Banking System Quotes

“Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies.”
― Suzy Kassem, Rise Up and Salute the Sun: The Writings of Suzy Kassem

“Not too long ago he had to spend countless hours refining and improving his lucrative investment algorithm to keep money flowing into his accounts, but nowadays he was swimming in earnings received by way of inside information from numerous connections he’d acquired on his rise in the financial and business scene. He was reeling in windfall profits. His connections afforded him with gains that most people couldn’t dream of acquiring in their wildest dreams, and the best part was he didn’t need to use an ounce of his brainpower or intellect to make it happen. He’d reached that upper echelon tier where wealth was casually doled out to those who were on the list, on the take. It was akin to having one’s own money-printing machine sitting in their den. A privately owned banking system that printed money out of thin air and accumulated debt from anyone who laid hands on it—no different than the Federal Reserve.”
― Jasun Ether, The Beasts of Success

“Usury is the cancer of the world, which only the surgeon's knife of fascism can cut out of the life of the nations.”
― Ezra Pound, What is Money For?

“Banks are nothing but old fashioned money lenders. They encourage you to borrow, to get in debt, and when you can't pay back the loan they take your home away. At least a money lender only breaks your legs.”
― Karl Wiggins, 100 Common Sense Policies to make BRITAIN GREAT again

“What businesses need from a bank is significantly different from what individuals need from a bank.”
― Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth

“Banks are to the economy what the heart is to the human body. They cycle necessary capital through the whole, and they are barely noticed until pressure, necessity, or crises.”
― Hendrith Smith, Essays on The Banking Industry

“Banking is transforming. What a bank will be in 2030 is going to be significantly different from what a bank has been for the past few hundred years.”
― Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth

“I think decentralized finance and traditional banking are going to experience a kind of hybridization within the next few decades; a blending together that results in something greater than the sum of its parts.”
― Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth

“The bank - or the Company - needs - wants -insists - must have - as though the bank or the Company were a monster, with thought and feeling, which had ensnared them... The banks were machines and masters all at the same time...
They breathe profits; they eat the interest on money. If they don't get it they die... It is a sad thing, but it is so. It is just so.”
― John Steinbeck, The Grapes of Wrath

“Those that think banks and governments are making them poor haven't seen the whole picture. Poverty is the act of trusting their system.”
― Robin Sacredfire

“A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the Nation, therefore, and all our activities are in the hands of a few men ♦ ♦ *, We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilised world — no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of small groups of dominant men.”
― Woodrow Wilson, The New Freedom: A Call For the Emancipation of the Generous Energies of a People

“A bank is but honesty with a premium. At least this is what it is supposed to be.”
― Lamine Pearlheart, The Sunrise's Commandment

“Sonnet of Cryptocurrency

The reason people are nuts about cryptocurrency,
Is that they hear the magic phrase regulation-free.
But what they forget to take into account,
Is that it also means the user alone bears liability.
The purpose behind a centralized system,
Is not exploitation but to provide trust and stability.
Anything that is decentralized on the other hand,
Is a breeding ground for fraud and volatility.
Not every fancy innovation is gonna benefit society,
Innovation without accountability is only delusion.
Cryptocurrency can be a great boon to banking,
If it merges with the centralized financial institution.
Intoxication of tech is yet another fundamentalism.
Algorithm without humanity is digital barbarism.”
― Abhijit Naskar, Hometown Human: To Live for Soil and Society

“Banks were once an extremely valuable part of the economy and did a lot of good in advancing civilization. Banks played a pivotal role in financing big projects like roads, bridges, factories, stadiums, etc. Banks were to the economy what the heart is to the human body. But that has ended.

