At the same time, this record could also be misused to defraud consumers or infringe on their financial privacy, by irresponsible action on the part of the issuing institution or in some other way. Consumers could sacrifice their protection but retain their privacy by purchasing cards without this extensive record-keeping or by signing “opt out” forms to prevent the disclosure of confidential information.
Ignazio Visco, who has allowed me to quote him on this, tells me that ‘he (Caffè) got on very well with Friedman and wrote him a letter to get me into Chicago University; my application was accepted, but I decided to go to the ‘Keynesians’ (at that time) at Penn...’ Yet Caffè’s position was clear.