At 1:52 PM -0700 on 9/20/99, Wei Dai wrote:
> Unfortunately it seems unavoidable unless you have a trusted party control
> the money supply.
Yes. In business, they call this quaint phenomenon "financial
intermediation". ;-).
Seriously, if you have *lots* of intermediaries in competition, the
situation is *quite* stable and very robust, which is the whole point
of free banking.
Cheers,
RAH
-----------------
Robert A. Hettinga <mailto: [EMAIL PROTECTED]>
The Internet Bearer Underwriting Corporation <http://www.ibuc.com/>
44 Farquhar Street, Boston, MA 02131 USA
"... however it may deserve respect for its usefulness and antiquity,
[predicting the end of the world] has not been found agreeable to
experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'
