Mike interviews Charles Calomiris.
Today’s episode is an absolute gem. We had the pleasure of sitting down with the brilliant Charles Calomiris to dive deep into his book “Fragile by Design: The Political Origins of Banking Crises and Scarce Credit.” Strap in because we’re about to embark on a journey through the turbulent waters of banking crises, politics, and the ever-changing landscape of the economy.
Charles Calomiris is the real deal. With a wealth of knowledge and experience, he sheds light on the intricate web of factors that contribute to banking crises. We kick things off by delving into the historical context, exploring how government interventions dating back to the 1930s have shaped the banking system as we know it today.
Calomiris breaks it down for us, highlighting key milestones such as creating Fannie Mae, the FHA, and the Thrift Charter with deposit insurance. These initiatives were intended to foster economic growth and homeownership, but as we soon discover, they laid the groundwork for future crises. The 1980s saw the repercussions of shortsighted policies, with the Savings and Loan industry taking a massive hit due to risky lending practices and mismatched assets and liabilities.
Despite the evolution of the banking system, political influence remains a driving force behind banking policies. Calomiris shines a light on the role of government protection and regulation, which often serves as a safety net for banks but can also lead to complacency and mismanagement. As he aptly says, “Politics is defined a little more broadly. And so it’s going to be the history of financial crises.”
The looming threat of another banking crisis. Calomiris doesn’t mince words, warning that the events of 2023 were just the tip of the iceberg. With over 600 banks teetering on the brink of insolvency, the commercial banking sector is feeling the heat. And as someone deeply entrenched in the industry, I can tell you firsthand, the signs are there, and they’re not to be ignored.
But fear not, fellow entrepreneurs, because amidst the chaos lies opportunity. Calomiris offers insights into the world of cryptocurrency, predicting a shift towards stable coin currencies as a viable alternative to traditional banking systems. And who better to lead the charge than the likes of Elon Musk? With his visionary mindset and unparalleled influence, he could very well pave the way for a new era of financial innovation.
Politics, once again, rears its head. Calomiris reveals how government intervention stifled Facebook’s ambitious plans for a cryptocurrency-based payment system, underscoring the challenges faced by disruptors in the industry. Yet, as entrepreneurs, we understand that where there are challenges, there are also opportunities. And with the right mindset and strategy, we can navigate these waters and emerge stronger than ever.
The future may be uncertain, but with knowledge and foresight, we can weather any storm. As we strive to think like entrepreneurs, let us also remember the power of collective action. For it is only through collaboration and innovation that we can shape a brighter tomorrow.
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
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