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April 08, 2014


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20 years ago Bill Gates said that banks were dinosaurs. One banker responded, "Not all dinosaurs roll over and die. Some of 'em can run real fast and bite the hell out of you."

The banks ran real fast to their tame legislators and revolving-door regulators and bit back at technology with regulation that defends the perimeter (KYC/ATF and FATCA) and creates a scale bias in favour of ever bigger global banks (BASEL II/III and central bank liquidity largesse). The complexity of bank regulation and compliance is part of the global bank domination and defence strategy. Very few regulations achieve their stated objectives, (e.g. "prevent terrorism finance" or "promote financial stability") but all of them deliver bigger and bigger dominant banks that operate globally, are accountable to no one, and pay very little in taxes.

Bill Gates saw that in 1994 and chose to sell systems and applications to banks rather than compete with them. Right choice.

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