Why Do We Consider Banks To Be Like Holy Churches?

The only interview I care about out of the festival of “Blah Blah Blah” that is Davos:

Do any other world leaders — I use the term loosely, most “world leaders” follow the lead of the big banks — understand the critical principle of creative destruction?

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96 thoughts on “Why Do We Consider Banks To Be Like Holy Churches?

  1. Popular science has over-stepped the mark(et) vis a vis spirituality insofar as hyper-dogmatic atheism is a less reasonable position to adopt compared to, say, being agnostic and saying: maybe, maybe not – I just don’t know if a God exists and doubt my personal potential to decisively prove this point one way or another.

    This may, therefore, have induced some extreme atheists to replace the idea of religion (take your pick) with the idea of science – framed as indisputable according to whatever (indefinable?) ‘scientific consensus’ the relevant, dogmatic atheist was harping on about. In turn, this probably has resulted in a less flexible mode of thinking amongst the very top scientists, while at the same time the bottom and middle ground of the science community is experiencing a Renaissance of sorts.

    Ruper Sheldrake is definately onto something.

    National Law & Religios Law? They are quite similar in nature, one can argue, if applied to society at large through (unwanted) force, as the comment on Tagent’s Richard Christopher Whalen’s website seems to suggest:

    “The real division is not between conservatives and revolutionaries,
    but between authoritarians and libertarians.”

  2. Nobody can know for sure, of course, but I think it may be fairly reasonable to say that Tangent Capital Partners is at least one of, if not the, most sophisticated assortment of global analysts on Earth at the moment.

    New Fund Hopes to Prove Outspoken Analyst’s Thesis
    http://dealbook.nytimes.com/2012/01/30/new-fund-hopes-to-prove-thesis-of-outspoken-analyst/

    The work JR’s is associated with vis a vis water is so absolutely important to society at large

  3. JR ! Come to Australia to help our pollies (Australian slang for politicians) fix our water problem. As Jefferey Goldberg of Atlantic fame recently wrote

    “One of the biggest domestic political issues we debate is water” said the OZ PM J. Gillard.

    http://www.bloomberg.com/news/2012-12-13/as-china-rises-so-do-australia-s-anxieties.html

    (Also see this JR — > http://www.bloomberg.com/news/2012-12-03/israel-s-list-of-friends-keeps-getting-shorter.html)

    Unfortunately cos of poor water governance in OZ some farmers have been destroying produce opposed to trying to sell it, obviously a very horrible thing, not just for the populace in terms of food prices but also in terms of (unnecessary) waste more generally…

    PS Flag JR for me Aziz re this msg he doesnt seem to respond on Twitter, don’t think he likes me :-(

  4. Speaking of creative (and PEACEFUL!) destruction in terms of commerce…

    1 Intel exec was recently speaking about this, kind of ironic considering I think it’s a healthy bet to short the stock, medium term….

    Failure gives some very fundamental insights: Justin Rattner
    http://www.livemint.com/Companies/NfRi54fI66f2dhLmj5i8BP/Failure-gives-some-very-fundamental-insights-Justin-Rattner.html

    How long till the top Intel guys start breaking off to produce their own, new companies that are more specialised and like-minded finance?

    • Al: I don’t see how thermodynamics relates to banks and churches, but don’t try to second guess (the latest — none is “final”) laws of hard science until you’ve thoroughly studied the subject, e.g., heat IS energy. Of course we’ve learned that mass is convertible to energy, but not, I guess, the reverse. Maybe another law, “entropy”, is reversed in the cosmic big picture, as new stars are formed from old debris.

  5. The thing about the English is, while they can be a bit quirky, some of them tend to have this quite unique ability to make light (or even fun of) serious situations with an intentionally cheeky sense of humour…

    No later than last night, in fact, I told Dad that we need to take ourselves less seriously sometimes

  6. FTA agreements with Iceland, Switzerland on horizon, China Daily Reports:

    http://www.chinadaily.com.cn/business/2013-01/25/content_16173527.htm

    The global banking system is now in the process of inverting itself. The tables have turned. No longer is it a race to the bottom through currency devaluation. Now, instead, it is a race to the top through the concrete establishment of free trade agreements.

    Australian can serve as a balance of power equaliser; a clearing house for global funds sloshing between the US & China.

