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Wikiquote</div> </div> <div id="contentSub"><div id="mw-content-subtitle"><div class="cdx-message cdx-message--block cdx-message--warning mw-revision"><span class="cdx-message__icon"></span><div class="cdx-message__content"><div id="mw-revision-info">Revision as of 13:46, 23 December 2023 by <a href="/wiki/User:Philip_Cross" class="mw-userlink" title="User:Philip Cross" data-mw-revid="3427657"><bdi>Philip Cross</bdi></a> <span class="mw-usertoollinks">(<a href="/wiki/User_talk:Philip_Cross" class="mw-usertoollinks-talk" title="User talk:Philip Cross">talk</a> | <a href="/wiki/Special:Contributions/Philip_Cross" class="mw-usertoollinks-contribs" title="Special:Contributions/Philip Cross">contribs</a>)</span> <span class="comment">(rm <a href="https://en.wikipedia.org/wiki/Share_International" class="extiw" title="w:Share International">w:Share International</a> spam)</span></div><div id="mw-revision-nav">(<a href="/w/index.php?title=Global_financial_system&diff=prev&oldid=3427657" title="Global financial system">diff</a>) <a href="/w/index.php?title=Global_financial_system&direction=prev&oldid=3427657" title="Global financial system">← Older revision</a> | Latest revision (diff) | Newer revision → (diff)</div></div></div></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><p>The <a href="https://en.wikipedia.org/wiki/global_financial_system" class="extiw" title="w:global financial system">global financial system</a> is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. </p> <table role="presentation" class="metadata plainlinks stub" style="background: transparent; font-style: italic;"><tbody><tr> <td class="noresize"><span typeof="mw:File"><a href="/wiki/File:ThreeCoins.svg" class="mw-file-description"><img alt="Stub icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/29/ThreeCoins.svg/40px-ThreeCoins.svg.png" decoding="async" width="40" height="23" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/29/ThreeCoins.svg/60px-ThreeCoins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/29/ThreeCoins.svg/80px-ThreeCoins.svg.png 2x" data-file-width="350" data-file-height="200" /></a></span></td> <td>This <a href="/wiki/Economics" title="Economics">economics</a>-related article is a <a href="/wiki/Wikiquote:Stub" title="Wikiquote:Stub">stub</a>. You can help out with Wikiquote by <a class="external text" href="https://en.wikiquote.org/w/index.php?title=Global_financial_system&action=edit">expanding</a> it!</td> </tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Quotes">Quotes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_financial_system&action=edit&section=1" title="Edit section: Quotes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>The distribution of the world's resources and the settled unity of the peoples of the world are in reality one and the same thing, for behind all modern <a href="/wiki/Wars" class="mw-redirect" title="Wars">wars</a> lies a fundamental economic problem. Solve that and wars will very largely cease. In considering, therefore, the preservation of <a href="/wiki/Peace" title="Peace">peace</a>, as sought for and emphasized by the <a href="/wiki/United_Nations" title="United Nations">United Nations</a> at this time, it becomes immediately apparent that <a href="/wiki/Peace" title="Peace">peace</a>, <a href="/wiki/Security" title="Security">security</a> and world stability are primarily tied up with the economic problem. When there is freedom from want, one of the major causes of war will disappear. Where there is uneven distribution of the world's riches and where there is a situation in which some nations have or take everything and other nations lack the necessities of life, it is obvious that there is a trouble-breeding factor there and that something must be done. Therefore we should deal with world <a href="/wiki/Unity" title="Unity">unity</a> and peace primarily from the angle of the economic problem. <ul><li><a href="/wiki/Alice_Bailey" title="Alice Bailey">Alice Bailey</a> in <i>Problems Of Humanity</i>, Chapter VI - The Problem of International Unity (1944)</li></ul></li></ul> <ul><li>It is essential for the future happiness and progress of humanity that there should be no return to the old ways, whether political, religious or economic. Therefore, in handling these problems we should search out the wrong conditions which have brought <a href="/wiki/Humanity" title="Humanity">humanity</a> to its present state of almost cataclysmic disaster. These conditions were the result of religious faiths which have not moved forward in their thinking for hundreds of years; of economic systems