In view of the "too big to fail" syndrome, whether taxes are really the right way to organise the financial sector is a different question, but I will comment on one aspect of the IMF's proposal (two global taxes on financial institutions: a financial-stability contribution on bank LIABILITIES (except deposits, which come under the purview of deposit insurance schemes and are already taxed) in addition to a levy on bank EQUITY).
The IMF has proposed that the tax might be charged initially at a flat rate, changing over time to a charge according to the riskiness and size of the institution concerned.
The flat rate will either be so small as to bother no institution or, more likely, will bother smaller organisations (and therefore disproportionately institutions in smaller countries) more than larger ones.
Conversely, whenever the IMF wants to change the system to a variable rate, the larger organisations are more likely to protest and to seek to obstruct the move to a variable rate.
So the flat tax may be a political calculation that if the wedge is very thin right now, no one is going to protest too much, and the contributions can be ramped up over time.
The contribution should be looked at as a sort of insurance fee. Though in my view it would be much better to leave the job entirely to insurance or reinsurance companies (with insurance and reinsurance companies insuring each other), I recognise that it is the State which is the insurer of last resort and so it is right for the insurance fee to go to the State, provided the State keeps the money in a separate fund, with the adequacy of the contribution being evaluated from time to time either by a quango or by outside advisers.
The good thing is that the IMF wants the taxes to apply to the entire financial sector so as to avoid tempting organisations to change legal form in order to escape the net.
Sphere: Related Content
Wednesday, April 28, 2010
Tuesday, April 27, 2010
Western Centres for Islam and Democracy
I am most puzzled to find one Center for the Study of Islam and Democracy included in a list of organisations that stand for Democratic Capitalism.
"Islamic democracy" is of course an oxymoron but this is not understood in the West, and Western individuals, organisations and govrnments unfortunately do not merely tolerate but actually promote and even finance such organisations!
Islam cannot accommodate democracy, since it has always been and will always be a theocracy modelled by the Prophet Mohammad and controlled by the Ulema (religious scholars). No real Muslim will accept the principles of democracy since that would allow a Kaffir (unbeliever) to hold political power - an anathema to Islam.
A "liberal muslim" is by definition not a "real muslim" since s/he rejects the model provided by the Prophet Mohammad as well as the essential teaching that Islam makes no distinction between the State and the "Church" of Islam.
The objective of Islam is always to take control of politics in order to re-arrange society in accordance with Islamic precepts including the lower level assigned to women and the even lower level assigned to unbelievers (e.g. not being able to serve in the defence forces or in high civil, business or political office) as well as having to pay a special tax.
As I am from the second-largest Muslim country in the world (India), I am well acquainted with "very good Muslims" who are caught between their desire to be "very good Muslims" and seeing the way their minority is treated in a more truly secular democracy (India) versus the way that Islamic societies conduct themselves as a whole as well as the way that minorities are treated in Islamic societies.
I am not saying that India treats Muslims and other minorities perfectly, merely that inspite of its inadequacies India makes a better job of treating its minorities according to its ideals and that, if India did treat minorities fully in accordance with democratic capitalist ideals, no one would have anything to complain about; whereas the more that Muslim societies treat minorities according to Islamic principles, the more genuine democratic capitalists will be offended and shout for the removal of those principles.
However, I should say that the same criticism applies, though perhaps nowadays not quite as strongly, to the Roman Catholic Church, since that is in principle also theocratic, because Roman Catholicism was at least as deeply shaped by Islam ss it was by the some of the teachings of Jesus: the Pope is like the Caliph, and the equivalent of the Ulema is the College of Bishops - though the political sway of Roman Catholicism extends only to the Vatican while the political sway of Islam reaches to many countries (that is compensated of course by the religious influence of Romanism which reaches many more people, even though Roman Catholics may not realise that Romanism has never repudiated its right to have an army, for instance). In Romanism, as in Islam, there is plenty of contradiction between the ideals that are professed for public consumption versus the principles on which the religion is really run - and therefore the realities of the religion.
Nazism was, in its structure, quite like the Roman and Islamic religions - and many modern Hindu and Buddhist organisations are, regretfully, developing towards similar structures.
The alternative remains truly democratic and secular societies - which are threatened by the sort of debased capitalism that we have seen in the last 30 years. Sphere: Related Content
"Islamic democracy" is of course an oxymoron but this is not understood in the West, and Western individuals, organisations and govrnments unfortunately do not merely tolerate but actually promote and even finance such organisations!
Islam cannot accommodate democracy, since it has always been and will always be a theocracy modelled by the Prophet Mohammad and controlled by the Ulema (religious scholars). No real Muslim will accept the principles of democracy since that would allow a Kaffir (unbeliever) to hold political power - an anathema to Islam.
A "liberal muslim" is by definition not a "real muslim" since s/he rejects the model provided by the Prophet Mohammad as well as the essential teaching that Islam makes no distinction between the State and the "Church" of Islam.
The objective of Islam is always to take control of politics in order to re-arrange society in accordance with Islamic precepts including the lower level assigned to women and the even lower level assigned to unbelievers (e.g. not being able to serve in the defence forces or in high civil, business or political office) as well as having to pay a special tax.
As I am from the second-largest Muslim country in the world (India), I am well acquainted with "very good Muslims" who are caught between their desire to be "very good Muslims" and seeing the way their minority is treated in a more truly secular democracy (India) versus the way that Islamic societies conduct themselves as a whole as well as the way that minorities are treated in Islamic societies.
I am not saying that India treats Muslims and other minorities perfectly, merely that inspite of its inadequacies India makes a better job of treating its minorities according to its ideals and that, if India did treat minorities fully in accordance with democratic capitalist ideals, no one would have anything to complain about; whereas the more that Muslim societies treat minorities according to Islamic principles, the more genuine democratic capitalists will be offended and shout for the removal of those principles.
