“Many ask why Banks in Chile are so profitable? “

We charge you more because we can, we control your country…:

Many Banks have told me that when talking about what used to be the more admired democracy in LATAM for the right side of the political spectrum.

Let’s analyze just data. comparing Canadian Banks with Chilean Banks since many are own by the same companies :

Canada Data :

To understand the ratio where banks in Canada make money based on the information you’ve provided, we need to compare the interest rates banks pay on deposits versus what they charge on loans. The interest rates banks offer for savings or deposits are the costs to the bank, and the rates they charge on loans represent their income. The difference between these rates is a key source of bank revenue, often referred to as the “net interest margin.”

Interest Earned on Deposits

  1. Standard Interest Range: 0.65% to 1.90%
  2. Smart Interest: An additional 0.50% for saving at least $200 a month (up to a balance limit of $200,000).
  3. Bonus Interest: A bonus interest rate of 3.35% for the first four months on new accounts (up to a balance limit of $1,000,000).
  4. Maximum Interest Potential: Up to 5.75%.

Average Personal Loan Interest Rates by Credit Score

  • Poor (500 to 579): 17.49%
  • Fair (580 to 669): 14.20%
  • Good (670 to 739): 9.85%
  • Excellent (740 to 900): 7.20%

Analysis

Banks make money on the spread between what they pay out in interest on deposits and what they earn on loans. The exact ratio can vary widely depending on the mix of loans and deposits a bank has, as well as the specific rates involved.

  • On Deposits: The bank’s cost can vary from as low as 0.65% to as high as 5.75%, considering all types of interests including standard, smart, and bonus interests.
  • On Loans: The bank’s income from loans can range from 7.20% (excellent credit) to 17.49% (poor credit).

Calculating the Ratio

To calculate a simple ratio of income to cost, we can consider the lowest earning rate on loans (7.20%) and the highest cost rate on deposits (5.75%).

However, a more accurate measure would consider the average loan rate and the weighted average cost of deposits, taking into account how much money is held in accounts with each interest rate. Given the vast range in loan interest rates and the potential for high deposit rates (up to 5.75%), the net interest margin can vary significantly.

Let’s proceed with a simplified calculation using the lowest loan rate (for excellent credit scores) and the highest potential deposit rate to get a conservative estimate of the bank’s interest margin.

Interest Margin Ratio=Lowest Loan RateHighest Deposit Rate=7.20%5.75%Interest Margin Ratio=Highest Deposit RateLowest Loan Rate​=5.75%7.20%​

Let’s calculate this ratio.

The simplified interest margin ratio, using the lowest loan rate (7.20%) and the highest potential deposit rate (5.75%), is approximately 1.25. This means that for every dollar the bank pays in interest on deposits, it earns about $1.25 in interest from loans to borrowers with excellent credit scores. It’s important to note that this is a very simplified analysis and actual bank profitability from interest can vary based on a multitude of factors, including the distribution of loans across different credit scores and the actual balances held at various interest rates for deposits. ​​

What when take a look at Chile :


To analyze the interest margin ratio for banks in Chile using the numbers you’ve provided, we’ll consider the interest rates banks pay (or equivalent financial metrics) and the rates they charge on loans.

Deposit Rates in Chile

From your description, it seems the focus is on the general interest environment rather than specific deposit rates offered by banks. However, the provided average value of 4.69% with a minimum of 0.32% and a maximum of 11.25% could serve as a proxy for the cost of funds or interest paid on deposits over time. For our purposes, let’s use the average rate of 4.69% as a stand-in for the cost of deposits, acknowledging this is a simplification.

Lending Rates in Chile

  1. Bank Lending Rate in 2023: Averaged 16.61%.
  2. Credit Card and Retail Loans: Averaged 42% over the last five years, with a high of 48% in 2023.

Analysis

For this analysis, we will compare the average cost of deposits (4.69%) to:

  1. The average bank lending rate in 2023 (16.61%).
  2. The average rate for credit card and retail loans over the last five years (42%).
  3. The high rate for credit card and retail loans in 2023 (48%).

