VALUETRUE.com,BeltEnglish.com :world record book of job creation thanks alibabauni.com and amychina

Conscious Capitalism $64 Trillion Dollar Curriculum - Purpose of Hi-Trust banking 99% of humans need

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CAPITALISMS FUTURE HISTORY - some dramatic moments

Back in 2008 the annual monetary worth of all human productivity was valued at approximately 64 trillion dollars and we thought the most interesting question in the world became: what is the value of the alumni network that millennials most collaboratively trust their future to? What that year proved with its subprime meltdown of previously best off nations was that every smba alumni probably was least qualified to contribute to this survey - not a happy conclusion for the most expesive bits of education paper in the world but one to courageously face wherever peer to peer profesional networks can

YOUTHS TOP !0 COLLABORATIVE CONCEPTS NETWORKER? 

At the time, Muhammad Yunus was one nominee of most valued connector of futures youth most wanted - we suggest he still needs to be in our forthcoming World Record Book of Job Creation and we hope that tens of thousands of students live and millions virtually will cheer yunus and other economic peacemakers on - Atlanta Nov 2015 - the first tiwn capitals staging of an event that social action networking youth can value as far more valuabke than staging the olympics or any spectator sport. Help map twin city happenings on the raods to and from atlanta at www.2015sustainability.com a web dedicated to returing post 2015 goals to investments in and co-productions of millennials

but the tragic farce of valuing the most trusted connector remains a forbidden question -do you know one university that helps students explore this case

for the record valuetrue conservatively estimated:

goodwill worth of yunus at ned in 2008 as 27 billion dollars potentially doubling or halving every 6 months depending on 1) partners chosen, 2) risks prevented before they expoentially/cancerously weakened yunus alumni network

whats important is not whether you add a 0 to the valuation of yunus goodwill but how youth alumni linkin to connect partners they can positively action learn to progress millennials goals with and be the best sensors of emerging risk that need to be prevented

 there was no process for doing that in bangladesh of 2008 - 2011 - nor anywjere that research of various summits and biggest partners of yunus momitored;  today most of the formal welath yunus had placed in trust of his 8 million poorest womens members appears to have been confiscated by the bangladeshi government or judiciary, and apparently the world has no immediate reply

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in any event where are resources for this sort of innovation challenge and collaborative auditing of what futures milennials want to co-produce - one of ours is www.trilliondollaraudit.com but what do you recommend chris.macrae@yahoo.co.uk 

 
Resources where you can help co-edit this curriculum
 
1 macrae @obamauni 52m

docs.google.com/document/d/1mI co-edit  curriculum microbanking's microeconomics: 42 years Bangladesh youth investment banks

 

2 Money mooc  launches wave of Soros Moocs rethinking economics from ground up -references 1 course;  2 wiki (alumn of course required) 3 ongoing discussions among alumn of Entrepreneurial Revolution started in The Economist in 1972

Typical wiki debate rsvp chris.macrae@yahoo.co.uk for more info:  Q 3.3 Who owns the dealer of last resort (FED)? Is it agreed that if the dealer of last resort is owned or run by the too big to fail banks then a nation's loss of entrepreneurial freedoms and sustainable communities will be very different from if it is owned by the INET-valued futures-designed around systems of economics from the ground up

 

3 50 Historically Black Universities collaboration round what if we invested in credit union and community coleges as one and same youth entrepreneurial process - for introductions to lead editors please email chris.macrae@yahoo.co.uk

 

4 Help us map your nation's leading financial literacy curricula - eg Australia's www.10thousandgirl.com - rsvp chris.macrae@yahoo.co.uk

5 Correspondence Gdoc from meetings of the global alliance of banks with values 

 

5 If you can ever get 9 minutes of time of Yunus or Sir Fazle Abed ask them to do a 9 minute audio blackboard of their nation's 42 year experience of designing banks around poorest first - and post it in to www.khanacademy.org

 

vtbank.jpg

 

Diary - Future

A Better Future For Finance Georgetown 10 Oct 2013

 
 

The GABV and Georgetown University’s Global Social Enterprise Initiative (GSEI) and Global Human Development Program will host a provocative keynote talk and round table discussion, titled ‘A Better Future for Finance – what banking looks like if we get it right’.

CEOs from the world’s leading values-based banks, pioneering thinkers, faculty and graduate students will explore how to deliver a profound shift to a more sustainable banking industry and why it matters.

The discussion will focus on what a banking industry made up of socially responsible, financially robust and sustainable banks really looks like. In this imagined future, panelists will reflect on how sustainable banks have shifted to a future focused on long-term benefits for the real economy, and its implications for the banking industry’s regulators, local and national economies, and individual consumers.

Keynote Speech

John Fullerton is the Founder and President of Capital Institute, a collaborative working to transform finance to serve a more just, regenerative and sustainable economic system. Through the work of Capital Institute, his syndicated “Future of Finance” blog and regular public speaking engagements, John has become a recognized thought leader in the New Economy space generally, and the financial system transformation challenge in particular. Fullerton will deliver a keynote speech, exploring a very different financial future and what it will take to get there.

