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sustainability depends on a principle of society being able to devalue organisations to zero which compound undue harm- ie if your organisational system loses all trust of society, you have no social value, and so no business reputation , it is healthy societies that generate strong economies not vice versa; if we cant apply this principle to the world's 5000 largest systems the human race will run out ouf tomorrows

 

nature's evolutionary rules destroy dinosuars that are too big to co-exist with others- humans have no special rights to break nature's laws that I know of; aftre mentoring Gandhi, Einstein clearly foresaw the compound risk that the first generation to be globally connected by tech would face -the maths of sustainability in our network age spins exponentially up or down round value multiplication - the operand that models connectivity (the core dynamic of the 21st C) not separation; maths integrates from the bottom up, there is no whole truth or future joy in being globally big broethered top down

 

if even bush's administration could zeroise andersen its vital that obama regains the trust of the people -show us we havent returned wall street to the same mentality that will speculate all over again; every young american should have enough information to vote whether to get rid of goldman sachs because the last 15 years of globalsiation has seen old america turn against its young in a most unnatural way ; leaving such huge debt instead of investment in the next generation that -compared with its worth today what value will the dollar have in 2020 -  60%,  40% 20% unless we turn round the wall street syndrome?

 

throughout the last 300 years there is a clear economic narrative which the word entrepreneur was actually coined in 1800 France to guard; once in a generation fans of microeconomics anmd community integrity need to collaborate and get rid oif macroeconomic rule- societies that failed to achieve micro renewal risk descent into regional dark ages or being the root the cause of wars; the only difference today is that unless enough netizens unite around micro during 2010s then sustainability will be lost in communities all over the world; http://www.worldcitizen.tv/ the good news is that next month noble laureate muhammad yunus book on this once in humanity choice we of the 2010s have the exciting privilege to act on

 

tell me  info@worldcitizen,tv if you want either your vote on percentage wirth of dollar or your vote to zeoise goldman sachs regsitered ; tell me if you have a link to the havoc that goldman sachs caused - eg did it not cause AIG to sell the most junky insurance product ever fiddled with; meanwhile george soros may be more politely worded but his guidance seems clear

 

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GeorgeSoros.com Newsletter

Dear Friends and Colleagues:

 

In Friday's Financial Times George reflects on the current case against Goldman Sachs and the implications more broadly for regulation and reform of the trade of derivatives. I include his essay below.

 

All best,

 

Michael Vachon

 

George Soros

Financial Times, April 23, 2010

 

The US Security and Exchange Commission's civil suit against Goldman Sachs will be vigorously contested by the defendant. It is interesting to speculate which side will win; but we will not know the result for months. Irrespective of the eventual outcome, however, the case has far-reaching implications for the financial reform legislation Congress is considering.


Whether or not Goldman is guilty, the transaction in question clearly had no social benefit. It involved a complex synthetic security derived from existing mortgage-backed securities by cloning them into imaginary units that mimicked the originals. This synthetic collateralised debt obligation did not finance the ownership of any additional homes or allocate capital more efficiently; it merely swelled the volume of mortgage-backed securities that lost value when the housing bubble burst. The primary purpose of the transaction was to generate fees and commissions.


This is a clear demonstration of how derivatives and synthetic securities have been used to create imaginary value out of thin air. More triple A CDOs were created than there were underlying triple A assets. This was done on a large scale in spite of the fact that all of the parties involved were sophisticated investors. The process went on for years and culminated in a crash that caused wealth destruction amounting to trillions of dollars. It cannot be allowed to continue. The use of derivatives and other synthetic instruments must be regulated even if all the parties are sophisticated investors. Ordinary securities must be registered with the Securities and Exchange Commission before they can be traded. Synthetic securities ought to be similarly registered, although the task could be assigned to a different authority, such as the Commodity Futures Trading Commission.


Derivatives can serve many useful purposes, but they also contain hidden dangers. For instance, they can pile up hidden imbalances in supply or demand which may suddenly be revealed when a threshold is breached. This is true of so-called knockout options, used in currency hedging. It was also true of the portfolio insurance programs that caused the New York Stock Exchange's Black Monday in October 1987. The subsequent introduction of circuit breakers tacitly acknowledged that derivatives can cause discontinuities, but the proper conclusions were not drawn.


