Cash and Credit Cards are dying and the Fed is Clueless

What will take to force the Fed to crack down on payment apps? The theft of hundreds of millions of dollars from average Americans through a security breach in Apple or Google Pay?

Contrary to popular belief, money can be created without a government mandate. Any medium of exchange that citizens accept can function as money and create all the problems that money can such as inflation.

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Google Pay ads Airline and Transit Passes

The payment wars will only end when central banks like the U.S. Federal Reserve, the People’s Bank of China (PBOC; the Bank of Canada, the Reserve Bank of India, the European Central Bank, and the Bank of England step in and take control of the payment system. That will be a repeat of what happened with paper money, which was originally printed by private banks but eventually taken over by Central Banks.

My prediction is lesser solutions like Microsoft Pay and Stripe will eventually be rolled into a larger payment solution. Eventually, there may just be one payment app; which will probably be managed by the Federal Reserve, or an international agency of some sort.

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PayPal and the Future of Payments

PayPal might be shut out of markets by central banks like the People’s Bank of China (PBOC), or find itself competing with banks like the Federal Reserve. Something to remember is the paper money was developed by private banks and appropriated by central banks. The appropriation of electronic payments networks by central banks is beginning in countries like China and India, and it is likely to spread around the world.

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