Legacy Payments Systems. Chris Daniel Co-Chair, Global Payment Systems Group Paul Hastings LLP. Conference of State Bank Supervisors Emerging Payments Task Force Public Hearing May 16, 2014. Overview. A History of Currency in the United States The M1 Money Supply
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Co-Chair, Global Payment Systems Group
Paul Hastings LLP
Conference of State Bank Supervisors
Emerging Payments Task Force
May 16, 2014
“For the first five generations of America’s independent history – from 1776 till the eve of World War I – a single question has vexed American politics and the American economy more persistently than any other. Political careers were made and broken on this question; political parties rose and fell. Great wealth rewarded those who answered it correctly; bankruptcy claimed those who got it wrong. No question touched more livelihoods and more lives more consistently, more intimately, more portentously. The question was the money question. In simplest form it asked: What constitutes money in the United States?”
-David Wolman, The End of Money: Counterfeiters Preachers, Techies, Dreamers – and the Coming Cashless Society (2012).
Colonial Currency (1565-1792)
Civil War-Era Greenbacks
Bretton Woods System
Gold Standard Act
State Bank-Issued Notes