The Power of the Pachyderm: Currency Traders and the New Gold Standard

Lewis J. Walker
December 1996
Journal of Financial Planning;Dec1996, Vol. 9 Issue 6, p38
Academic Journal
In March 1996, after a month-Long standoff with the Republican Congress, the U.S. President Bill Clinton signed a bill that increased the Legal limit on the Federal debt from dollar 4.9 trillion to 55.5 trillion. A new threat to the dollar's position as the pre-eminent world reserve and trading currency now exists in embryonic form, led by a maverick U.S. bank and a bearded expert in computer cryptography from Amsterdam. David Chaum is the founder and chairman of DigiCash, a Netherlands-based company that has created the digital equivalent of cash, computer money. virtual currency. Chaum's company has teamed up with Mark Twain Bank in Saint Louis, Missouri, to introduce in the United States digital money called Ecash. Ecash is money that exists in your computer hard drive as a series of unique numbers, much like serial numbers on a dollar bill. As an Ecash subscriber, you can receive and transmit money in any currency anywhere on the globe to other Ecash participants. Privacy is as good as it gets; transfers are encrypted. Only the intended receiver can unscramble the code. The bank knows just enough to keep your account straight, but not who you send money to or who pays you. Digital money is cash; like cash, there is no Trail.


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