He is the most powerful banker in the world. Now he is talking like a cyberpunk. Excellent secret interview with Walter Reston, about money, the economy and the digital age.
He is the most powerful banker in the world. Now he is talking like a cyberpunk. Excellent secret interview with Walter Reston about money, the economy and the digital age.
__He is the most powerful banker in the world. Now he is talking like a cyberpunk. A surprisingly candid wired interview with Walter Reston, about money, the economy and the digital age. Want to know about the future of money? Talk to Walter Reston.
Reston was in the making of the modern wired economy, money began to convert itself into bits and bytes, and began to flow around the world via satellite transponders and fiber-optic cables.
During his 17-year tenure as President and CEO of Reston pecificorp Citibank, the bank bet on technology. Under Reston, Citibank began "wiring" its customers to international customers in the "financial supermarkets" in the 1970s, based on automated, online, checkless, CAT and ATMs. This "thin branch" connected to the global network will be the engine for Citibank's economic growth.
When Reston retired in 1984 - the bank was handed over to John Reed, the fraudster who implemented Restons technology - Citibank's largest bank in the United States and invested US $1.75 billion in computer hardware and software. Approaching.
Reston has served on the boards of dozens of companies, from Silicon Valley start-ups to General Electric, author of two books on money (Risk and Other Four-Letterwords, 1986, and The Twilight of Sovereignty: The Information Revolution to Our World). How is changing, 1992). He says the foundation of wealth has evolved from land to labor to information. "Information about money is as important as money," he said - now a well-known comment written in the lobby of the Library of Science, Industry and Business in New York.
Reston's 1,000-page biography entitled Reston: Walter Reston, Citibank, and the Rise and Fall of American Financial Supremacy (1995), which considers him the kingpin of modern American finance. The 77-year-old banker says, “I’m too busy to read.” That’s the past. I'm interested in the future.
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Wired: What is the future of money?
Reston:
The awaited revolution in the jungle is a smart card. He released 300,000 at the Olympics in Atlanta. This is the first major use of smart cards in the US.
Explain the smart card.
It is a kind of electronic purse. This is basically a passenger check, which makes precise changes. You will be given 7-Eleven 50 bucks and they will give you the card that goes to the vending machines. When the card is debited to zero, you throw it away. The second type of smart card is rechargeable. The third type involves identification. It contains a computer chip with your DNA signature or digital photo.
This technology is on the verge of explosion and when it does, people will now understand smart cards as money just as they now understand passenger checks as cash.
Can anyone issue a smart card?
Until 1913 there was no central bank in the United States, so each bank issued its own dollar bills. In the early days, these bills came in a variety of colors and sizes, some of which did not fit on printed paper. The same thing is happening with smart cards. Issuing 7-Eleven smart cards.
Why switch from greenback to smart card?
There is a certain attraction to the idea of carrying a card that has both built-in identity and money, which is different from carrying cash that is lost or stolen. The card is secure because it does not work if you do not know the personal ID number. In France, they introduced smart cards through Fiat: they announced one day that you would use smart cards for all automated teller machines. Smart cards are huge in Germany and in 1995 400 million smart cards were shipped to Asia. You can't make phone calls without one in Japan. Maybe I’m wrong, but I think Money is going to remake it.
How does new money compare to old money?
The Yap Islanders placed huge stones in their front yards. The size of your stone shows how rich you are. No one can move these stones, but no one cares, because they know you have money "in the bank". People used vampires, beads, silver and gold, now we use paper and call it money. The next change will be in the smart card.
What does the government think about smart cards?
The first thing the government wants to do is control them: "If it's new, it must be bad." Currently, smart cards are outside the scope of financial regulations. How does it affect the speed of money? Amount of money? 7-Eleven, instead of taking your cash, put it on the cuff and extend the credit? No one knows.
How fast is money?
How many times a year does a dollar bill change?
Is it stable or will it increase over time?
On average, the money supply is reversed three times a year. When economists fail to predict the future, it is not because they do not know how much money will be created by the Federal Reserve Board and released by the banks. This is because people do not know what they are doing with it. When people are threatened, they put their money in the bank and the speed slows down. When they feel good about life, they buy **** for everyone and speed up.
How fast is money in international finance?
The speed of such money is increasing. International markets are booming. When I first entered the banking business, the total forex market value in New York was $50 million per day. Now it’s $1 trillion a day.
You are credited with inventing the Financial Supermarket idea. What is the future of One-Stop...
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