Traditional banks have become extra toxic entities in the economy. It’s partially the fault of excessive government regulations that have made everything dysfunctional and it’s partially the fault of greedy bankers putting profits above customers and shareholders above society... But nonetheless, banks today offer very little benefit to their clients. They pay barely anything in interest. They offer barely anything in growth. They move money too slowly. They’re too restrictive. They’re selling the same boring products and services they did a hundred years ago. And they have too much power over peoples accounts. Soon, the many new companies and applications that emerge on the Ethereum infrastructure will eliminate the need for traditional banks and eliminate their value proposition by providing people with superior value. Everything from growth to asset management to lending can be done even better on the Ethereum infrastructure by anyone.”
― Hendrith Vanlon Smith Jr

“A regulator's greatest fear is the sequential collapse of hedge funds, banks, and brokerages. That process is hard to spot and even harder to stop.
...
There are two sides to every trade. In a crash there can be just as many winners as losers. The problem arises when the losers go out of business. At that point the winners can't collect so they become losers too. It's as if you were a big winner at roulette and went to the cashier to collect your winnings only to find the cashier window closed and the casino had just filed for bankruptcy. All you have left is a pocketful of worthless chips. At that point, even the market winners can fall into financial distress. Because of leverage, total losses can exceed the size of the market itself. It's like a minefield. Banks running from panic start stepping on mines.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy

“While there's nothing new about financial panics, the role of AI/GPT is new and makes matters exponentially worse. That's not a criticism of AI which works as intended. It's a criticism of humans who don't understand the tool, over-rely on it, and allow it far too much autonomy in the trading process.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy

“I never robbed a bank that didn't deserve it.”
― Koikka

“Inasmuch as the Bank of England became the main note-issuing bank and that some of the smaller banks elected to use Bank of England notes rather than issue new notes themselves, the private banks became very dependent upon the Bank of England. They had accounts with the Bank, and kept their reserves with it, and when they ran into difficulties because of a lack of confidence as to their ability to repay depositors on demand (i.e., a run on a bank), they relied on whatever support they could get from the Bank of England.”
― D.P. Whiting, Mastering Banking

“Religiously speaking, interest is an act of theft.”
― Mwanandeke Kindembo

“একটি অর্থনীতির সব টাকাই যদি ঋণ হিসেবে প্রবেশ করে, তাহলে সব ঋণ মহাজনকে বা কেন্দ্রীয় ব্যাংকে পরিশোধ করে দিলে দেশে কোন টাকাই থাকে না। আর টাকা ছাড়া যেহেতু একটি দেশ চলতে পারে না, এর মানে দাঁড়াচ্ছে কোন দেশই ঋণ থেকে মুক্ত হতে পারবেনা।”
― মোহাইমিন পাটোয়ারী, ব্যাংকব্যবস্থা ও টাকার গোপন রহস্য

“ন্যায্য মুদ্রা এবং মুক্ত ব্যাংকিং ব্যবস্থা অসম্ভব নয় বরং এটি এক প্রকার নিষিদ্ধ।

—হ্যান্স এফ. সেনহোলজ
আমেরিকান অস্ট্রিয়ান অর্থনীতিবিদ ও লেখক”
― মোহাইমিন পাটোয়ারী, ব্যাংকব্যবস্থা ও টাকার গোপন রহস্য

“The more I ponder, I wonder if this isn't a searing, modern example of the peasants' historic inclination to doff their caps and tug their forelocks. To take their punishment and to remain silent. The banks tell us to believe the hype, the spin, to praise their brilliance and sophistication. They're smart because they say they are - and we accept they are because they say they are.”
― Chris Blackhurst, Too Big to Jail: Inside HSBC, the Mexican Drug Cartels and the Greatest Banking Scandal of the Century

“It doesn't matter if you start late, as long as you start.”
― Clifford Thurlow, How to Rob the Bank of England: Keith Cheeseman Reveals the True Story of Britain’s Biggest Ever Robbery

“In general, markets have well-known inefficiencies. One is that transactions do not take into account the effect on others who are not party to them. These so-called externalities can be huge. That is particularly so in the case of financial institutions. Their task is to take risks, and if well managed, to ensure that potential losses to themselves will be covered. To themselves. Under capitalist rules, it is not their business to consider the cost to others. Risk is underpriced, because systemic risk is not priced into decisions. That leads to repeated crisis, naturally. This inherent deficiency of markets is well known.”
― Noam Chomsky, Hopes and Prospects

