Clunky Flow

To be honest, I’ve baulked at signing up for IGOPeople for a long time. Seemed like JASN.

Today, purely as part of the relaunched Tuesday Push, I signed up.

I have to say. Very impressed.

Got me a personal welcome message from Campbell Scott nudging me over to last weeks highlights to get me started.

There I found a discussion thread on online trust, reputation and identity. My personal geek heaven.

Having left a typically overlong comment (i’ve no discipline) I started to click through and add people as friends.

It turns out there’s a lot of people on here I know. Which, lets face it, is the most important thing in a social network.

All in all. Highly recommended. See you in there.

4 Comments »

I want to tell you a little about a friend of mine.
He’s got a PhD in economics and has been lecturing for years.

From time-to-time I say to him:
“Can I ask you a dumb question?”

He always replies with a wry smile
“Answering dumb questions is
practically my job description.”

We had one of our chats last night:

ME:

I keep hearing:“Strong banks
are essential to our economy.” But
surely, they should be saying: “A
strong banking system is essential to our
economy.”

The 1st statement leads us towards
bank rescues and nationalisations.
While the 2nd gives us more options.

My friend the economist:

Yes that is more accurate.
In fact, I was studying in Finland in 1992
as a series of banking collpases swept
across the Nordic countries. Many of the
possible options were tested with varying
success. Go on..

ME:

Well, I don’t know if this option was
available in the past… Why not establish 2
brand new internet-only banks in Ireland.
And capitalise them with the €15bn.

For that, you get 2 new banks. Each starting
with a clean sheet. Free to borrow.
Free to lend.

The advantages are you get a banking system.
You avoid nationalisation. You embrace pure
competition. And no money gets thrown
into a black hole.

Economist:

Yes. Pure internet banking wasn’t
an option in 1992. It could constitute a banking
system. Such new banks would be able and eager
to lend. The old banks could continue to deal with
cash. But if they do crash..?

ME:

If a physical branch network is important.
Co-opt the post office network.
Or the credit union network.
If internet access is important.
Support internet cafes.
Such an approach would be a snug fit with
the government’s policy of support
rural Ireland and the roll out of the national broadband scheme…

Economist:

Sounds like it could work. But you know the old
joke “If you want 4 opinions. Ask 2 economists”

So that’s it. My dumb question to you is “Why not?”
I’m hoping you can help me understand our options
a little bit better.

16 Comments »