This will give us an understanding of the range of interest margin ratios banks in Chile might experience across different types of lending.

Let’s calculate these ratios now.Error analyzing

The calculated interest margin ratios for banks in Chile, based on the provided data, are as follows:

  1. For the average bank lending rate in 2023 (16.61%) compared to the average cost of deposits (4.69%), the interest margin ratio is approximately 3.54. This means that for every dollar the bank pays in interest on deposits, it earns about $3.54 in interest from loans.
  2. For the average rate for credit card and retail loans over the last five years (42%) compared to the average cost of deposits, the interest margin ratio is approximately 8.96. This indicates that for every dollar paid in deposit interest, the bank earns about $8.96 in interest from credit card and retail loans.
  3. For the high rate for credit card and retail loans in 2023 (48%) compared to the average cost of deposits, the interest margin ratio is approximately 10.23. This suggests that for every dollar paid in interest on deposits, the bank earns about $10.23 in interest from these loans at the high rate.

These ratios illustrate the significant difference in potential profitability between traditional lending and credit card or retail loan products, with the latter offering substantially higher margins. ​

So how do Bankers explains the differences vs one an another ?

When comparing the interest margin ratios in Canada and Chile, several key observations stand out, reflecting differences in the banking landscapes and economic conditions of the two countries:

Canada’s Banking Environment

  • The interest margin ratio calculated for Canada, using a simplified approach and conservative estimates (the lowest loan rate for excellent credit and the highest deposit rate), was approximately 1.25. This suggests a relatively narrower margin between what banks earn on loans and what they pay on deposits.
  • The Canadian banking system is known for its stability and conservative lending practices. The relatively lower margin reflects a more regulated environment, where interest rates on loans and deposits are closer together, partially due to competitive pressures and a focus on maintaining financial system stability.

Chile’s Banking Environment

  • In Chile, the interest margin ratios calculated were significantly higher, with ratios of 3.54 for traditional bank lending, 8.96 for the average rate on credit card and retail loans over the last five years, and 10.23 for the high rate in 2023. These higher ratios indicate a much larger spread between the interest banks earn on loans and what they pay on deposits.
  • The higher ratios in Chile can be attributed to several factors, including potentially higher operational costs, risk premiums due to economic volatility, and a different regulatory environment. Credit card and retail loans, in particular, show exceptionally high interest rates, reflecting the higher risk and possibly higher default rates associated with these types of lending.

“Escaping the Illusion: Embracing Conscious Reality in a Common-Sense World”

From a young age, I’ve immersed myself in a wide range of texts, devouring knowledge from diverse sources that led me to venture into the hidden corners of the digital universe. In this ever-expanding realm, I’ve uncovered an intriguing paradox that governs our perceptions—a phenomenon echoed by the insights of Deepak Chopra. In 2017 I wrote an article about the False Consensus and the Majority Illusion.

The Worldview Trap: Deepak Chopra adeptly highlights the subtle and often invisible snare that ensnares us all—the confines of our worldview. This intricate mosaic shapes our perception of reality, rooted in the dual foundations of self-identity and the physical world we perceive. Yet, concealed within our worldview lie unwelcome remnants: scars of past experiences, outdated conditioning, and unresolved wounds.

The Concealed Cage: More elusive than these unwelcome tenants is a subtler, yet profound, confinement. Our worldviews function as limited models of reality, akin to the agoraphobe’s fear of open spaces, limiting our access to the full spectrum of human experience. Just as the agoraphobe’s world is confined to the walls of their home, our self-imposed worldviews imprison us, obscuring the most vital facet of authentic reality—the boundless realm of pure consciousness.

Transcending the Egoic Lens: In this era of practicality and empirical reasoning, we’re ensnared by the allure of the tangible—physical entities that we see, touch, and interact with daily. However, as Deepak Chopra emphasizes, true liberation emerges when we transcend this egoic lens. Our familiar “I” consciousness, entwined with a mere sliver of the infinite field of consciousness, becomes the gateway to infinite possibilities. It’s a choice to shatter the shackles of common-sense reality and embrace a broader understanding—one that perceives not just a world of tangible “stuff,” but a boundless field of consciousness.

