Macro Lit Review 2: Highlights from Late 2022 with George Selgin
Macro Musings with David Beckworth
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Is the Fed a Fail-Safe System for Stablecoins?
Fintechs with special purpose charters of any sort should get Master Accounts granted to them, he says. They must commit to backing their payment liabilities 100% with Master Account balances and isolate these reserves in a bankruptcy-remote way. "This would be a fail-safe system as far as any risk of loss on the part of the holders of these private payment media"
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