 

Tamara Vrooman is the CEO of Vancity, Canada’s largest community credit union. Under Tamara’s leadership, Vancity became the first carbon neutral credit union in North America, the first Canadian financial institution invited to join GABV, the largest organization in Canada with a living wage policy, and in 2011 achieved the best earnings performance in its 65-year history

 

David Reiling is a social entrepreneur with a long history of innovation in community development finance. As the CEO of Sunrise Banks, David’s visionary leadership has positioned his social enterprise for long term financial sustainability and positive social impact. Under David’s leadership Sunrise Banks became the first Minnesota bank certified as a Community Development Financial Institution (CDFI) in 2001 and the first Minnesota B Corp  in 2009.

 

Peter Blom has been CEO and Chairman of the Executive Board of Triodos Bank since 1997.  He has worked for Triodos since 1983 and was its managing director from 1989 to 1997. Peter Blom is member of The Club of Rome, Chair of the Global Alliance for Banking on Values, Member of the Board of The Dutch Banking Association, member of the Scientific Advisory Council for Integrated Sustainable Agriculture and Food, and Deputy Chairman of the Multifunctional Agriculture Taskforce.

 

Jorge R Leon Lince is currently a second year MBA student at Georgetown University’s McDonough School of Business. He has over 5 years of experience working in the low income housing markets in Mexico. During the spring and summer, he worked for ShoreBank International as an International Development Finance Intern in its Inclusive Finance practice. He holds a Bachelors Degree in Applied Mathematics from the Instituto Tecnológico Autónomo de México.

Arnold Ekpe was Chief Executive Officer of the Ecobank Group from 2005 to 2012. He previously held the same position from 1996 to 2001. With 30 years banking experience in the industry, Mr. Ekpe has held several senior positions in African and international banking. He was Head of Sub-Sahara Africa Structured Trade and Corporate Finance at Citibank in the 1990s. In that position, he played a leading role in building Citibank’s corporate finance business in Africa, including several landmark transactions. He is also a former Managing Director of UBA.

Melissa Bradley, Executive-in-Residence GSEI, who will moderate the panel 

The event takes place at Georgetown University’s ICC Auditorium in Washington DC and begins at 5.30 pm (with registration from 5 pm). The event will conclude at 7 pm, with a short reception to follow.  Tickets are free and allocated on a ‘first-come, first-served’ basis. If you would like to attend please email adele.arendse@gabv.org for registration details.

 

Diary History

 

Selected from the long video favorites of The Economist's Entrepreneurial Revolution alumni: Marshall Auerback interview  Simon Johnson (Professor of Entrepreneurship at MIT)

http://www.youtube.com/watch?v=jQmVbLkrIWE

 on behalf of www.ineteconomics.org   sponsored by George Soros and Open Society Networks

 

TOO BIG TO FAIL & THE STATE OF FINANCE TODAY

 

MA  In mid 1990s I was working for the IFC and when things got really bombed out I suggested they set up a Vc fund to try and capture some of the tremendous values that were left in Asian after the wreckage in 1998. The general response was" we dont want to go near the place as its rife with crony capitalism, and I couldnt help but think about that in the light of what has happened recently in the US- and you being formerly with the IMF must have a similar sense of deja vu with this problem

 

SJ Yes absolutely -that's a good comparison - many of the problems that becase manifest in Asia in 1997/98 are actually the same problems we have today in US - a relatively small elite has become too powerful and powerful in ways that distort the financial sector and cause a great deal of risk and damage to the rest of the economy

 

MA Its interesting to compare the 1920s situation. -I think profits of finance, insurance and property accounted for about 40% of total profits in 2006- we had same thing in 1920s. The difference being that at the great depression we had a robust regulatory response- i think you have pointed out that it has been lacking tjis time

 

SJ That's right. The response has been nothing like what happened in 1930s.. The financial sector was a big driver of what happened in 1920s - it was still much smaller part of GDP back then about 2% which reached close to 8% - so we now have a sector whose size can do even more damage going forward than in the 1930s

 

MA There seems to be a real problem of political capture this time around. We have let a good crisis go to waste

 

SJ Well I think the crisis wasnt wasted from the point of view of the bankers -they did very well out of a nicely run scam or scheme on their behalf. It was wasted by the rest of us - its true we have not reined in their power

 

MA And do you get a sense now that 5 years on public repulsion hasnt abated - do you get a sense that political and economic climate is changing and more favorable to the kinds of things you advocate in your book

 

SJ Yes the climate is changing in large part because the banks have been proven repeatedly to be incompetent or unwilling to manage their risks appropriately. Its not just JP Morgan Chase and so-called London Whale, its alos HSBC and standard chartered with the money laundering, its repeated problems around citigroup, its many of the things we learn happened around Bank of America and Countrywide which they bought ,,,, and every time that there are revelations , people begin to understand more clearly how the financial sector has really come to operate

 

MA Unfortunately it still seems to be the case of too big to fail is too big to jail

 