Embracing Conscious Reality: As we stand at this crossroads, the path toward liberation beckons. It’s a journey where we dismantle the constraints of our self-imposed worldview, daring to explore the uncharted territory of consciousness. Like a traveler voyaging into the unknown, we relinquish the comforts of the familiar for the exhilaration of expanding horizons. To embrace conscious reality is to unlock the treasure trove of existence—an existence that extends far beyond the limitations of the common-sense world.

Conclusion: In the intricate tapestry of our existence, the threads of false consensus, the majority illusion, and the common sense reality trap are interwoven. However, as Deepak Chopra’s wisdom illuminates, there is a path toward emancipation. By acknowledging the limitations of our worldviews and embracing the vast, unbounded field of pure consciousness, we not only break free from the illusion but also step into a reality that transcends the ordinary. Let us embark on this transformative journey—a journey that leads us to perceive, understand, and experience reality in its most profound and expansive form.

How to Protect Beneficial Microorganisms from HUMAN ACTIVITIES

I was this week at a Mining Conference in Antofagasta, Chile. For those that do not know in this area is located Chuquicamata the world’ largest copper, gold and molybden open pit mine, in terms of excavated volume. It is located in the north of Chile, just outside Calama, at 2,850 m above sea level.

Among many great presentations and an a Fireside Chat with me and my friend Osvaldo Pasten a figure in the Mining industry and from the region; but then one expositor called my attention, the CEO of Domolif, Pamela Chavez took the audience over a trip inside our body and how with so many contaminants we are killing all those living good bacteria that is part of the human body ecosystem. So this is what I learn and remember, plus some of the conclusions we came with in the after conference meeting and conversation, especially with Lab Director at Domolif, PHD Valeria Garcia.

MICROBIOTA

The human body is a remarkable ecosystem teeming with a diverse array of microorganisms, collectively known as the microbiota. These microorganisms, particularly the “good bacteria,” play a vital role in maintaining our overall health and well-being. Unfortunately, human activities have inadvertently put these beneficial microorganisms at risk. Pollution with heavy metals, silica dust, and other contaminants can have detrimental effects on the delicate balance of the microbiota. In this article, we will explore the impact of human activities on these microorganisms and suggest ways to protect and improve their survival for the benefit of human health.

The Importance of Beneficial Microorganisms:

Beneficial microorganisms, especially those residing in our gut, play crucial roles in various bodily functions. They aid in digestion, bolster the immune system, produce essential vitamins, and even influence our mental well-being. Their presence is vital for maintaining a healthy gut and overall body function.

Human Activities and Microbial Destruction:

  1. Pollution with Heavy Metals: Human industrial activities have led to the release of heavy metals like lead, mercury, cadmium, and arsenic into the environment. These metals can find their way into our food and water sources. When ingested, they can disrupt the balance of the gut microbiota and reduce the abundance of beneficial bacteria, leading to potential health issues.
  2. Silica Dust Exposure: Certain occupations, such as mining, construction, and manufacturing, expose workers to silica dust, which can be inhaled and ingested. Silica dust exposure has been linked to alterations in the gut microbiota, affecting the diversity and composition of beneficial bacteria.
  3. Pesticides and Chemicals: Widespread use of pesticides and chemicals in agriculture and other industries has raised concerns about their impact on the microbiota. These substances can have unintended effects on beneficial microorganisms, potentially leading to imbalances in the gut ecosystem.
  4. Antibiotics Overuse: While antibiotics are essential for treating bacterial infections, their excessive and improper use can harm beneficial bacteria. Antibiotics do not discriminate between harmful and beneficial microbes, leading to a decline in the diversity of the gut microbiota.

