Jack Dorsey: Single World Currency

Jack Dorsey Money Quote saying there will only be one type of currency soon, that will be Bitcoin for all transactions online as well as offline. Jack Dorsey said:
 

 

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be Bitcoin” — Jack Dorsey

While Jack Dorsey’s statement is an interesting perspective, it’s important to note that the adoption of a single currency, especially one as complex as Bitcoin, would require significant global coordination and regulatory changes.

It’s unlikely that all currencies will be replaced by a single currency in the near future. Instead, we may see a shift towards more digital and mobile payment systems, but with a variety of currencies still being used.

Kalinda Rose Stevenson: Monopoly Money

Kalinda Rose Stevenson Money Quote saying you can make money by serving others, cooperating and adding value to create new money. Kalinda Rose Stevenson said:
 

 

“What happens to business when you stop playing with Monopoly money? You will discover that money is unlimited because money is created by transactions, cooperation is more profitable than cutthroat competition, and you can make money while serving the best interests of other people” — Kalinda Rose Stevenson

In this quote, Kalinda Rose Stevenson seems to be suggesting that when businesses move away from seeing money solely as a competitive tool for profit and instead focus on cooperation and serving others, they will discover money is more abundant.

She appears to be saying that with a shift towards collaborative transactions and prioritizing mutual benefit over cutthroat tactics, businesses will find profitability increases as money continues to be generated through cooperative economic activity that meets real needs.

The best interpretation is that Stevenson believes a mindset of unlimited abundance rather than scarcity, along with cooperation over confrontation, can enable businesses to make money in a way that is beneficial for all stakeholders involved.

Dan Schulman: Bank Branch in Hand

 
Daniel Schulman Money Quote saying as CEO of Paypal that mobile phones make it possible to do all consumer bank transactions from anywhere using banking apps and finance tools online. Daniel Schulman said:
 

 

“You have all the power of a bank branch in the palm of your hand right now. So basic consumer financial transactions can be done quickly, you don’t need to stand in line” — Dan Schulman

Dan Schulman is referring to the capabilities of modern mobile technology and digital financial services. He’s noting that with a smartphone, people now have access to many of the same basic banking services as a traditional brick-and-mortar bank branch.

Services like checking balances, transferring funds, paying bills can all be done instantly from anywhere through a mobile app without needing to physically visit a bank location. His point is that mobile banking allows convenient on-the-go access to simple financial transactions through your phone, eliminating the time spent standing in line at a physical bank teller or ATM.

Aaron Klein: Days to Clear Check

Aaron Klein Money Quote saying the Federal Reserve needs to allow financial transactions to speed up and financial technology providers to innovate. Aaron Klein said:
 

 

“It seems remarkable that in a world in which you can deposit a check from your bedroom or use PayPal or Venmo to send money across the world in seconds, it can still take two to five days to clear a check, or that debit-card transactions are processed only once a day” — Aaron Klein

In this quote, Aaron Klein seems to be highlighting the contrast between rapid technological advances in digital financial services and the relative slowness of some traditional payment methods still commonly used. Some key points:

• He notes that modern conveniences like remote check deposit, PayPal and Venmo allow near-instant money transfers anywhere in the world from a mobile device.
• However, Klein argues it is strange and outdated that basic check clearing still takes 2-5 business days given current tech capabilities, showing the process has not kept up.
• He also observes that debit card transactions are still only settled once per day, which seems slow compared to real-time digital payment options now available.

Overall, the quote conveys Klein’s view that while financial innovation has delivered lightning-fast digital payments, the backend infrastructure supporting older paper-based and card-based systems has lagged in achieving similar speeds, despite being fully possible with today’s payment networks and technologies.

Maria T. Vullo: Money Laundering Bank

Maria T. Vullo, New York Department of Financial Services Superintendent said:
 

 

“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions. The compliance failures that DFS found at the New York Branch of Mega Bank are serious, persistent and affected the entire Mega banking enterprise and they indicate a fundamental lack of understanding of the need for a vigorous compliance infrastructure. DFS’s recent examination uncovered that Mega Bank’s compliance program was a hollow shell, and this consent order is necessary to ensure future compliance” — Maria T. Vullo

Irving Fisher: Loan Transactions

Irving Fisher Money Quotation tells us that the money in circulation is controlled by banks that don’t actually have possession of that money.
 

 

“Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess” — Irving Fisher

In this quote, Irving Fisher is criticizing the fractional reserve banking system. He notes that under this system, banks lend out more money than they actually hold in reserves, in the form of promises to pay (checks, deposits, etc.). Fisher argues that this means the overall money supply is effectively controlled by banks through their lending activity, even though they “do not possess” all the money they are providing credit for.

The interpretation is that Fisher believes banks should not be able to create money through lending without sufficient hard assets to back it up, and this private control of the money supply could introduce economic instability if not properly regulated. He is suggesting the national currency supply should not be so dependent on profit-seeking bank lending behaviors.

Birthday: February 27, 1867 – Death: April 29, 1947