[13358] in Cypherpunks
Re: The American money capture
daemon@ATHENA.MIT.EDU (Phil G. Fraering)
Sat May 7 15:25:36 1994
Date: Sat, 7 May 1994 14:21:38 -0500
From: pgf@srl06.cacs.usl.edu (Phil G. Fraering)
To: hughes@ah.com
Cc: cypherpunks@toad.com
In-Reply-To: <9405022049.AA27273@ah.com> (hughes@ah.com)
\I have the opportunity of a group meeting with some of the SF Fed
/operations staff a couple of weeks ago. Their words:
\"The Fed is in the government but not of the government"
/Other tidbits:
\-- The new Fed funds transfer system will continue to use DES, and
/will not be using Clipper.
They have the resources to distribute the keys securely themselves,
or to have one-time pads or whatever... Clipper doesn't replace
DES, or plain secure non-public-key systems, does it?
\-- The Fed wants to get rid of paper checks. The check subsidy from
/the float is enormous. The purpose of the Expedited Funds Transfer
\Act (mandated two day clearing of checks over $2500, among other
/things) was to start squeezing the float out of the checking system.
\Eric
I guess they had problems putting the fnords in people's checks...
+-----------------------+You will know pain.
|"Standard Disclaymore" |You will know fear.
|pgf@srl03.cacs.usl.edu |And then the Amiga will die. Sentiments
+-----------------------+Have a pleasant flight! seen on
"Death before dishonor! Death before dinosaur! Death before DOS!" -c.s.a.a.
