“When we talk about company culture in the context of financial services, the first thing that comes to mind is the risky, unethical, and sometimes criminal behavior in the banking industry, particularly during the financial crisis. And ten years on from the crisis, this behavior persists. [Persists? It remains their very business model] Instances of fraud, money laundering, and scandals related to foreign exchange and LIBOR continue to make the headlines.
This behavior puts a spotlight on the essential role of robust regulation and strict enforcement [which is the primary responsibility of the NY Fed]. But illicit and unethical behavior is rarely the result of an isolated ‘bad apple.’ [or a rogue trader] It’s more often the symptom of a rotten culture. And rotten cultures don’t appear overnight—nor for that matter do positive, inclusive ones, where people feel empowered and accountable to upholding the values of the organization.
Culture is created—intentionally or otherwise—by the structures, incentives, and behavioral norms that shape our working lives.”
John C Williams, President, NY Fed, Getting to the Core of Culture, 14 January 2020, London
“Oh, yes, we shall be in chains and there will be no freedom, but then, in our great sorrow, we shall rise again to joy, without which man cannot live nor God exist, for God gives joy: it’s His privilege — a grand one. Ah, man should be dissolved in prayer! What should I be underground there without God?
If they drive God from the earth, we shall shelter Him underground. One cannot exist in prison without God; it’s even more impossible than out of prison. And then we men underground will sing from the bowels of the earth a glorious hymn to God, with Whom is joy. Hail to God and His joy! I love Him!”
Fyodor Dostoevsky, The Brothers Karamazov
“Each day we are becoming a creature of splendid glory, or one of unthinkable horror.”
C. S. Lewis
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So, we have a choice between a completely self-regulating free market based on real money, or trusting in “the essential role of robust regulation and strict enforcement” along with the ability to print as much fiat as deemed necessary.
Good thing we’re smart enough to make the right decision. (that was sarcasm, btw)