A Quote by Herve Falciani
When I was young, I thought banks were there to protect the assets of people who had justified concerns, because of their experiences under communism for example.
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I think there's a disconnect between political leaders and young voters around a lot of things related to the private sector. For example, a lot of politicians continue to attack big banks. While I'm not a defender of big banks, my sense is younger voters have had generally pretty good experiences with banks.
The financial crisis was linked to the fact that banks had excessive leverage and too many risky assets. The solution is not to try to dictate to banks what they can do or not do, but to require them to strengthen their capital to absorb potential losses and hold less risky assets.
I thought you were supposed to be the champion of your people,' I said. I live because I need to do that. For anyone who is left.' Don't you see? No one will be left. Protect them now or there will be no one to protect!' This is a battle that goes on and on. It never ends. You're too young to understand. No! You're too much of a coward to fight.' I was sick of lies and secrets and of battles so old we had to erase who we were to fight back. And still we lost. Still we were tied to posts.
Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
Let's be honest: It wasn't just the banks who messed up. There were a lot of people who tried to buy assets they couldn't afford. That's a reality.
The Founders warned that a free society depends on a virtuous and moral people. The current crisis reflects that their concerns were justified.
There's only one thing that all of the central banks control and that is the base, their own liability, and they can control that in various ways. They can control it directly by open market operations, buying and selling government securities or other assets, for example, buying and selling gold, or they can control it indirectly by altering the rate at which banks lend to one another.
When I was young, communism, which had a certain allure to me, was clearly a failed experiment in the Soviet Union and in China. And yet, anti-communism was as bad.
Communism has not died. We naively thought in the '90s we had buried communism, but this is not true. It is not dead, and it will be coming back.
I have always taken the view that sometimes war may be justified, as police action can be justified, to protect the weak and vulnerable (a major preoccupation in scripture). But this is an old and difficult question and very wise people take different views.
Media and technology are our greatest assets. And yet, they are our most undervalued and underused assets. Now when I say that, people look at me like I'm crazy because every young person we know in the world is never without media, ever.
Governments having failed the people, the people are entirely justified in assuming for themselves an essential role in government. Where a government takes proper measures to protect the people under its care, such a proceeding might have been thought both unnecessary and unjustifiable: But here it is quite the Reverse.
The other reason I didn't want to fictionalize it is because one of the main points of publishing a memoir in nonfiction was that I wanted to write about what had been a very lonely experience. The books that most saved my life as a kid were the ones that articulated lonely experiences that I had thought were mine alone.
There were the days when women were under contract, and they were thought of as a commodity, so they hired the best writers and a lot of them were women at the time. This was in the thirties and forties, to make product for the people who were under contract, who were their assets to the studios. But that doesn't exist anymore - and as a result, the people who are in the industry write products that interest them.
Back when I was an Islamist, I thought our ideology was like communism - and I still do. That makes me optimistic. Because what happened to communism? It was discredited as an idea. It lost.
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