The Folly Of Keynesian Primal Banking
Thursday, March 22, 2012
Edit
The Folly Of Keynesian Primal Banking - Hi friends inspiration by me for you, In the article that you read this time with the title The Folly Of Keynesian Primal Banking, We have prepared this article well for you to read and retrieve information from it. hopefully fill the posts
Article lainnya, we write this you can understand. Alright, happy reading.
Title : The Folly Of Keynesian Primal Banking
link : The Folly Of Keynesian Primal Banking
By David Stockman
The estimable David Rosenberg summed it upwardly good inward his morn letter today:
Purportedly, such fiscal prices every bit the coin marketplace involvement rate, the shape in addition to grade of the bond yield bend in addition to fifty-fifty the capitalization rates for equities in addition to adventure assets are also of import to endure left to the blind toll uncovering in addition to marketplace clearing processes of furnish in addition to demand.
For all of these crucial coin in addition to uppercase markets inputs to capitalist prosperity y'all need, ironically, a monetary politburo.
That is, 12 peculiarly sharp members of the FOMC who tin gaze upon the interplanetary space complexities, swirling cross-currents in addition to manifold undulations of a $20 trillion economy; in addition to from that vast information upload, divine the precise involvement rates in addition to fiscal property prices which volition optimize growth in addition to inflation at whatever dot inward time, in addition to which volition e'er in addition to everywhere ward off recessions in addition to underperformance arising from external shocks in addition to other untoward acts of god in addition to man.
Of course, Professor Milton Friedman in addition to other forbears of contemporary Keynesian fundamental banking never lay it that bluntly, hiding behind a quantity theory of coin in addition to obsolete persuasion of bank-based credit, instead.
As most economic science majors would recall, Uncle Milton said the chore of the Fed was to command the quantity of banking concern reserves (at a steady measuring of @3% growth), which amongst a lag would drive the quantity of coin (M1) in addition to the grade of GDP.
Standing betwixt banking concern reserves in addition to M1, of course, at that topographic point was the affair of the coin multiplier; in addition to juxtaposed betwixt M1 in addition to gross domestic product at that topographic point was also the critical link known every bit the velocity of coin turnover.
Friedman never did say why these crucial lynch pins inward the transmission belt of banking concern reserves, coin in addition to gross domestic product would remain constant over fourth dimension in addition to across unlike banking technologies in addition to regulatory regimes; or that if they were changing, how y'all would approximate in addition to quantify the revised ratios.
He precisely said at that topographic point were lags in addition to leads, in addition to that y'all needed to read his regular Newsweek column for an update at whatever item moment.
Alas, since Friedman departed for the economists' hereafter inward 2006, nosotros receive got had no updates every bit to the coin multipliers in addition to velocities of money.
But no matter. Regulating the quantity of coin was e'er precisely a backdoor road to regulating its price; in addition to inward today's digital world, banking concern coin doesn't affair all that much, in addition to banking concern reserves fifty-fifty less.
Obviously, inward the ancient Earth that Friedman had studied for a lifetime, a deficiency of banking concern reserves tended to campaign stringency of coin in addition to high rates of interest; in addition to a surfeit of reserves, precisely the opposite.
So Friedman was ultimately a fiscal property price-pegger, whether the smashing costless marketplace thinker wanted to admit it or not. That is, yesteryear getting the quantity of coin (M1) precisely right, themonetary politburo FOMC would allegedly larn the prices of involvement in addition to fiscal assets precisely right, too.
Of course, buried inward that monetarist catechism was Keynesian statist economic science pure in addition to simple. That's because on a truthful costless market, no way of the the world regulates involvement rates or fiscal property prices or their precursors such every bit levels of credit, coin or commercial banking concern reserves.
All of these are unplanned in addition to unmanaged outcomes on the costless marketplace where prices for goods, services in addition to fiscal assets are discovered yesteryear mortal actors, non pegged yesteryear the world authorities.
Accordingly, at that topographic point is no knowable "right price" for overnight coin marketplace loans (e.g. Fed funds), 10-year Treasury yields or the S&P 500 index---to say cipher of ludicrous fundamental banker inventions similar r-star or the so-called natural charge per unit of measurement of interest.
