Kellerman on underground banking

In Banking Beyond the Law Miles Kellerman writes on one of the ways the world is seeking to bypass the existing financial order:

In a new piece, I examine the original escape artists: underground banks.

He explains why it is interesting:

Why do these informal payment networks matter? One answer is their astounding size (roughly $200-500 billion per year). Another reason, which I want to briefly expand on here, is the lesson they hold for our fracturing financial order. 

The primary theme of global finance is escape. Specifically, escape from the American-dominated financial order. We see this most directly in efforts to diversify away from the dollar as the world’s de facto reserve currency.

He published an essay for Aeon magazine on the topic.

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