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.
Banks have come to realize in the recent crisis that they are paying the price for having designed compensation packages which provide incentives tha… - Mervyn King
Banks have come to realize in the recent crisis that they are paying the price for having designed compensation packages which provide incentives tha…
- Mervyn King
Global market forces will sort out those companies that do not have sound corporate governance. - Mervyn King
Global market forces will sort out those companies that do not have sound corporate governance.
To set aside one’s prejudices, one’s present needs, and one’s own self interest in making a decision as a director for a company is an intellectual e… - Mervyn King
To set aside one’s prejudices, one’s present needs, and one’s own self interest in making a decision as a director for a company is an intellectual e…
When banks extend loans to their customers, they create money by crediting their customers’ accounts. - Mervyn King
When banks extend loans to their customers, they create money by crediting their customers’ accounts.
When I was a graduate student at Harvard, I learned about showers and central heating. Ten years later, I learned about breakfast meetings. These are… - Mervyn King
When I was a graduate student at Harvard, I learned about showers and central heating. Ten years later, I learned about breakfast meetings. These are…
The underlying intellectual argument for seeking to tax economic rents retains its force. - Mervyn King
The underlying intellectual argument for seeking to tax economic rents retains its force.
There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a… - Mervyn King
There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a…
Of all the many ways of organising banking, the worst is the one we have today. - Mervyn King
Of all the many ways of organising banking, the worst is the one we have today.
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