With little fanfare, the Federal Reserve will begin transferring the nation’s money supply over an Internet-based system this month…
The NY Post has this article on the Fed’s plan to use an Internet-based system to transfer currency between banks. The old, MS-DOS based system, working over a private network, moves $1.8 trillion per day.
I guess Greenspan hasn’t read the news lately. I’m getting reluctant to use my credit card over the Internet, and we’re going to trust our entire banking backbone to it.
We edge closer and closer to the abyss each day…as they said in the Gremlins 2 movie, “We’re advising our clients to stock up on canned goods and shotguns.”