However, I should say that the same criticism applies, though perhaps nowadays not quite as strongly, to the Roman Catholic Church, since that is in principle also theocratic, because Roman Catholicism was at least as deeply shaped by Islam ss it was by the some of the teachings of Jesus: the Pope is like the Caliph, and the equivalent of the Ulema is the College of Bishops - though the political sway of Roman Catholicism extends only to the Vatican while the political sway of Islam reaches to many countries (that is compensated of course by the religious influence of Romanism which reaches many more people, even though Roman Catholics may not realise that Romanism has never repudiated its right to have an army, for instance). In Romanism, as in Islam, there is plenty of contradiction between the ideals that are professed for public consumption versus the principles on which the religion is really run - and therefore the realities of the religion.
Nazism was, in its structure, quite like the Roman and Islamic religions - and many modern Hindu and Buddhist organisations are, regretfully, developing towards similar structures.
The alternative remains truly democratic and secular societies - which are threatened by the sort of debased capitalism that we have seen in the last 30 years. Sphere: Related Content
Why people of faith should stay away from the "Christian Equity Index"
First what the Index is, and then my comments on it.
There are many financial indexes of this sort, some claiming to be ethical, some claiming to be Islamic, this one claiming to be Christian, and so on.
Are such indexes having an impact? Yes, though perhaps not yet as much of an impact as the originators of these indexes hope. But it is early days yet. The first major such indexes started only in the 90s, though there is an older tradition of them, going back at least to the days of apartheid.
Most such indexes take the top-performing companies and subject them to some sort of "screen" in order to eliminate those deemed unsuitable on the basis of certain criteria, for example: pornography, weapons, tobacco, gambling, usury and/ or environmental damage. In other words, only the most profitable of the largest companies avoiding these sorts of things are allowed to be included in the Index.
So investors are saved the trouble of having to screen each company themselves. They simply decide which of the above criteria are important for them, find which of the indexes shares their criteria, then investors can simply lean on the the work done by the screeners who produce that particular index.
However, there is a danger in leaning too heavily on such Indexes: one needs to be vigilant regarding whether the criteria are in fact being followed. For example, most so-called "Islamic" companies do not really eschew usury, they simply find one way or another around it. In the case of the so-called "Stoxx Europe Christian Index", its major difference from the criteria mentioned above is that it adds birth control to the list. In view of that, it is astonishing to find GlaxoSmithKline on the list of companies approved by what is really a Roman Catholic Index, given that GlaxoSmithKline Lamictal, Elogen, Yaz and perhaps other birth control pills.
But why do I say that "people of faith should stay away" from this Index, whether it is Christian or Roman Catholic? Because the Index claims that it includes only those companies whose revenues derive from sources approved "according to the values and principles of the Christian religion".
Leaving aside what is meant by "the" Christian religion (there is no such thing, as Eastern Orthodox, the Roman Catholic, Jehovah's Witnesses, Christian Science, Mormons, and various others all claim to represent "the" Christian religion), there is the question of what the "values and principles" of the religion are, and whether these are adequately represented by the criteria of this particular Index.
In my view, the "Christian Index" is a trivialisation and a travesty, because it leaves out what the Bible calls "the larger matters" of social justice and environmental care.
Most important of all, in typical Roman Catholic fashion, the Index simply "baptizes" the existing economic order and financial system, without any clear standard on the basis of which the system as a whole can be evaluated. For example, the Index bypasses the requirement of relationships which, if nothing else, is central to the teaching of the Bible from the very first chapters of Genesis right to the end of Revelations.
For a much more Biblical approach to the matter of investing, see resources from the Jubilee Foundation, for example "Beyond Capitalism: Towards a Relational economy" http://www.jubilee-centre.org/document.php?id=346&topicID=3. See also: http://www.citylifeltd.org and http://www.creditaction.org.uk.
I conclude that an Index that can reliably be used by people of faith has yet to be invented.
Meanwhile, the best thing to do is to investigate the many businesses that you know personally which are being run by people of faith, and invest in those of them that do meet, in your view, whatever criteria you deem appropriate for an ethical business. Sphere: Related Content
There are many financial indexes of this sort, some claiming to be ethical, some claiming to be Islamic, this one claiming to be Christian, and so on.
Are such indexes having an impact? Yes, though perhaps not yet as much of an impact as the originators of these indexes hope. But it is early days yet. The first major such indexes started only in the 90s, though there is an older tradition of them, going back at least to the days of apartheid.
Most such indexes take the top-performing companies and subject them to some sort of "screen" in order to eliminate those deemed unsuitable on the basis of certain criteria, for example: pornography, weapons, tobacco, gambling, usury and/ or environmental damage. In other words, only the most profitable of the largest companies avoiding these sorts of things are allowed to be included in the Index.
So investors are saved the trouble of having to screen each company themselves. They simply decide which of the above criteria are important for them, find which of the indexes shares their criteria, then investors can simply lean on the the work done by the screeners who produce that particular index.
However, there is a danger in leaning too heavily on such Indexes: one needs to be vigilant regarding whether the criteria are in fact being followed. For example, most so-called "Islamic" companies do not really eschew usury, they simply find one way or another around it. In the case of the so-called "Stoxx Europe Christian Index", its major difference from the criteria mentioned above is that it adds birth control to the list. In view of that, it is astonishing to find GlaxoSmithKline on the list of companies approved by what is really a Roman Catholic Index, given that GlaxoSmithKline Lamictal, Elogen, Yaz and perhaps other birth control pills.