Credit default swaps are particularly suspect. They are supposed to provide insurance against default to bondholders. But because they are freely tradable, they can be used to mount bear raids; in addition to insurance they also provide a license to kill. Their use ought to be confined to those who have a insurable interest in the bonds of a country or company.


It will be the task of regulators to understand derivatives and synthetic securities and refuse to allow their creation if they cannot fully evaluate their systemic risks. That task cannot be left to investors, contrary to the diktats of the market fundamentalist dogma that prevailed until recently.


Derivatives traded on exchanges should be registered as a class. Tailor-made derivatives would have to be registered individually, with regulators obliged to understand the risks involved. Registration is laborious and time-consuming, and would discourage the use of over-the-counter derivatives. Tailor-made products could be put together from exchange-traded instruments. This would prevent a recurrence of the abuses which contributed to the 2008 crash.


Requiring derivatives and synthetic securities to be registered would be simple and effective; yet the legislation currently under consideration contains no such requirement. The Senate Agriculture Committee proposes blocking deposit-taking banks from making markets in swaps. This is an excellent proposal which would go a long way in reducing the interconnectedness of markets and preventing contagion, but it would not regulate derivatives.


The five big banks which serve as marketmakers and account for over 95 per cent of the US's outstanding over-the-counter transactions are likely to oppose it because it would hit their profits. It is more puzzling that some multinational corporations are also opposed. The only explanation is that tailor-made derivatives can facilitate tax avoidance and manipulation of earnings. These considerations ought not to influence the legislation.

The writer is chairman of Soros Fund Management

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There are 4 future history endings to the 21st C. As my daughter is 9 year old: I find the first three of these compound futures utterly unacceptable and invite you to mail me at info@worldcitizen.tv if you do too:

Dinosaur: means the whole human species will be as dead as the dodo. Tell us who's "death of birth" story interests you most. I'm a fan of Chairman Ray Anderson, and this video. In it, he explains not only how all corporations -as key systems in  productive and demanding networks of human relationships - can help humanity prevent the "dinosaur ending" but also how those corporations who value human life will compound the most profits too. It's a myth that sustainability business investments don't do well by doing good. But what is required is consistent investment through time as all entreprenurial and economic systems are intended be, not exercises in how much can you reap or rape from the world every last quarter. All the true economists have mapped how healthy societies beget strong economies, NOT  vice versa.

Shark: means that there will be a world of less than a billion people, most enslaved to the greediest and nastiest men. It is not for nothing that the Spectre villains in James Bond films kept pet sharks. Sharks sense how to make a human or financial killing at many miles - they literally are the best at smelling blood as well as having  blood-thirsty greeds. I am by no means claiming that most large organisational boardrooms are populated by sharks. But as a mathematician and investigator of Unseen Wealth research I am weary of hearing over 20 years of protests that we are ignorant of the system law : if  leadership only optimises how much money speculators take out from the last quarter's spreadsheet,  the organisation's  purpose will be full of holes than a pantomime dame's leaking bucket. Worse over time what you exclude from governing a system is what you compound the destruction of. That's why any boardroom who does not want to see its business case transparently audited for sustainability henceforth swims with the sharks or is blinded by butterflies.

Butterflies tell the wrong stories about system or network models of how to map the whole before getting boxed into parts. Butterflies making system patterns sound complex or chaotic beyond human wit. Inconveniently, this gives the manager the perfect excuse to say that sytsem transformation cannot be succesful.  Their end consequence is also likely to end with less than a million beings living, but this time survivors wll all be back in the cave age.  As the world gets more interconnected, what we need to map is exactly how do get interconnected in each other's most vital compound risks or joys. We do need to prevent the next HIV from spreading virally beyond early cases especially if it is transmitted by contagious birds. Grassroots in frastructures needed little more than a primitive mobile telephone network around Tsunami coastlines to prevent deaths of thos who were 5 hours away from the wave even if those nearest the wave's origin could not have ben alerted. We need to reduce online degrees of separation to zero when the information to be passed through us humans is life critical in its flows. Conversely, there are many types of active learning that multiply value in use instead of gettin g consumed up the way in dustrial things always were. The two great untruths told by the butterfly brigade:

1) that there is one primary way of thinking or doing systems- by definition systemic approaches interface and integrate around molecular subsystems; one simple consequence of this organsiationally is a lot more interdisciplinary flows are needed for the  service economy  organsiational system to wholly empower trust and other entrepreneurial energies

2) that my life -or yours - will be impacted on the other side of the world by a butterfly flapping its wing. This ludicrous insult to logic should not however lead anyone to believe that we can lose all the world's rainforests and expect climate equilibrium to be sustained.

