Finance that only talks to itself & deals with each other becomes socially useless
Interpretation
Finance should engage with society and not just function within its own confines to be meaningful.
Mark Carney's quote emphasizes that finance, when it only communicates within its own circles and deals solely among itself, lacks social value and utility. It suggests that financial systems should consider their broader impact on society and engage with the needs and realities of the people they serve, thereby reinforcing their importance and relevance in a socially responsible manner.
In practice
During a financial conference focused on social impact investing.
Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading.
Average investors can become experts in their own field and can pick winning stocks as effectively as Wall Street professionals by doing just a little research.
If you make time each month to give your money some attention, you'll start the next year in fabulous financial shape.
You've got to tell your money what to do or it will leave.
It is absurd to think that the general public can ever make money out of market forecasts.
The borrowers will always be willing to take a great deal for themselves. It’s up to the lenders to show restraint, and when they lose it, watch out.
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