[Music]
good afternoon everyone to understand each other not
I know who of the two is the swindler of
sure in spite of the habit the monk
that is, the banker and him and I would like to
emphasize the reason why we have
chosen this frame this piece of the
film of nanni moretti because it calls us back
the importance of words and therefore
let’s try to reflect on the start
meaning and even better
on the etymology of the word that in
title of this appointment that is
for arrogance libris arrogance if
we look at the Latin etymology ultra
cogitans he who thinks far from him
that sees beyond the one who explores one
border but also the one who thinks
excessively good about yourself and then
I left so fabio you will excuse us if there
we give of the tu but between the swindlers there is a
minimum of familiarity and leave
precisely this in mind if you get a
man who could impersonate the
concept of arrogance today who it is
So maybe you know this
blond who stands behind my shoulders
I would ask you to raise your hand here
I would like to raise your hand who you think
that donald trump is not overbearing
you have to raise your hands, too
should not come those of nanni
moretti
thank you then for you that you do not see
about half the room raised his hand
donald trump is superb donald trump e
arrogant donald trump is rude and then
this I say so, three of us is pure
obnoxious at least to me is unpleasant
But donald trump is not overwhelming
arrogant and what looks beyond
what has a vision of the vision
of the world that will come that it takes
anticipate the future and be patient
he is hard to imagine it in this one
this category perhaps to the other
piece that is to be full of
if not, it is not enough to be in the water for
being a fish finance finance
paolo eva rhyme with arrogance finance la
financial manager the former manager who was
certainly arrogant in the sense of
visionary we said that trump no
but let’s try to think about the liaison
link finance arrogance those answers
simple finance and arrotante and there
I tell you the story with
a story that is romantic match of the
finance that wanted to do a nice thing
he wanted to make rich poor with mortgages
subprime those who then became i
trash loans
what happened and this thing
told me bill I say with his
words bill bill when he was 20 years old and
he was commuting between a berkeley between
the university of california and telegraph
for those who do not know california is one
road very close to the university where
68 was born one of the cult places where
noah is really at risk the 68 were not
just for or maybe not
a little while you remember it then passed
time to do and get rid of her beauty
ponytail from a son of flowers a
read the maths texts
of the university and then to go up and
get off a fruit box that
he needed him to declaim and scream i
his speeches that were essentially
against capitalism and against masters
I met him
thirty years later thirty years later in 98
when we both lived in Boston
massachusetts and he told me the
the next thing he told me I did it
I went over
see fabio thanks to immigration there
population growth in the states
united 56 percent a year so there is
more and more need of houses being there
more and more need of houses of these
houses you see behind my back there
will be a price always higher than the
houses if there is an ever higher price
of the houses the banks understood it and
they started drinking mutual that money
you do not have them and they gave us the mortgage
for the home and maybe even the silent for
furniture and television
we have solved the problem of
poverty in america and then with his
absolute certainties
he also told me we also solved it
the problem of savers because
maybe a mortgage can go wrong
escapes that money but the set of mortgages
world in which house prices
they go up can only be good and then
we put together many mortgages provided there
let’s buy from the shipowners risks
from those who have the money we put them of
kind of sausages big things with
one hundred thousand ten thousand silent inside and
we have a wonderful shape of
safe and guaranteed savings
Well it seemed like a sort of panacea
it looked like robin hood that had appeared at
wall street doing enough
complicated to believe we saw then
how did this story go to me?