To the contrary, wealth in addition to welfare are optimized when thru trial in addition to fault in addition to auction the costless marketplace finds the correct grade for this myriad of fiscal property prices based on the ever changing conditions, circumstances, technologies, consumer preferences, fads in addition to all the other dimensions of human action.
Needless to say, that proffer cuts to the view of the matter. Keynesian fundamental banking, including Friedman's monetarist branch, presumes that costless marketplace toll uncovering inward the fiscal organisation is inherently flawed in addition to volition led to sub-par growth, recessions, depressions in addition to worse.
It's every bit if capitalism has a expiry wish, which entirely an activist, property toll targeting fundamental banking concern tin expunge in addition to thereby operate along the primary street economic scheme on the straight in addition to narrow path to the nirvana of Full Employment.
To endure sure, dorsum inward Friedman's fourth dimension it wasn't thence slowly to view that he was a statist monetary fundamental planner. That's because banking concern coin seemed by in addition to large linked to credit in addition to gross domestic product in addition to banking engineering scientific discipline in addition to rule adhered to the old-fashioned (and non erroneous) thought that demand deposits inward a fractional reserve banking organisation needed to endure backed yesteryear some reasonable grade of liquid cash reserves---lest the banking organisation larn also vulnerable to a run.
Needless to say, owing to changes inward banking regulation, production innovations such every bit sweep accounts in addition to digitized banking technology, the importance of checkable deposits in addition to required reserves backing them has faded into close oblivion.
Since 1975, when the quondam Earth of banking began its drastic evolution, inward fact, full the U.S. banking concern liabilities (blue line) are upwardly yesteryear 19.0X, checkable deposits (brown line) yesteryear precisely 9.8X, in addition to required banking concern reserves (purple line) receive got risen yesteryear entirely 5.6X.
Stated differently, required banking concern reserves prior to 1975 amounted to 4-5% of full liabilities, but currently full entirely $190 billion. That's precisely 1.3% of banking concern liabilities in addition to 0.95% of GDP---a rounding error.
So yesteryear the fourth dimension that Greenspan got his printing presses cranked upwardly inward the belatedly 1980s in addition to 1990s, the importance of regulator required banking concern reserves were going the way of the dodo bird. So instead of perpetuating the Friedmanite fiction that the fundamental banking concern was regulating the quantity of banking concern reserves in addition to money, the Greenspan Fed precisely got correct to the price term in addition to the concern of overt monetary fundamental planning.
That is, pegging involvement rates, the yield bend in addition to adventure property prices (via the infamous Greenspan Put) inward a trend explicitly designed to deal the macro-economy every bit represented yesteryear employment, inflation, gross domestic product in addition to it major components such every bit consumption spending, concern CapEx, retail sales, auto production in addition to housing starts.
Stated differently, Janet Yellen in addition to Jay Powell are only the legatees of Milton Friedman amongst the monetarist bark peeled off.
Needless to say, the giant job amongst naked monetarism cum Keynesian monetary fundamental planning is that inward targeting, pegging in addition to falsifying fiscal property prices, the FOMC eventually became a hostage of Wall Street. So doing, it steadily lost sight of whatever limits at all on its efforts to falsify fiscal property prices inward companionship to "stimulate" gross domestic product in addition to its components; in addition to whatever traditional notions of fiscal bailiwick in addition to audio money.
As a practical affair that meant that involvement rates could never endure depression plenty in addition to that adventure property prices needed to climb indefinitely in addition to to endure propped upwardly yesteryear the fundamental banking concern if they should seriously falter, every bit happened inward 1987, 1998, 2000-2001, 2008-09, in addition to essentially continuously ever since.
At length, of course, Keynesian fundamental bankers receive got tumbled thence deep into the monetary rabbit hole that they receive got lost all contact amongst the absurdity in addition to danger of what they are doing. That is to say, they are massively in addition to fraudulently monetizing the world debt and, increasingly, a rising portion of other fiscal assets every bit well.
The BOJ owns 78% of Japanese ETFs, for example, the Bank of Switzerland is i of the Earth largest equity hedge funds in addition to the ECB is a proud possessor of hundreds of billions inward corporate in addition to junk bonds.
In all, led yesteryear the Fed, the Keynesian, price-targeting fundamental banks of the Earth receive got undertaken a collective coin printing spree that has non fifty-fifty a remote historical precedent----with their residual sheets rising from $4 trillion to $25 trillion over the bridge betwixt 2003 in addition to the present.
