credit unions, financial innovation, fintech, decentralization, disintermediation

Last week, I had the pleasure of addressing the Michigan Credit Union Economic Summit on the future of financial services. I discussed emergent themes in financial regulation as a result of new technologies, and their implications for the industry. Here are my remarks — I hope you…

Fritz Machlup, fractional reserve banking, credit creation, bank credit, Alt-M Classics

[Having drawn attention in my last post to Fritz Machlup's superb 1940 book, The Stock Market, Credit, and Capital Accumulation, it occurred to me that  excerpts from that work concerning the circumstances in which an increase in the supply of "fiduciary" bank credit will not promote an…