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Do you remember where you were on 15 September 2008?

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In one week we “celebrate” the anniversary of the Lehman Brothers collapse that precipitated the Global Financial Crisis.

Do you remember where you were on 15 September 2008?

I know, that question is not as exciting as where you were on say 9/11 or the Moon Landing or the JFK Assassination – unless you have a nerdy need to understand the engine that runs our global financial system.

I do remember where I was on 15 September 2008. I was at the epicenter, in New York City. Like millions, my life was impacted. Unlike most of those millions, my inner nerd tapped into my years working in the engine room of Fintech (selling mission critical enterprise systems to big global banks) to try and figure out what had happened and why.

I was there, so here are my personal stories of the days around the Lehman Brothers collapse on 15 September 2008:

 

 

ROAD MAP FOR FINANCIAL RECOVERY: RADICAL TRANSPARENCY NOW!

The technological answer described in the article was/is XBRL. Sadly this is still more promise than actuality today. We have been banging the drum loudly on Daily Fintech for XBRL for many years.  The hold-up is not technological; it is that transparency goes against the business model of the sell side of Wall Street. I still think XBRL will be a game-changer, because XBRL can benefit both issuers and the buy side as well as regulators.

If heart attack is the best analogy here is what happened on 15 September 2008:

Don’t worry – anniversaries are just dates in a calendar. The next Global Financial Crisis won’t happen on a schedule that any of us can determine. It may or it may not be imminent but it is certainly inevitable – the underlying problem has not gone away.  In the decade since 15 September, we have seen bad news and good news and one bit of news that is good or bad depending on where you are positioned today.

The one bit of news that is good or bad, depending on where you are positioned today, is that Bitcoin and Blockchain has emerged as a real force for change.

Although I was tuned into the tech world on 15 September 2008, what I did not know was that Satoshi Nakomoto was planting the seed that would change our world so dramatically.

The Bitcoin/Blockchain wave is just getting started, so it is hard to predict outcomes, but Bitcoin/Blockchain is almost certainly bad news for most people in Legacy Finance. It could be good news for everybody else, depending on how things play out.

Now I want to make two announcements (one of which is true):

The announcement that is not true will still be entertaining, so as ye olde radio announcers liked to say – “stay tuned”.

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Bernard Lunn is the CEO of Daily Fintech and author of The Blockchain Economy. He provides advisory services to companies involved with Fintech (reach out to julia at daily fintech dot com to discuss his services).

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