A Quote by Kofi Annan
Applaud us when we prevail, correct us when we fail; but, above all, do not let this indispensable, irreplaceable institution wither, languish or perish as a result of Member States' indifference, inattention or financial starvation.
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Let it never be said by future generations that indifference, cynicism or selfishness made us fail to live up to the ideals of humanism which the Nobel Peace Prize encapsulates. Let the strivings of us all, prove Martin Luther King Jr. to have been correct, when he said that humanity can no longer be tragically bound to the starless midnight of racism and war.
For if there were a list of cosmic things that unite us, reader and writer, visible as it scrolled up into the distance, like the introduction to some epic science-fiction film, then shining brightly on that list would be the fact that we exist in a financial universe that is subject to massive gravitational pulls from states. States tug at us. States bend us. And, tirelessly, states seek to determine our orbits.
If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution.
Change will not come from above, it will come from below, from the small and medium size businesspeople. They do dare to show their faces. They applaud us and help us financially.
Life has its share of fears and failures. Sometimes things fall short. Sometimes people fail us, or economies or businesses or governments fail us. But one thing in time or eternity does not fail us-the pure love of Christ.
If you took a blue spruce tree and planted it in the desert, it would obviously perish. How do we forget that we too are living systems, and each of us have unique environments, needs, and conditions within which we flourish or wither?
Fortunately, when Korea was struck by the 1997/8 financial crisis, that was a good opportunity for us to engage in fundamental reforms and strengthen our financial structure. As a result, our financial regulatory structure and regime have been very much strengthened.
The next decade will perhaps raise us a step above despair to a cleaner, clearer wisdom and biology cannot fail to help in this. As we become increasingly aware of the ethical problems raised by science and technology, the frontiers between the biological and social sciences are clearly of critical importance-in population density and problems of hunger, psychological stress, pollution of the air and water and exhaustion of irreplaceable resources.
And who is any of us, that without starvation he can go through the kingdoms of starvation?
Christianity taught us to see the eye of the lord looking down upon us. Such forms of knowledge project an image of reality, at the expense of reality itself. They talk figures and icons and signs, but fail to perceive forces and flows. They bind us to other realities, and especially the reality of power as it subjugates us. Their function is to tame, and the result is the fabrication of docile and obedient subjects.
Applaud us when we run, Console us when we fall, Cheer us when we recover.
The past can teach us, nurture us, but it cannot sustain us. The essence of life is change, and we must move ever forward or the soul will wither and die.
Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution
Though foreign loans are indispensable for the emancipation of the rising capitalist states, they are yet the surest ties by which the old capitalist states maintain their influence, exercise financial control, and exert pressure on the customs, foreign and commercial policy of the young capitalist states.
When a large financial institution is allowed to fail, you put in jeopardy hundreds of thousands, if not millions, of people.
It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.
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