Sept. 13 Talk To Explore ‘Trust and the Financial System’
Posted on Monday, September 05, 2011 [11:10 PM]
COLUMBIA, Ky. -- A discussion about the U.S.
financial system prompted Stuart Diamond to explore the issue of
Diamond, who is a Woodrow Wilson Foundation Visiting Fellow, was
listening to a roundtable discussion by U.S. leaders about how
trust is central to the nation's financial system.
"As I listened carefully, I wondered whether any of these people
had thought about this in any depth," he said in a phone
Diamond will talk about "Trust and the
Financial System" at 7 p.m. CT on Tuesday, Sept. 13, in the Lindsey
Wilson College W.W. Slider Humanities Center Recital Hall. His talk
-- which is part of the 2011-12 Lindsey Wilson Cultural Affairs
Series -- is free and open to the public.
"Trust is a common, universal phrase always used when people
talk about the financial system," Diamond said. "Yet I wondered, If
you really explored the question, could anyone answer it
Since the beginning of the Great Recession in September 2008, a
deficit in trust in the U.S. financial system has been a recurring
theme in critiques of the crisis.
Trust "certainly was one of the factors," Diamond said. "The
more you examine it, it becomes fascinating how the system is based
on people's trust in it."
Although the United States averted a complete financial meltdown
in September 2008, Diamond noted there is no special reason why the
U.S. economy -- specifically the dollar -- is immune from a
collapse if citizens lose trust in the system. As he noted, about
4,000 currencies have failed throughout history.
"So the fact that our financial system could fail, it is in the
realm of possibility," he said. "It's happened 4,000 times before,
and much of it has to do with the crisis of trust, people's lack of
belief in the system."
In addition to speaking on college campuses, Diamond has also
worked with U.S. banks about the issue of trust in the financial
system. But at first glance, he may appear a somewhat unlikely
person to lecture on economics and financial systems.
Diamond is a graduate from Haverford (Pa.) College with a degree
in music and philosophy, and a master's degree in fine arts from
Sarah Lawrence (N.Y.) College. His career has included a broad
range of professions, including business leader, entrepreneur,
producer, writer, journalist, composer and musician. He is
co-founder of Empowered Media, an Internet company that creates
original media, distribution strategies and proprietary
Diamond's diverse career is a testament to the other reason he
will be at LWC -- to extol the virtues of a liberal arts
"I have my degrees in music and philosophy," he said. "How I got
to be teaching and talking economics to major financial
institutions with no degrees in any of this is exactly the point"
of the strength of a liberal arts education.
A liberal arts degree is even more helpful in a age of great
uncertainty because of the intellectual tools it equips graduates
with, Diamond said.
"A liberal arts background is going to give you adaptability and
flexibility … in a world that is changing faster than we can ever
imagine," he said. "Most of the jobs that today's students will be
doing in the future don't even exist yet, but they will be able to
do them if they have a well-rounded liberal arts education."
Stuart Diamond will discuss "Trust and the Financial System"
at 7 p.m. CT on Tuesday, Sept. 13, in the Lindsey Wilson College
W.W. Slider Humanities Center Recital Hall. His talk is free and
open to the public. For more information, contact the LWC Office of
Academic Affairs at firstname.lastname@example.org or (270) 384-8030.