which lay the emphasis upon the accumulation of riches and material possessions and which leave all the power and the produce of the earth in the hands of a relatively few men, while the rest of humanity struggle for a bare subsistence; and of political regimes run by the <a href="/wiki/Corruption" title="Corruption">corrupt</a>, the <a href="/wiki/Totalitarianism" title="Totalitarianism">totalitarian</a>-minded, the grafters and those who love place and power more than they love their fellowmen... Security, happiness and peaceful relations are desired by all. Until, however, the Great Powers, in collaboration with the little nations, have solved the economic problem and have realized that the resources of the earth belong to no one nation but to humanity as a whole, there will be no peace. The oil of the world, the mineral wealth, the wheat, the sugar and the grains belong to all men everywhere. They are essential to the daily living of the everyday man. <ul><li><a href="/wiki/Alice_Bailey" title="Alice Bailey">Alice Bailey</a> in <i>Problems Of Humanity</i>, Chapter VI - The Problem of International Unity (1944)</li></ul></li></ul> <ul><li>The world economic council (or whatever body represents the resources of the world) must free itself from fraudulent politics, <a href="/wiki/Capitalism" title="Capitalism">capitalistic</a> influence and its devious scheming; it must set the resources of the earth free for the use of humanity. This will be a lengthy task but it will be possible when world need is better appreciated. An enlightened public opinion will make the decisions of the economic council practical and possible. Sharing and cooperation must be taught instead of greed and competition. <ul><li><a href="/wiki/Alice_Bailey" title="Alice Bailey">Alice Bailey</a> in <i>Problems Of Humanity</i>, Chapter VI - The Problem of International Unity (1944)</li></ul></li></ul> <ul><li>The <a href="/wiki/Billionaire" title="Billionaire">billionaire</a> boom is not a sign of a thriving <a href="/wiki/Economy" class="mw-redirect" title="Economy">economy</a> but a symptom of a failing <a href="/wiki/Economic_system" title="Economic system">economic system</a>. The <a href="/wiki/People" class="mw-redirect" title="People">people</a> who make our <a href="/wiki/Clothes" class="mw-redirect" title="Clothes">clothes</a>, assemble our <a href="/w/index.php?title=Phones&action=edit&redlink=1" class="new" title="Phones (page does not exist)">phones</a> and grow our <a href="/wiki/Food" title="Food">food</a> are being <a href="/wiki/Exploited" class="mw-redirect" title="Exploited">exploited</a> to ensure a steady supply of cheap <a href="/wiki/Goods" class="mw-redirect" title="Goods">goods</a>, and swell the <a href="/wiki/Profits" class="mw-redirect" title="Profits">profits</a> of <a href="/wiki/Corporations" title="Corporations">corporations</a> and billionaire <a href="/wiki/Investors" class="mw-redirect" title="Investors">investors</a>. <ul><li><a href="/wiki/Winnie_Byanyima" title="Winnie Byanyima">Winnie Byanyima</a>, as quoted in <a rel="nofollow" class="external text" href="https://www.oxfam.org/en/pressroom/pressreleases/2018-01-22/richest-1-percent-bagged-82-percent-wealth-created-last-year">Richest 1 percent bagged 82 percent of wealth created last year - poorest half of humanity got nothing</a>, <a href="https://en.wikipedia.org/wiki/Oxfam_International" class="extiw" title="wikipedia:Oxfam International">Oxfam International</a> (22 January 2018)</li></ul></li></ul> <ul><li>If we're leaving our fate to <a href="https://en.wikipedia.org/wiki/sociopathic" class="extiw" title="w:sociopathic">sociopathic</a> buffoons, we're finished... that's because of <a href="/wiki/United_States" title="United States">US</a> power which is overwhelming...you don't see that when the U.S. imposes <a href="https://en.wikipedia.org/wiki/Economic_sanctions" class="extiw" title="w:Economic sanctions">sanctions</a>, murders, devastating sanctions, that's the only country that can do that, but everyone has to follow. <a href="/wiki/Europe" title="Europe">Europe</a> may not like, in fact <a href="/wiki/Hate" class="mw-redirect" title="Hate">hate</a> actions on <a href="/wiki/Iran" title="Iran">Iran</a>, but they have to follow, they have to follow the master, or else they get kicked out of the <a class="mw-selflink selflink">international financial system</a>. <ul><li>Noam Chomsky: <a rel="nofollow" class="external text" href="https://www.youtube.com/watch?v=t-N3In2rLI4">Coronavirus - What is at stake?