The last Golembe Report, titled "Reflections," is unusual in that it deals with no particular subject but consists of personal reminiscences of the author, and observations on changes in banking over the years.
The "Introduction" to the report, along with the special cover, follows. Those who desire a copy of the full 14-page report may obtain it at the discounted price of five dollars, including postage and handling.
CHG
Vol. 2002-4
Reflections
During the past several years I have become increasingly aware of the fact that at some point writing these reports must come to an end. There are various reasons but the single most important by far is that I am tired. After 35 years, I have 289 reports behind me that I have written, and another 45 or so by guest authors. I hate even to think of how many words these produced. My conservative guess is four or five million, a sobering thought since no one can really possess that much wisdom!
Just a few days ago, Pat and I – Pat being the production manager and also my wife – were discussing the nature of the next report, which we thought would likely be out in April, when it dawned on us that April was the month of the first issue in 1967. We immediately took this as a sign, and without further discussion – there had already been many during the past several years – we decided that this had to be the final report.
It was not an easy decision. My first reaction surprised me, it was one of sadness and a feeling of emptiness rather than relief. However, lurking in the background was another factor of importance. For at least the past seven or eight years I have been planning to write a book on banking and have accumulated an impressive file of first-chapter drafts, outlines, and various research materials. But nothing more. It had been my assumption until recently that the book could be pursued without giving up the reports. But it has become quite evident that while such might have been possible when I was younger, it is not realistic today, at age 78. This latest decision should help immensely in clearing the way for the book. However, I have not put aside forever the possibility of resuming these reports after completing the book, possibly on an “occasional paper” basis.
The more immediate question was whether to send a brief announcement to subscribers, or to do a “final” report that would simply include the announcement. The first was a great temptation, but after discussing it with Pat and a few close friends, I was persuaded that the second was preferable. To disappear suddenly, after 35 years, did not seem proper.
If this last report were to seek to wrap up the events of the last several decades, what could I possibly add to the record now? The answer quickly became clear; each person with whom I talked suggested that I use this opportunity to step back and simply reflect on the past 30 to 40 years. Thus for the first time in recent years our report title is quite accurate: “Reflections.” It is not, as was so often the case in the past, intended to be clever, or sophisticated, or mysterious (although I confess that I still chuckle to myself when I think of the title that Dan Krabill and I gave to last year’s report on the Basel Committee’s capital work – “The Great Leap Forward” – which we did not explain until the final paragraph).
I will not attempt to list the subjects to be touched upon, except to note that they will in truth be “reflections” and not analyses; reflections on the banking industry, on unresolved problems and on people. Finally, lest there be some concern on the part of subscribers – particularly those who renewed their annual subscriptions very recently – when this report is released we will also announce the schedule for returning to each subscriber the unfulfilled portion of his or her subscription.