But why do I say that "people of faith should stay away" from this Index, whether it is Christian or Roman Catholic? Because the Index claims that it includes only those companies whose revenues derive from sources approved "according to the values and principles of the Christian religion".
Leaving aside what is meant by "the" Christian religion (there is no such thing, as Eastern Orthodox, the Roman Catholic, Jehovah's Witnesses, Christian Science, Mormons, and various others all claim to represent "the" Christian religion), there is the question of what the "values and principles" of the religion are, and whether these are adequately represented by the criteria of this particular Index.
In my view, the "Christian Index" is a trivialisation and a travesty, because it leaves out what the Bible calls "the larger matters" of social justice and environmental care.
Most important of all, in typical Roman Catholic fashion, the Index simply "baptizes" the existing economic order and financial system, without any clear standard on the basis of which the system as a whole can be evaluated. For example, the Index bypasses the requirement of relationships which, if nothing else, is central to the teaching of the Bible from the very first chapters of Genesis right to the end of Revelations.
For a much more Biblical approach to the matter of investing, see resources from the Jubilee Foundation, for example "Beyond Capitalism: Towards a Relational economy" http://www.jubilee-centre.org/document.php?id=346&topicID=3. See also: http://www.citylifeltd.org and http://www.creditaction.org.uk.
I conclude that an Index that can reliably be used by people of faith has yet to be invented.
Meanwhile, the best thing to do is to investigate the many businesses that you know personally which are being run by people of faith, and invest in those of them that do meet, in your view, whatever criteria you deem appropriate for an ethical business. Sphere: Related Content
Saturday, April 24, 2010
My twins' novels now in Dutch (Nederlands)
My 21-year old twins' series of three fantasy novels, set in their created world called Calaspia, has been translated from the original English and is now being published in Dutch (or Nederlands, as the language is called) by Wereldbibliotheek.
The first volume, DE SAMENZWERING VAN CALASPIA, should be available from next week (see below). The 2nd novel should be available in Dutch in about six months, and then the 3rd.
The first novel is available also in German and Italin; volume 2 is already available in German, vol 3 will be published in German in the Autumn.
Other translations are being considered/ sought.
The twins are now at work on their SECOND SERIES, which will be based in India, and their Agent is looking for the main publisher for that, we hope in the UK and/or USA.
The twins' website is: www.twins.guptara.net
---------- Forwarded message ----------
Today the Dutch edition of CONSPIRACY OF CALASPIA has arrived at our publishing house! The books are beautiful, we will send you two copies a.s.a.p.
We are also finishing our website. We hope you like it!
The book looks even better in "real time", because the "yellow" letters are actually gold and shiny.
DE SAMENZWERING VAN CALASPIA will be in the book stores by next week.
All the best & have a nice weekend!
Eveline & all the other collegues at Wereldbibliotheek Sphere: Related Content
The first volume, DE SAMENZWERING VAN CALASPIA, should be available from next week (see below). The 2nd novel should be available in Dutch in about six months, and then the 3rd.
The first novel is available also in German and Italin; volume 2 is already available in German, vol 3 will be published in German in the Autumn.
Other translations are being considered/ sought.
The twins are now at work on their SECOND SERIES, which will be based in India, and their Agent is looking for the main publisher for that, we hope in the UK and/or USA.
The twins' website is: www.twins.guptara.net
---------- Forwarded message ----------
Today the Dutch edition of CONSPIRACY OF CALASPIA has arrived at our publishing house! The books are beautiful, we will send you two copies a.s.a.p.
We are also finishing our website. We hope you like it!
The book looks even better in "real time", because the "yellow" letters are actually gold and shiny.
DE SAMENZWERING VAN CALASPIA will be in the book stores by next week.
All the best & have a nice weekend!
Eveline & all the other collegues at Wereldbibliotheek Sphere: Related Content
Thursday, April 22, 2010
Lecture in Dubai, 5th of May, "The Global Economic Crisis: Is it Past? And what of the Future?"
I argue that the crisis is not past; it is simply that a floor has been put under it by the extraordinary measures that were undertaken. The floor itself comes under threat, and then further measures have to be taken. Meanwhile, the very existence of the floor builds up its own pressures. The future is uncertain, and will feature even greater uncertainty from Europe and the USA right around to China. However, it is still possible to put sensible solutions in place that will produce a global framework for finance and industra, for ecology and humane development. And I put forward key proposals for discussion.
From 7.30 pm to 9.30 pm, at Traders Hotel, on the corner of Abu Baker, Al Siddique & Salah Al Din Road
The event is kindly sponsored by The International Indian magazine/ Expat Media International, and is therefore free of charge. However, you need a (free) ticket to get in. Please ring 265 9888. Sphere: Related Content
From 7.30 pm to 9.30 pm, at Traders Hotel, on the corner of Abu Baker, Al Siddique & Salah Al Din Road
The event is kindly sponsored by The International Indian magazine/ Expat Media International, and is therefore free of charge. However, you need a (free) ticket to get in. Please ring 265 9888. Sphere: Related Content
Saturday, April 17, 2010
The Milesa nd More Frequent Traveller Programme of the Star Alliance Airlines Group
I suggested to Miles and More that it was unnecessary, and embarrassing for members of their frequent flyer programme, to have the experience of being turned away, as I was, at the SAS Lounge in Copenhagen, because of differences in the rules applied by Lounges belonging to different members of the Star Alliance. In other words, according to the rules, I am to be admitted to Lounges run by Austrian, Lufthansa, and Swiss but I am NOT to be admitted to Lounges run by other members of the same Star Alliance, such as SAS.
The following is the response that I received:
Dear Professor Guptara,
Thank you for your email.