Protecting Beneficial Microorganisms:

  1. Reducing Pollution and Contaminant Exposure: Governments, industries, and individuals must work together to reduce pollution and minimize exposure to heavy metals, silica dust, and other harmful contaminants. Stricter regulations and sustainable practices can help mitigate their impact on both the environment and the microbiota.
  2. Promoting Organic Farming and Bio-fertilizers: Organic farming practices can significantly reduce the use of synthetic pesticides and chemicals. By avoiding the use of harmful agrochemicals, organic farming is generally more environmentally friendly and has a less detrimental impact on the microbiota when consuming organically grown produce. Additionally, the adoption of bio-fertilizers, which are derived from natural sources like compost, manure, and beneficial microorganisms, can enrich the soil microbiota, fostering healthier plant growth and reducing the need for chemical fertilizers that can harm the microbial balance.
  3. Responsible Antibiotic Use: Healthcare professionals and individuals alike should exercise caution when using antibiotics. Only use antibiotics when prescribed by a qualified healthcare provider and follow the prescribed dosage and duration strictly. Antibiotics should not be used for viral infections.
  4. Probiotic and Prebiotic Consumption: Including probiotics (live beneficial bacteria) and prebiotics (nourishment for beneficial bacteria) in the diet can help maintain a healthy gut microbiota. Fermented foods like yogurt, kefir, and sauerkraut are excellent sources of probiotics, while foods rich in fiber, such as fruits, vegetables, and whole grains, serve as prebiotics.

Conclusion:

The symbiotic relationship between humans and beneficial microorganisms is essential for our health and well-being. Unfortunately, human activities, such as pollution and improper antibiotic use, can disrupt this delicate balance. By taking proactive measures to reduce pollution, promoting sustainable practices, transitioning to organic farming and adopting bio-fertilizers, and making conscious choices about antibiotic use, we can protect these valuable microorganisms and pave the way for a healthier future for both ourselves and the environment. Remember, the well-being of the microbiota is intricately linked to our own well-being, and protecting them is a step towards safeguarding our health.

Love That Doesn’t Hurt

POEM

Within the essence of being, love finds its place,

A pure sentiment, leaving no trace,

Love that doesn’t hurt, but enchantingly gleams,

Accompanying the soul, like gentle moonbeams.

^

In the garden of the heart, it blooms in light,

A complement of souls, a bond so bright,

Two beings entwined in a warm embrace,

Weaving dreams together, with tender grace.

^

A mirror reflecting the soul’s truth untold,

Where one gazes and loves, no secrets to hold,

Acceptance and self-love, without disguise,

In love given freely, with no deceitful lies.

^

A treasured jewel that fills us with glow,

A sun that shines, a sky of blue we know,

Love nurtured by touches, and glances that last,

With sweet words spoken, unspoken, the past.

^

It’s an eternal dance of passion and emotion,

A soulful melody, stirring every notion,

An everlasting fire that never does fade,

In a soulmate’s arms, destiny’s cascade.

*

Love that doesn’t hurt but lifts us high,

Enveloping us in sincerity that won’t die,

A divine gift, the desire of every heart,

With every beat, a new love story to start.

^

Such is love, sublime and true,

An eternal balm, a path to pursue,

Where two united souls, in one heartbeat,

Build a love that forever, no end will it meet.

The Healing Power of Humor and Laughter: A Missing Remedy in Religious Texts

In today’s society, the recognition of humor and laughter’s crucial role in promoting health and well-being has been growing steadily. Some even claim that humor and laughter can alleviate more illnesses than conventional medicine. This notion has gained traction within the scientific community, with numerous studies exploring the positive effects of humor on both the body and mind.

Humor and laughter have shown to offer several benefits to physical and emotional health. For one, laughter activates the immune system, stimulating the production of cells and antibodies that aid in combating infections and diseases. Furthermore, laughter releases endorphins, often referred to as the “happiness hormones,” which generate a sense of well-being and can reduce stress and anxiety.

The positive effects of humor extend to mental health as well. Frequent laughter can improve mood, reduce feelings of sadness, and enhance overall happiness. Even in challenging situations, humor can serve as a coping mechanism, allowing us to confront difficulties with a more optimistic outlook and a positive attitude.

In some cultures, humor has also been employed as therapy to treat illnesses and improve people’s quality of life. Laughter therapy, for instance, utilizes laughter as a therapeutic tool to reduce stress and enhance emotional well-being. This practice has gained popularity in various communities and has been embraced as a complementary approach to healthcare.

