President Kohn of the Kansas City Fed speaks at the ECB/De Nederlandsche Bank Conference conference in Frankfurt.  He argues for greater control by the Fed over the payments system.  While his outline of problems makes sense, they also describe the failure of the current system, and the lack of foresight from the existing controls, and its unclear that the proposed solution from them will have any impact other than exacerbating those problems.  The problems he describes are real and more importantly consumer facing.  They are also imho problems that large banks could address given their scale and the opportunity for … Continue reading Should the Fed be the 14th payment network, and how would that solve the problems?