Lew posted on the opposition to Wal-Mart entering the banking business. Wal-Mart could have branches everywhere, in many countries too, and in far more convenient locations than most banks.
What if we had a really free market in money and banking?
Wal-Mart in a free market could issue its own vouchers or certificates good for the purchase of goods at Wal-Mart. Given its big size, its reputation, and that so many people shop there, these vouchers could pass from hand to hand. In short, Wal-Mart would be issuing currency based on a “shop” foundation of these vouchers being redeemable at Wal-Mart for merchandise. It could even pay employees in these vouchers.
Wal-Mart could issue Wal-Mart money.5:57 pm on September 24, 2008 Email Michael S. Rozeff