When I took the intro course on money and banking I still recall the paragraph related to the definition of what money is… especially the sentence that stated… “a store of value.”
That has stayed with me. What I have since been continuously surprised by are the “values” I see reflected in the manner we go about acquiring, storing and using money. It has also got our national financial statement into a very tenuous position and even impacted our national security. I would like to believe that things will change going forward in how the financial world conducts its business… but I am skeptical. So I am taking a fall back position that hoping that perhaps our government can constrain the excess practices without stifling innovation. However, I see the utter compromised position that many advisors and political actors have in current or prior financial relationships with the financial services community and I doubt that as well. So it will have to be grass roots that change things. Rats. That is usually pretty slow, disorganized and uncoordinated. But if it sticks… then it can be the most effective, but in my estimation, the least probable.
Frank Rich says it so well in his article here in the NY Times. He is so well spoken here and in my view hopeful. Perhaps we will take some steps forward and reconnect with core, free market values that reward us based upon value creation rather than value capture. One thing is certain, we will see.