AUDIENCE MEMBER 00:06
CHARLIE MUNGER 00:07
AUDIENCE MEMBER 00:08
It's a privilege to be here with you. My name is Paul Smith from Boulder, Colorado.
Daily Journal and Berkshire own a lot of the very large banks. I suspect many people in this room do – I know I do. It’s kind of tailgating you and Mr. Buffett. My question is concerning some of the Fintech technologies coming up. Your position on crypto is very clear, but some of the other Fintech technologies, my question is: Do you see them as being a threat to the long-term profitability of those large banks?
CHARLIE MUNGER 00:40
Well, I don’t know much about crypto technologies except to avoid them.
And by the way, I have a lot of things in what I call the “too hard” pile. And if you fit into my too hard pile, I throw you into my too hard pile and don't think about it.
Now, every once in a while, I take something on or drift into something really difficult then I continue doing it just because I’m perverse. (Laughter)
The Daily Journal was basically a ridiculous enterprise. It’s really difficult. I’m enormously rich and I’m 96 years old, yet I care terribly how it works out.
It’s a little insane. I wonder why you would come here and talk to a nutcase like me.
But, no I —
I hate things like bitcoin. I hate things that are intrinsically anti-social. Of course we need real currencies.
And one of the interesting things about the current conditions is that we Americans have created the reserve, by accident, it been the reserve currency of the world. And the world needs a reserve currency.
And I don’t sense any great sense of trusteeship among my fellow Americans for behaving very well in our responsibilities to the rest of the world with our own currency. Our attitude is we’ll do what pleases us. That’s not my view.
I think once you get a big responsibility to other people that are depending on you, you ought to think about them too.