  7. Brussels is shooting itself in the foot vis a vis fish. 1 of EUs richest ladies recently privatised some islands to preserve the environment in which they existed. Similarly, fishing zones could be privatised to allow for a more calculated use of resources. Again, doing so would also dampen down tension if people knew who owned what. Right now, that’s not really clear.

    “The economic cost of that mismanagement is $50bn per year,” said Ms Kyte. “That’s $50bn that we just throw back into the sea as waste”

    http://www.bbc.co.uk/news/business-21206881

  8. Forces fishermen to throw an estimated 20% of their catch overboard because it does not fit with their quotas? Every smart person gets that this is silly. It’s the same dynamic playing out in Australia vis a vis the farmers wasting produce I mentioned in relation to JR – because, for the time being at least, the governance of water exists in the twilight zone, and not just in Europe! It’s totally random. A tiny bit of clarity could go a long way.

  9. Prince Albert II of Monaco agreed. “We need to act quickly to save our natural environment,” he said.

    Like I say, principle of property property draws a poor fisherman off the coast of some fairly obscure country to wind up agreeing with the Prince of Monaco. This is not random.

  10. Pingback: The Only 3 Minutes Worth Listening To From Davos | Fix All My FinancesFix All My Finances

  11. To anwer the question in the title of the above post (i.e. why do we respect banks), the answer is that senior bankers dress in smart clothes, drive flash cars and live in big houses. And that impresses everyone. It fools everyone. That is, 99% of the human race are mugs: they are totally fooled by appearances.
    The politicians who should be regulating banks and letting them fail are the biggest mugs of all. They’re fooled by the claim made by banks namely that if banks fail, the economy collapses.
    The truth is that economic activity funded by bank lending is only one form of economic activity. There is also activity funded by equity. Plus there is activity funded by entities other than banks (e.g. relatives lending to each other.)
    Plus in that there is less investment because of a decline in bank funded investment, that doesn’t matter if there is a corresponding rise in non-investment based forms of activity (i.e. more labour intensive forms of activity).
    In short, if banks are allowed to fail, and any deflationary effect of that is made up for by stimulus, the economy will recover, but less activity will be reliant on bank lending.

    • “In short, if banks are allowed to fail, and any deflationary effect of that is made up for by stimulus, the economy will recover, but less activity will be reliant on bank lending.”

      After 100 years of inflation, deflation is EXACTLY what you want, as under a sound-money policy, increasing societal productivity increases the value of money.

      Who among us [except the bankers] desires their money to be worth-less?

      Deflation encourages people to save and invest [hopefully in themselves], not consume like desire-ridden imbeciles.

      And, there is ZERO need for banking. You need a banker just like you need a guy to come over to your abode and get your wife/girlfriend ready for sex.

    • Most of the Migrants came from poor villages, so to wear a suit is a sign of prestige and respect. It is pure image related.

      I was told to respect people even if in rags, as Jesus wore rags. Some of the richest blokes I know, have their backside hanging out of their trousers (Made their money in Construction etc), and would not blink at buying a new Bentley.

      In Australia Bankers are not held in high regard like they may in the City of London. We are only nice to them when applying for a loan. If they did not have money we would throw rocks at them :) Very boring people.

  12. Pingback: De cómo Islandia derrotó al lobby bancario y sacó a flote a su país « NUEVA EUROPA- Nueva Eurabia

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  24. How Much Law Do We Have To Obey?

    This hilarious video highlights the total insanity of regulation. The answer is NOT which law should we “implement” as much as it is which law(s) should we delete!!!!!!

  25. Pingback: Jak Island svrhl banky: jediné 3 minuty, které z Davosu za něco stojí | Me.sere.EU

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  27. Regarding the MK/BJ/Intrade mix:

    In his first book, The Logic of Collective Action: Public Goods and the Theory of Groups (1965), he theorized that “only a separate and ‘selective’ incentive will stimulate a rational individual in a latent group to act in a group-oriented way”; that is, members of a large group will not act in the group’s common interest unless motivated by personal gains (economic, social, etc.). He specifically distinguishes between large and small groups, the latter of which can act simply on a shared objective. Large groups, however, will not form or work towards a shared objective unless individual members are sufficiently motivated.

