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about his discourse is the idea of new technologies which enable us to render the existing financial "infrastructure providers" irrelevant.

What militates against a rapid changeover is the huge amount of inertia in the system. There are certainly much better alternatives available for personal banking, business banking etc, but the existing market-share holders will continue to extract rents from us, colluding between themselves, and with the authorities, as necessary.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Wed Feb 29th, 2012 at 11:58:23 AM EST
[ Parent ]
Well, I've been saying as much here for years, initially to showers of brickbats.

Clearly great minds think alike ;-)

The dynamic which is changing things is the fact that dis-intermediation to a role of service provision is actually in the interests of the intermediaries themselves - because minimal capital is necessary - and that is why they are already doing it and fucking up organised markets by selling passive 'inflation hedging' investment to muppets while they are at it.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Wed Feb 29th, 2012 at 12:06:41 PM EST
[ Parent ]
What militates against a rapid changeover is the huge amount of inertia in the system.

Once inertia seems to be on the way to being overcome expect copious quantities of 'strategic damage' or sabotage to be inflicted by existing financial incumbents, the worst of it through governments which they control and their legal systems. Only when that has been overcome can we truly have a paradigm shift. But favoring the shift might be some incumbents betting on making the shift themselves as early adopters and using their incumbent power to confuse and confound the existing system.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Feb 29th, 2012 at 12:56:15 PM EST
[ Parent ]


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