Do We Need Banks?
A newly recruited employee passes a bundle of training banknotes through a teller window at Bank of Taizhou Co.’s training facility in China, on Nov. 7, 2017. (Photographer: Qilai Shen/Bloomberg)

Do We Need Banks?

More than a decade ago, in the days before the Global Financial Crisis, I asked a provocative question on this blog: “Had we invented CDOs first, would we have ever found it necessary to invent ban...
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