A tailor has been mistaken for being one of the Deutsche Bank employees leaving the premisses after mass layoffs, with the picture by Simon Dawson, a photojournalist, featured on the frontpages of many major newspapers across the world.
You’d think they’re bankers. They’re tailors. We reached out to the one with the bitcoin bag. Speaking to Trustnodes, he says:
“My name is Alex Riley. I was leaving the Deutsche Bank building as I work for a tailors and I was fitting a client there. I work for Fielding and Nicholson Tailors.
I carry a bitcoin bag with me, it had my gym kit in, but that particular bag I like to take to finance centres for a little fun really. A conversation starter. Most of my clients work at the Big banks such as JP Morgan, Morgan Stanley etc.
I think the cameraman saw an opportune moment to capture me leaving with my colleague, lots of bags (as if we were packed to leave) and obviously the ‘bag’ which is kind of symbolic.”
Symbolic of many things. The mistake itself, of course, encapsulates the origins of the Deutsche Bank downfall.
Like the tailer looks hardly different from a banker, so too their complex sub prime products looked no different than triple A.
From that mistake the bank has not recovered. US regulators, in particular, were keen to single them out for arguably far too harsh a punishment. Billions in never ending fines.
The jewel of Germany now kneels with thousands let go in London and New York in an echo of almost precisely ten years ago.
Far more symbolic may well be that reflection of the people’s money to contrast with what many perceive as a corrupt banking system.
There’s an alternative, it says. There’s new money. A people’s money. The tailor’s money.
Bitcoin too can well be mistaken for a bank. It looks like one in many ways, with long standing criticism arguing it is just copying the current financial system and remaking it in its own image.
A global bank run by tailors that in this case serves not the ivory towers, but the commoners, the rabble, the rejected, the censored, the oppressed, as well as the liberators, and the artists, and the intellectuals, and of course even the bankers.
“The older generation of bankers would probably be completely unable even to imagine how the new system would operate and therefore be practically unanimous in rejecting it. But this foreseeable opposition of the established practitioners ought not to deter us.
I am also convinced that if a new generation of young bankers were given the opportunity they would rapidly develop techniques to make the new forms of banking not only safe and profitable but also much more beneficial to the whole community than the existing one,” Friedrich Hayek in the Denationalization of Money.
There are countless of opportunities in the bitcoin space for the fallen young bankers.
Since the barriers to entry are almost none, save for intellect, and since they now have plenty of time, some may well decide to make their own employment by building a new money system that servers the tailor and the banker.
For the old must eventually give way to the new. Fabricated numbers on a screen must eventually be made to comply with certain unbreachable digital laws.
New forms of banking, beneficial to the whole community, are now possible. Few are better placed than the young bankers, and perhaps even the tailor, to build these new forms, to revive innovation in the most fundamental matter of money, and to create a money system that serves our economies, our nations, our families, and ourselves.