Jamie Dimon to a country that pulled its gold out of New York: you have three armies within 400 miles, while gold in America is protected by two oceans and the US military “If we have the strongest military in the world and the strongest economy in the world, we will be the preeminent reserve currency. It is those two things.” “I was in a country somewhere in the Middle East, and also in Europe, and the people said, we took our gold out of the vaults in New York City and moved it to our country. You know what I said to him? I said, you have three armies within 400 miles who can come take your gold.” “That’s the real world. You’re not thinking clearly about safety. That gold is protected by the Atlantic, the Pacific, the United States military, the rule of law.” “But if we are not the preeminent military and economy, you will see our reserve status come down.”

Bank of England orders review of Revolut’s product approval processes The Bank of England’s PRA has ordered a Section 166 review of Revolut’s product approval processes, according to the Financial Times. The order came earlier this year, around the time Revolut finally secured its full UK banking licence in March. The aim is to examine the risks around rapid launches of new financial products and better understand the robustness of the group’s internal systems. A Section 166 forces a firm to appoint external experts—accountants or lawyers—to examine its controls and produce a report with recommendations. It is an evidence-gathering tool. If failures are found, regulators can then impose penalties or take other action. This follows earlier action by the European Central Bank. Last year the ECB found “deficiencies” in Revolut’s new product approval processes and ordered a third-party review of its risk, compliance and legal functions governing new product launches in Europe. The move came after CEO Nik Storonsky said he likes employees to act like “self-guided missiles” with little oversight when developing products. Revolut’s wait for a full UK licence was already the longest of any bank in the country. With the licence now granted, the Section 166 shows regulators still want extra safeguards in place before Revolut pushes further into core banking products. The practical question is how far this slows product velocity. Whoever leaked the detail has also made visible a level of supervisory attention we normally don't know about.

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london is a city that dares to ask the question: what if there was a world-class capital with bad weather, high cost of living, mediocre food and miserable people? nevertheless, it persists

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average cricketer seeing the 105mph four seam fastball from the miz

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米国以外のエリート大学top50 日本からは東大と京大がランクイン 東大11位は結構すごいな