A Quote by William Howard Taft
One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.
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The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people's money, and customers were met by armed guards at the branches.
There is no legislation--I care not what it is--tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.
From the time I entered cabinet, the emphasis was on reforms, but reforms which did not abolish separate development, but reforms which were aimed at changing the very, very dehumanising aspects. Giving greater freedom of movement, giving private property ownership within so-called white South Africa also to blacks. Abolishing the concept of job reservation on the basis of race and colour. Allowing free organisation for trade unions, also black trade unions.
National law has no place in cyberlaw. Where is cyberspace? If you don't like banking laws in the United States, set up your machine on the Grand Cayman Islands. Don't like the copyright laws in the United States? Set up your machine in China. Cyberlaw is global law, which is not going to be easy to handle, since we seemingly cannot even agree on world trade of automobile parts.
A financial panic is a very bad thing, but a government panic can do far greater damage in a far shorter time.
The regulator banned cryptocurrency... then there was an order from the Supreme Court. So, in the absence of any strong law, it was very important for us to come out with a comprehensive law-one for the private digital currency and second for the government for its digital form of currency, or the virtual currency.
The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.
Those not favorable to the money trust could be squeezed out of business and the people frightened into demanding changes in the banking and currency laws which the Money Trust would frame.
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.
Anyone interested in the past, present, or future of banking and financial crises should read The Bankers' New Clothes. Admati and Hellwig provide a forceful and accessible analysis of the recent financial crisis and offer proposals to prevent future financial failures. While controversial, these proposals--whether you agree or disagree with them--will force you to think through the problems and solutions.
We believe that Ripple will change the way the world thinks about and uses currency through universal access to a trusted, transparent, and easy-to-understand multi-currency financial tool.
Concerning the common currency: today, the euro is not worth it for Poland. The reason why we survived the financial and economic crisis quite well is that we have a national currency. This will not change in the near future.
Innovation has stalled in the banking industry. While the rest of the world is in the digital age, banking remains stagnant. We are here to change this and bring banking to the 21st century. We will ensure our customers feel involved in the progress of this bank and are offering them a truly enjoyable banking experience – different from anything they have experienced before.
It's clear now that Donald Trump and his administration doesn't want the start a trade war. What we are seeing is a very careful and meticulous review of all the tools they have available and to use those to start bringing cases against countries under existing law that they think are unfair.
The [Barack Obama] administration is sharing its knowledge, its expertise with the incoming administration. And this, to us, is a sign of encouragement, to continue the good cooperation that we have built between the United States of America and the Federal Republic of Germany that is in our mutual interest.
The Obama administration deserves credit for quickly ending the housing free fall. In particular, Obama empowered the Federal Housing Administration to ensure that households could find mortgages at low interest rates even during the worst phase of the financial panic.
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