a passage of the genesis was a mind
bible and I ask the director if he succeeds
while we talk fabio i if he can
look for an image of the tower of
babel because I ask for the tower of babel
an image of the tower of babel because
is looking for it takes a moment to
the web is also a babel and therefore
there will also be some research paths
and and I ask the director to select it in
particular way the last image ie
the one printed in black and white because
in that image
fabio I see or better call one
factor, that is, that of madness
of the languages all those who worked
to build this abstraction ie
this attempt to go towards the
heaven to others
at one point they lost the
common language is a very element
specific of this season and of the
season of finance and then I observe that
tower this tower in a way
particular to a narrow base yes
develops in a very slender vertical
risk collapse and I propose this
rather this metaphor, this allegory
this sum of metaphors
because that’s exactly what it is
happened in your world with
the madness of languages and with a
system that then no longer held is
collapsed
Unfortunately, the metaphor works
because I do not know if that base was
wide or narrow paolo but above they have it
built too much stuff said
Simply year he took the hand
the subprime mortgage and therefore rather than doing it
so many have done so many
too many and a tall high tower has come
high a tower he started to
creak and crunch
unfortunately it works even more
metaphor because exactly as in the
myth of the tower of Babel is not there
they are more understood each other
Well imagine those savers that
they had invested in these big ones
sausages that had inside all
mortgages started saying but this thing
it’s very high creaks but we are
really sure they are so calm
these these sausages and have
started trying to open them to watch
inside they did not understand anything because
it was a big mess in those ones
sausages and then one did not understand
the more the other and so collapsed has collapsed
the tower is
collapsed the houses and this was the
result no of the subprime mortgage loans
so those were left homeless
that where it becomes rich with the house they are
those who owed had no money
the hunter rich with money maybe bill is
stayed with a few million in his pocket
yes , ordinary people do not have what we have
experimented is a form of arrogance
beyond all limits and beyond
regulation
an experience we have done in
in fact, these years is the difficulty of
give a regime to a global phenomenon
typically global as finance does not
there is an institutional arrangement that
be on a par with the globality e
consequently finance
even after the great crisis even after the
collapse of wall street and lheman
brothers
for the truth he found ways
hold-ups but not real ones
interlocutors in institutions then
given this as my thought, however, you
I ask for a dimension
application of a finance between a thousand
quotes is good there is a good one
example look at you I ask you why you
last year he wrote a book on
whose title is very significant and
which we discussed together and that
talk about the possibility of finding a
no respectable banker
the answer is obviously yes and it is
obviously a climb of the everest
prove it
as he said, as alessandro used to say
cecchi today is the banker
lestant for by definition and you
I try to tell veil a try
tell this time with a story
2018 not of 2007
this image you see behind the
your shoulders is an ancient image but
alive is the pon di gare a bridge over three
levels that is part of the aqueduct
roman in france in provence you see
so much water under flowing water here
the finance of these years was one
finance after the liquidity crisis
liquidity was huge but for some
verses liquidity was not enough
huge mass of money that has been put
in the circle of central banks because
the liquidity arrives passes and goes away
while businesses need a
something stable so it was necessary
transform that liquidity into a
something stable that same that
same as above this bridge this
so very different aqueduct from the tower of
babel in finance is called capital there
a big difference between money the
capital money cash will come
the capital if it arrives there is one can
invest 1 if you do not use it badly just use it
evil can also burn it but it is there and not
disappears in the difficult moment
what happened it happened that in
America and Asia after two years are
managed to transform liquidity into
capital in england in germany two
years from the famous crisis in England
in Germany they put five six
years we arrived at 2013 2014 in
Italy in Italy has put us more
but today we succeeded
today a set of interventions
legislative measures such as tax advantages on
individual savings plans
you want to turn into capital of the
unlisted companies
its liquidity today the funds
private equity which is a word
difficult to say simply are
available to invest in a small one
media company even if it is not listed
today the possibility of quoting to the file
that the Italian minor exchange also a
small business a company that does not
it can allow
the costs of listing well this is
managed to turn liquidity into
potential capital I give an example
a story that their today’s then
the story of today’s bill has no name
English has an Italian name a name of
man is a woman’s name that I am
brother and sister
they are called sergio and lucia and it is history
of two entrepreneurs of the heat and the
cold so if you want a sector not
extremely innovative has its own
level of innovation but firmly
anchored in the real economy
they were very good at them
ten years of crisis because they have been
always careful not to take the step
too long then go abroad
but enough to avoid being
a financial trap to innovate
invest in innovation yes, but how much
