Today's discussion is on bad money, the difference between Starbucks and a bank. Good money is backed by government guarantee or robust regulations. Bad money, like the 100's of billions now held at money services businesses, lacks those protections. It has all the makings of a crisis. We discuss the history of privately issued good money, the rapid growth of bad money, and regulatory updates that can turn the bad money good. Please enjoy this breakdown of bad money.

Special thanks to Dan Awrey for his awesome paper Bad Money.

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