Wednesday 20 March 2019
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allafrica - 30 days ago

Nigeria: How Prepaid Bills Hurt the Economy

[This Day] Alan Greenspan, the US Federal Reserve Bank Chairman from 1987 to 2006, wrote in his book, The Age of Turbulence, about his greatest worry when September 11 happened in the US that If you wanted to cripple the U.S. economy, you d take out the payment systems. Banks would be forced to fall back on inefficient physical transfers of money. Business would resort to barter and IOUs; the level of economic activity across the country could drop like a rock.


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