Interestingly, despite the numerous benefits that humor and laughter offer for health and well-being, it is surprising to find that religious texts like the Bible, one of the oldest and most revered literary works, do not explicitly mention humor. The absence of humor in the Bible has sparked contemplation among scholars and theologians, questioning why a sacred book does not address this essential aspect of the human experience.

Several theories attempt to explain this apparent absence of humor in religious texts. Some argue that the serious and solemn tone of these texts stems from the historical and cultural context in which they were written, as life during biblical times was often marked by hardship and adversity. Others speculate that humor may have been overlooked or excluded during the process of translation and transcription of the original texts.

Although religious texts like the Bible may lack direct references to humor, other religious books, such as the Quran in Islam, approach the subject differently. The Quran contains verses that highlight the concept of happiness, gratitude, and contentment in the context of worship and faith. While the Quran is known for its profound spiritual and ethical guidance, it also acknowledges the value of positive emotions and the importance of maintaining a balanced and joyful life.

The healing power of humor and laughter is increasingly acknowledged in contemporary society. Supported by scientific evidence and utilized in various therapies, humor plays a vital role in improving physical and emotional well-being. While the Bible and certain religious texts might not explicitly address humor, their absence of direct references does not diminish the significance of humor in our lives. Laughter remains a valuable tool for navigating life’s challenges and finding joy along the way. As we embrace the healing power of humor, it is essential to recognize that different religious texts approach this aspect of the human experience in their unique ways, offering diverse insights and guidance on finding happiness and fulfillment in life.

La Dictadura de las Minorías en Plena Democracia: ¿Cómo la Polarización Política Impacta el Proceso Electoral Mundial?

“La Dictadura de las Minorías en Plena Democracia” representa un desafío importante para el funcionamiento de las democracias en todo el mundo. La polarización política ha llevado a una situación en la que las elecciones se deciden por estrechos márgenes, con las minorías como árbitros decisivos.

Para preservar y fortalecer la democracia, es fundamental fomentar la participación ciudadana, promover la responsabilidad de los líderes políticos y buscar soluciones que reflejen los intereses de toda la sociedad. Solo a través de un esfuerzo conjunto y una mayor comprensión mutua podemos superar esta dicotomía y avanzar hacia un sistema político más inclusivo y representativo.

En las últimas décadas, el panorama político mundial ha sido testigo de una creciente polarización entre las ideologías de izquierda y derecha. En muchos países, esta división ha llevado a una situación peculiar, donde ambos extremos obtienen aproximadamente el 45% del apoyo electoral, mientras que una minoría fluctuante, con poder de voto, se convierte en el factor decisivo en las elecciones. Este fenómeno ha sido denominado “La Dictadura de las Minorías en Plena Democracia”. En este artículo, exploraremos cómo esta polarización política ha afectado al proceso electoral global y qué implicaciones tiene para la estabilidad democrática.

¿Cómo se llegó a esta situación?

Para entender el fenómeno de “La Dictadura de las Minorías”, es importante analizar los factores que contribuyeron a la creciente polarización en el panorama político. Entre ellos, podemos mencionar el surgimiento de problemas sociales y económicos complejos, la aparición de líderes políticos carismáticos que abanderan posturas extremas, y la polarización mediática que ha llevado a una fragmentación de la información. Estos elementos han contribuido a que el electorado se agrupe en torno a los polos ideológicos, dejando a las minorías como los árbitros decisivos en el proceso electoral.

El papel de las minorías en el proceso electoral

Con el 45% del apoyo electoral para ambos lados, las minorías, que a menudo representan segmentos más moderados del electorado o tienen afinidad con terceras opciones, se convierten en el segmento que inclina la balanza hacia un lado u otro. Esta situación puede dar lugar a una tensa competencia por el apoyo de estas minorías, llevando a los partidos políticos a adaptar sus plataformas y discursos para atraer a estos votantes clave.

