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And there is no reason that payment clearing couldn't be done by an international trust or some other not-for-profit organisation.

Effectively some of it is already - banks provide a public interface to CHAPS, SWIFT and other clearing systems.

But in the UK there's still paper cheque clearing, which is still done - get this - by letter post.

The 3-5 day clearing schedule is a massive drain on the economy. Payments are made late and debt defaults happen because of it.

So it would be to (almost) everyone's benefit to automate the system to the maximum possible extent, and to speed up transactions so that credits and transfers would be available instantly.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Wed May 6th, 2009 at 10:34:18 AM EST
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Personal cheques haven't been used in Finland for 20 years.

You can't be me, I'm taken
by Sven Triloqvist on Wed May 6th, 2009 at 10:38:58 AM EST
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Or in Spain, but in the US and UK they are still used.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Thu May 7th, 2009 at 01:57:03 AM EST
[ Parent ]


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