Are Banks Irrelevant?

  By Timothy D. Naegele[1]

This is the title of my newest law review article[2], which discusses the future of banking in the United States and globally, looking decades into the future.

As stated in the article’s introduction:

[T]he author revisits briefly Wells Fargo’s problems that have tarnished America’s fourth largest and the world’s thirteenth largest bank, with almost $2 trillion in assets—and created what some have characterized as a rogue and lawless financial institution, the largest in the United States if not the world.  He asks whether Wells is an anachronism or dinosaur whose time has passed, along with that of its sister financial institutions.  As branches and checks disappear, and as a “branchless” and “checkless” financial system emerges, what role will traditional banks play in American and global commerce?  Also, what roles will so-called “shadow banks” and “non-banks” play in the future, and how will Congress and America’s financial institution regulators deal with these critical issues, or can they?  In the final analysis, will we live in a world of “bankless” banking?

What is coming will affect every American, and the residents of other countries globally.  Indeed, as I concluded in the article:

As America and other countries move into the “brave new world” of “bankless banking,” query whether every conceivable financial problem of the past may surface again and again: runs on banks and their financial alter egos; panics around the globe; regulators who are helpless to “put out the fires” spreading everywhere; and a global loss of confidence in the “system”?  . . .  [A]ll of this may be set in motion—or at least exacerbated—by events over which none of us have any control. Indeed, a review of past events in economic history is eye-opening and shocking for those who are naïve about what can happen in the future.

Stay tuned.  Indeed, a “brave new world” is coming, just as computers, the Internet and smartphones have changed everything that we do today.

 

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© 2020, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass). He and his firm, Timothy D. Naegele & Associates, specialize in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and https://naegeleblog.files.wordpress.com/2019/11/timothy-d.-naegele-resume-20-1-1.pdf). He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University. He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service). Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com

[2]  See Timothy D. Naegele, Are Banks Irrelevant? 137 BANKING L. J. 3 (January 2020) (Naegele January 2020) (Timothy D. Naegele) [NOTE: To download The Banking Law Journal article, please click on the link to the left of this note]

American Jews Hide in Fear

  By Timothy D. Naegele[1]

This is the conclusion of Rabbi Shmuel Boteach, as reported by Newsmax.com:

The spate of anti-Semitic attacks have the Jewish people living in fear now in the United States, potentially creating a society of “secret Jews” retreating to obscurity, according to Rabbi Shmuel “Shmuley” Boteach on Newsmax TV.

“The world’s oldest hatred: we were persecuted in Europe, slaughtered, annihilated, gassed to death, but in America we were protected. I can’t believe this is all happening.”

Boteach, speaking from a home nearby the recent anti-Semitic stabbing attack in Upstate New York where his family and friends were in hiding, called for federal laws that specifically mention anti-Semitism and do not water down the targeted hate under generic hate-crime terms.

“We have to stop this game,” Boteach told host Bob Sellers. “We have to call Jew hatred what it is. First thing is: Special legislation that targets anti-Semitism. You have to use the word anti-Semitism. This is not just another form of bigotry. This is not just another form of prejudice.

“This is a special hatred of the Jewish people that has to be combated, and the United States, land of the free, home of the brave, must take the lead.

Boteach said the recent attacks in and around New York City are targeting those who look and dress like orthodox Jews.

“We are the targets, and it’s very uncomfortable,” Boteach added. 

“It was a religious Jew hatred, now it’s a more racial anti-Semitism. Even if we Jews converted to another religion, they still hate us. All I know is this never happened in the United States.”[2] 

First, it must be stated emphatically: not a single Jew anywhere in this world should hide in fear, or live in fear.

Second, anti-Semitism has been increasing in Europe and globally for more than a decade.[3]  The fact that it is increasing in the United States should not be surprising.

Third, there are a myriad of causes, some of which are understood; others not.  Many Jews and non-Jews blame the policies of Israel’s Prime Minister Benjamin Netanyahu.  

He was hated by Barack Obama, the Rabins, and Ariel Sharon.  Indeed, former Israeli Prime Minister Yitzhak Rabin’s widow Leah—who was described by Nobel Peace Prize Laureate and former Prime Minister Shimon Peres as a “lioness”—believed it was the climate of hate that Netanyahu created during the election campaign of 1995, which laid the groundwork for a Jew to assassinate her husband.  She never forgave Netanyahu and detested him.[4] 

Fourth, the mere fact that anti-Semitism is increasing in the United States and globally is a cause of great concern.  Religion in general is under attack; and Judaism is a very small religion.  There are approximately 2.4 billion Christians in the world, and 1.9 followers of Islam; and the number of Jews is approximately 14.5 million, which makes it one of the smallest religions with the fewest followers.[5]

Fifth, discrimination has probably existed in one form or another since Man set foot on the Earth.  It is not new; and most religious and ethnic groups have been discriminated against in the past.  The fact that Jews are singled out today, even in countries that have few if any Jews, goes to the genesis of discrimination generally, of which anti-Semitism and Islamophobia are merely a part.  The United States is the world’s largest melting pot; and discrimination seems to arise from that fact, instead of religious and ethnic tolerance.[6]

Sixth, as I have written previously:

Since I was a little kid growing up in West Los Angeles, I have always had friends who were Jewish.  . . .  They have helped me; they have loved me; they will be my friends for life; and whatever happens to Israel affects them. It does not affect me; I am not Jewish.