enough to not weigh too much with the
money asked the banks have the
strong arms, hands full of calla lilies
for content the brakes have not pulled
because they really did not want to go any further
when I told these things a
sergio lucia
I saw the sense of emptiness in front of me
because they told me let me understand you
you are saying that I no longer have the
constraint I no longer have the constraint of the
capital ie I can with my story
have capital of your third party capital
accepting my government but not
being a listed company
It was a difficult meeting when
ten days later he called me alone
sergio and he called me started
[Music]
talk to me about new markets for yours
company has begun to talk about a
revolution from its own point of view
of technological innovation of which not
I had never heard of it
and then he told me many other things and a
certain point to return to this power
to go further I said to sergio but
sergio you realize you’re gone
besides you went beyond yourself and he is
shut up and he said no, I think so
that I finally managed to go
in addition to my dreams
we stop here
sergio and lucia had a field they had
even a sack full of seeds if they were
kept tight they did not even know well
what to do with these seeds because i
the water was missing, then the image of funds
garci is just talking about the
necessity and of the preciousness and of the
rarity of water
money is a fertilizer has always been enough
that they are used well thanks to you all
for the attention and good continuation
thank you thank you
[Music]
good afternoon everyone to understand each other not
I know who of the two is the swindler of
sure in spite of the habit the monk
that is, the banker and him and I would like to
emphasize the reason why we have
chosen this frame this piece of the
film of nanni moretti because it calls us back
the importance of words and therefore
let’s try to reflect on the start
meaning and even better
on the etymology of the word that in
title of this appointment that is
for arrogance libris arrogance if
we look at the Latin etymology ultra
cogitans he who thinks far from him
that sees beyond the one who explores one
border but also the one who thinks
excessively good about yourself and then
I left so fabio you will excuse us if there
we give of the tu but between the swindlers there is a
minimum of familiarity and leave
precisely this in mind if you get a
man who could impersonate the
concept of arrogance today who it is
So maybe you know this
blond who stands behind my shoulders
I would ask you to raise your hand here
I would like to raise your hand who you think
that donald trump is not overbearing
you have to raise your hands, too
should not come those of nanni
moretti
thank you then for you that you do not see
about half the room raised his hand
donald trump is superb donald trump e
arrogant donald trump is rude and then
this I say so, three of us is pure
obnoxious at least to me is unpleasant
But donald trump is not overwhelming
arrogant and what looks beyond
what has a vision of the vision
of the world that will come that it takes
anticipate the future and be patient
he is hard to imagine it in this one
this category perhaps to the other
piece that is to be full of
if not, it is not enough to be in the water for
being a fish finance finance
paolo eva rhyme with arrogance finance la
financial manager the former manager who was
certainly arrogant in the sense of
visionary we said that trump no
but let’s try to think about the liaison
link finance arrogance those answers
simple finance and arrotante and there
I tell you the story with
a story that is romantic match of the
finance that wanted to do a nice thing
he wanted to make rich poor with mortgages
subprime those who then became i
trash loans
what happened and this thing
told me bill I say with his
words bill bill when he was 20 years old and
he was commuting between a berkeley between
the university of california and telegraph
for those who do not know california is one
road very close to the university where
68 was born one of the cult places where
noah is really at risk the 68 were not
just for or maybe not
a little while you remember it then passed
time to do and get rid of her beauty
ponytail from a son of flowers a
read the maths texts
of the university and then to go up and
get off a fruit box that
he needed him to declaim and scream i
his speeches that were essentially
against capitalism and against masters
I met him
thirty years later thirty years later in 98
when we both lived in Boston
massachusetts and he told me the
the next thing he told me I did it
I went over
see fabio thanks to immigration there
population growth in the states
united 56 percent a year so there is
more and more need of houses being there
more and more need of houses of these
houses you see behind my back there
will be a price always higher than the
houses if there is an ever higher price
of the houses the banks understood it and
they started drinking mutual that money
you do not have them and they gave us the mortgage
for the home and maybe even the silent for
furniture and television
we have solved the problem of
poverty in america and then with his
absolute certainties
he also told me we also solved it
the problem of savers because
maybe a mortgage can go wrong
escapes that money but the set of mortgages
world in which house prices
they go up can only be good and then
we put together many mortgages provided there
let’s buy from the shipowners risks
from those who have the money we put them of
kind of sausages big things with
one hundred thousand ten thousand silent inside and
we have a wonderful shape of
safe and guaranteed savings
Well it seemed like a sort of panacea
it looked like robin hood that had appeared at
wall street doing enough
complicated to believe we saw then
how did this story go to me?
