Dear Laura, Mostofa and Peter, micro social action networking co-producers
I had a great 20 minutes chat with Laura Today. As you may know:
http://chain-reaction.org was the largest "out of London" Social Action Congress in 2008 with 1000 people and a large youth constituency
encouraged to bring and share their social action projects. Chain-Reaction had the endorsement of the Prime Minister's
committee for social action. Laura also kindly permitted the yunus 10000 dvd to be distributed to several hundred networkers
On one of the occasions that Mostofa and I met Muhammad Yunus
in London in Spring 2008, he asked us for deep background storytelling advice on what to say at his next meeting which was
at number 10. He was most interested to hear how many Scots social action network (since most of us had already left our national
land by 1850 after scotland's bankruptcy and hostle takeover of 1700). Unless you want bagpipes waking you up every morning,
please don't quote adam smith and french entrepreneur alumni frameworks without knowing that founding context out of which he mapped free markets (maling
the micro assumption 100% community-transparency of info channels not 0%).
In talking to Laura I understand her organisation's role is not to specifically back/fund/assist any
particular project of the several hundred submitted through chain-reaction but to try and pass them on to the most relevant
in-network group of networks that are known to chain-reaction which include many in regional government as well as entrepreneurial
youth clubs and hubs etc.
I mentioned that in many way's Mostofa's role mirrors that on behalf of the
5000 bangladesh-worldwide youth social action network he has been briefed on for 2.5 years elapsed time to start interconnecting
with the Nobel Peace-MicroEconomist network generation belief -impossible becomes possible when right action time
place people and the new genre on innovating collaboration which Muhammad Yunus is chair-person editing, and
that given I am only in London very occasiionally (and my last 2 visits havent fitted chain-reaction's diary) the
ideal collaboration forward could be for mostofa, peter ryan and laura to meet. I suggested to laura this could hapen
as soon as possible.
My understanding is that chain-reaction networks are not that centrally connected
around microcredit type community project actions and that therefore there may be a good snap between all three of your collaboration
connections -Peter is probably the only Londoner who runs a leading national microcredit bank for an african country (malawi) and
his case has been adopted as the number 1 practice area of about 200 students at MIT/Harvard/Boston College. This also interconnects
with Boston staging quarterly chain-reaction (yes we can) meetings starting in march through professor marriah star leading
up to a 10000 celebration in 2010
Dr Yunus has also fed back that Gordon Brown is interested
in connections between microcredit and social actions, and as some may know obama and yunus share similar experiences on how
to bank for communities- which is probably a reason why Bernanke already meets Dr Yunus to understand the community sustainable
models of banking which the world now needs to social interaction as fast as the www can warp
Washington Uni 4 Feb09 -Dr Yunus signs Yes Youth Can Declaration of Interdependence with the 5 Collaborative Innovations of
Bangladesh's First Third Century of MicroEntrepreneurship. Transcript of the day Dr Yunus came to DC. web of 1000 social business links Model for Uni Yes We Can Microbanking start ups in any
university city that can raise $50000 loans by
Typical Student Initiatives to collaboratively compete to complete by June 09
I am sure there are other brilloaint connections with humanity I have missed out. My father
has been critiicising me for not phoming up some of his proteges Mark Malloch-Brown and Matt Ridley to see if they are epicentral to any of these collaborations.
I imagine that a debrief on how
the LSE and the aga khan university have taken to Peter's maps of how social action networking around Boston is multiplying
may also be of interest to laura and her collaboration networks.