Needless to say, every dollar of liabilities which funded that $21 trillion expansion was plucked from sparse air. That is, it consisted of fundamental banking concern confected digital credits which were used to buy trillions of regime debt from dealers in addition to investors, in addition to to thence sequester those bonds in addition to other securities on the residual sheets of the fundamental banks, every bit depicted inward the graph below.
That did tip the supply/demand balance---and mightily so---in favor of far higher bond prices in addition to lower yields than would receive got resulted had the soaring world in addition to mortal debts of the the U.S. in addition to other nations been financed honestly out of the express puddle of mortal savings.
Combined Global Central Bank Balance Sheets
And that get's us to the view of the matter. Keynesian fundamental banking is all nearly falsifying the toll of credit in addition to subsidizing the role of debt in addition to leverage. And that's soundless the obvious existent Earth proof that ever higher levels of debt in addition to leverage relative to income receive got caused the growth charge per unit of measurement of gross domestic product to autumn relative to history, non improve.
Stated inward the inverse, contemporary fundamental banking is non much nearly banking in addition to coin inward the traditional sense. To our knowledge, at that topographic point hasn't been a unmarried advert of M1, M2 or whatever other manifestations of coin inward the Fed's post coming together statements in addition to minutes inward decades. Nor does the monetary politburo FOMC ever pass to a greater extent than than a fleeting 2nd on the status of the banking organisation in addition to the growth charge per unit of measurement of banking concern deposit coin (as distinct from hand-to-hand currency).
Accordingly, what is left inward the fiscal organisation is credit, in addition to the fundamental banks receive got larn its principal manufacturer inward ii ways.
First, the $21 trillion of fundamental banking concern credit growth since 2003 shown inward a higher house entered straight into the fiscal system, where it ultimately funded claims on labor, uppercase in addition to materials. But inward the start circular it only enabled regime bond dealers to convert their cash receipts from selling QE bonds to the Fed into corporates, equities in addition to other by in addition to large higher adventure fiscal assets.
Secondly, the resulting ascension inward the toll of corporates, equities in addition to other adventure assets purchased yesteryear the Wall Street dealers permitted these same coin dealers to hypothecate them. That is, role the rising collateral value of these securities via margin loans in addition to options in addition to futures contracts to generate novel credit without whatever banking concern intermediation or banking concern reserve increases at all.
In short, Keynesian fundamental banking has right away larn the handmaid of a massive worldwide explosion of debt that has taken the grade outstanding globally from $40 trillion inward 1995 to $85 trillion on the even of the 2008 fiscal crisis to $250 trillion today.
Needless to say, the stable in addition to good for y'all historic ratios of debt-to-income receive got been blown heaven high, rising from 150% inward the pre-Greenspan era to 350% on average approximately the Earth today.
This unsafe decoupling of the existent economy's output in addition to income from the outstanding grade of debt in addition to fiscal assets is evidently every bit twenty-four hours when y'all expect at fundamental banking concern residual sheets relative to national income.
In Part 1, for example, nosotros showed that since 1999, the banking concern of Japan's residual canvass has risen yesteryear 604% compared to a mere 5% gain inward the yen value of Japan's nominal GDP. And every bit nosotros also indicated, Nihon is no unmarried illustration aberration or fifty-fifty outlier.
Here is the same movie for the ECB in addition to the eurozone GDP. That is, since 1999 the ECB's residual canvass is upwardly yesteryear 575% compared to a 77% gain inward nominal GDP.
Nor is the the U.S. province of affairs whatever different. Since 1999, the Fed's residual canvass has grown yesteryear 1000%, spell nominal gross domestic product is upwardly yesteryear just 110%.
Needless to say, this massive expansion of fundamental banking concern residual sheets has caused the Earth to endure inundated amongst debt in addition to speculation, in addition to to larn shorn of the historical mechanisms of honest toll uncovering in addition to bailiwick inward fiscal property markets.
So, to render to David Rosenberg's interrogation of the morning. Is at that topographic point a chapter missing from Graham & Dodd?
Why, yes at that topographic point is. It's the scourge of Keynesian fundamental banking that, ironically, arose from the monetary errors of the self-described slayer of Keynesian economics, Profesor Milton Friedman himself.
