By David C Korten
Latest financial difficulty is the worst because the nice melancholy. notwithstanding, as David Korten exhibits, the stairs being taken to handle it -- together with pouring trillions of greenbacks into bailouts for the Wall road associations that created the mess -- do not anything to house the truth of a failed economic climate. it really is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is barely the end of the iceberg. The system's social and environmental mess ups may well eventually be much more destructive.Korten identifies the deeper assets of the failure: Wall road associations that experience perfected the artwork of making "wealth" with no generating something of genuine worth: phantom wealth. Its significant avid gamers have interaction in speculative buying and selling, purchase into asset bubbles, create debt pyramids, and have interaction in predatory lending practices. Their seeming good fortune created an monetary mirage that led us to think the economic system was once increasing exponentially, whilst our fiscal, social, and average capital eroded and most of the people struggled ever more durable to make ends meet.Our desire lies now not with Wall road, Korten argues, yet with major highway, which creates actual wealth from actual assets to satisfy genuine wishes. He outlines an time table to disencumber the latent entrepreneurial energies of major highway from Wall Street's lethal grip and convey into being a brand new financial system -- in the neighborhood established, neighborhood orientated, and dedicated to making a larger lifestyles for all. it is going to require brave and innovative alterations to how we degree financial luck, manage our economic climate, even the very manner we create funds. Korten outlines a demanding yet useful time table, summarized on the finish of the e-book in his model of the industrial deal with to the state he needs Barack Obama have been in a position to deliver.Korten's purpose isn't really to provide ultimate solutions yet relatively to impress dialogue of techniques that strong pursuits want no longer be pointed out. those pursuits devised the method that has introduced us to the edge of spoil. it is time to draw back from the Wall road process of phantom wealth and go back to an economic system firmly rooted within the long term well-being of individuals and the planet."At final, a booklet by means of one in every of our such a lot significant fiscal thinkers that outlines the realcauses of -- and options to -- the present financial trouble. David Korten conjures up usto take activities to create a extra simply and sustainable international for ourselves and futuregenerations." (John Perkins, long island occasions bestselling writer of Confessions of an financial Hit guy)
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Extra info for Agenda for a New Economy
Money is money, and the more you have, the more the market eagerly responds to your every whim. To believe that paper or electronic money is real wealth, rather than simply a coupon that may be redeemed for goods and services of real intrinsic value, confuses illusion with reality. Those who create phantom wealth, and those who are the beneﬁciaries of mutual funds or retirement funds invested in phantom wealth, may never realize that they are giving its holder a claim on the real wealth produced by others, and that phantom-wealth dollars created out of nothing dilute the claims of everyone else to the available stock of real wealth.
Certainly, they never told us that money is a system of power and that the more dependent we are on money as the mediator of human relationships, the more readily those who have the power to create money and to decide who gets it can abuse that power. If we had been paying close attention, we might have noticed that many fortunes were the result of ﬁnancial speculation, fraud, government subsidies, the sale of harmful products, and the abuse of monopoly power. But this was rarely mentioned. 14 PART I: THE CASE FOR A NEW ECONOMY PHANTOM-WEALTH EXUBERANCE The illusions of Wall Street are captured in the titles and publication dates of popular books such as: Dow 36,000: The New Strategy for Proﬁting from the Coming Rise in the Stock Market (2000) Dow 30,000 by 2008: Why It’s Different This Time (2004) Why the Real Estate Boom Will Not Bust (2006) It is easy to confuse money with the real wealth for which it can be exchanged — our labor, ideas, land, gold, health care, food, and all the other things with value in their own right.
Needless to say, granting banks the right to create money with a computer keystroke and then lend it out at interest makes banking very proﬁtable, and Wall Street, which owns the banks, enormously powerful. ” The damage is increased by orders of magnitude when banks discover the proﬁt potential in putting this money-creation power at the service of ﬁnancial speculators and predators engaged in the creation of phantom wealth. Wall Street, as economic system or syndicate, is extremely good at what it is designed and managed to do: make a few people fabulously wealthy without the exertion and distraction of producing anything of real value.