Financial System Quotes

“Money hijacks the potentially meaningful interactions between people.”
― Jasun Ether, The Beasts of Success

“if we behaved like banks we woluld be charged with fraud”
― Jacque Fresco, The Best That Money Can't Buy: Beyond Politics, Poverty & War

“The purpose of a centralized financial system or any other system, is not to exploit people, but to ensure stability in the society.”
― Abhijit Naskar, The Gospel of Technology

“Blockchain itself is not dangerous, but if we start using decentralized blockchain as a complete substitute for our traditional transaction methods, then I am afraid, it would destroy the very human foundation of our financial system.”
― Abhijit Naskar, The Gospel of Technology

“Centralized blockchain can be a great boon to the society, especially in the developing parts of the world, whereas decentralized blockchain will only cause chaos and destruction.”
― Abhijit Naskar, The Gospel of Technology

“Any financial system that seeks to eliminate the need for trust will be eliminated by the need for trust.”
― Hendrith Vanlon Smith Jr

“Trust is a non-negotiable element of financial systems.”
― Hendrith Vanlon Smith Jr

“Incorporating cryptocurrency in the traditional centralized financial system not only speeds up transactions exponentially, but also it makes the system more user-friendly, whereas in a decentralized system cryptocurrency will only breed insecurity and chaos, due to the utter absence of liability.”
― Abhijit Naskar, The Gospel of Technology

“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

“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

“The people telling you to follow the rules are the same people who profit when you don’t question them.”
― Joseph C. Kunz Jr., Money's Dirty Little Secrets: How to Break the Rules, Get Filthy Rich, and Laugh All the Way to the Bank