Monica, money isn't created out of thin air. It's generated by people (or companies and nations) promising to deliver something -- goods, services or thirty years of hard work as with you and your mortgage.

The banks job really is to verify that there are good chances that you and I can keep the promise.

What is really exciting is that this verification can now be done instantly and anywhere in the world. This essentially elliminates most of the work of banks. All those fees etc. will almost disappear -- along with most banks.

Wonderful! Although, there will be tons of resistance to the change from politicians (Biden's embrace of MC and VISA apart from his thick head) but also many in the population also not getting it.

Many thanks. Always fun.