David Stockman was Director of the Office of Management in addition to Budget nether President Ronald Reagan. After leaving the White House, Stockman had a 20-year career on Wall Street.
The inward a higher house originally appeared at David Stockman's Contra Corner.
You are now reading the article The Folly Of Keynesian Primal Banking with the link address https://inspirationsbymeforyou.blogspot.com/2012/03/the-folly-of-keynesian-primal-banking.html
Title : The Folly Of Keynesian Primal Banking
link : The Folly Of Keynesian Primal Banking
The Folly Of Keynesian Primal Banking
 |
| Milton Friedman: Read my Newsweek column. |
The estimable David Rosenberg summed it upwardly good inward his morn letter today:
"We are on the precipice of an earnings recession in addition to the marketplace is soaring. Is at that topographic point a chapter inward the classic Security Analysis yesteryear Graham & Dodd that I missed on merchandise talks in addition to border wall funding?"Well, yes, at that topographic point is a missing chapter. We are referring to the theory of a long occupation of academic scribblers from Milton Friedman to Ben Bernanke. They essentially concur that the costless marketplace is a wonderful thing----except, except when it comes to Wall Street in addition to matters of coin in addition to credit.
Purportedly, such fiscal prices every bit the coin marketplace involvement rate, the shape in addition to grade of the bond yield bend in addition to fifty-fifty the capitalization rates for equities in addition to adventure assets are also of import to endure left to the blind toll uncovering in addition to marketplace clearing processes of furnish in addition to demand.
For all of these crucial coin in addition to uppercase markets inputs to capitalist prosperity y'all need, ironically, a monetary politburo.
That is, 12 peculiarly sharp members of the FOMC who tin gaze upon the interplanetary space complexities, swirling cross-currents in addition to manifold undulations of a $20 trillion economy; in addition to from that vast information upload, divine the precise involvement rates in addition to fiscal property prices which volition optimize growth in addition to inflation at whatever dot inward time, in addition to which volition e'er in addition to everywhere ward off recessions in addition to underperformance arising from external shocks in addition to other untoward acts of god in addition to man.
Of course, Professor Milton Friedman in addition to other forbears of contemporary Keynesian fundamental banking never lay it that bluntly, hiding behind a quantity theory of coin in addition to obsolete persuasion of bank-based credit, instead.
As most economic science majors would recall, Uncle Milton said the chore of the Fed was to command the quantity of banking concern reserves (at a steady measuring of @3% growth), which amongst a lag would drive the quantity of coin (M1) in addition to the grade of GDP.
Standing betwixt banking concern reserves in addition to M1, of course, at that topographic point was the affair of the coin multiplier; in addition to juxtaposed betwixt M1 in addition to gross domestic product at that topographic point was also the critical link known every bit the velocity of coin turnover.
Friedman never did say why these crucial lynch pins inward the transmission belt of banking concern reserves, coin in addition to gross domestic product would remain constant over fourth dimension in addition to across unlike banking technologies in addition to regulatory regimes; or that if they were changing, how y'all would approximate in addition to quantify the revised ratios.
He precisely said at that topographic point were lags in addition to leads, in addition to that y'all needed to read his regular Newsweek column for an update at whatever item moment.
Alas, since Friedman departed for the economists' hereafter inward 2006, nosotros receive got had no updates every bit to the coin multipliers in addition to velocities of money.
But no matter. Regulating the quantity of coin was e'er precisely a backdoor road to regulating its price; in addition to inward today's digital world, banking concern coin doesn't affair all that much, in addition to banking concern reserves fifty-fifty less.
Obviously, inward the ancient Earth that Friedman had studied for a lifetime, a deficiency of banking concern reserves tended to campaign stringency of coin in addition to high rates of interest; in addition to a surfeit of reserves, precisely the opposite.
So Friedman was ultimately a fiscal property price-pegger, whether the smashing costless marketplace thinker wanted to admit it or not. That is, yesteryear getting the quantity of coin (M1) precisely right, the
Of course, buried inward that monetarist catechism was Keynesian statist economic science pure in addition to simple. That's because on a truthful costless market, no way of the the world regulates involvement rates or fiscal property prices or their precursors such every bit levels of credit, coin or commercial banking concern reserves.
All of these are unplanned in addition to unmanaged outcomes on the costless marketplace where prices for goods, services in addition to fiscal assets are discovered yesteryear mortal actors, non pegged yesteryear the world authorities.