As a Miles & More Frequent Traveller card holder you have access to the Lufthansa Business Lounges on production of a valid boarding pass issued on Lufthansa, a Star Alliance partner or a Lufthansa airline partner for the same date and airport of departure.
For SWISS Business Class Lounges and Austrian Airways Business Lounges you need to produce a valid boarding pass issued by our Star Alliance partners for the same date and airport of departure.
However, please understand that we have no influence on the rules and regulations set by other airlines, e.g Scandinavian Airlines, regarding the access to their lounges.
The latest information concerning the benefits of the Miles & More Frequent Traveller status can be found on our website www.miles-and-more.com > The programme > Status and Privileges > Miles & More status levels > The main benefits in brief.
Sincerely,
Your Miles & More Service Team
Here is the response that I have sent to them:
Dear Members of the Miles and More Service Team
Many thanks for your message.
However, I had not asked for information regarding the rules for the use of Lufthansa and Swiss Business Lounges.
What I asked was that you take action to harmonise the different rules and regulations set by your so-called "Partner Airlines", as these differences lead to embarrassment to your passengers. If you have no influence on the rules and regulations set by "other" airlines, why do you have them as Partners in the Star Alliance system? Clearly, the "Alli ance" is meaningless if everyone is free to set their own rules, regulations and standards!
I understand that the Miles and More Service feels unable to do anything about this because this is a matter that is beyond the competence of the Service Team.
However, it is not beyond the competence of the Service Team to raise this matter with the top management of the Alliance.
So my question is: have you, as the Service Team, raised this matter with the top management of the Star Alliance?
Yours sincerely
Prabhu Guptara Sphere: Related Content
The following is the response that I received:
Dear Professor Guptara,
Thank you for your email.
As a Miles & More Frequent Traveller card holder you have access to the Lufthansa Business Lounges on production of a valid boarding pass issued on Lufthansa, a Star Alliance partner or a Lufthansa airline partner for the same date and airport of departure.
For SWISS Business Class Lounges and Austrian Airways Business Lounges you need to produce a valid boarding pass issued by our Star Alliance partners for the same date and airport of departure.
However, please understand that we have no influence on the rules and regulations set by other airlines, e.g Scandinavian Airlines, regarding the access to their lounges.
The latest information concerning the benefits of the Miles & More Frequent Traveller status can be found on our website www.miles-and-more.com > The programme > Status and Privileges > Miles & More status levels > The main benefits in brief.
Sincerely,
Your Miles & More Service Team
Here is the response that I have sent to them:
Dear Members of the Miles and More Service Team
Many thanks for your message.
However, I had not asked for information regarding the rules for the use of Lufthansa and Swiss Business Lounges.
What I asked was that you take action to harmonise the different rules and regulations set by your so-called "Partner Airlines", as these differences lead to embarrassment to your passengers. If you have no influence on the rules and regulations set by "other" airlines, why do you have them as Partners in the Star Alliance system? Clearly, the "Alli ance" is meaningless if everyone is free to set their own rules, regulations and standards!
I understand that the Miles and More Service feels unable to do anything about this because this is a matter that is beyond the competence of the Service Team.
However, it is not beyond the competence of the Service Team to raise this matter with the top management of the Alliance.
So my question is: have you, as the Service Team, raised this matter with the top management of the Star Alliance?
Yours sincerely
Prabhu Guptara Sphere: Related Content
Thursday, April 15, 2010
Obama fails to soften derivatives reform opposition
That's the headline in today's FT (http://tinyurl.com/y4at5ka) regarding President Obama's meeting with Republican leaders to discuss financial regulatory reform.
The story reports that "the meeting did nothing to improve the tone of an increasingly bitter debate".
Does President Obama really expect turkeys to vote for Christmas? Sphere: Related Content
The story reports that "the meeting did nothing to improve the tone of an increasingly bitter debate".
Does President Obama really expect turkeys to vote for Christmas? Sphere: Related Content
Wednesday, April 14, 2010
Swiss Efficiency
The family is in the middle of buying a car (not my favourite activity!).
My son, who has organised everything, told me that we needed to go to the Office which issues the licence plate for the car.
We went this morning and, as I had certain other things to do, wanted to be in and out as early as possible.
The office was supposed to open at 8.00 a.m.
We arrived at 7.55 a.m.
Only to find that, this being Switzerland, SIX other people were ahead of us in the queue!
We had to go to one window to hand in papers et al, and then to another window to actually collect the licence plates.
However, we were out of the office at 8.02 a.m., licence plates in hand.
Long live Swiss efficiency! Sphere: Related Content
My son, who has organised everything, told me that we needed to go to the Office which issues the licence plate for the car.
We went this morning and, as I had certain other things to do, wanted to be in and out as early as possible.
The office was supposed to open at 8.00 a.m.
We arrived at 7.55 a.m.
Only to find that, this being Switzerland, SIX other people were ahead of us in the queue!
We had to go to one window to hand in papers et al, and then to another window to actually collect the licence plates.
However, we were out of the office at 8.02 a.m., licence plates in hand.
Long live Swiss efficiency! Sphere: Related Content
China and Oil...
First, I must make clear that I like Chinese and Iranians as people (in fact, I find it difficult to dislike almost any person!). However, I find some of the policies of these (and other) governments not designed to produce freedom and prosperity for their own peoples - let alone for the world as a whole.
So, while I can comprehend the politics at http://tinyurl.com/yyecu9c,
I can't see how China can really have 850,000 barrels superfluous to its own requirements!
What is really going on?
I am enquiring - and, if I come up with an answer, will write again. Sphere: Related Content
So, while I can comprehend the politics at http://tinyurl.com/yyecu9c,
I can't see how China can really have 850,000 barrels superfluous to its own requirements!