Implicaciones para la gobernabilidad y la toma de decisiones

Cuando las elecciones se deciden por estrechos margenes, la gobernabilidad puede verse comprometida. Gobernar en un ambiente altamente polarizado puede dificultar la adopción de políticas efectivas, ya que los partidos políticos pueden enfrentar dificultades para alcanzar consensos y trabajar en conjunto. Esto puede dar lugar a bloqueos políticos y a una toma de decisiones ineficiente.

El papel de la participación ciudadana

En una democracia, es esencial que todos los ciudadanos participen activamente en el proceso electoral. La falta de participación puede fortalecer la influencia de las minorías en detrimento de la voluntad general del pueblo. Fomentar la educación cívica y la participación política informada es fundamental para que la democracia funcione de manera más representativa y justa.

El papel de la responsabilidad de los líderes políticos

En un sistema democrático, los líderes políticos tienen la responsabilidad de buscar soluciones que beneficien al conjunto de la sociedad y no solo a las minorías que los llevaron al poder. La búsqueda de consensos y el compromiso son fundamentales para superar la polarización y avanzar hacia políticas inclusivas y sostenibles.

“La Dictadura de las Minorías en Plena Democracia” representa un desafío importante para el funcionamiento de las democracias en todo el mundo. La polarización política ha llevado a una situación en la que las elecciones se deciden por estrechos márgenes, con las minorías como árbitros decisivos. Para preservar y fortalecer la democracia, es fundamental fomentar la participación ciudadana, promover la responsabilidad de los líderes políticos y buscar soluciones que reflejen los intereses de toda la sociedad. Solo a través de un esfuerzo conjunto y una mayor comprensión mutua podemos superar esta dicotomía y avanzar hacia un sistema político más inclusivo y representativo.

The Thucydides Trap: China and the United States on the Brink

The concept of the Thucydides Trap, as expounded by Harvard scholar Graham Allison, warns of the dangers posed by a rising power threatening to challenge an established ruling power. Throughout history, this scenario has occurred numerous times, often leading to catastrophic consequences. Presently, the world faces a similar situation, with China’s rise challenging the dominant position of the United States. This essay aims to explore the idea of the Thucydides Trap in the context of China and the United States, while delving into potential outcomes and implications for both countries and the global community.

The Rivalry between China and the United States

In recent decades, China has experienced rapid economic growth and development, transforming itself into a formidable global power. Simultaneously, the United States, though still a dominant force, faces challenges to its longstanding supremacy. This shift in power dynamics has led to heightened tensions between the two nations, with both seeking to assert their interests and influence on the world stage.

The Trap Scenario: Escalation to Conflict

If history is any indication, a rising power’s ambitions and a ruling power’s fear of losing their position can lead to a dangerous confrontation. The Thucydides Trap asserts that when the established power perceives its dominance at risk, conflict becomes a plausible outcome. Escalation to military conflict is the most catastrophic result of the trap and has the potential to plunge the world into turmoil.

Potential Outcome 1: War and Catastrophe

In the worst-case scenario, the tensions between China and the United States escalate into a full-scale war. Such a conflict would undoubtedly have catastrophic consequences for both nations and the entire globe. The economies of both countries would be severely impacted, leading to widespread financial instability and recession. Moreover, modern warfare capabilities could lead to significant loss of life and destruction on an unprecedented scale, affecting not only the two countries involved but also numerous other nations.

Potential Outcome 2: Cold War-like Standoff

Another possible outcome is a protracted cold war-like standoff between China and the United States. In this scenario, both nations would engage in a battle of influence, seeking to draw other countries into their spheres of alliances. This prolonged rivalry would fuel regional conflicts, as smaller nations might be forced to choose sides, leading to geopolitical instability and heightened military spending.

Potential Outcome 3: Constructive Rivalry and Cooperation

Despite the ominous warnings of the Thucydides Trap, it is essential to recognize that history doesn’t always repeat itself. China and the United States have an opportunity to learn from past mistakes and engage in constructive rivalry rather than destructive confrontation. Through diplomacy and dialogue, both nations can address their concerns and work towards mutually beneficial outcomes. Finding common ground on global challenges, such as climate change and nuclear proliferation, could foster cooperation and prevent an outright collision.