It is the recommendation of every youth microcredit
networker that my economics editors and I trust most across transatlantic cities that it is "yes we can"
time to start launching youthmicrocreditsummit ,
We hope to get Muhammad Yunus' appraisal of this demand within
a week or so. Youthmicrocreditsummit would mercilessly borrow from every action learning that microcreditsummit has pioneered
since 1997 as the most productive and collaborative worldwide networking event for ending poverty and safe banking ever
many thanks, chris macrae washington dc region 301 881 1655
In association with mapmakers at valuetrue.com worldeconomist.net trilliondollaraudit.com usgreen.tv worldclassbrands.tv and worldentreprenneur.net FutureCapitalism Ning (join us...) firstname.lastname@example.org (Washington DC bureau 301 881 1655) asks for your nominations of journalists who do most to unite nobel prizes of economics
and peace -100 = best -some examples from early searches of 008
100 Alan Webber
99 Jane Wales
91 Team Huffington
90 Ms Magnusson
80 Rick Wartzman
30 Wall Street Journal
0 Financial Times & The Economist and BBC
Community Crises of Banking*Solar Energy*Media Truth
are some variations on your theme jerry but yes unless a nobel prize is awarded to those who practice the
social business economics of 10 times lower cost branding and marketing channels we will never get there
systemicly we, the networking generation, will never see
maps of how a humanly sustainable globalisation is possible that much was made clear by my father's work
at The Economist and written up in 1984 http://www.normanmacrae.com/netfuture.html ; we will consign my 11 year old daughter's generation to the Big Brothered hell of seeing the planet fall
apart naturally, economically and socially- something up with which I will not put
MICRO VERSUS MACRO
(in this sense
systemisation = wall street economics sponsored by the biggest and most short-run and what my father's 1984 published
works called disgraceful political chicanery accidentally created by tv mass media (non-free market) age;
in every way the oposite of hi-trust service economics http://www.normanmacrae.com/intrapreneur.html
micro = economics sponsored by those who believe in microentrepreneuship and transparency's mediation of
exponential sustainability around context/community purposeful compound investment)
YES WE CAN use millennium goal mediated www to map free market of ending poverty
OK , so the 2 economics -competition between micro (goodwill transparency networks) and Macro blindwill
(see year 2000 book Unseen wealth Brookings/georgetown Law school) - can exist side by side with people in
rich cities continuing to make choices: do we want to buy images that cost 10 times more than the basic product
if they wish;
yunus future capitalism, mackey conscious capitalism, kuttner's 2007 book debating capitalism
www.squanderingofamerica.com - see & help co-create events at http://futurecapitalism.ning.com/events (sadly I cannot see how gates creative capitalism genre connects with yunus. mackey, kuttner, obamanomics but I am delighted
if a transparent debate of this proves me to have missing info)
Whole Truth of Economics assumptions
but we certainly dont have
'free marketing principles' existing until there is space for every youth to know that if they want to explore
how to compound 10 times less cost or less risk marketing in each specific global market sector there is a way in to connecting
to practitioners of this
1 one way to make it clear of what is
involved is to award the nobel economics prize jointly to yunus and any national leader
who does the following
ok banks we have bailed you out - part of the deal is we want one nationwide mutual
chain of microcredit banks; this will be run by and for the taxpayer but by the smartest microcredit people not politicians
and mr banks we expect in 10% of your outlets you to put a desk where poor people who want to get loans to invest in
their producivity can get in touch with this nationwide mutual bank- the same desk can have local contact points of how to
practice mutual solar energy; how a community can insure its own health service -other innovations that community-up banking
is now proving how to sustainably invest in
In each country you have to ask yourself why would this be politically,
culturally or socially incorrect. I cannot think of a single reason why it would be politically incorrect for obama to annonce
this on day 1 of hius inauguration - isnt its simply economics true to the yes we can party
way 2 at http://journalistsforhumanity.com http://socialaction.tv we log up journalists and other people who host public media who get this; the list is already far longer than I know
and so please email me in whenever you see someone. just as examples:
2.1 http://www.usatoday.com/printedition/news/20080521/oplede_wednesday.art.htm alan webber specifically proposed the double nobel prize in usa today -previously alan had been a co-creator of fast
company the magazine that started up as an alternative to the harvard businass review; at its height held 100 person monthly
social capital meetings in over 200 cities across the world but got caught up as being seen as a dotcom thing whereas it needed
the depth of real microcredit
2.2 there are many amazing california hosts who have Q&A's yunus in public-
the 2 I remember most are :
rick wartzman, a journalist who is now head of the Drucker Institutes http://www.smbaworld.com/id42.html (a space where we transcibe yunus public debates and will add in videos from http://yunus10000.com - work in progress)
jane wales http://wacsf.vportal.net/?fileid=5634 whose interview last month of yunus as the number 1 problem solver she ever met has extraordinary advice on choices
facing obama that any economist should have to debate
when dr yunus was in glasgow last month, the daughter
of the BBC's famous quizmaster magnus magnussoon very postivively interviewed dr yunus on bbc radio; magnusson came from
iceland in 2008 the first nation whose people were bankrupted by international financial corruption since the
same happened to scotland in 1700 - it was because of the hostile takeover by england of scotland that adam smith developed
both his frameworks of free markets and relative advantages of nations but most of what he framed is now quoted 180-
degrees against the logics he was actually proposing; we face the same danger todays with MFIs being designed around opposite
system of microcredit which is another erasone why yes we can economics needs the nobel prize in 2009
can we help you organsise colaboration cafes in norway around the topic of merging nobel economics and peace celebrations?
chris macrae washington dc 301 881 1655
Kuttner The Post, Post Partisan
Barack Obama has made it very clear that he intends to govern as a bridge-builder. Ideology is a bad word in Obamaland.
He will lead as a pragmatist, and also reach across the aisle to Republicans.
This stance has stimulated a passionate
debate among progressives, on HuffingtonPost and elsewhere. For some, this is just the latest disappointing case of a candidate
arousing the hopes of the center-left but governing from the center-right (viz. Jimmy Carter, Bill Clinton, Tony Blair, Gerhardt
Schroeder). Hey, it's capitalism, what did you expect?
For others, this is neither politics as usual nor capitalism
as usual, Nor is Obama the president as usual. And so it will not be opportunistic pragmatism as usual.
In the new
normal, what is pragmatic is actually fairly left wing. If massive public spending, and re-regulation of Wall Street, and
green energy, and universal health coverage can be characterized as mere pragmatism, bring it on. We can acknowledge later
that we have moved the center to the left and shifted the prevailing ideology. Clever guy, this Obama.
But what about
the post-partisan part? Here again, it may just be shrewd positioning. But if President-elect Obama actually believes that
this is a bipartisan moment, he is in for a rude awakening.
The lame-duck Senate Republicans have just blocked the
bill to provide temporary financing for the auto industry needed to give the new administration and Congress time to work
with the automakers on a restructuring plan. Not much bipartisanship there. Indeed, it was George W. Bush, the least bipartisan
president in decades, who came to the rescue of the industry and the Democrats by relying on emergency use of the bank bailout
funds. Just imagine what Republicans will do in the next Congress.
If you have been watching or reading Republican
pronouncements lately, just about nothing in the Obama program is likely to get the support of the Republican leadership.
Bank re-regulation? The Employee Free Choice Act? Hundreds of billions for green energy? Universal health insurance? A trillion
dollars of stimulus as the downpayment on a permanent increase in public investment?
The Republican story is that the
best stimulus is more tax cuts, and that the money should be found by reducing the deficit. That leaves no room for more public
spending, only for more spending-cuts. And despite the fact that deregulation caused the financial collapse, Republicans still
insist that regulation did it--the evil Community Reinvestment Act (which in fact explicitly required that sound lending standards
were not to be waived. Most subprime lenders were not even covered by CRA.)
Here is an easy prediction: When President
Obama reaches that hand of bipartisanship across the aisle, he will find that the Republicans bite it.