a passage of the genesis was a mind
bible and I ask the director if he succeeds
while we talk fabio i if he can
look for an image of the tower of
babel because I ask for the tower of babel
an image of the tower of babel because
is looking for it takes a moment to
the web is also a babel and therefore
there will also be some research paths
and and I ask the director to select it in
particular way the last image ie
the one printed in black and white because
in that image
fabio I see or better call one
factor, that is, that of madness
of the languages all those who worked
to build this abstraction ie
this attempt to go towards the
heaven to others
at one point they lost the
common language is a very element
specific of this season and of the
season of finance and then I observe that
tower this tower in a way
particular to a narrow base yes
develops in a very slender vertical
risk collapse and I propose this
rather this metaphor, this allegory
this sum of metaphors
because that’s exactly what it is
happened in your world with
the madness of languages and with a
system that then no longer held is
collapsed
Unfortunately, the metaphor works
because I do not know if that base was
wide or narrow paolo but above they have it
built too much stuff said
Simply year he took the hand
the subprime mortgage and therefore rather than doing it
so many have done so many
too many and a tall high tower has come
high a tower he started to
creak and crunch
unfortunately it works even more
metaphor because exactly as in the
myth of the tower of Babel is not there
they are more understood each other
Well imagine those savers that
they had invested in these big ones
sausages that had inside all
mortgages started saying but this thing
it’s very high creaks but we are
really sure they are so calm
these these sausages and have
started trying to open them to watch
inside they did not understand anything because
it was a big mess in those ones
sausages and then one did not understand
the more the other and so collapsed has collapsed
the tower is
collapsed the houses and this was the
result no of the subprime mortgage loans
so those were left homeless
that where it becomes rich with the house they are
those who owed had no money
the hunter rich with money maybe bill is
stayed with a few million in his pocket
yes , ordinary people do not have what we have
experimented is a form of arrogance
beyond all limits and beyond
regulation
an experience we have done in
in fact, these years is the difficulty of
give a regime to a global phenomenon
typically global as finance does not
there is an institutional arrangement that
be on a par with the globality e
consequently finance
even after the great crisis even after the
collapse of wall street and lheman
brothers
for the truth he found ways
hold-ups but not real ones
interlocutors in institutions then
given this as my thought, however, you
I ask for a dimension
application of a finance between a thousand
quotes is good there is a good one
example look at you I ask you why you
last year he wrote a book on
whose title is very significant and
which we discussed together and that
talk about the possibility of finding a
no respectable banker
the answer is obviously yes and it is
obviously a climb of the everest
prove it
as he said, as alessandro used to say
cecchi today is the banker
lestant for by definition and you
I try to tell veil a try
tell this time with a story
2018 not of 2007
this image you see behind the
your shoulders is an ancient image but
alive is the pon di gare a bridge over three
levels that is part of the aqueduct
roman in france in provence you see
so much water under flowing water here
the finance of these years was one
finance after the liquidity crisis
liquidity was huge but for some
verses liquidity was not enough
huge mass of money that has been put
in the circle of central banks because
the liquidity arrives passes and goes away
while businesses need a
something stable so it was necessary
transform that liquidity into a
something stable that same that
same as above this bridge this
so very different aqueduct from the tower of
babel in finance is called capital there
a big difference between money the
capital money cash will come
the capital if it arrives there is one can
invest 1 if you do not use it badly just use it
evil can also burn it but it is there and not
disappears in the difficult moment
what happened it happened that in
America and Asia after two years are
managed to transform liquidity into
capital in england in germany two
years from the famous crisis in England
in Germany they put five six
years we arrived at 2013 2014 in
Italy in Italy has put us more
but today we succeeded
today a set of interventions
legislative measures such as tax advantages on
individual savings plans
you want to turn into capital of the
unlisted companies
its liquidity today the funds
private equity which is a word
difficult to say simply are
available to invest in a small one
media company even if it is not listed
today the possibility of quoting to the file
that the Italian minor exchange also a
small business a company that does not
it can allow
the costs of listing well this is
managed to turn liquidity into
potential capital I give an example
a story that their today’s then
the story of today’s bill has no name
English has an Italian name a name of
man is a woman’s name that I am
brother and sister
they are called sergio and lucia and it is history
of two entrepreneurs of the heat and the
cold so if you want a sector not
extremely innovative has its own
level of innovation but firmly
anchored in the real economy
they were very good at them
ten years of crisis because they have been
always careful not to take the step
too long then go abroad
but enough to avoid being
a financial trap to innovate
invest in innovation yes, but how much
enough to not weigh too much with the
money asked the banks have the
strong arms, hands full of calla lilies
for content the brakes have not pulled
because they really did not want to go any further
when I told these things a
sergio lucia
I saw the sense of emptiness in front of me
because they told me let me understand you
you are saying that I no longer have the
constraint I no longer have the constraint of the
capital ie I can with my story
have capital of your third party capital
accepting my government but not
being a listed company
It was a difficult meeting when
ten days later he called me alone
sergio and he called me started
[Music]
talk to me about new markets for yours
company has begun to talk about a
revolution from its own point of view
of technological innovation of which not
I had never heard of it
and then he told me many other things and a
certain point to return to this power
to go further I said to sergio but
sergio you realize you’re gone
besides you went beyond yourself and he is
shut up and he said no, I think so
that I finally managed to go
in addition to my dreams
we stop here
sergio and lucia had a field they had
even a sack full of seeds if they were
kept tight they did not even know well
what to do with these seeds because i
the water was missing, then the image of funds
garci is just talking about the
necessity and of the preciousness and of the
rarity of water
money is a fertilizer has always been enough
that they are used well thanks to you all
for the attention and good continuation
thank you thank you
[Music]
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