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Instead we would create a global framework (not an organisation, with accompanying bureaucracy) within which "Risk-Management-Institutions-formerly-known-as- Banks" would operate as service providers.

Well, the clearing union would have "an organisation, with accompanying bureaucracy". Someone has to build and operate the systems.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Oct 29th, 2008 at 09:36:34 AM EST
[ Parent ]
Yes, but it would be a "Managing Partner", and ideally a consortium of the different service providers necessary.

As you know, I have long believed that a partnership between a Cooperative of Service Providers and a Cooperative of Service Users is probably an optimal enterprise model...

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky

by ChrisCook (cojockathotmaildotcom) on Wed Oct 29th, 2008 at 09:47:14 AM EST
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