Let me confess that I am a voodoo worshipper of "Crocodile In The Yangtze," aka Jack Ma (https://lnkd.in/gVc8aPC). It is not because a school teacher was magically turned into one of the wealthiest people on earth – because of his guts to laugh at the mightiest Empire (communist) on earth. I am not sure where to draw the line between geniuses and stupidity. Ironically his PRO-Chinese Bund speech may potentially end up him in jail. It already cost him already >$35 Billion (the cancellation of the largest IPO listing ever priced in the history of humanity) for educating his peasant communist bankers (According to WSJ, China’s President Xi Jinping Personally Scuttled Jack Ma’s Ant IPO). We, the Alzheimer's seniors club in the WEST and our Pawn shops in Wallstreet & Swamp (DC), should grateful for the stupidity. Instead of casting stones at them, we need to start to worship those Chinese Dictators for prolonging our Bingo Games😊
For those who want to enjoy Hangzhou Chinese, here's a video of the speech:
For the rest of us, thanks to "KEVIN XU," I am taking the liberty to share some of the quotes in English. I believe the whole fascinating speech should be a must-read for every one of us to think outside our seniors club in the WEST between our Bingo Games. https://interconnected.blog/jack-ma-bund-finance-summit-speech/
"I'm basically retired at this point, so I thought I'd speak freely at this unofficial forum and share the non-professional views of a non-professional person. Fortunately, I've discovered that many professionals no longer speak about their professions anymore. I have three points of view for you to consider. They may be immature, incorrect, or laughable. Just give them a listen, if they make no sense, just forget about them."
"So, the way the world is changing this year is fascinating and very fast. Last night in Shanghai, we decided on the pricing of Ant's IPO. This is the largest listing ever priced in the history of the entire human race, and the pricing happened in a place other than New York City. This was unthinkable five years ago, even three years ago, but miracles happen."
"After World War II, the world needed to restore economic prosperity. The establishment of the Bretton Woods system was an enormous catalyst to the global economy. Later, after the Asian financial crisis occurred, the Basel Accords talked about risk control, which has been gaining more and more attention, to the point that it became an operational standard for risk control. Now the trend is, the world is talking more and more just about risk control, not development. Very few people talk about where the opportunities are for young people, for developing countries. This, in fact, is the root cause of many of the world's problems today. We also see today that the Basel Accords have put great limitations on Europe's ability to innovate as a whole, for example, in digital finance. Basel, more like a seniors club, is about solving the problem of an aging financial system that has been operating for decades, and Europe's aging system is extremely complex."
"They are like two completely different diseases, like Alzheimer's disease and polio. Both look similar at first glance but are two totally different illnesses. If a child takes Alzheimer's medication, he or she will not only get the old person's disease, but a lot of other strange diseases as well. The Basel Accords is designed to treat the diseases of the elderly with an aging system and over-complexity, and what we have to think about is what can we learn from the elderly? You must remember, older people and younger people care about different issues. Younger people care about whether there are schools, older people care about whether there are hospitals."
"The essence of finance is credit management. We must change the pawnshop mentality of today's finance and rely on the development of a credit-based system." - Saji's comment: This is what got Crocodile into troubled waters😊
"There are also some people, who unscrupulously take out loans and constantly increase their leverage, taking on more and more debt. As we all know, borrow 100,000, you are afraid of the bank; borrow 10 million, both you and the bank become a bit panicked; borrow 1 billion, the bank is afraid of you. There is another habit, banks like to give loans to good companies, companies that don't need money. They desperately want to loan these companies money. The result is lots of good businesses become bad businesses. They diversify their investments, even transferring this money out to do things that are completely unsuitable for them. Too much money can get you into a lot of trouble."- Saji's comment: Isn't it the same thing happened with >$5Trillion printed by US FED earlier this year as happened with all the money printed especially since 2008/ or even 9/11?😊
"Finally, I think the world today is desperately waiting for a new financial system that is truly designed for the future. Today's financial system is a product of the Industrial Age, a comprehensive financial system designed to address the needs of industrialization and to fulfill the two-eight theory. What is the two-eight theory? It's about investing in the 20% to solve 80% of the problem. And the future of the financial system is about the eight-two theory, helping 80% of small businesses and young people to drive the other 20% of people. We must transition from the old way of people looking for money, businesses looking for money, to money looking for people and money looking for good businesses. The only standard to evaluate this system is whether something is universal, inclusive, green, and sustainable. The cutting-edge technologies backing this standard, like big data, cloud computing, and blockchain are already ready today to take on this huge responsibility."
"The global financial system must be reformed today, otherwise it is not just a matter of lost opportunities, but of leaving the world potentially in more chaos."
"So I would like to conclude by saying that today's human society has reached a most critical juncture. Never underestimate this pandemic. This pandemic is a force that is pushing back human progress, no less than World War II."
"In terms of finance itself, the United States is continuing to inject cash to the rest of the world, and especially to Wall Street, and other countries are following suit. Have we all thought about the consequences that will happen next? The impact is far greater than all the technical aspects that we discussed today.
We cannot simply oppose many of the world's international organizations today, but must rethink their value in today's world together, whether it's the UN, the WTO, or the WHO. There are really a lot of problems with these organizations. I have dealt with, worked with, and collaborated with all of these organizations, but eliminating them is not the solution."
"A new financial system is the way of the future. Whether we like it or not, it will be formed. Whether we do it or not, someone will do it. In the future, I believe, reform will require sacrifice, there will be a price to pay. Our generation has to do this kind of reform, but it may only be visible to the next generation. We may be the one who must carry this burden forward. This is a historical opportunity and a historical responsibility."
- Jack Ma's speech at Shanghai Bund Summit on Oct 24, 2020 (Credit goes to "KEVIN XU," for his translation https://interconnected.blog/jack-ma-bund-finance-summit-speech/ )
Bushmen from EAST
My perspectives @ https://www.amazon.com/Make-Enterprise-Great-Again-Capitalism-ebook/dp/B08BJ9WH65/