Agenda for a New Economy by David C Korten

April 3, 2017 | Success | By admin | 0 Comments

By David C Korten

Contemporary fiscal drawback is the worst because the nice melancholy. in spite of the fact that, as David Korten indicates, the stairs being taken to handle it -- together with pouring trillions of bucks into bailouts for the Wall highway associations that created the mess -- do not anything to house the truth of a failed economy. it really is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is just the end of the iceberg. The system's social and environmental disasters could eventually be much more destructive.Korten identifies the deeper resources of the failure: Wall highway associations that experience perfected the artwork of making "wealth" with no generating whatever of actual worth: phantom wealth. Its significant avid gamers interact in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and have interaction in predatory lending practices. Their seeming luck created an monetary mirage that led us to think the economic climate used to be increasing exponentially, whilst our monetary, social, and usual capital eroded and most of the people struggled ever tougher to make ends meet.Our wish lies no longer with Wall highway, Korten argues, yet with major road, which creates actual wealth from actual assets to satisfy actual wishes. He outlines an time table to disencumber the latent entrepreneurial energies of major road from Wall Street's lethal grip and convey into being a brand new economic climate -- in the community dependent, neighborhood orientated, and dedicated to making a larger lifestyles for all. it is going to require brave and ingenious adjustments to how we degree fiscal good fortune, arrange our economic system, even the very means we create funds. Korten outlines a demanding yet functional time table, summarized on the finish of the booklet in his model of the industrial tackle to the state he needs Barack Obama have been in a position to deliver.Korten's purpose isn't to provide ultimate solutions yet really to impress dialogue of innovations that strong pursuits favor no longer be pointed out. those pursuits devised the procedure that has introduced us to the edge of break. it is time to draw back from the Wall highway process of phantom wealth and go back to an financial system firmly rooted within the long term future health of individuals and the planet."At final, a ebook by means of one in all our such a lot exceptional monetary thinkers that outlines the realcauses of -- and strategies to -- the present monetary difficulty. David Korten evokes usto take activities to create a extra simply and sustainable global for ourselves and futuregenerations." (John Perkins, ny instances bestselling writer of Confessions of an monetary Hit guy)

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My college economics professor taught us that banks are financial intermediaries between savers and borrowers: A saver makes a deposit, and the bank lends that money to a borrower to finance a business or home. But that isn’t the way it really works. Unless you are holding a long-term certificate of deposit, you have immediate access to the money you deposit in your bank. If you borrow money from the bank, you also have immediate access to the funds in the account that the bank created in your name when it made the loan.

It is instructive, however, that not even Speth addressed what has become the elephant in the middle of the room — one that had not yet moved to the forefront of the public consciousness at the time he and Sachs were writing their respective books: an out-of-control and out-of-touch financial system devoted to speculation, inflating financial bubbles, stripping corporate assets, and predatory lending. Costly 44 PART I: THE CASE FOR A NEW ECONOMY though it has been, the credit collapse has been something of a blessing.

Even more damaging in some ways than the economic costs are the spiritual and psychological costs of a Wall Street culture that celebrates greed, favors the emotionally and morally challenged with outsized compensation packages, and denies the human capacity for cooperation and sharing. Running out of control and delinked from reality, Wall Street has created an Alice in Wonderland phantomwealth world in which prospective financial claims and the 45 46 PART II: THE CASE FOR ELIMINATING WALL STREET expectations that go with them exceed the value of all the world’s real wealth by orders of magnitude.

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