</a> | <a href="https://en.wikipedia.org/wiki/Democracy_in_Europe_Movement_2025" class="extiw" title="w:Democracy in Europe Movement 2025"><i>Democracy in Europe Movement 2025</i> (DiEM25) </a> Mar 28, 2020</li></ul></li></ul> <ul><li>Even if the <a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a> administration were resoundingly successful on all fronts, its initiatives would still be utterly insufficient to resolve the <a href="https://en.wikipedia.org/wiki/existential_threat" class="extiw" title="w:existential threat">existential threat</a> of <a href="/wiki/Climate_change" class="mw-redirect" title="Climate change">climate breakdown</a> and the devastation of our planet’s life-support systems. That’s because the multiple problems confronting us right now are symptoms of an even more profound problem: The underlying structure of a global <a href="/wiki/Economic_system" title="Economic system">economic</a> and <a href="/wiki/Political_philosophy" title="Political philosophy">political</a> system that is driving <a href="/wiki/Civilization" title="Civilization">civilization</a> toward a precipice... <b>As long as government policies emphasize growth in gross domestic product and transnational corporations relentlessly pursue <a href="/wiki/Profit" title="Profit">shareholder returns</a>, we will continue accelerating toward <a href="/wiki/Catastrophe" class="mw-redirect" title="Catastrophe">global catastrophe</a>...<br /> We need to forge a <a href="/wiki/New_Age" title="New Age">new era</a> for humanity — one that is defined, at its deepest level, by a transformation in the <a href="/wiki/World_view" title="World view">way we make sense of the world</a>, and a concomitant <a href="/wiki/Revolution" title="Revolution">revolution</a> in our <a href="/wiki/Values" class="mw-redirect" title="Values">values</a>, <a href="/wiki/Goals" class="mw-redirect" title="Goals">goals</a>, and <a href="/wiki/Behavior" class="mw-redirect" title="Behavior">collective behavior</a>. In short, we need to change the basis of our global civilization. We must move from a civilization based on <a href="/wiki/Greed" title="Greed">wealth accumulation</a> to one that is <a href="/wiki/Loving" class="mw-redirect" title="Loving">life-affirming</a>: an <a href="/wiki/Ecological" class="mw-redirect" title="Ecological">ecological</a> civilization...</b> <ul><li><a href="/w/index.php?title=Jeremy_Lent&action=edit&redlink=1" class="new" title="Jeremy Lent (page does not exist)">Jeremy Lent</a>, <a rel="nofollow" class="external text" href="https://www.yesmagazine.org/issue/ecological-civilization/2021/02/16/what-does-ecological-civilization-look-like">What Does An Ecological Civilization Look Like? <i>Yes!</i> Magazine</a> (16 February 2021)</li></ul></li></ul> <ul><li>The economic structure of the ideal <a href="/wiki/Society" title="Society">society</a> also resembles the structure of a healthy human body. <a href="/wiki/Production" title="Production">Production</a>, distribution and consumption should have an organic, <a href="/wiki/Interdependence" title="Interdependence">interdependent</a> relationship such as that which exists between the <a href="https://en.wikipedia.org/wiki/Digestive_system" class="extiw" title="w:Digestive system">digestive</a>, <a href="https://en.wikipedia.org/wiki/Circulatory_system" class="extiw" title="w:Circulatory system">circulatory</a> and <a href="https://en.wikipedia.org/wiki/metabolism" class="extiw" title="w:metabolism">metabolic systems</a>. There should not be destructive competition due to overproduction; nor should there be excessive accumulation or overconsumption due to unfair distribution, which would be contrary to the welfare of all people. There should be adequate production of necessary and useful goods, fair distribution to supply what is sufficient for people's needs, and reasonable consumption in harmony with the purpose of the whole. <ul><li><a href="/wiki/Sun_Myung_Moon" title="Sun Myung Moon">Sun Myung Moon</a>. <i><a href="/wiki/Divine_Principle" title="Divine Principle">Divine Principle</a></i>, <i>Divine Principle</i> : Ideal economic system.</li></ul></li></ul> <ul><li>Here's what I don't think works: An economic system that was founded in the 16th century and another that was founded in the <a href="/wiki/19th_century" title="19th century">19th century</a>. I'm tired of this discussion of capitalism and <a href="/wiki/Socialism" title="Socialism">socialism</a>; we live in the <a href="/wiki/21st_century" title="21st century">21st century</a>; we need an economic system that has democracy as its underpinnings and an ethical code. <ul><li><a href="/wiki/Michael_Moore" title="Michael Moore">Michael Moore</a> in:<i><a rel="nofollow" class="external text" href="http://webcache.googleusercontent.com/search?q=cache:pVcpA2RnYhYJ:dealbook.nytimes.com/2009/09/23/dealbooks-interview-with-michael-moore/+&cd=4&hl=en&ct=clnk&gl=in">DealBook’s Interview With Michael Moore</a></i>, DealBook, 23 September 2009.