SJ The attorney general of the US said in recent testimony at congress that his department of justice cannot bring criminal charges against the largest financial institutions in the country - so equality before the ;law is no longer with us

 

MA Who do you think was driving that? - was that a decision of the Geihtner  Treasury or a decision taken at the OJ

 

SJ Well that's a fascinating question- both sides are pionting at each other. I think that Lannie Brewer who is head of the criminal division working with Eric Halder the attorney general.largely decided for themselves The interesting question there is on what basis did they decide, with whom did they consult, what are the metrics they used, are the rules written down, is this something they make up in the shower every morning

 

MA Do you gave any personal thoughts on that

 

SJ I think they are making up the whole thing on the fly.. How they decide these people are too big to jail and thwse people we can go after seems to be a bit capricious., and not subject to the accountability that you hope for with the US justice system. The Treasury Department under Geithner was without question sympathetic to view that you should leave the big banks alone. We will see how the Treasury Department is after Mr Geithner

 

MA Let;s shift the focus to Europe - irs not 13 bankers there , in mayn ways its 13 Finance ministers.!  We do seem to have the same problem. In many ways Cyprus highlighted the dangers you pointed out.because we had uninsured depositors taking haircuts. For me what's been interest is that the political response has been : isnt it terrible that some depositors have had to take haircuts?. There has been less focus on activities that led to this problem that put the deposits at risk - we find out now that deposits are not a risk free asset you ;put at your local bank but have become a branch on the creditors tree. So I think the question : are the range of activities that are being allowed by bankers consistent with the mandate to safeguard deposits

 

SJ Thats a good question. I would expand t and ask - whether we have enough equity capital in any of our banking system. The Cypriot banks if you look at the liability side they had mostly deposits.They had very little equity, subordinated debt or other kinds of bond issues. It was all deposits. Now they made investments they claimed werent too risky - but buying Greek government debt turns out to be very risky. And when they have those losses taht are big relative to the GDP because the banks are big relative to the economy. How are you going to absorb the losses - who's going to pay - taxpayer? pensioners. depositors- there are no good choices in that moment. And that's why I think bank regulation - thinking about bank size, banks size relative to the economy becomes increasingly a relevant question

 

MA And that's why I think Cyprus is an interesting situation. While a lot of people say its an outlier with banking assets 800% of HGDP but if you look at EU as a whole its banking sectir relative to its GDP is still multuipkes of the US  , if we've got tppo big banks to fail they have abolutely gargantuan banks -even in Germany I understand the ratio is about 4005 of bakinhg assets to GDP

 

SJ Well you are right that Euroepanas have a more banking  dominated finace model than the US  their laresgt banks are realtive tto tehir individual economy. If you diviude by eurozone as a whole they are about 2-3 times biger not 8 tiems bigger. But in individual countries there are ven greatest imbanalces. they also bought massively into Basel 2 way of thinking about measiuring risks and alowing banks to detemrine for themselves  what's a safe asset and what's a dangerous asset. This is a very duifficult combination ofr them they have a lot of mismanagement rof risk in balance sheets that are big relative to their economises, and the Sovereign Dept crisis is nit yet over

 

MA And its not over- and that;s an additobial complicating factor because in us.canada , uk when you have a deposit guranate its more credible becasue its backed by treasury or federal goverenment. So you can make the kind of deposit gyaratees that people can credibly believe. Wheras in a country like Iteland where they first made a blanket guarantee, peopel started doing the number - their babking assets are 500% bthe GDP how can they possibly do that

 

SJ That's right. Of the course the FDIC to be clear does ultimately draw on its ability to levy the financial sector  but if that levy is noit avilable if the whoke sectir is under strees they do have access to credit from the treasury

 

MA Precisely because they had that credit line they didnt have to draw on it. Euripe hasnt anything comnpoarable but it seems ECB is slowly moving in that direction, with a eurowide FDIC but with oppositinn from Germany

 

SJ Well I think the Euroepans hanent nmade much progress in trems of unifying the nanking system and providoing sensible depsoist insuracnce - which isnt just about insurance but its also about having rules for who gets paid what amount when a bank fails. So what hapene in Cyprus was  quite duuferent from what people had expected based on what they had seen in eg Greece and Spain. So do bthe Euripeans now have clear rules or are they just making it up as they go along. That's a big questiin in terms of generating uncertianty for themselves and the world

 

MA You mentioned earlier the need for higher capital buffers, I wonder though whether liabuility side iof banks is best way to regulate them. By that I mean : you increase capital buffers as a response to a pre-existing problem but actially shouldnt you be looking at bthe activity that generates the problem in gthe first pace - in other words what the namjers tjemselves can do

 

SJ Well I am not sure  these ways of approaching the problem are substututes, I think they are complements. The key point in terms of the liability side is the extent to which the banks fund themselves with equity raher than debt.. They should have enough equity to fund the kinds of risk you can expect over the cycle - and that's not 3 to 5% but 30% to 40%.of total assets. Thats where we need to push the finacial sector. Now that may not be sufficient but it is necessary'

 

 

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