Lion-Child - and I would delight in hearing of other identifications, since this is the truly important story of the four and merits every type of cross-cultural rendering you all can imagine - is about the collaboration characters we will need to flourish if 6+ billion humans are to thrive. Quite a simple thing to achieve if we are as truly curious as a child, as courageous as a lioness in protecting her young, and cherish the pride in community wellbeing as much as lions do.


 

Ideas for 24 Goals for the 24 Days PowWow on will humanity invest in Sustainability in Time

I gather that some goals gave already been decided. Numbers do not denote order:
 
Activity Goals
G1 Plant 24 intercity hubs around the world using Islington hub and espian plex tools as  strawman infrastructure for local adaptation
 
G2 Demand that London's Mayor etc open up sufficient spaces in public building for 90 day summer debate of sustainability issues
 
G3 Develop a map of all hubs and learning houses - ie to include the 24 homegrown ones, and others out there eg Brazil has at least two www.catcomm.org
London has the house www.learninghouse.biz  
 
G4 Get the 24 hubs to start editing their own crisis learning travel guide that Sofia is producing 2007 version of which incidentally will include a start up map of hubs; other contents in this include Harrison Owen Open Space for children; Gandhi family debriefings from the world's largest school and 1 million oneworld alumni; challenges of starting up CIDA's free university
 
G5 How can we go beyond the learning guide to a meeting  format trialled by London and for replication in any city Learning500 (see mail of sat feb 3 addendum Sunita Gandhi)
 
G6 invite 24 days participants to nominate 15 entries of book of the 200 most trusted collaboration entrepreneurs of 2008 , with particular foci on the 7 sustainability crises which become irreversible if they're not turning round by 2012 see pic attached
 
G7 The top 4 outcome crises in the picture are a direct match with Larry Brilliant’s 4 main goals for progressing the work of google.org - how do we establish b ridges with that - he states these goals at this video minute 14 http://webcast.ucsd.edu:8080/ramgen/UCSD_TV/11645.rm
 
G8 How do we mobilise all new economists and sustainability investors around the empowerment development economics revolution Sir Nick Stern is leading which from May will be out of the London School of Economics- what London student networks already exist to interact positively with Sir Nick; how can we unite oxbridge and Indian alumni too (since eg Sir Nick's curricula is parallel to that Manmohan Singh has been pioneering since his Cambridge days in the 1950s and blends with the Entrepreneurial Revolution trilogy of my father). How do we ensure that the debate on how to spend 1% of economies to save 20% does not get greenwashed by all the old vested interests; the worst scenario being that the 1% is wholly wasted while an image of saving the climate lulls us into false security
 
G9 How could we outline the definitive entrepreneurial, peace network (open systems , biomass) curricula that all new age universities and serve the world alumni need (eg blend this with the Sir Richard Branson entrepreneur school at Cida, the India alumni of city Montessori etc)    
 
G10 How do we popularise the 4 end states of sustainability - eg Dinosaur (death of birth), Shark (1 million enslaved by a few James Bond Spectre Villains), Butterfly probably 1 million cavemen through  telling system stories the wrong way (I'll never be impacted by a butterfly's wing but could from nuclear wave or terror wave or birdflu or Greenland unhinging) , LionChild (or whatever is your identity) of 6+ billion people collaborating around a higher order system of sustainability which fairly integrates every locality into globalisation. How do we own the vocabulary so that these 4 identities become part of worldwide chat.
 
G11 How do we identify journalist for humanity who care about at least one of the 7 above crises as reaching irreversibility by 2012 if we don’t fix them now
 
G12 How do we start developing supporters clubs around collaboration entrepreneurs connecting eg all the best ideas that Yunus is using - thegreenchildren.org - a British pop-spokesgroup for Grameen; the microcreditsummit as one of the top 10 world citizen meeting formats; the extension of microcredit as the perfect concept to clean up the banking market into other concepts designed to partner trillion dollar global markets until they stop externalising destruction of each market's deepest human purpose (see trillion dollar audit game - left an early copy with you, otherwise it will emerge at http://worldcitizen.tv and is backed up by the earlier book Alan was writing with me)