    http://en.wikipedia.org/wiki/Mancur_Olson

  28. Pingback: How Iceland Overthrew The Banks: The Only 3 Minutes Of Any Worth From Davos  Dark Politricks

  29. Exhibit A:

    Working with the market and not against it for better environmental governance

    ***

    “The North Dakota legislature is considering a bill to encourage flaring reduction through tax breaks. The state is also pushing producers to use gas to power drilling rigs”

    http://www.ft.com/intl/cms/s/0/d2d2e83c-6721-11e2-a805-00144feab49a.html#axzz2JH2vof3V

    Why not focus the energy onto 1 policy instead of 2 for more effect by working through legislated tax-breaks to push producers to use gas to power drilling rigs? Work WITH the market, not against it:

    http://economics.o…-state-of-anarchy/

    ***

  30. Any form of concentrated power doesn’t want to be subjected to popular democratic control — or, for that matter, to market discipline. That’s why powerful sectors, including corporate wealth, are naturally opposed to functioning democracy, just as they’re opposed to functioning markets…for themselves, at least.

    It’s just natural. They don’t want external constraints on their capacity to make decisions and act freely.


    — Noam Chomsky (via noam-chomsky)

  31. Little do they know, one can speculate, at least, that fewer “external constraints on their capacity to make decisions and act freely” would be upon the wealthiest were they to just accept the principle of private property

  32. Little do they know, one can speculate, at least, that fewer “external constraints on their capacity to make decisions and act freely” would be upon the wealthiest were they to just accept the principle of private property for ordering Law*

  33. I read this somewhere, Aziz, what do you make of it?

    ***

    The ‘strength’ of a currency relies on the wage share component. The rebound in wage share during the nineties is what caused the dollar to be referred to as strong during this period

    Surely the death of the dollar is the same as the death of the wage share

    ***

    If you got time I would be interested to know your quick thoughts :)

    • The strength of currency has to do with two things. One is how sound the money is, that is, is the amount of currency [money created in the system] equal to the amount of goods and services created, and secondly [and this would be a more common reference], the strength of a currency has to do with the productivity of the society. Increasing productivity increases the value of the money [more production per unit time].

      • So are people going to say other States are more productive than the US when Jim Rickards has predicted that the Global Thought Leaders in Davos would look to water like clockwork years ago? He seems fairly specialised and, after all, isn’t that the entire point of capitalism? In that case, one may begin to argue that the US is the most productive State on Earth

      • Aziz Jan 28 @ 22:50: John, I hope you and the guys will forgive me once gain for being critic/editor/scold/whatever, BUT….

        “The Absurd Contradictions of Capitalism*” visual is not funny. It is an example of the ubiquitous disinformation which brainwashes citizens and makes them easy marks for collectivist exploitation.

        1. 100% of Congressional members are millionaires** if you count retirement and other benefits. And lifetime non-government income is extra.

        2. “The Racist Criminal ‘Justice’ System” implies that equal percentages of men of ALL races — regardless of home, neighborhood, poverty, etc. — commit crimes. It is just as misleading as the KKK might publish implying that Blacks and Latinos are genetically disposed to commit crimes. Politicians, especially the Obama administration, exploit underclass lifestyle rather than improve it; it’s the decades-old political cry to REDUCE*** THE GAP between haves and have-nots rather than RAISE the have-nots.

        3. “How Our Tax Dollars Are Spent” shows that GOVERNMENT**** spending for defense dwarfs that for Health, Housing and Education. Well DUH! Government has complete responsibility for defense, and little or no legal (Constitutional) responsibility for the others.
        As usual, gross distortions are applied for propaganda purposes: private and state & local government expenditures are missing. To show where federal government funds (from taxes AND fleecing future citizens) are spent, the bar chart would be DOMINATED by “transfer funds”.

        * You say it’s really “Corporatism”. I say it’s rotten politics.
        ** Assuming it’s a $M of net worth, not income.
        *** The “gap” is easily reduced, of course, by impoverishing the haves.
        **** Showing only federal government, which is the the only government remote and fat and corrupt enough to interest the corrupt collectivist crooks.

  34. Thought experiment:

    At this point, buying Gold or silver is not that risky, but neither are those 2 items really a productive investment either.

