Abstract
The questions confronting policy makers grow broader, questions which this volume seeks to explore. For example, what is modern money going to look like in the years 1990–2000? What will be the features and characteristics of money in the new technology? How soon is electronics likely to become fully acceptable as a means of payment? Who—or what—will create money then, and make the transfer to payee? What direct or indirect role will the Federal Reserve System play in the creation, clearing, and control of this futuristic money?
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes
Solomon earlier presented these and other questions before the Electronic Banking Economist Society in New York City on February 7, 1985—reprinted as “EFT and Money Supply,” The Bankers’ Magazine, July–August 1985, 77-81. The Society’s (THEBES) enthusiasm in seeking answers was a driving force in our desire to produce this synthesized volume.
The notion that a cloud of phantom “virtual particles” surrounds elementary matter was developed by Nobel prize winning physicist Richard Feynman in the seventies. Triggered by a “Heisenberg uncertainty” loan of energy, “virtual” protons and electrons meet to form real matter for a brief time, which is destroyed when the loan of energy is repaid some time later, usually within milliseconds. In the quantum world of subatomic physics, matter is thus continually being created and destroyed. See Richard Feynman, The Character of Physical Law, Cambridge, MA: MIT Press, 1982; and Paul Davies, Superforce, New York: Simon and Schuster, 1984.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1987 Springer Science+Business Media Dordrecht
About this chapter
Cite this chapter
Solomon, E.H. (1987). Introduction. In: Solomon, E.H. (eds) Electronic Funds Transfers and Payments: The Public Policy Issues. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-7738-0_1
Download citation
DOI: https://doi.org/10.1007/978-94-015-7738-0_1
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-015-7740-3
Online ISBN: 978-94-015-7738-0
eBook Packages: Springer Book Archive