What is really going on?
I am enquiring - and, if I come up with an answer, will write again. Sphere: Related Content
Pluralism, Inclusivism, Exclusivism - and Roman Catholicism
A friend sends me a thoughtful piece on Pluralism, Inclusivism, and Exclusivism and asks my view also of Vatican II.
Here is my response:
The piece you attached is a good one, though it focuses on relgions.
So far as I can see, all religions are essentially institutions that work and even fight for their own power, riches and glory (they may do a certain amount of good and a certain amount of harm on the way, but that is incidental).
Vatican II was an interesting experiment for the Roman Church but, as with Chairman Mao's "Let a thousand flowers bloom and a thousand schools of thought contend", it was overtaken by events and by later orthodoxies - in the case of China, by the new orthodoxy of the market and, in the case of the Roman Church, by the old orthodoxy which was brought back by Pope John Paul II.
The current focus of the world on the question of child sexual abuse by Roman Catholic priests and the way that matter is handled will prove much more significant than Vatican II for the future of the Roman Church.
What makes the Roman Church different from other Churches is its claim to be the final arbiter of what is or is not acceptable to God, with the Pope as "Christ's Vicar on earth", and therefore able to determine definitively all matters of faith when he speaks in council ("ex cathedra").
So far as I can see, Jesus the Lord came to earth precisely because of the absolutism, impropriety, inadequacy and corruption of religion - but some who claimed to be his followers made a religion out of what should be a simple matter of a direct relationship with him without reference to priests, popes, churches and the rest. Sphere: Related Content
Here is my response:
The piece you attached is a good one, though it focuses on relgions.
So far as I can see, all religions are essentially institutions that work and even fight for their own power, riches and glory (they may do a certain amount of good and a certain amount of harm on the way, but that is incidental).
Vatican II was an interesting experiment for the Roman Church but, as with Chairman Mao's "Let a thousand flowers bloom and a thousand schools of thought contend", it was overtaken by events and by later orthodoxies - in the case of China, by the new orthodoxy of the market and, in the case of the Roman Church, by the old orthodoxy which was brought back by Pope John Paul II.
The current focus of the world on the question of child sexual abuse by Roman Catholic priests and the way that matter is handled will prove much more significant than Vatican II for the future of the Roman Church.
What makes the Roman Church different from other Churches is its claim to be the final arbiter of what is or is not acceptable to God, with the Pope as "Christ's Vicar on earth", and therefore able to determine definitively all matters of faith when he speaks in council ("ex cathedra").
So far as I can see, Jesus the Lord came to earth precisely because of the absolutism, impropriety, inadequacy and corruption of religion - but some who claimed to be his followers made a religion out of what should be a simple matter of a direct relationship with him without reference to priests, popes, churches and the rest. Sphere: Related Content
Tuesday, April 13, 2010
Monday, April 12, 2010
The latest on Black Money
Guess the three jurisdictions holding the largest non-resident deposits in the world?: The United States holds over $2 trillion, while the United Kingdom, and the Cayman Islands each hold over US$1.5 trillion in private, foreign deposits.
That's according to the latest paper from Global Financial Integrity (www.gfip.org), titled "Privately Held, Non-Resident Deposits in Secrecy Jurisdictions".
Written by Ann Hollingshead, the paper finds that these deposits have been increasing markedly since meaningful data collection efforts began in the 1990s, with current totals standing just under US$10 trillion.
That is, over half of the world's "private, foreign deposits" is, from the smallest to the largest of the three top "secrecy locations", in the Cayman Islands, the UK and the USA.
So who's going to be the first to go after the USA? Sphere: Related Content
That's according to the latest paper from Global Financial Integrity (www.gfip.org), titled "Privately Held, Non-Resident Deposits in Secrecy Jurisdictions".
Written by Ann Hollingshead, the paper finds that these deposits have been increasing markedly since meaningful data collection efforts began in the 1990s, with current totals standing just under US$10 trillion.
That is, over half of the world's "private, foreign deposits" is, from the smallest to the largest of the three top "secrecy locations", in the Cayman Islands, the UK and the USA.
So who's going to be the first to go after the USA? Sphere: Related Content
Thursday, April 08, 2010
The revolution in Kyrgysztan
Kyrgyzstan has less than 6 million people and a per capita income of something like USD 1000. Surprisingly, the differential between rich and poor is "moderate" (latest Gini available (2003) is 30.3). "Only" a third of the population lives below the poverty line.
On all three counts (population, income and Gini) that is a better situation than many other countries in the world.
As Kyrgyzstan was less intolerably governed compared to some other countries, it will not be surprising to see other countries erupt. Sphere: Related Content
On all three counts (population, income and Gini) that is a better situation than many other countries in the world.
As Kyrgyzstan was less intolerably governed compared to some other countries, it will not be surprising to see other countries erupt. Sphere: Related Content
Wednesday, March 31, 2010
There are many kinds of speculation
I see that U.S. Home Prices are rising.
The S&P/Case-Shiller 20-city Composite Index, indictes that U.S. home prices rose for the eighth consecutive month in January 2010 - on a seasonally adjusted basis, by 0.3% month-to-month.
But what was actually expected was a 0.3% decline!
Why was a decline expected? Because of all the housing sector data in recent months, including home sales which show declines ranging from slight to notable.
So why the confounding rise, albeit marginal, in house prices?
Simple: house sellers are putting prices up to test the willingness of buyers to pay more.
Just what I too would do if I had one or more houses to sell.
In fact, all offer prices are a kind of speculation....
