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• 06:43, 30 June 2026 Ca2xg talk contribs created page In Praise Of Hawala (Created page with "In Praise of Hawala by J. Orlin Grabbe When I was teaching at Wharton, I remember one student who was amazed that he could "wire" his Treasury bill from a bank in Chicago to a bank in Manhattan. Of course there was no mystery to the process. Treasury bills only exist as accounting entries on the books of the Federal Reserve: there is no physical token or quality printed document involved. The bank in Chicago was the registered owner of the T-bill on the Fed's books, an...")