A Quote by Will Rogers
If a bank fails in China, they behead the men at the top of it that was responsible... If we beheaded all of ours that were responsible for bank failures, we wouldn't have enough people left to bury the heads.
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And so it can be very much in the interest of bank A to sell-short bank B shares, or buy CDSes on bank B, because they have exposure to bank B. It's the responsible thing to do as a fiduciary, and yet if everyone does it at the same time, it's destabilizing because everyone is selling.
We create our own government. We are responsible for its beauty and for its ugliness. We are responsible for its glories and for its failures and, most important, we are responsible for amending those failures no matter who are their most immediate architects.
In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
There's this constant narrative of anxieties: Is the U.S. in decline? Is China rising? People forget... no other country is trying to play the role we play. They're not signing up to be responsible for security in the Middle East, responsible for the global economy, responsible for enforcing international norms.
So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?
You shouldn't be trying to create a system where no bank fails, but you should be creating one that catches a bank and allows it to fail without impacting the financial markets.
We begin to change the dynamic of our relationships as we are able to share our reactions to others without holding them responsible for causing our feelings, and without blaming ourselves for the reactions that other people have in response to our choices & actions. We are responsible for our own behavior and we are not responsible for other people's reactions; nor are they responsible for ours.
The federal [bank deposit] insurance scheme has worked up to now simply and solely because there have been very few bank failures. The next time we have a pestilence of them it will come to grief quickly enough, and if the good banks escape ruin with the bad ones it will be only because the taxpayer foots the bill.
The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.
Bringing 17 crore people to the doors of the bank is a huge task and I commend all the bank officials for the same. It is not difficult to open a bank branch, it is difficult to get 17 crore people to open bank accounts.
Choicelessness brings you to the whole. Choice is always of the part, necessarily so. And then one person goes from one choice to another, becomes a driftwood - from this bank to another bank, from that bank to this bank. This is how you have been moving, down the ages, for so many lives
What we've done last night is what I call pushing back the risks..If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself? If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders.
It's responsible for the sloppiness and imprecision of the War on Terror, for example. It's responsible for taking people's tax dollars and spending the country into debt on useless wars and pointless pork projects to buy votes. It's responsible for bailing out the banks instead of standing up for the people the banks cheated. It's responsible for plenty.
Would that there were an award for people who come to understand the concept of enough. Good enough. Successful enough. Thin enough. Rich enough. Socially responsible enough. When you have self-respect, you have enough.
And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we have restraint on bank lending and bank issuances of liability.
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