      • This is an interesting Krugman post. British gilts have been rising too…

        Of course, I expect rates to stay low. The USA are on a Japanese path. The UK though, may be on an even worse path…

  35. what the fuck. is this the math for modern day democracy based on force? opposed to democracy that’s more encompassing & thus kinder towards of the idea of being voluntary? see below:

    : Range
    space Intersection
    , Union
    – Negation
    % Percentage
    ^ Exponentiation
    * or / Multiplication or division
    + or – Addition or subtraction
    & Text operator
    = = Comparison operators

      • Yes, the climate is changing as it always has, since LONG before man arrived and started burning carbon. Currently it seems the atmosphere is in the warming part of a cycle (at least in places), but NOT because of any increase in the tiny contribution of anthropogenic CO2 to total CO2’s tiny contribution to greenhouse gases’ tiny contribution to atmospheric warming. If you want catastrophic climate change, wait for the next ice age. It is ANTHROPOMORPHIC climate change that is a total political and financial fraud!

        • I personally think it is related to deforestation ( Keeps the ground temperature more stable) and the addition of hot black tar roads (Magnifies the sun) which acts like a giant radiator attracting heat.

          But they can’t tax that only taxing energy use, an ESSENTIAL!!!. Climate Change Carbon Taxes are a fraud.

  36. Between the very unique – and some may say quite esoteric – debate between National Law & Religious Law sits one Roger Scruton. A true good old boy, perhaps, but most definitely a man that Max Keiser is not very likely to like given his some may say slightly outdated thinking. But be this what it may be, in any case the Professor serves a distinctly important (utilitarian, even?) role: his book clearly demonstrates this (temporary?) intellectual conflagration. One only needs to read the opening Amazon page to his book”

    “For most people in England today, the church is simply the empty building at the end of the road, visited for the first time, if at all, when dead. It offers its sacraments to a population that lives without rites of passage, and which regards the National Health Service rather than the National Church as its true spiritual guardian”

    http://www.amazon.co.uk/Our-Church-Roger-Scruton/dp/1848871988

    Pitting the NHS against the Church Of England, I don’t know whether to cry or laugh (secondary school was in a CoE school surrounded by the Australian version of the NHS!)

  37. Hey if Aziz tells me to shutup who am I to not agree? It’s his blog, not mine! He doesn’t seem like a shy person so I guess he’d have said because I asked myself & he said post whoever much you like…?

    In other news, the father of computer science was a gay atheist by the name of Alan Turing (http://www.guardian.co.uk/uk/the-northerner/2013/jan/22/alan-turing-computing?CMP=twt_fd) and the USA now manufactures flags for China according to some Twitter user who’s called himself ‘MadScientistAndrew’ (https://twitter.com/i/#!/NickKristof/media/slideshow?url=pic.twitter.com%2FVTL4DMne)

  38. Is Norway rich because they said I do not believe in God or just because they agreed to say I do not definitely know if God exists or, at least, cannot decisively prove this idea to be either true or false? Myself, I tend to the later, admitting you don’t know is a very hard thing to do in my experience, especially if you care about the subject in question.

    pic.twitter.com/3Wh6tSnX

    • Like Saudi and Iran, Norway is rich today because of oil and gas deposits found by others.

      For a long time there has been a large body of self-labeled “agnostics” (a-gnostic — not knowing) in re God. I find it’s admitting a mistake, not not not-knowing, that’s hard for people.

  39. “Organists and clergy have slightly different views about what the purpose of church music ss” says Eton boy Norman Routledge. Funny that, how Roger Scruton above discusses the importance of…music in education

  40. Doug Casey on Already Established Economists:

    “I hate to call them economists because they’re not economists; their political apologists – economists are people that describe the way the world works and these people prescribe the way they think the world ought to work, and tell politicians what they ought to impose upon society”

    Frances Capola In One Of Her Recent Blogs:

    “Taxes are ESSENTIAL in a fiat currency regime. The value of the currency – and of the associated debt (since interest-bearing government debt is simply a stream of future private sector money claims) – depends on the government’s ability to tax its population”

  41. CB: Doug Casey is as pure a libertarian as I’ve encountered — he doesn’t have to compromise as a Congressman (Paul) or to get his stuff published. To Casey admirers-but-not-sycophants like John Mauldin and me, he advocates what OUGHT to be but CAN be only if we have a world of perfect people. Worth reading!

  42. DG:

    Dogmatic belief in the ideation of the word “perfection” its self is liable to producing a subjective (not to mention highly disorientating) black hole of subjectivity whose principle purpose in the end may only be to allow more pleasure and produce less pain, one could perhaps speculate.

    TRANSLATED: “perfection” just = being better than what you were yesterday

    • My term “perfect people” is, of course, facetious — we all know there ain’t no such thing! But there is a whole helluva lot of room for improvement in most of us!

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