“…For the opposing viewpoint, see Sechrest (1987Sechrest ( , 1989aSechrest ( , b, 1991aSechrest ( , b, 1993Sechrest ( , 2007, Selgin (1994Selgin ( , 1998Selgin ( , 2007a, Selgin and White (1996), White (1992White ( , 1995White ( , 1999. 3 The issue turns on whether or not the transactions costs of ''attacking'' the 99% FRB through adverse clearing house balances are more or less than the benefits of eliminating a competitor.…”