What I Learned Working in Finance for 10+ Years
Finance is a religion greater than Jesus
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Handing back my access card always makes me cry.
That’s the last task you do before you leave a job. When I quit working at one bank, the waterfalls burst out of my eyes.
I learned to love finance after being skeptical of the industry at the start. I learned the secrets of the finance world while working in banking and managing some of the largest companies in the world.
Here are a few wisdom bombs that will slap you silly.
Finance is a religion greater than Jesus
“It’s a faith based system.”
That’s what former president and CEO of the Federal Reserve Bank of Kansas, in the US, Thomas Hoenig, said about our global financial system. I agree.
The US dollar used to be redeemable for gold. Now it’s not backed by anything. You have to have blind faith in government that a currency is worth something.
One day that faith will be tested.
You don’t own your money
When you deposit money into a bank account it’s no longer yours.
This scares the crap out of people when I tell them. Read the product disclosure statement of whatever bank account you hold. It’s written in black and white.
This technicality normally doesn’t matter…
Until a 2008 style recession hits.
Back then we saw the big US banks get bailed out by the government using money created out of thin air.
It led to mass protests known as Occupy Wall Street. The government can’t do that again. The people have wised up. So there’s another silent tool.
We saw this during the Greece financial crisis.
If sh*t hits the fan and the financial system has a heart attack, the money in your bank account isn’t safe.
The bank can use your money to cover their debts. In the event of a bank collapse, you are a creditor. Get in line! as they say.