</li></ul></li></ul> <ul><li>Capitalism is an organized system to guarantee that greed becomes the primary force of our economic system and allows the few at the top to get very wealthy and has the rest of us riding around thinking we can be that way, too - if we just work hard enough, sell enough <a href="https://en.wikipedia.org/wiki/Tupperware" class="extiw" title="w:Tupperware">Tupperware</a> and <a href="https://en.wikipedia.org/wiki/Amway" class="extiw" title="w:Amway">Amway</a> products, we can get a pink <a href="/wiki/Cadillac" title="Cadillac">Cadillac</a>. <ul><li><a href="/wiki/Michael_Moore" title="Michael Moore">Michael Moore</a> in: <i><a rel="nofollow" class="external text" href="http://uprisingradio.org/home/2013/03/01/atlantic-how-the-sequester-could-devastate-our-poorest-schools/">Atlantic: How the Sequester Could Devastate Our Poorest Schools</a></i>, Uprisingradio.org 1 March 2013.</li></ul></li></ul> <ul><li>There can be no peace in the world so long as a large proportion of the population lack the necessities of life and believe that a change of the political and economic system will make them available. World peace must be based on world plenty. <ul><li><a href="https://en.wikipedia.org/wiki/John_Boyd_Orr,_1st_Baron_Boyd-Orr" class="extiw" title="w:John Boyd Orr, 1st Baron Boyd-Orr">John Boyd Orr</a> in: <i><a rel="nofollow" class="external text" href="http://books.google.co.in/books?id=432PAAAAMAAJ">Peace!: By the Nobel Peace Prize Laureates : an Anthology, Page 31</a></i>, Unesco Publishing, 1995, p. 162.</li></ul></li></ul> <ul><li>When <a href="/wiki/Roosevelt" class="mw-disambig" title="Roosevelt">Roosevelt</a> came along, I approved of <a href="/wiki/New_Deal" title="New Deal">his program</a>, generally. I figured an economic system should work for people, not vice versa. <ul><li><a href="https://en.wikipedia.org/wiki/Sargent_Shriver" class="extiw" title="w:Sargent Shriver">Sargent Shriver</a> in: <i><a rel="nofollow" class="external text" href="http://books.google.co.in/books?id=IJCZAAAAIAAJ">Sargent Shriver: A Candid Portrait</a></i>, Farrar, Strauss, 1964, p. 29.</li></ul></li> <li>In the familiar <a href="/wiki/20th_century" title="20th century">twentieth-century</a> island model of international economic interaction, the basic units were national economies that traded with one another, ran trade surpluses and deficits and accumulated national claims and liabilities. Those entities were made familiar by <a href="/wiki/Economist" title="Economist">economists</a>, who gave them an <a href="/wiki/Empiricism" title="Empiricism">empirical</a>, everyday <a href="/wiki/Reality" title="Reality">reality</a> in <a href="/wiki/Statistics" title="Statistics">statistics</a> for <a href="/wiki/Unemployment" title="Unemployment">unemployment</a>, <a href="/wiki/Inflation" title="Inflation">inflation</a> and <a href="/wiki/Gross_Domestic_Product" title="Gross Domestic Product">GDP</a>. And around them an entire conception of national politics developed. Good economic policy was what was good for <a href="/wiki/Economic_growth" title="Economic growth">GDP growth</a>. Questions of distribution—the politics of “who whom?”—could be weighed up against the general interest in “growing the size of the cake.” By contrast, the new <a href="https://en.wikipedia.org/wiki/macrofinance" class="extiw" title="w:macrofinance">macrofinancial economics</a>, with its relentless focus on the “interlocking matrix” of corporate balance sheets, strips away all the comforting euphemisms. National economic aggregates are replaced by a focus on corporate balance sheets, where the real action in the financial system is. This is hugely illuminating. It gives economic policy a far greater grip. But it exposes something that is deeply indigestible in political terms. The financial system does not, in fact, consist of “national monetary flows.” Nor is it made up of a mass of tiny, anonymous, microscopic firms—the ideal of “<a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>” and the economic analogue to the individual citizen. The overwhelming majority of private <a href="/wiki/Credit" title="Credit">credit</a> creation is done by a tightknit <a href="/wiki/Corporations" title="Corporations">corporate</a> <a href="/wiki/Oligarchy" title="Oligarchy">oligarchy</a>—the key cells in <a href="https://en.wikipedia.org/wiki/Hyun_Song_Shin" class="extiw" title="w:Hyun Song Shin">Shin</a>’s interlocking