banks can't globalize the way other firms can because the banking system is so close to a form of sovereignty: governments very carefully guard the privilege to create more money, and when they give it out, there are strings attached.
But yeah, just like it's it's I've never met a Stripe customer and thought that's boring. Um so so it's actually the business as a whole has been the opposite of uh of the Schlep Blindness um instinct.
the whole industry is is kind of stuck in this world where they make a lot of money because it is this way. But there's zero reason why it should cost 2 or 3%. Just zero.
Another way of putting it is that a collection of dozens of solvent well-run banks can still be broken as a group if they become greatly overleveraged compared to how many depositors want their money back at once.
That's due to the fractional reserve structure of banks. They're unstable and reliant on each other by design, more closely than companies in most other industries.
The Player of Games by Ian M. Banks is about a champion board-game player who gets roped into an espionage operation infiltrating an alien culture where political power is determined by the outcome of a uniquely complex strategy game. Set in a far-future human civilization run by a constellation of (mostly) benevolent and inscrutable AIs, Banks's science fiction is more relevant than ever.
Almost all discussions of it center on “data”, but it’s actually a fight about payments, and whether banks have a right to monopolize and charge for all economic activity their users engage in, irrespective of whether the bank operates the payment method.
You know, in the banking business, the character the clients you have will reflect in your bank. So, the first thing is who you're doing business with, how you're doing business
if you look at the history of banks from up until 2007, a lot of banks were earning 30% equity. Most of them went bankrupt. We never did that much. Okay, but in '08 and '09, we were fine, and they weren't.
A lot of our middle market clients use investment banking products. A lot of our consumer clients use some effects. So, all of our businesses feed each other. There's no extraneous. We got rid of everything that didn't fit a strategy.
If a new monetary network with its own unit (i.e. not pegged to an existing currency as a credit rail on top of it, but rather a fully parallel system to central banks) is going to bootstrap from zero to massive, it requires upward volatility.
There is, however, one approach that tops all of them - which the Swiss banking industry has not yet achieved, but is destined to. And that is to become a centre of true investing excellence.
No Prime Minister wants to do what we have to do in relation to the winter fuel allowance, but we have to take the tough decision to stabilise our economy to ensure that we can grow it for the future.
Their words now
However, I recognise that people are still feeling the pressure of the cost of living crisis, including pensioners, and as the economy improves, we want to make sure that people feel those improvements each day as their lives go forward. That is why we want to ensure that more pensioners are eligible for winter fuel payments as we go forward.
This is a worthy entry in the genre. It suffers a bit from extensive plot not about banking and characters who barely speak to dragons. But all of that irrelevant fluff makes it one of the most underrated fantasy series I’ve ever read.
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