The Free Exchange Trust

It’s easy to underestimate the great institutions. Look no further than the FXT, which some mistake for a corporation. They control money, but they aren’t a bank. They control trade, but they aren’t merchants. They’re a monopoly, but they’re not a monolith. They’re a sprawling web of open hands and closed fists. Confused? Think of it this way. Claiming ownership of clusters of stars is no true…