But some kinds of speculation are harmless or even beneficial, whereas other kinds of speculation harm the market. Sphere: Related Content
The S&P/Case-Shiller 20-city Composite Index, indictes that U.S. home prices rose for the eighth consecutive month in January 2010 - on a seasonally adjusted basis, by 0.3% month-to-month.
But what was actually expected was a 0.3% decline!
Why was a decline expected? Because of all the housing sector data in recent months, including home sales which show declines ranging from slight to notable.
So why the confounding rise, albeit marginal, in house prices?
Simple: house sellers are putting prices up to test the willingness of buyers to pay more.
Just what I too would do if I had one or more houses to sell.
In fact, all offer prices are a kind of speculation....
But some kinds of speculation are harmless or even beneficial, whereas other kinds of speculation harm the market. Sphere: Related Content
Wednesday, March 24, 2010
The Reminimbi is BOTH undervalued and overvalued
China's tragedy is twofold.
The first fact is that China's currency is undervalued from a global perspective and it is therefore coming under increasing pressure to revalue it (upwards). As the undervaluation is deliberate (in order to make exports cheaper), the international pressure is understandable. Whether international pressure is going to succeed is a different matter. It may not even be appropriate for the pressure to succeed, given the following.
The second fact, however, is that China's currency is overvalued from a domestic perspective. The Remnimbi's purchasing power inside China is weak (i.e. there is a huge amount of inflation that is disguised or hidden).
So should the Remnimbi revalue or devalue? In fact, it needs to do both. But the Chinese government cannot afford to do either. If it revalues its currency externally, its exports will become more expensive and therefore reduce, becoming perhaps the straw that breaks its back. Meanwhile, the nakedness of the Chinese emperor will become clear to all as its balance of trade suddenly swings to the red in the next few weeks. The elaborate game that China has been playing to make its exports appear larger than they are, will be exposed.
On the other hand, if China moves to bring the value of its currency into line with internal reality, its own people will find that the illusion so carefully maintained will disappear. As a result, China could find its already-great internal pressures growing intolerable.
As such contradictions come home to roost, pray for China's leaders. The decisions they are making right now will make the difference for China's future - and the world's. Sphere: Related Content
The first fact is that China's currency is undervalued from a global perspective and it is therefore coming under increasing pressure to revalue it (upwards). As the undervaluation is deliberate (in order to make exports cheaper), the international pressure is understandable. Whether international pressure is going to succeed is a different matter. It may not even be appropriate for the pressure to succeed, given the following.
The second fact, however, is that China's currency is overvalued from a domestic perspective. The Remnimbi's purchasing power inside China is weak (i.e. there is a huge amount of inflation that is disguised or hidden).
So should the Remnimbi revalue or devalue? In fact, it needs to do both. But the Chinese government cannot afford to do either. If it revalues its currency externally, its exports will become more expensive and therefore reduce, becoming perhaps the straw that breaks its back. Meanwhile, the nakedness of the Chinese emperor will become clear to all as its balance of trade suddenly swings to the red in the next few weeks. The elaborate game that China has been playing to make its exports appear larger than they are, will be exposed.
On the other hand, if China moves to bring the value of its currency into line with internal reality, its own people will find that the illusion so carefully maintained will disappear. As a result, China could find its already-great internal pressures growing intolerable.
As such contradictions come home to roost, pray for China's leaders. The decisions they are making right now will make the difference for China's future - and the world's. Sphere: Related Content
Tuesday, March 23, 2010
His Holiness the Pope, to business leaders in Rome
Apparently, the Pope recently addressed the business leaders of Rome. In his address to them, which my computer calculates as being just under 1100 words in English translation, I do not once see the word "corruption", I do not once see the word "honesty", I do not once see the words "compliance with the law" or "accurate submission of tax returns". Nor do I see any reference to the kind of politics there is in Italy. I do not even see any mention of the Mafia.
Sphere: Related Content
Saturday, March 20, 2010
Open Letter to The Economist magazine
SIR - It is most interesting to read your report of the research by Dr Lammers and Dr Galinsky (The psychology of power, Jan 21st 2010). Their findings are the more powerful because they fit everyday observation and commonsense understanding.
If one strips away the evolutionary and academic jargon, it is clear that when individuals emerge to positions of leadership, they have one of only two possible explanations to themselves of what has happened to them.
Some leaders actually believe that they have somehow deserved to get to positions of leadership because of their own abilities and exertions - and therefore tend to abuse their power to benefit themselves (and perhaps a small circle around them).
Other leaders really believe that though their abilities and exertions were essential, they have got to positions of power primarily because of luck, destiny or God - and therefore tend to handle their power responsibly.
This reinforces a suspicion that some of us have: that the rise of power-abuse in the West since the 80s is intimately related to loss of belief in God and the rise of belief in philosophies such as those propounded at a sophisticated level by Friedrich Wilhelm Nietzsche and retailed at a fictional level by Ayn Rand.
Naturally, the above discussion tells us nothing about the objective validity of theism or Randism. But the discussion may throw some light on whether theism or Randism is socially more useful.
Professor Prabhu Guptara
William Carey University
Shillong, India Sphere: Related Content
If one strips away the evolutionary and academic jargon, it is clear that when individuals emerge to positions of leadership, they have one of only two possible explanations to themselves of what has happened to them.
Some leaders actually believe that they have somehow deserved to get to positions of leadership because of their own abilities and exertions - and therefore tend to abuse their power to benefit themselves (and perhaps a small circle around them).
Other leaders really believe that though their abilities and exertions were essential, they have got to positions of power primarily because of luck, destiny or God - and therefore tend to handle their power responsibly.