matrix. At a global level twenty to thirty <a href="/wiki/Banking" title="Banking">banks</a> matter. Allowing for nationally significant banks, the number worldwide is perhaps a hundred big financial firms. Techniques for identifying and monitoring the so-called <a href="https://en.wikipedia.org/wiki/Systemically_important_financial_institutions" class="extiw" title="w:Systemically important financial institutions">systemically important financial institutions</a> (SIFI)—known as macroprudential supervision—are among the major governmental innovations of the crisis and its aftermath. <ul><li><a href="https://en.wikipedia.org/wiki/Adam_Tooze" class="extiw" title="w:Adam Tooze">Adam Tooze</a> <i>Crashed: How a Decade of Economic Crises Changed the World</i> (2018)</li></ul></li></ul> <ul><li>Our economic system, run for <a href="/wiki/Profit" title="Profit">profit</a> and <a href="/wiki/Waste" title="Waste">waste</a> and based primarily on the extractive industries, is the cause of <a href="/wiki/Global_warming" title="Global warming">climate change</a>. We have wasted the earth's treasure and we can no longer exploit it cheaply. <ul><li><a href="/wiki/Vivienne_Westwood" title="Vivienne Westwood">Vivienne Westwood</a> in:<i><a rel="nofollow" class="external text" href="http://www.permaculture.co.uk/articles/vivienne-westwoods-10-steps-climate-revolution">Vivienne Westwood's 10 Steps to Climate Revolution</a></i>, permaculture.co.uk, 12 September 2012.</li></ul></li></ul> <ul><li>The main message we want to get out there is that climate change is caused by the rotten economic system. <ul><li><a href="/wiki/Vivienne_Westwood" title="Vivienne Westwood">Vivienne Westwood</a> in: Hattie Crisell <i><a rel="nofollow" class="external text" href="http://nymag.com/thecut/2013/02/vivienne-westwoods-five-oddest-backstage-quotes.html">Vivienne Westwood’s Five Most Westwood-y Backstage Quotes</a></i>, nymag.com, 18 February 2013.</li></ul></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_financial_system&action=edit&section=2" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Bailout" title="Bailout">Bailout</a></li> <li><a href="/wiki/Economic_system" title="Economic system">Economic system</a></li> <li><a href="/wiki/Federal_Reserve" class="mw-redirect" title="Federal Reserve">Federal Reserve</a></li> <li><a href="https://en.wikipedia.org/wiki/Flash_crash" class="extiw" title="w:Flash crash">Flash crash</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Stock market</a></li> <li><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Global_financial_system&action=edit&section=3" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="noprint" style="clear: right; border: solid #aaa 1px; margin: 0 0 1em 1em; font-size: 90%; background: #f9f9f9; width: 250px; padding: 4px; spacing: 0px; text-align: left; float: right;"> <div style="float: left;"><figure class="mw-halign-none" typeof="mw:File"><a href="/wiki/File:Wikipedia-logo-v2.svg" class="mw-file-description" title="Wikipedia"><img alt="Wikipedia" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/80/Wikipedia-logo-v2.svg/50px-Wikipedia-logo-v2.svg.png" decoding="async" width="50" height="46" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/80/Wikipedia-logo-v2.svg/75px-Wikipedia-logo-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/80/Wikipedia-logo-v2.svg/100px-Wikipedia-logo-v2.svg.png 2x" data-file-width="103" data-file-height="94" /></a><figcaption>Wikipedia</figcaption></figure></div> <div style="margin-left: 60px;"><a href="/wiki/Wikipedia" title="Wikipedia">Wikipedia</a> has an article about: <div style="margin-left: 10px;"><i><b><a href="https://en.wikipedia.org/wiki/Global_financial_system" class="extiw" title="wikipedia:Global financial system">Global financial system</a></b></i></div> </div> </div> <p><br /> </p>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikiquote.org/w/index.php?title=Global_financial_system&oldid=3427657">https://en.wikiquote.org/w/index.php?title=Global_financial_system&oldid=3427657</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Special:Categories" title="Special:Categories">Category</a>: <ul><li><a href="/wiki/Category:Economics_and_finance_stubs" title="Category:Economics and finance stubs">Economics and finance stubs</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 23 December 2023, at 13:46.</li> <li id="footer-info-copyright">Text is available under the <a rel="nofollow" class="external text" href="//creativecommons.org/licenses/by-sa/4.0/">Creative Commons Attribution-ShareAlike License</a>; additional terms may apply. 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