“There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a massive barter economy. All it requires is some commonly used unit of account and adequate computing power to make sure all transactions could be settled immediately. People would pay each other electronically, without the payment being routed through anything that we would currently recognize as a bank. Central banks in their present form would no longer exist – nor would money.” PeopleReasonFormUsedPayEconomyProductsDirectAccountsProducersConsumersNo ReasonMassiveUnitsAdequatePaymentTransactionsComputingCentral Banks Author:Mervyn King
