By David C Korten
Nearly years after the monetary meltdown, fiscal restoration nonetheless turns out a far off promise. determined, overwhelming want for swap has now not triumph over Washington’s timid choice for the established order. Joblessness and foreclosure stay endemic, and every day brings scandalous new revelations of outrageous Wall road bonuses and corruption.
Issued as a file of the hot economic climate operating workforce, this considerably up-to-date and increased new version of schedule for a brand new economic system is a decision for a countrywide statement of Independence from Wall highway. what's wanted, Korten argues, is a method that favors existence values over monetary values, roots strength in humans and neighborhood, and helps neighborhood resilience and self-organization inside a framework of residing markets and democracy. the recent variation is a guide for a nonviolent major road revolution – simply because switch, as he explains, won't come from above. it is going to come from below.
The root of the matter, as specified widely within the first version of schedule for a brand new economic climate, continues to be what it was once in 2008: Wall road associations that experience perfected the artwork of making “phantom wealth”—mere numbers on paper—without generating something of actual price and with none considered the social outcomes. within the new version, Korten examines how occasions due to the fact that September 2008 have confirmed that the predatory Wall highway leopard can't switch its spots and explains why a visionary new president opted for marginal reform. He fleshes out his imaginative and prescient of the choice to the company Wall road financial system: a chief road financial system in response to in the community owned, community-oriented “living firms” whose luck is measured as a lot via their confident impression on humans and the surroundings as through their confident stability sheets. most significantly, he bargains a groundbreaking plan as to what we as voters can do to damage in the course of the political paralysis and substitute the phantom-wealth Wall road approach with a living-wealth major road process that's aware of the wishes and values of standard people.
2011 self sustaining writer publication Award silver medalist!
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Extra info for Agenda for a New Economy: From Phantom Wealth to Real Wealth
You might say it has no existence outside the human mind. 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.
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.
3 In the home mortgage industry of an earlier time, local banks made loans to local borrowers and carried the risk on their books. If a homeowner could not meet the mortgage payments, the bank that made the loan bore the loss. This encouraged a careful review of mortgage applications to assure the ﬁnancial solvency of the borrower. In the “modernized” ﬁnancial system, the bank captures a fee for signing up the borrower. Since the risk associated with 20 PART I: THE CASE FOR A NEW ECONOMY a potential default is passed to others, the bank has no incentive to exercise due diligence, an obvious system design ﬂaw.