I cannot believe Fed Gov Waller said this about the current international payment system:
"You can do wire transfer with Western Union right now very cheaply ... so we already have some relatively cheap international payments remittances"
1/4
"You can do wire transfer with Western Union right now very cheaply ... so we already have some relatively cheap international payments remittances"
1/4
As @ctorresreporter highlighted
2/4
https://twitter.com/ctorresreporter/status/1423374357200576513?s=20
2/4
How broken is the payment system?
Non-physical transfer of money originated in 1871 with Western Union.
Early transfer (1873), for $300.
Notice the fee was $9.34 or ~ 3%.
150 yrs ago WU had to put coins in a saddlebag and deliver it on a horse. More expensive today.
3/4
Non-physical transfer of money originated in 1871 with Western Union.
Early transfer (1873), for $300.
Notice the fee was $9.34 or ~ 3%.
150 yrs ago WU had to put coins in a saddlebag and deliver it on a horse. More expensive today.
3/4
Waller showed how utterly clueless he is to the broken payment system and why his organization night be incapable of fixing it.
After all the Fed was founded in 1913 and after 108 years this is the best they have to offer.
4/4
After all the Fed was founded in 1913 and after 108 years this is the best they have to offer.
4/4
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