One former CIA official who ran a private analytics firm even told a group of graduate students which included myself that the ultimate destination for students who thoroughly study international affairs would most likely be an international bank. But as mentioned before, the banks are at a crossroads, in the sense that the ultimate choice for the banks, including the central bank, is a choice between the dictates of an evolving global market or the failing status quo of state hegemony.
And perhaps the direction which the banks will ultimately take, although nothing is certain at the moment, can be demonstrated by an anecdote or a short story which I shared with some folks a few days ago. The story involves an African-American veteran I met a few years ago at a real estate class here in Northern Virginia. He was in fact the teacher of the class, and his story was an interesting one. He told us that despite being black, he was a military officer who was fast rising through the ranks.
He was stationed in Korea for the most part, and the way in which he transitioned from being stationed in Korea to teaching a real estate course in Northern Virginia was interesting and quite relevant to our discourse here in this blog. He told us that the transition occurred instantaneously and spontaneously, in the sense that on one occasion, he was ordered in Korea to climb mountains and to traverse and sprawl through harsh and rugged terrain in immensely cold weather while poorly equipped. After that one particular occasion, he assessed whether indefinite recurrences of such orders and exercises would be worth enduring and tolerating, and when he decided that all of it was an exercise in futility and stupidity, he dropped the military and went into real estate, and based on what he told me, he could not have been happier for the change in not only his occupation, but also his lifestyle.
Hence, this one story of a black veteran I met a few years ago can perhaps serve as an anecdote or an indicator of where the banks are headed in terms of choosing between the dictates of an evolving global market or the failing status quo of state hegemony. This, however, brings us to the future role of the American state. What is the role of the American state if the banks are probably headed towards a novel direction? For one, the state needs to comply with international law and to fulfill the obligations it has under international law. For instance, no one in a country as wealthy as the United States and with the income and revenues that goes into the American state should be left abandoned and homeless on the street. Yet, we have a homelessness situation in the United States, along with other problems and predicaments which the American state is obliged to address based on international law.
Hence, whereas the basic and fundamental shift of the banks is perhaps towards an evolving global market and away from a failed status quo of global hegemony, the basic and fundamental shift for the American state going forward is from a failed status quo of global hegemony and towards the fulfillment of obligations under international law. That is essentially where the future lies for both the banks and for the state. And oddly enough, we are also in a period of time in history where perhaps for the first time ever, the basic interests of both revolution and old money have aligned. Thus, even though there is turmoil and uncertainty to a certain extent, there is also a lot to be hopeful and optimistic about, given the complexity and the dynamics of our day and age.