George Selgin is the director of the Cato Institute's Center for Monetary and Financial Alternatives and is a returning guest to the Macro Musings podcast. Today, George joins the show to talk about recent developments in the payment system. Specifically, George and David discuss the history of attempted payment system solutions, the challenges and costs facing the implementation of a real-time payment system, and why we should care about this issue today. Transcript for the episode: https://www.mercatus.org/bridge/podcasts/11112019/george-selgin-past-present-and-future-real-time-payments-system George's Twitter: @GeorgeSelgin George's Cato Institute profile: https://www.cato.org/people/george-selgin Related Links: *Federal Reserve Announces Plan to Develop a New Round-the-clock Real-time Payment and Settlement Service to Support Faster Payments* - Federal Reserve press release https://www.federalreserve.gov/newsevents/pressreleases/other20190805a.htm David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

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