TIME The Future of Money - April 27th, 1998

In 1998, the author Joshua Cooper Ramo penned an incredible piece for TIME titled, The Big Bank Theory and what is says about the future of money. Within the piece, Ramo went on to write, "At the center of this new world is a conflict between consolidation and disintermediation (a word that sounds like a tropical disease but means the removal of intermediaries, such as banks, from financial transactions). The disintermediation camp ... believes that the future will belong to companies that master the technology of this new era, firms that give investors subatomic-level control over their finances with sophisticated products that balance risk and reward, cost and value. The opposite camp ... argues that the future belongs to huge financial institutions that will package investments and provide investors with cradle-to-grave services: everything from insurance to car loans to airplane tickets ... It is not an either/or proposition ... [but] ... the future lies in being both nimble and smart."

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