Singapore banks face creative destruction

The city-state

WHEN is something money and not just a cowrie shell? When you can pay taxes with it. Or that’s the argument of chartalists, the folks who see the state’s hand behind the origins of all manner of money.

So don’t be surprised if in a couple of years, the tax authorities in Singapore send a QR (Quick Response) code with their annual bill. Scan this modern-day cowrie shell, and you’ll get a thank-you SMS for contributing to nation-building.