• richardmkiernicki

The Unconventional Conventional Part XXV

As I continue to blog I am finding that it is important to periodically remind myself about what the point of my blogging actually is. More for my own benefit than for yours perhaps, I remind myself on occasion that if we have no goal or direction in writing, we tend to lose focus and entertain distracting thoughts. I want you all to know that I am focused on my goal of increasing the levels of financial literacy in myself, for the benefit of my readers, for the government, big business and the individuals that are interested in economic issues that make up the entire global financial arena, so that we can move forward with positive action and confidence inspired by a better and simpler understanding of finances. My goal is to empower.


Back in my day, well up to sometime around 1986 anyway, the traditional Four Pillars of Finance, the Banks, Insurance Companies, Stock Brokers and Mortgage Corporations were all recognized as individual entities. Now this may not be news to the baby boomers, but I wonder how many of this new generation of young adults know about this, let alone why they should know about it. It is important to remember that in 1986 the financial institutions decided that there was no need to continue to hold these businesses as individual entities that previously did not compete with, nor conflict with each other, in favour of tearing down those traditional pillars of finance and open the doors of non-restrictive ownership and competition. The “Big Bang” was not a television show or theory, it was the opening up of capital markets and the freedom to build, buy, take-over, buy-out, build anew, anything or anyone and most any financial business that previously had been restricted from entering the others domain.


I would almost bet that earlier governments, perhaps as far back as when The Bank of Canada was first being created, designed the “four pillars” as a means to protect citizens from the possible manipulation from financial institutions that could become so powerful that they could do almost anything that they wanted. The Big Bang was most probably designed by the financial

institutions that saw the capitalistic opportunities of opening and not restricting themselves from entering any competing business that they also wanted.


Why is that information important to understand? Well for one thing, we now knew who was truly running things and it sure was not the government. The collapse of the four pillars did more than open the opportunities to make more profits, it created the opportunity for the financial institutions to write their own rules and regulations, to their advantage of course, without too much, if any at all, government intervention. The government was once an agency that protected the people and their rights. Big Bang reduced the government to becoming a servant of the financial institutions that they themselves helped to create. More next week!


Copyright 2013 Richard Kiernicki. All rights reserved.


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© 2019-2020 Richard M. Kiernicki. All rights reserved.

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