Conclusion

The Thucydides Trap poses a grave warning about the potential consequences of a rising power challenging an established one. While the rivalry between China and the United States presents real risks, history does not have to dictate the future. Both countries must recognize the dangers of escalating tensions and pursue constructive engagement and dialogue to mitigate conflict.

The world stands at a critical juncture, where cooperation and understanding between China and the United States are vital to maintaining global stability and prosperity. It is essential for both nations to transcend the Thucydides Trap and forge a path towards a peaceful and cooperative coexistence, working together to address common challenges and ensure a brighter future for all. Only through such efforts can we avoid the cataclysmic outcomes that history has so often witnessed in similar power struggles.

The era of the tyrant individual: The end of our common world

Some ideas around a French essay by Eric Sadin

In this brilliant, fast-paced essay, Eric Sadin offers a new and tragically accurate analysis of the collapse of our common world. It puts historical, political, social, economic and technical dimensions into perspective to better rethink the terms of a social contract capable of bringing us together again.

In recent years, we have witnessed a surge of anger, expressed through protests, demonstrations, riots and strikes. This anger is fueled by a growing sense of tension, mistrust and denunciation of authority. People seem less and less governable, creating a tension never seen before. This situation leaves many commentators flabbergasted, wondering how we got here.

The reasons for this revolt are multiple and are linked to the excesses of the liberal political model which has been erected as the only dominant model. These drifts include worsening inequalities, deteriorating working conditions, a decline in public services and a succession of political scandals. However, what makes this wave of discontent so unique is the violence with which it is expressed today, carried by a new actor: the tyrant individual.

This new player has emerged with recent technological advances, such as the advent of the Internet, smartphones and the upheavals caused by the digital revolution. The tyrant individual is a hyperconnected being, withdrawn into his subjectivity, convinced that he is the center of the world, capable of knowing everything and doing everything. He perceives modern technological tools as weapons that allow him to influence the course of events. He embodies the “I” of iPhone, the “You” of YouTube. Never before has such a combination been so explosive: economic crises reinforce the feeling of dispossession while technology reinforces the feeling of omnipotence. The gap between these two realities continues to widen and becomes more and more intolerable.

The consequences of this situation are deleterious: the social fabric is crumbling, trust is crumbling, politics is losing its legitimacy. We are witnessing a rise in communitarianism, conspiracy and violence. Now looms the threat of a “totalitarianism of the multitude”.

Is sharing personal data cross companies and markets legal or not ?

Consider the audacity of instructing Equifax, Experian, and TransUnion not to acquire, record, or disclose any information about you. It would be met with amusement rather than compliance. Doesn’t this disparity strike you as peculiar, or is it just me?

Why is it that banks can freely share customer information among themselves, colluding to determine rates under the guise of risk management, while entrepreneurs in other industries are strictly prohibited from sharing customer data? Horizontal collusion, as defined by antitrust laws, refers to competitors at the same market level agreeing to fix or control prices for their respective goods and services. Interestingly, retailers, media companies, and consumer products companies are bound by privacy regulations and face severe consequences for any attempt to share customer information. However, banks, financial institutions, and credit card operators enjoy the privilege of exchanging detailed client data, even going so far as to notify each other about updates on a customer’s credit report. This report, far from being anonymous or private, reveals personal financial details, outstanding debts, creditors, and the client’s overall performance. If a mistake is made in reporting, it falls upon the customer to rectify it, as there are no penalties for the banks.

While individuals or companies in other sectors would face legal consequences for engaging in collusion to establish price-fixing mechanisms or manipulating distribution channels, banks seem to operate under different standards. It appears that money, being a product in itself, holds a unique status. Banks and financial institutions are permitted to create money using people’s funds and freely share their customers’ information without facing the same repercussions as other industries. This discrepancy raises the question of why the financial sector is afforded such leeway.