Accordingly, at that topographic point is no knowable "right price" for overnight coin marketplace loans (e.g. Fed funds), 10-year Treasury yields or the S&P 500 index---to say cipher of ludicrous fundamental banker inventions similar r-star or the so-called natural charge per unit of measurement of interest.
To the contrary, wealth in addition to welfare are optimized when thru trial in addition to fault in addition to auction the costless marketplace finds the correct grade for this myriad of fiscal property prices based on the ever changing conditions, circumstances, technologies, consumer preferences, fads in addition to all the other dimensions of human action.
Needless to say, that proffer cuts to the view of the matter. Keynesian fundamental banking, including Friedman's monetarist branch, presumes that costless marketplace toll uncovering inward the fiscal organisation is inherently flawed in addition to volition led to sub-par growth, recessions, depressions in addition to worse.
It's every bit if capitalism has a expiry wish, which entirely an activist, property toll targeting fundamental banking concern tin expunge in addition to thereby operate along the primary street economic scheme on the straight in addition to narrow path to the nirvana of Full Employment.
To endure sure, dorsum inward Friedman's fourth dimension it wasn't thence slowly to view that he was a statist monetary fundamental planner. That's because banking concern coin seemed by in addition to large linked to credit in addition to gross domestic product in addition to banking engineering scientific discipline in addition to rule adhered to the old-fashioned (and non erroneous) thought that demand deposits inward a fractional reserve banking organisation needed to endure backed yesteryear some reasonable grade of liquid cash reserves---lest the banking organisation larn also vulnerable to a run.
Needless to say, owing to changes inward banking regulation, production innovations such every bit sweep accounts in addition to digitized banking technology, the importance of checkable deposits in addition to required reserves backing them has faded into close oblivion.
Since 1975, when the quondam Earth of banking began its drastic evolution, inward fact, full the U.S. banking concern liabilities (blue line) are upwardly yesteryear 19.0X, checkable deposits (brown line) yesteryear precisely 9.8X, in addition to required banking concern reserves (purple line) receive got risen yesteryear entirely 5.6X.
Stated differently, required banking concern reserves prior to 1975 amounted to 4-5% of full liabilities, but currently full entirely $190 billion. That's precisely 1.3% of banking concern liabilities in addition to 0.95% of GDP---a rounding error.
So yesteryear the fourth dimension that Greenspan got his printing presses cranked upwardly inward the belatedly 1980s in addition to 1990s, the importance of regulator required banking concern reserves were going the way of the dodo bird. So instead of perpetuating the Friedmanite fiction that the fundamental banking concern was regulating the quantity of banking concern reserves in addition to money, the Greenspan Fed precisely got correct to the price term in addition to the concern of overt monetary fundamental planning.
That is, pegging involvement rates, the yield bend in addition to adventure property prices (via the infamous Greenspan Put) inward a trend explicitly designed to deal the macro-economy every bit represented yesteryear employment, inflation, gross domestic product in addition to it major components such every bit consumption spending, concern CapEx, retail sales, auto production in addition to housing starts.
Stated differently, Janet Yellen in addition to Jay Powell are only the legatees of Milton Friedman amongst the monetarist bark peeled off.
Needless to say, the giant job amongst naked monetarism cum Keynesian monetary fundamental planning is that inward targeting, pegging in addition to falsifying fiscal property prices, the FOMC eventually became a hostage of Wall Street. So doing, it steadily lost sight of whatever limits at all on its efforts to falsify fiscal property prices inward companionship to "stimulate" gross domestic product in addition to its components; in addition to whatever traditional notions of fiscal bailiwick in addition to audio money.
As a practical affair that meant that involvement rates could never endure depression plenty in addition to that adventure property prices needed to climb indefinitely in addition to to endure propped upwardly yesteryear the fundamental banking concern if they should seriously falter, every bit happened inward 1987, 1998, 2000-2001, 2008-09, in addition to essentially continuously ever since.
At length, of course, Keynesian fundamental bankers receive got tumbled thence deep into the monetary rabbit hole that they receive got lost all contact amongst the absurdity in addition to danger of what they are doing. That is to say, they are massively in addition to fraudulently monetizing the world debt and, increasingly, a rising portion of other fiscal assets every bit well.
