>> charles, aei -- >> you can come in front. you're better looking than i am. >> i agreed almost everything strategically maybe not tactically in all cases. but you talked about shame that you used to have. that governed behavior. and when adam smith was writing appropriateness in -- well, there's an argument to be made that's changed a lot in the united states. >> oh, yeah. and you have been around ceos and senior executives for a fair number of years now. >> thank you. [laughter] >> i'd just like you to reflect -- have you observed -- have you observed changes in the sense of seemliness. a sense of yes i could do this legally but i'm not going to do it for other reasons. have you seen changes in that over that? and if so, why? >> that's a very tough question. because i don't work with or for a random sample. as you can tell, my views are not sort of mainstream corporate. so that i don't work with a random sample of american corporations. one corporation i work with i was at a meeting in which accountants came with a perfectly

josh, it's a pleasure to welcome you to aei. [applause] >> it's a real pleasure to be here today with this distinguished panel, talking about the global evolution from paper-based currency to digital currency and the role that governments can play to encourage and accelerate this shift. i'm proud to say that we work with government agencies in many countries around the world to help them drive efficiencies in their operations. everything from cutting the cost of purchasing aircraft parts to streamline the distribution of child support. while we agree on the importance of digital currency, we don't always agree on its execution. but before i go into details on these is a vision for public-private partnership, i'd like to take a step back and consider the truly transformative nature of digital currency. i admit i am biased but i believe there's a strong case to be made that there are few innovations that have so fundamentally change basic aspects of social and economic behavior that they can truly be called transformative. the eme

thank you to you and the aei for inviting me and putting this conference together. i am going to discuss the regulation and the law governing all of this in ten minutes or less because i know we want to keep the time for the open discussion so i'm going to cover all of this at a very high level and if anything piques your interest we can jump back into it and drill down leader in the session. certainly josh and jeff have laid the groundwork for indicating to us all the tremendous impact that technology has had on the payment system and i'm going to talk about the regulatory challenges that have resulted from that technological impact. this is a very timely discussion because few blocks from here congress is considering many of these very issues in the context of the financial reform legislation that's currently being actively considered. very good timing on the conference here. i am going to talk about two things today. product regulation, how one regulates particular products and then into the regulation and that is how one would regulate the particular entities pr

the fri was in the extent of aei g.'s problems even though they were going to come cascading in a few days by you had a big problem with lehman brothers had called together a group of people on wall street and you thought you had our claves signed up and they wanted to sign up they ran into problems with the british government subsequently but it seems to me for getting about lehman if you had@"d ka h !,hba"d gu $bvg " õa doozy. the excess is have been building up for a long time for a credit crisis and i told the president that when i came to washington but i didn't expect anything of this magnitude that they had been building up and building up in the united states and europe and as you can see from reading the papers it is still working its way through the european system but it's been building up for a long time. and the institutions have been sitting on losses. we've been pressing them to recognize losses and raise capital. so simultaneously we had on the same weekend we learned about the extent of aig problems on s

it is a pleasure to welcome you to aei. [applause] >> thank you. it is a real pleasure to be here today with the distinguished panel talking about the global evolution from paper based currency digital currency and the role that government can play to encourage and accelerate this shift. i am proud to say that we work with government agencies in many countries around the world to help them tried efficiencies in their operations, everything from cutting the cost of purchasing air line parts to child support. while we agree on the importance of digital currency, we don't always agree on its debts -- its execution. before i go into details for a public-private partnership, i would like to take a step back and regard the transform the nature of digital currency. i admit i am biased but i believe there is a strong case to be made that there are few innovations that have so fundamentally changed basic aspects of social and economic behavior that they can truly be called transformative. the emergence of global communications is one example the cell phone

hope, as pete peterson hopes, as concord coalition hopes the public does, in fact, understand, and the aei, for that matter. we're all of one mind on this issue. i understand there is no fiscal slight of hand or silver bullet to eliminate waste and inefficiency in our health care system. i know that no expert can tell us definitively the best steps to cut costs, but i do know that american health care is the most expensive per capita in the world and that we don't have better health to show for it. in so doing, nothing on costs in the health care system was not an option. the bill we passed was the end of a long struggle to cover all americans but is only the beginning of the struggle to control health care costs, the single greatest driver of our deficit. i believe this administration and this congress must be committed to the work both now and in the future to returning of our nation to fiscal balance. that is both an intellectual imperative and, in my opinion, a moral imperative. president obama has proposed a budget that would cut our deficit in half by 2013. that's the plan. the budge