Tuesday, 13 December 2011

Money without Banks?

The New Scientist editorial poses the question "Can citizen banking neuter the fat cats?"
The editorial refers to an article about Peer to Peer banking, Essentially cutting out the middle man (and his cut) from money transactions.
P2P lending could cause more money to circulate in the real economy, if interest payments could go directly to the masses, rather than to banker bonuses etc.
This remind me of several systems that use mobile phones to transfer money amongst users. Would you trust your phone company more than your bank?
http://thinkafricapress.com/economy/mobile-money-sparks-banking-boom
http://news.bbc.co.uk/1/hi/business/8194241.stm

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