Link? "Degree of disintermediation", yes, it is central by definition! Is that bad? Well, that's a fancy question. We already have very few banks, so if that w

Link? "Degree of disintermediation", yes, it is central by definition! Is that bad? Well, that's a fancy question. We already have very few banks, so if that was really what one cares about, I'd say the "disintermediation" Rubicon has already been crossed. Now, banks has a creative and non-creative function. The creative one is loans, and more broadly subverting the rules to do finance things (insert Minsky things here). The non-creative one is just mere accounting. I see 0 point why we don't centralize all the accounting as a public utility. Certainly it would be a political argument about AML and KYC getting too strong, not an economic one. Baring such woo woo, accounting is either boring....or fraud! Centralize is to to make less busywork!