The BOJ owns 78% of Japanese ETFs, for example, the Bank of Switzerland is i of the Earth largest equity hedge funds in addition to the ECB is a proud possessor of hundreds of billions inward corporate in addition to junk bonds.
In all, led yesteryear the Fed, the Keynesian, price-targeting fundamental banks of the Earth receive got undertaken a collective coin printing spree that has non fifty-fifty a remote historical precedent----with their residual sheets rising from $4 trillion to $25 trillion over the bridge betwixt 2003 in addition to the present.
Needless to say, every dollar of liabilities which funded that $21 trillion expansion was plucked from sparse air. That is, it consisted of fundamental banking concern confected digital credits which were used to buy trillions of regime debt from dealers in addition to investors, in addition to to thence sequester those bonds in addition to other securities on the residual sheets of the fundamental banks, every bit depicted inward the graph below.
That did tip the supply/demand balance---and mightily so---in favor of far higher bond prices in addition to lower yields than would receive got resulted had the soaring world in addition to mortal debts of the the U.S. in addition to other nations been financed honestly out of the express puddle of mortal savings.
Combined Global Central Bank Balance Sheets
Accordingly, what is left inward the fiscal organisation is credit, in addition to the fundamental banks receive got larn its principal manufacturer inward ii ways.
First, the $21 trillion of fundamental banking concern credit growth since 2003 shown inward a higher house entered straight into the fiscal system, where it ultimately funded claims on labor, uppercase in addition to materials. But inward the start circular it only enabled regime bond dealers to convert their cash receipts from selling QE bonds to the Fed into corporates, equities in addition to other by in addition to large higher adventure fiscal assets.
Secondly, the resulting ascension inward the toll of corporates, equities in addition to other adventure assets purchased yesteryear the Wall Street dealers permitted these same coin dealers to hypothecate them. That is, role the rising collateral value of these securities via margin loans in addition to options in addition to futures contracts to generate novel credit without whatever banking concern intermediation or banking concern reserve increases at all.
In short, Keynesian fundamental banking has right away larn the handmaid of a massive worldwide explosion of debt that has taken the grade outstanding globally from $40 trillion inward 1995 to $85 trillion on the even of the 2008 fiscal crisis to $250 trillion today.
Needless to say, the stable in addition to good for y'all historic ratios of debt-to-income receive got been blown heaven high, rising from 150% inward the pre-Greenspan era to 350% on average approximately the Earth today.
This unsafe decoupling of the existent economy's output in addition to income from the outstanding grade of debt in addition to fiscal assets is evidently every bit twenty-four hours when y'all expect at fundamental banking concern residual sheets relative to national income.
In Part 1, for example, nosotros showed that since 1999, the banking concern of Japan's residual canvass has risen yesteryear 604% compared to a mere 5% gain inward the yen value of Japan's nominal GDP. And every bit nosotros also indicated, Nihon is no unmarried illustration aberration or fifty-fifty outlier.
Here is the same movie for the ECB in addition to the eurozone GDP. That is, since 1999 the ECB's residual canvass is upwardly yesteryear 575% compared to a 77% gain inward nominal GDP.
Nor is the the U.S. province of affairs whatever different. Since 1999, the Fed's residual canvass has grown yesteryear 1000%, spell nominal gross domestic product is upwardly yesteryear just 110%.
Needless to say, this massive expansion of fundamental banking concern residual sheets has caused the Earth to endure inundated amongst debt in addition to speculation, in addition to to larn shorn of the historical mechanisms of honest toll uncovering in addition to bailiwick inward fiscal property markets.
So, to render to David Rosenberg's interrogation of the morning. Is at that topographic point a chapter missing from Graham & Dodd?
Why, yes at that topographic point is. It's the scourge of Keynesian fundamental banking that, ironically, arose from the monetary errors of the self-described slayer of Keynesian economics, Profesor Milton Friedman himself.
The inward a higher house originally appeared at David Stockman's Contra Corner.
Thus the article The Folly Of Keynesian Primal Banking
That's all the article The Folly Of Keynesian Primal Banking this time, hopefully can benefit you all. okay, see you in another article posting.
You are now reading the article The Folly Of Keynesian Primal Banking with the link address https://inspirationsbymeforyou.blogspot.com/2012/03/the-folly-of-keynesian-primal-banking.html