*  *  *  International finance presents us with a number of intriguing anomalies, but the one that seems to bedevil monetary policy makers the most as they seek stability and growth (the topic of this conference) is the seemingly endless ability of the United States to finance its current account deficit.
In this scenario, the current paper-check infrastructure of the Federal Reserve that is heavily reliant on physical transportation will be replaced by an electronic-processing infrastructure with a production data center and a few backup sites, not unlike today’s ACH network.