So here’s what happened. If you tell people you’re going to have this super‐open, absolutely non‐commercial, money‐free thing, but it has to survive in this environment that’s based on money, where it has to make money, how does anybody square that circle? How does anybody do anything? And so companies like Google that came along, in my view were backed into a corner. There was exactly one business plan available to them, which was advertising.
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.