This reinforces a suspicion that some of us have: that the rise of power-abuse in the West since the 80s is intimately related to loss of belief in God and the rise of belief in philosophies such as those propounded at a sophisticated level by Friedrich Wilhelm Nietzsche and retailed at a fictional level by Ayn Rand.
Naturally, the above discussion tells us nothing about the objective validity of theism or Randism. But the discussion may throw some light on whether theism or Randism is socially more useful.
Professor Prabhu Guptara
William Carey University
Shillong, India Sphere: Related Content
The Zermatt Summit
Do you wish that there could be substantial discussion which could lead to a more humane and environmentally responsible form of globalization?
That is actually the purpose of the first-ever Zermatt Summit, which will address the major economic and ethical issues raised by globalization (the disconnect between the world of high finance and the real economy; the economy itself is not serving the common good as it fails to properly serve the dignity of individual citizens; and, at an individual level, difficult ethical dilemmas emerge which are almost impossible to resolve).
Expected are representatives of academia, business, government, non-governmental agencies (NGOs), trade unionists, performing artists....
Discussion will focus on how the processes of globalization can be changed to serve the common good - exploring and formulating a roadmap of how to navigate the challenges currently facing mankind and help create a better world.
The idea is that people need to be placed at the centre of the globalization process, so that the world of high finance can serve the economy, while the economy serves the common good, and the common good cares for the people, enhancing the prospects of poorer and socially marginalised groups.
For the individual to be able to reach his or her full potential, he or she must be able to blossom within a society which supports the family, community and enterprise in an inclusive political structure. The broader challenge is for a wider realisation of the responsibility of the individual within society and vice-versa.
The manifest failure of economists and politicians to anticipate the recent financial crisis can not be understood without considering the underlying failure to take into account the impact on the individual of the driving process of global capital. Obstacles to creating a better world will remain until you and I play a more significant role in the process of globalization.
The notion of Common good
The rapid process of globalization makes it an even greater challenge to balance the needs of human beings whether they are material, spiritual or emotional with those of society at large. Under these circumstances, using terms such as the ‘common good’ could be very helpful in defining new rules. Implicit in the common good is a full respect for both the individual and collective interests of society while at the same time asking the individual to demand less for herself or himself, and to concentrate more on serving the community.
So the Zermatt Summit will focus on the respective roles and responsibilities of institutions and individuals from the perspective of furthering the common good.
More than that, the three days will be devoted to forming concrete and practical recommendations.
After the Summit has been completed, the Advisory Board, made up of senior business leaders and experts, will formulate recommendations from the Summit, which will be widely published. A progress update on how these recommendations are being adopted worldwide will be presented at the following Summit.
The programme is:
Thursday June 3, 2010
14.00 - 17.00 Welcome and registration
16.30 - 17.00
Welcome address by Christopher Wasserman - President of the Zermatt Summit Foundation
17.00 - 17.30 Piano concert
18.30 - 19.30 Welcome Reception
________________________________________
Day 2
Friday June 4, 2010
09.00 - 09.45 Welcome Address
The world crisis and the change of paradigm by Prof. Philippe de Woot Restoring the Ethical and Political Dimension of the Corporation:
Rebalancing Entrepreneurship, Leadership and Corporate Statesmanship
09.45 - 11.00 Keynote Address 1.1 (Plenary session)
• Revisiting the corporate raison d’être
Keynote Address 1.2 (Plenary session)
• Entrepreneurship and the economic progress
11.00 - 11.30 Coffee break
11.30 - 13.00 Roundtable 1 (Plenary session)
• Finance to serve entrepreneurship and economic progress
13.00 - 14.30 Lunch
14.30 - 15.15 Keynote Address 2 (Plenary session)
• Back to ethics, towards a responsible leadership
15.15 - 15.30 Coffee break
15.30 - 16.30 Workshop 2*
• The responsible supply chain
• The responsible consumption
• Developing responsible leaders
16.30 - 16.45 Coffee break
16.45 - 17.15 Reporting back from workshop (Plenary session)
17.15 - 18.45 Roundtable 2 (Plenary session)
• Ethics and corporate responsibility: Economy to serve
the Common Good
18.45 - 19.00 Break
19.00 - 20.00 World premiere viewing of the film
«Doing Virtuous Business»
20.00 Departure for the «Swiss Night»
(return by 24.00)
________________________________________
Day 3
Saturday June 5, 2010
09.00 - 09.45 Keynote Address 3 (Plenary session)
• Corporate Statesmanship and Common Good
09.45 - 10.00 Coffee-break
10.00 - 11.00 Workshop 3*
• Business and the political debate
• Multi stakeholders initiatives
• Partnering with NGOs and civil society
11.00 - 11.15 Coffee-break
11.15 - 11.30 Reporting back from workshop (Plenary session)
11.30 - 13.00 Roundtable 3 (Plenary session)
• Corporate Statesmanship and Common good: Common Good to serve the person
13.00 - 14.30 Lunch
14.30 - 15.15 Keynote Address 4 (Plenary session)
• Changing hearts and minds: the role of spirituality
15.15 - 15.45 Coffee break
15.45 - 17.15 Roundtable 4 (Plenary session)
Changing hearts and minds
17.15 - 17.45 Concluding Summary:
Towards a new corporate culture
by Prof. Henri-Claude de Bettignies - CEIBS
18.00 End of the Summit
Farewell cocktails
The Zermatt Summit Foundation has been declared a foundation of public interest at both a federal level in Switzerland and at the cantonal level in Valais.
The Board Members are:
• Christopher Wasserman, President
President, Terolab Surface Group
President, Ecophilos Foundation
• Nicolas Michel, Vice President
Professor of International Law at the
Geneva Graduate Institute of International
and Development Studies. Former Deputy
General Secretary for legal affairs of the UN
• H.I. and R.H. Archduke Rudolf of Austria,
of Hapsburg-Lorraine
Founder and Managing Director of Triple A
Gestion S.A.