One might argue that customer consent plays a significant role, but it’s clear that banks employ coercive tactics to obtain consent. Refusal to sign consent forms means denial of basic financial services, such as checking accounts, credit cards, and even savings accounts. It becomes virtually impossible to receive salary payments without a bank account. Imagine if other industries, like car manufacturers, required customers to sign agreements allowing their information to be shared, or if supermarkets required consent to sell products like meat, milk, sugar, beer, or baby food. The disparity becomes more pronounced when it comes to news consumption. You can decline participation in data sharing with various companies, but the bank remains the exception.

Consider the audacity of instructing Equifax, Experian, and TransUnion not to acquire, record, or disclose any information about you. It would be met with amusement rather than compliance. Doesn’t this disparity strike you as peculiar, or is it just me?

Perhaps this uneven playing field, where banks engage in horizontal collusion, is a contributing factor to the collapsing financial system and the rise of decentralized finance (DeFi) and blockchain technology. Increasingly, people are embracing the notion that rules should apply to everyone, and the rise of blockchain signifies a shift towards a more equitable system. After all, money is the outcome of global workforce productivity, where individuals create wealth that can be converted into a means of sustenance.

By reimagining financial systems and embracing decentralized alternatives, individuals are seeking to reclaim control over their financial information and challenge the disproportionate power dynamics that currently exist.

“Be not afraid of going slowly. Be afraid of standing still”

The Duties and Vision of CEOs and Board of Directors in Leading a Company

The Japanese proverb, “Be not afraid of going slowly. Be afraid of standing still,” encapsulates a profound wisdom that holds great relevance for CEOs and members of the Board of Directors in their roles as leaders. This essay explores how this proverb aligns with the duties and visionary mindset required when leading a company, emphasizing the importance of steady progress and continuous improvement.

  1. Embracing Incremental Progress: The Japanese proverb encourages CEOs and Board members to embrace the concept of gradual progress. Instead of being overwhelmed by the magnitude of challenges or pursuing rapid yet unsustainable growth, they focus on taking measured steps towards success. By acknowledging the value of incremental progress, they foster a culture that recognizes the importance of every small achievement and understands that sustained success often stems from consistent efforts over time.
  2. Promoting Continuous Learning and Adaptation: Ceos and Board members who embody the spirit of the proverb recognize the significance of continuous learning and adaptation in a rapidly changing business landscape. They encourage their teams to engage in ongoing education, foster a culture of curiosity, and promote an environment where experimentation and innovation are encouraged. By cultivating a growth mindset and embracing new ideas, they empower their organization to adapt, evolve, and thrive in the face of uncertainty.
  3. Balancing Stability and Innovation: While the proverb emphasizes the danger of standing still, it also underscores the need for stability. CEOs and Board members must strike a delicate balance between maintaining core values, principles, and organizational stability while fostering a culture of innovation and progress. They provide a solid foundation for their teams to build upon, ensuring that the company remains agile, responsive, and open to change.
  4. Inspiring a Long-term Vision: The proverb encourages leaders to adopt a visionary mindset, looking beyond immediate gains and focusing on long-term success. CEOs and Board members play a crucial role in setting and communicating a compelling vision that inspires stakeholders and employees alike. By providing a clear direction and aligning the organization towards a shared purpose, they motivate individuals to persistently work towards realizing the long-term goals of the company.
  5. Overcoming the Fear of Failure: In line with the proverb’s wisdom, CEOs and Board members should encourage a culture that embraces calculated risks and learning from failures. They create an environment where individuals are not paralyzed by the fear of making mistakes but are encouraged to take measured risks, learn from setbacks, and iterate towards success. By fostering resilience and a growth-oriented mindset, they enable their teams to keep progressing, even in the face of challenges.

By embracing the Japanese proverb, “Be not afraid of going slowly. Be afraid of standing still,” CEOs and Board members can instill a mindset of continuous improvement, steady progress, and long-term vision within their organizations. By valuing incremental progress, promoting continuous learning, balancing stability and innovation, inspiring a compelling vision, and overcoming the fear of failure, they lead their companies on a path of sustainable growth and success. In doing so, they foster an environment where progress is celebrated, innovation thrives, and individuals are motivated to persevere on the journey towards achieving their shared goals.