2020-02-07 10:50

I observed a year ago that post-crisis bank regulation amounted to the Fed admitting that it was a failure, with banks treating reserves like pre-1913 banks treated gold. So I’m pleased to see that at least some Fed officials understand that this is a problem.

it is worth remembering that a principal reason for the Federal Reserve’s creation was to facilitate the movement of reserves when needed from banks with an excess reserve position to those in need of reserves

Source: Federal Reserve Board – The Economic Outlook, Monetary Policy, and the Demand for Reserves

More secure = more not-useful

With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card.

Source: Apple Card launches today for all US customers – Apple

While @jackieLbrewer was working at the bakery there was a cash register glitch. For several days they took credit card payments on paper, writing the number down by hand, and then entering them manually at the end of the day.

Those customers would have been totally secure from being able to buy bread.

Marketing image courtesy of Apple