The Unbundling of Banks: How Stablecoins Change Everything | Charles Calomiris

The podcast features a discussion about the nature of banks, particularly chartered banks, as products of the nation-state and outcomes of political bargains. The conversation explores how banks have historically served state interests and the implications for understanding modern banking systems and the future of stablecoins. It critiques the notion of banks as abstract entities, emphasizing the political realities shaping their evolution and regulation. The discussion touches on historical examples, the role of political coalitions, and the potential for stablecoins to disrupt traditional banking models, including the Federal Reserve. It also addresses the political challenges and the need for informed public engagement to shape the future of financial systems.