129. The Future of Banks
Fintech companies are all chomping at the bit to take market share away from banks. Right now they’re making inroads on services like currency transfers, but will they ever extend to offering full service banking, including lending. Unlikely, says Steve Keen, because banks use money creation to make profits. But, Phil Dobbie asks, if cryptocurrencies can be created from nothing, whats to stop other non-banks from developing new global currencies that negate the need for us to rely on traditional transactional banking?
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