> banks will eventually start looking more like investment intermediaries
As you stated if you divorce payments from lending they are simply investment intermediaries. I'd argue that today the payment systems versus lending mechanisms are completely independent and yet TBTF banks are protected via CB from failing as if the two (payment systems and lending) were inseparable.
> banks will eventually start looking more like investment intermediaries
As you stated if you divorce payments from lending they are simply investment intermediaries. I'd argue that today the payment systems versus lending mechanisms are completely independent and yet TBTF banks are protected via CB from failing as if the two (payment systems and lending) were inseparable.