“After the predicted disaster occurred, an “emerging consensus” developed among economists “on the need for macroprudential supervision” of financial markets, that is, “paying attention to the stability of the financial system as a whole and not just its individual parts.” Two prominent international economists added that “there is growing recognition that our financial system is running a doomsday cycle. Whenever it fails, we rely on lax money and fiscal policies to bail it out. This response teaches the financial sector: take large gambles to get paid handsomely, and don’t worry about the costs—they will be paid by taxpayers” through bailouts and lost jobs, and the financial system “is thus resurrected to gamble again—and to fail again.” The system is a “doom loop,” in the words of the official of the Bank of England responsible for financial stability.”
― Noam Chomsky, Hopes and Prospects

“This ... he largest financial bailout in history ... was not just a bailout of SVB [Silicon Valley Bank]. It was a bailout of over fifty thousand SVB depositors with over $170 billion in deposits. It was a bailout of SVB's customers, it's employees, their suppliers, and the entire high-tech startup ecosystem in Silicon Valley and around the world.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy

“This ... the largest financial bailout in history ... was not just a bailout of SVB [Silicon Valley Bank]. It was a bailout of over fifty thousand SVB depositors with over $170 billion in deposits. It was a bailout of SVB's customers, it's employees, their suppliers, and the entire high-tech startup ecosystem in Silicon Valley and around the world.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy

“... Why do bank runs commence? The answer is psychology period some customers or counterparties come to believe a bank will not repay them so they pull their money out or close transactions as quickly as possible. They are not reassured by ... Press releases or positive comments by management. Word spreads, the withdrawals accelerate, and within days, sometimes hours, the bank closes its doors. From there it's an open issue whether the lost confidence spreads to other banks, in a process called contagion. No amount of capital or comment can stop a bank panic; it has a life of its own.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy

“... why do bank runs commence? The answer is psychology. Some customers or counterparties come to believe a bank will not repay them so they pull their money out or close transactions as quickly as possible. They are not reassured by ... press releases or positive comments by management. Word spreads, the withdrawals accelerate, and within days, sometimes hours, the bank closes its doors. From there it's an open issue whether the lost confidence spreads to other banks, in a process called contagion. No amount of capital or comment can stop a bank panic; it has a life of its own.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy

“If insolvency is not transparent or well understood, and if illiquidity is backstopped by the Federal Reserve, then why do bank runs commence? The answer is psychology. Some customers or counterparties come to believe a bank will not repay them so they pull their money out or close transactions as quickly as possible. They are not reassured by ... press releases or positive comments by management. Word spreads, the withdrawals accelerate, and within days, sometimes hours, the bank closes its doors. From there it's an open issue whether the lost confidence spreads to other banks, in a process called contagion. No amount of capital or comment can stop a bank panic; it has a life of its own.
...
Enter AI. The next bank run may be triggered not by human panic but by AI imitating human panic. An AI bank analysis program with deeply layered neural networks and machine learning capability (perhaps complimented by a GPT capacity to speak with human analysts) Could read millions of pages of financial data on thousands of individual banks, far more than any team of human analysts could review. It's training set of materials provides familiarity with the dynamics of bank runs, basically an emerging property of a complex dynamic system, along with historical examples, worst case scenarios, and defensive moves. Events like the gold corner of 1869, the panic of 1907, the Great Depression of the 1930s, and the S&L crisis of the 1980s would all seem as fresh as today's news. This system would reach the same conclusion as a human analyst — move first, get your money out fast, don't be the last in line.
The true danger is not that the machine thinks like a human — it's supposed to. The danger is that it can act faster and communicate with other machines.”
― James Rickards, MoneyGPT: AI and the Threat to the Global Economy