Download e-book for iPad: Agenda for a New Economy by David C Korten

By David C Korten

Ultra-modern monetary concern is the worst because the nice melancholy. although, as David Korten exhibits, the stairs being taken to deal with it -- together with pouring trillions of bucks into bailouts for the Wall highway associations that created the mess -- do not anything to accommodate the truth of a failed financial system. it truly is like treating melanoma with Band-Aids. And the monetary cave in now within the public highlight is just the top of the iceberg. The system's social and environmental disasters may perhaps 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 out 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 good fortune created an financial mirage that led us to think the economic system used to be increasing exponentially, at the same time our fiscal, social, and normal 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 road, which creates actual wealth from genuine 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 system -- in the community established, neighborhood orientated, and dedicated to making a larger lifestyles for all. it's going to require brave and creative adjustments to how we degree financial good fortune, set up our economic system, even the very method we create funds. Korten outlines a difficult yet sensible schedule, summarized on the finish of the ebook in his model of the industrial deal with to the kingdom he needs Barack Obama have been in a position to deliver.Korten's goal isn't to provide ultimate solutions yet particularly to impress dialogue of suggestions that strong pursuits favor now not 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 method of phantom wealth and go back to an economic system firmly rooted within the long term wellbeing and fitness of individuals and the planet."At final, a booklet via one in all our so much very good fiscal thinkers that outlines the realcauses of -- and recommendations to -- the present monetary obstacle. David Korten evokes 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 fiscal Hit guy)

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Asset bubbles create only phantom wealth that increases the claims of the holder to a society’s real wealth and thereby dilutes the claims of everyone else. Edmunds did not invent this fallacy, but his Foreign Policy article lent it new intellectual respectability and, as noted below, apparently stirred the imagination of Wall Street insiders. S. Treasury Department and Wall Street banks to give the creation of phantom wealth priority over the production of real wealth. Rather than attempt to dampen asset bubbles like the tech-stock bubble of the 1990s and the housing bubble of 2000s, the Fed pursued cheap money policies to encourage borrowing by speculators to support continuing inflation.

It has perfected the arts of financial speculation, corporate asset stripping, predatory lending, risk shifting, leveraging, and creating debt pyramids. Maximizing financial return is the name of the game. Successful players are rewarded with celebrity, extravagant perks, and vast financial fortunes. Wall Street players may justify their actions with the claim that they are creating wealth for the larger benefit of the society, a convenient bit of self-delusion. Money isn’t wealth. It is only an accounting chit, a number of value only because by social convention we are willing to accept it in return for things of real value.

We are entitled to the fruits of the wealth we create, for as we make our deals, the wealth pie expands, the benefits trickle down, and the lives of all improve. We fulfill our moral duty to God and country by maximizing individual financial gain, thereby maximizing the gain of all. Those who sacrifice a margin of financial gain for a supposed higher good deprive society of the growth in wealth it might otherwise enjoy, and they thereby engage in an immoral act. Individualism is the foundation of prosperity and liberty.

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