A Quote by Henry Paulson
I can't help but think what would have happened if a divisive character such as Trump were president during the 2008 financial crisis, at a time when leadership, compromise, and careful analysis were critical.
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The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. FinTech would have happened without the global financial crisis - but it would have taken much longer.
The heart of the 2008 financial crisis was a coterie of reckless financial executives, working for too-big-to-fail financial companies, who were handsomely compensated for taking risks that almost ruined the economy when they failed.
People will not follow a leader with moral incongruities for long. Every time you compromise character you compromise leadership. The foundation of firm leadership is character.
You can't look back at the worst financial crisis of our lifetimes that started in 2008 and not have some important lessons about the critical nature of oversights in financial markets and institutions.
Go back to the Bible, the Old Testament. I mean there were people who we would call intelectuals, there, they were called prophets, but they were basically intelectuals: they were people who were doing critical, geopolitical analysis, talking about the decisions of the king were going to lead to destruction; condemning inmorality, calling for justice for widows and orphans. What we would call dissident intelectuals. Were they nicely treated? No, they were driven into the desert, they were imprisoned, they were denounced. They were intelectuals who conformed.
The "magic if" is a tool invented by Stanislavski, the father of acting craft, is to help an actor make appropriate choices. Essentially, the "magic if" refers to the answer to the question, "What would I do if I were this character in this situation?" Note that the question is not "What would I do if I were in this situation?" What you would do may be very different from what the character would do. Your job, based on your analysis of the script, the scene, and the given circumstances regarding the who of your character, is to decide what he or she would do.
I believe that the financial crisis of 2008/9 exposed more a lack of ethics and morality - especially by the financial sector - rather than a problem of regulation or criminality. There were, of course, regulatory lessons to be learned, but at heart, there was a collective loss of our moral compass.
During the financial crisis and bailouts of 2008, it probably occurred to very few average people that we were entering a period of hardship for billionaires.
At any Trump rally, the Trump supporters were peaceful. They were enthusiastic. They loved America. They were excited. They were pro Trump. They were not bullies. They were not angry. They were not doing anything unless they were provoked.
I got plenty of guesses wrong on things in the past as well. I don't want to pretend I have some great insight... But when the global financial crisis came along in 2008 it was scary times if you were in the middle of building $5 billion buildings. It wasn't perfect... I think that I am the luckiest person in Australia.
The "prophets" were what we would call dissident intellectuals. They provided critical geopolitical analysis, condemned the crimes of the powerful, called for justice and mercy for those who needed help, etc. I wouldn't personally endorse everything they said, any more than I would for critics of power and its crimes today. But rather generally I think they played an honorable role - and suffered accordingly.
The financial crisis happened because no-one could actually say out loud how bad things were.
The financial crisis was a classic case of the political class failing the American people. Twenty-five agencies were supposed to be minding the store during the financial crisis and every one of them was asleep at the switch.
I think we all agree that the comments Donald Trump made in relation to Muslims were divisive, unhelpful and wrong.
Modern conservatism was forged in the crucible of the 1970s inflation crisis, and in the aftermath of the 2008 financial crash many conservatives were convinced that there was nothing the Federal Reserve could do about the vast army of the unemployed without touching off a similar inflationary spiral.
The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. Any serious student of financial crises and their root causes needs to read this book.
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