Of course, it
is smart politics to pick off Republicans for a progressive agenda wherever possible. Splitting the Republicans is much better
than splitting the difference. By January, when Congress takes up the emergency stimulus bill, unemployment will be heading
toward double digits, and state and local governments will be slashing public services. In that emergency climate, Obama may
well get some Republicans to cross over and vote for a Democratic plan.
But that strategy is not being bipartisan.
It is being an astute partisan. And there will be many other times when Obama will need to rally all of his Democrats to enact
progressive legislation over the strenuous objection of most Republicans. This economic emergency and its political opportunity
is no time to compromise for the sake of hollow unity. If Obama can win over a few Republicans for a progressive program,
great. If he put can Republicans in the position of haplessly opposing popular and urgently needed legislation, so much the
By the end of his first year, either Obama will have put the economy on the path to recovery based on a progressive
program that represents a radical ideological shift; if he achieves that, he will have done it with precious little Republican
support. Alternatively, much of his program will have been blocked by Republican filibusters enabled by a few conservative
Let's hope it's the former. And let's hope he has the audacity to call progressivism
by its name. Either way, one thing Obama will not be is post-partisan.
Robert Kuttner's best selling
book is "Obama's Challenge: America's Economic Crisis and the Power of a Transformative Presidency."
Communities can never again afford to be hoodwinked by global economistsMartin Wolff writes“Such a severe depression and banking crisis could not have been achieved by normal civil servants and politicians,
it required economists’ involvement.”
This, in short, is a time for humility. Why did we mostly
get “it” so sensationally wrong? How did something that looks increasingly like the precursor of a slump creep
up on almost all of us this year? It is a pretty good question. It is a pretty embarrassing one, too.
think we need to ask ourselves whether we could have done a better job of understanding the processes at work.
difficulty was that we all tend to look at just one bit of the clichéd elephant in the room. Monetary economists looked
at monetary policy. Financial economists looked at risk management. International macroeconomists looked at global imbalances.
Central bankers focused on inflation. Regulators looked at Basel capital ratios and even then only inside the banking system.
Politicians enjoyed the good times and did not ask too many questions. And what of commentators? Well, they tended to indulge
in the fantasy that the above knew what they were talking about. I am embarrassed to admit this.
I am not
seeking to deny that a few people saw important pieces of the emerging puzzle and some saw more than a few pieces. In my gallery
of heroes are Avinash Persaud, who told us early and often that the risk-management models on which regulators foolishly relied
were absurd individually and lethal collectively, a point also made by John Eatwell; Kenneth Rogoff, who warned of the US
external deficit; Wynne Godley, who warned no less powerfully of the domestic financial imbalances associated with those external
imbalances; Charles Dumas and Brian Reading of Lombard Street Research, who warned of the global imbalances; Roger Bootle
of Capital Economics, who pointed out the fantasy of believing that we could become rich by selling second-hand houses to
one another at ever more exorbitant prices; Raghuram Rajan of Chicago Business School, who identified the frailty of the new
financial capitalism; Bernard Connolly of AIG, who warned of the ongoing “Ponzi game” and George Magnus of UBS,
who foretold the consequent “Minsky moment”; Stephen King of HSBC, who argued that US growth was built on sand;
Andrew Smithers of Smithers and Co and Martin Weale of the National Institute, who told us that UK fiscal policy was far too
loose; Bill White of the Bank for International Settlements who insisted again and again that monetary policy should not ignore
asset prices and associated credit explosions; and Nouriel Roubini, of course, who was Dr Doom before almost anybody else.
The list is not exhaustive and I apologise to all those offended by my omissions. But I would insist that one of the big
lessons of this experience is that economics is too compartmentalised and so, too, are official institutions. To get a full
sense of the risks being run, we needed to combine the worst scenarios of each sets of experts. Only then would we have had
some sense of how the global imbalances, inflation targeting, the impact of China, asset price bubbles, financial innovation,
deregulation and risk management systems might interact.