Editorial Board

Here Comes the Internet of Money

Financial innovation has widened access to capital, improved its allocation across the economy and made the world more prosperous.
The future is here.

Paul Volcker, the acclaimed former chairman of the Federal Reserve, famously questioned the value of financial innovation. He said he saw the point of the automated teller machine ("more of a mechanical innovation than a financial one"), but that was about it. Financial innovation was an unproductive competition for excess profit and a cause of instability.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.