Israel could disappear off the face of the earth today, and it would not affect my life one iota. I could wake up tomorrow and go about my life as if it never happened—similar to the disappearance of Moldova as a nation, which is even larger. However, it might affect the lives of Jewish friends whom I love and care about.[7]

Lastly, former President Barack Obama was and is a racist and an anti-Semite, who did more than any other president to sow the seeds of racism and other divisions.[8]  Perhaps Americans are witnessing the results of what he sowed. 

 

 

© 2020, Timothy D. Naegele

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[1]  Timothy D. Naegele was counsel to the United States Senate’s Committee on Banking, Housing, and Urban Affairs, and chief of staff to Presidential Medal of Freedom and Congressional Gold Medal recipient and former U.S. Senator Edward W. Brooke (R-Mass). He and his firm, Timothy D. Naegele & Associates, specialize in Banking and Financial Institutions Law, Internet Law, Litigation and other matters (see www.naegele.com and https://naegeleblog.files.wordpress.com/2019/11/timothy-d.-naegele-resume-20-1-1.pdf). He has an undergraduate degree in economics from the University of California, Los Angeles (UCLA), as well as two law degrees from the School of Law (Boalt Hall), University of California, Berkeley, and from Georgetown University. He served as a Captain in the U.S. Army, assigned to the Defense Intelligence Agency at the Pentagon, where he received the Joint Service Commendation Medal (see, e.g., https://en.wikipedia.org/wiki/Commendation_Medal#Joint_Service). Mr. Naegele is an Independent politically; and he is listed in Who’s Who in America, Who’s Who in American Law, and Who’s Who in Finance and Business. He has written extensively over the years (see, e.g., www.naegele.com/whats_new.html#articles), and can be contacted directly at tdnaegele.associates@gmail.com

[2]  See https://www.newsmax.com/newsfront/shmuel-boteach-rabbi-jewish-anti-semitism/2019/12/30/id/947802/ (“Shmuel Boteach to Newsmax TV: US Jews Now Hide in Fear”); see also https://en.wikipedia.org/wiki/Shmuley_Boteach (“Shmuley Boteach”)

[3]  See https://naegeleblog.wordpress.com/2014/01/06/ariel-sharon-is-missed/#comment-7039 (“Is Night Falling Again For European Jews?”); see also https://naegeleblog.wordpress.com/2015/12/31/is-israel-doomed/ (“Is Israel Doomed?”)

[4]  See https://naegeleblog.wordpress.com/2014/01/06/ariel-sharon-is-missed/ (“Ariel Sharon Is Missed”); see also https://naegeleblog.wordpress.com/2019/09/19/the-middle-east-is-not-americas-fight/ (“The Middle East Is Not America’s Fight”) and https://naegeleblog.wordpress.com/2012/03/08/the-madness-of-benjamin-netanyahu/ (“The Madness Of Benjamin Netanyahu”) and https://naegeleblog.wordpress.com/2010/02/20/israels-senseless-killings-and-war-with-iran/ (“Israel’s Senseless Killings And War With Iran”)

[5]  See https://en.wikipedia.org/wiki/List_of_religious_populations#Adherent_estimates_in_2019 (“List of religious populations: Adherent estimates in 2019”)

[6]  See https://naegeleblog.wordpress.com/2015/12/06/islamophobia-is-un-american/ (“Islamophobia Is Un-American”) and https://naegeleblog.wordpress.com/2010/02/26/america-a-rich-tapestry-of-life/ (“America: A Rich Tapestry Of Life”)

[7]  See https://naegeleblog.wordpress.com/2010/02/20/israels-senseless-killings-and-war-with-iran/#comment-544 (“Why I Write And Say What I Do”)

[8]  See https://naegeleblog.wordpress.com/2009/12/05/is-barack-obama-a-racist/ (“Is Barack Obama A Racist?”); see also https://naegeleblog.wordpress.com/2019/11/15/when-will-barack-obamas-trial-for-sedition-begin/ (“When Will Barack Obama’s Trial For Sedition Begin?”) and https://naegeleblog.wordpress.com/2019/07/29/barack-obama-is-responsible-for-americas-tragic-racial-divide/ (“Barack Obama Is Responsible For America’s Tragic Racial Divide”) and https://naegeleblog.wordpress.com/2018/05/24/should-barack-obama-be-executed-for-treason/ (“Should Barack Obama Be Executed For Treason?”) and https://naegeleblog.wordpress.com/2017/10/20/the-real-russian-conspiracy-barack-obama-the-clintons-and-the-sale-of-americas-uranium-to-russias-killer-putin/ (“The Real Russian Conspiracy: Barack Obama, The Clintons, And The Sale Of America’s Uranium To Russia’s Killer Putin”)