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Global Capital and Urban Land

For me a city…is a com­plex but incom­plete sys­tem. And in that mix­i­ty of com­plex­i­ty and incom­plete­ness lies the capac­i­ty of cities to have very long lives. Much longer lives than very pow­er­ful cor­po­ra­tions, which often are very closed sys­tems.

Finance is not about Money

I think one first step is to dis­tin­guish between tra­di­tion­al bank­ing, which sells mon­ey it has (or it can bor­row very quick­ly, what­ev­er) and finance, which sells some­thing it does not have. And in that sell­ing what it does not have lies its cre­ativ­i­ty. It has to invent instru­ments. And secondly—and they go together—it has to invade oth­er sec­tors. Because it itself does not have what it needs to pro­duce.

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