Posts Tagged ‘monies’
Gary Gensler: Private Forms Money
on Friday, October 22, 2021Securities and Exchange Commission Chairman Gary Gensler Money Quote saying that stablecoins and cryptocurrency are private forms of money and may lack long-term viability. Gary Gensler said:
“Public money has a certain place around the globe, Private monies usually don’t last long, so I don’t think there’s a long-term viability for 5 or 6,000 private forms of money. History tells us otherwise” — Gary Gensler
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In this quote, Gary Gensler seems to be expressing skepticism about the long-term viability of a large number of competing private forms of currency or digital money existing simultaneously in the global economy. Specifically:
- Gensler notes that while “public money” or government-backed currencies have endured and circulated widely over long periods, “private monies usually don’t last long.”
- He implies that having 5,000-6,000 different privately issued cryptocurrencies, stablecoins or other digital assets is not realistically sustainable, as history shows most alternative currencies fade while a few standards emerge.
- Gensler argues that the proliferation of private monies on such a massive scale is unlikely to prove durable according to his reading of financial history where typically only a small number of monies survive in circulation over decades or centuries.
The best interpretation is that Gensler believes the current explosion of privately created cryptocurrencies vastly exceeds what can realistically coexist in global commerce long-term. From his perspective, market forces will eventually consolidate standards to a much smaller set of dominant private monies that achieve lasting viability, as has occurred with public currencies throughout history.
Monty Python: Facility for Dealing with Rich
on Thursday, January 5, 2017Monty Python Money Quote saying in a comedy sketch from December of 1970 that they have every way of extracting money from patients, including completely bankrupting them. Monty Python said:
“We’ve every facility here for dealing with people who are rich. We can deal with a blocked purse, we can drain private accounts and in the worst cases, we can perform a total cashectomy – which is total removal of all monies from the patient” — Monty Python
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In this quote from Monty Python, the comedic troupe seems to be satirizing how some institutions deal with wealthy individuals. A few key points:
- They jokingly claim the facilities can “deal with” people who are rich, implying the intent is not to help them but rather target their wealth.
- A “blocked purse” and “draining private accounts” humorously suggests aggressive tactics to empty someone’s money by any means.
- The most extreme option described is a “total cashectomy”, completely removing all money from the person, taken to an absurd degree for comedic effect.
Overall, the quote lampoons the idea that some see rich people merely as a source of funds to be extracted rather than individuals. Monty Python uses over-the-top rhetoric and imagery in a satirical way to poke fun at those who may take advantage of or show little concern for the wealthy.