On Mon, Jan 19, 2015 at 8:48 AM, Jed Rothwell <jedrothw...@gmail.com> wrote:
> When the new technology can do everything the old one does, and more, at a > lower cost with other advantages such as speed and convenience, the old > technology invariably goes away. > To be included in the disadvantages of a new technology are ones relating to existing regulations and to sunk capital costs. The technology exists for me to securely wire money to someone in the US free of charge. But when I actually do so I write a paper check and send it via snail mail, using up one of a handful of stamps I bought sometime back. This is because an interbank wire transfer initiated over the Internet will cost 20 - 35 dollars and will entail filling out a long form that includes my current job title and the recipient's social security number. One might imagine that US bankers would be embarrassed when they travel overseas and see the alternatives that are available to people living in other countries. I think this impression might be mistaken. The type of people who succeed as bankers in the US may be impervious to embarrassment. Eric
