Posts Tagged ‘paul volcker’
Paul Volcker: Global Currency
on Thursday, December 12, 2019Paul Volcker Money Quote saying something that has a new meaning (cryptocurrency) he might not have intended when he said it. Paul Volcker said:
“A global economy requires a global currency” — Paul Volcker
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In this quote, Paul Volcker is suggesting that as the world’s economies become increasingly interconnected on a global scale through trade and financial integration, it would be logical to have a single unified global currency to facilitate international commerce and transactions. As long as individual nations maintain their own sovereign currencies, it adds complexity for multinational corporations and traders to navigate multiple exchange rates.
A global currency could potentially reduce currency volatility and exchange rate risks, lower transaction costs, and make valuation comparisons easier across borders. However, establishing a global currency would also require unprecedented cooperation between nations and a willingness to cede some monetary policy autonomy, which remains a major political challenge. Overall, Volcker is highlighting how the realities of an interdependent global economic system point toward having a single worldwide currency to match.
Birthday: September 5, 1927 – December 8, 2019
Paul Volcker: Banks Invent ATM
on Monday, December 9, 2019Paul Volcker Money Quote saying Banks haven’t created anything innovative for decades. Paul Volcker said:
“The only thing useful banks have invented in 20 years is the ATM” — Paul Volcker
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In this quote, Paul Volcker is criticizing the lack of meaningful innovation in the banking industry over a 20 year period. By stating that the only useful invention has been the ATM machine, he is implying that banks have focused more on automation and convenience rather than transformative new products or services that substantially improve people’s lives.
The overall interpretation is that Volcker believes banks could and should have made greater strides in technological and service advancements beyond just cash machines, if they wished to truly benefit customers and society over the long term.