Larry Summers knows a thing or dual about money. He ran a Treasury Department underneath President Clinton, and his signature is on a $20 bill. When he has a dispute about a cost of something, it’s value profitable attention.
So what’s bugging him today? Speaking to a room of financial leaders in New York, a benefaction day reflection of Alexander Hamilton groused about a cost of earphones.
“In a universe of really worldly information technology, it’s kind of a conspicuous thing that if we go outward and buy a $400 span of headphones, $8 will be private for estimate a payments. That’s a lot,” he told Fortune’s Alan Murray during Consensus 2016, a three-day eventuality about financial technology.
The source of Summers’ ire, though, is not a cost of electronics. Instead, a indicate of his criticism was how a U.S. financial complement still permits middlemen, like credit label processors, to remove a 3% levy on each consumer transaction, and even some-more in a box of large sheet equipment like houses.
In a future, Summers believes that much-hyped blockchain technology will let banks and other financial institutions transparent exchange forever faster than they do now. And during a tiny fragment of the