2026-02-09
56 分钟Welcome to Macro Musings,
where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past,
present, and future.
I am your host, David Beckworth,
a senior research fellow with the Mercatus Center at George Mason University,
and I'm glad you decided to join us.
Our guest today is Dan Ari.
Dan is a professor of law at Cornell University and is the author of a new book titled Beyond Banks,
Technology, Regulation, and the Future of Money.
In it,
Dan argues that our financial system is built around a deep and increasingly strained bundling of banking,
money, and payments.
He introduces what he calls Gresham's new law,
the idea that technology advances and payments outpaces the legal and institutional frameworks needed to ensure sound money.
We'll talk about how banks came to dominate money and payments,
why so much innovation is happening outside the banking system,
why bankruptcy is the Achilles heel of many new monetary instruments,
and how recent policy proposals like the Genius Act tie into a broader blueprint for reform.
Dan, welcome to the show.
Thank you so much, David.