[Dave Birch] We were chatting in the office earlier about something I saw on the Niall Ferguson series on the “Ascent of Money” on Channel 4. Well, actually I watched it on Virgin V+ “Catch Up TV”, but you know what I mean. It’s not bad. In one of the episodes (about property) he said in passing something like “it’s always happened before”. In the business of money, unlike the in technology of money, no-one ever learns. I made this point over on Kashklash recently, using the story of Northern Rock and the Goldsmid brothers to illustrate the point.

Note that this case of the Goldsmids is not “similar” to that of the Crock, nor is it “analagous” to it, nor is it a “metaphor” for it. It was exactly the same. In every respect.

[From kashklash:: exchanging the future » Blog Archive » Technology is progressive, finance is cyclical]

Anyway, with my current focus on innovation — I’m helping the CSFI to plan the first round table in the Visa Europe Research Fellowship series for 22nd January — it set me thing (again) about the cyclical nature of the finance business. Is there something I need to take account of here: I haven’t quite put my finger on it yet, but is there a connection between the stepwise march of technology and where it intersects with the circle of financial services evolution? Perhaps there are some points on the circle where the new technology gains purchase, and some where it is flung away. I need to work on my analogies!!

The series was a companion to Ferguson’s book of the same name. I happen to have a spare copy of this valuable volume on my desk even as I write and I shall be more than happy to send it to the first person to respond to this post with the name of the American who added the little wooden houses and hotels to the game of Monopoly, thus creating the modern version familiar to all.

In the traditional fashion, this competition is open to all except for employees of Consult Hyperion and members of my immediate family, is void where prohibited and is fully recyclable. The prize must be claimed within one month. Oh, and no-one can win more than one of the Digital Money Blog prizes per calendar year.

These opinions are my own (I think) and presented solely in my capacity as an interested member of the general public [posted with ecto]


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