Macro Lit Review 2: Highlights from Late 2022 with George Selgin
Macro Musings with David Beckworth
00:00
Real Time Payments - Is RTP a Ponzi Scheme?
The story being sold to the public is really, I think, misleading. It's a myth. The Fed had not only given its blessing to the RTP plan, but it invited the clearing house and numerous other stakeholders and payments to develop some kind of plan for real time payments. Here we are now with two incomplete networks, one not up and running quite yet, instead of one complete network. They've spent millions on creating a parallel system as taxpayers' money because they didn't guard against volume discounts.
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