beef about regulators and “inside the Beltway” thinking, the idea of federal regulation and supervision provides a magnetic north. The Federal Reserve itself is a “central bank,” and it and key private players, like The Clearing House, Visa, MasterCard, and NACHA, serve as key central points for the movement of what we consider to be real “money,” even though today it mostly consists of blips in databases. Read full article
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