• Father Nicolas Buttet
Founder and Moderator of the Eucharistein
Fraternity, Founder of Philanthropos
European Institute
• Jean-René Fournier
Member of the Federal States Council (Swiss
Parliament). Former President of the Valais
government
• Theodore Roosevelt Malloch
Chairman and CEO of The Roosevelt Group
• Antonin Pujos
Non-executive director, Adviser
Chairman of the Research Club of the French
Institute of Directors (IFA)
The Foundation's Advisory Board consists of:
• Henri-Claude de Bettignies (Chairman)
Distinguished Professor of Globally Responsible Leadership at the China Europe International Business School Shanghai (CEIBS) AVIVA Chair Emeritus Professor of Leadership and Responsibilty Emeritus Professor of Asian Business and Comparative Management at INSEAD Director of CEDRE (Centre for the Study of Development and Responsibility)
• Elizabeth Sombard
Founder and President Résonnance Foundation
• Philippe de Woot
Professor Emeritus of the Catholic University Louvain
Holder of a PhD in Law and Economic Sciences
Harvard Faculty Associate
• Guido Palazzo
Professor of Business Ethics at HEC University of Lausanne
• Jean Staune
Founder and General Secretary of the Interdisciplinary University of Paris. Professor in Philosophy of Sciences at the MBA of the Ecole des Hautes Etudes Commerciales (HEC) Director of the collection “The Time of Science” at Fayard Editions
Partner institutions of the Summit include, in no particular order:
Ecophilos (www.ecophilos.org)
Entreprise et Progres (www.entreprise-progres.net)
The China Europe International Business School (www.ceibs.edu)
The Yale Center for Faith and Culture (www.yale.edu/faith)
Oxford's Institute for Religion and Society in Asia (http://irsa.co.uk/index.php)
The Globally Responsible Leadership Initiative (www.grli.org)
Transforming Business, the University of Cambridge, UK (www.transformingbusiness.net)
BTW Transforming Business (TB) is co-ordinated by Dr Peter Heslam, Dr Flint McGlaughlin, Dr Rick Goossen, and John Kay and has the benefit of a number of distinguished patrons and advisers, some of whom are listed below.
TB addresses, not surprisingly, research questions that are close to the heart of the Zermatt Summit, such as:
How can the creative forces of free enterprise be effectively applied to the most pressing social, economic, and moral challenge of our time: the elimination of poverty?
How can we best instill and nurture vision, motivation, and values-led entrepreneurial aspirations, especially in young people?
What impact do relational, moral, and spiritual intelligence have on business solutions to poverty?
What is the connection between business success and institutional, spiritual, relational and moral values?
How can competition best foster creativity and innovation?
TB's Patrons and Advisers include:
Prof Helen Alford (Pontifical University, Rome)
Ben Andradi (Servista)
Prof Alan Barrell (Cambridge entrepreneur and academic)
Matthew Bishop (The Economist)
Prof Philip Booth (Institute of Economic Affairs)
Paul Chandler (Traidcraft)
Dr Stephen Copp (Bournemouth University)
Dr Catherine Cowley (Heythrop College, London University)
Prof John Dunning (Reading University)
Anthony Farr (Allan Gray Orbis Foundation)
Larry Farrell (Farrell International)
Prof Ram Gidoomal CBE (Syntel)
Dr Alan Gillespie (Ulster Bank)
Lord Brian Griffiths (Goldman Sachs)
Stephen Green (HSBC)
Dr David Hillson (Risk Doctor)
Dr Kurt Hoffman (Shell Foundation)
Prof Sir John Houghton (Victoria Institute)
Lord Geoffrey Howe (former Chancellor of the Exchequer)
Prof David Jackman (London Financial Academy)
Prof Peter Johnson (Durham University)
Prof Graeme Leach (Institute of Directors)
Prof Jack Mahoney (London University)
Clive Mather (Tearfund)
Dr David Miller (Yale)
Charles Miller Smith (Scottish Power)
Mark McAllister (Fairfield Energy)
Sir Mark Moody-Stuart (Anglo American)
Prof Geoff Moore (Durham Business School)
Sir Jeremy Morse (Lloyds)
Prof Michael Naughton (St Thomas University)
Prof Simon Peyton-Jones (Microsoft)
Dr Jennifer Roback Morse (Acton Institute)
Prof Theodore Roosevelt Malloch (Yale)
Dr Vinay Samuel (Institute for Development Research)
Lynne Sedgemore, CBE (Centre for Excellence in Leadership)
Prof Max Stackhouse (Princeton)
Sir Christopher Wates (Wates Group)
Sir John Whitmore (Performance Consulting)
Prof Paul Williams (DTZ and Regent College)
Prof John Wood, CBE (Imperial College, London University)
Prof Michael Woolcock (Harvard/World Bank)
ends Sphere: Related Content
That is actually the purpose of the first-ever Zermatt Summit, which will address the major economic and ethical issues raised by globalization (the disconnect between the world of high finance and the real economy; the economy itself is not serving the common good as it fails to properly serve the dignity of individual citizens; and, at an individual level, difficult ethical dilemmas emerge which are almost impossible to resolve).
Expected are representatives of academia, business, government, non-governmental agencies (NGOs), trade unionists, performing artists....
Discussion will focus on how the processes of globalization can be changed to serve the common good - exploring and formulating a roadmap of how to navigate the challenges currently facing mankind and help create a better world.
The idea is that people need to be placed at the centre of the globalization process, so that the world of high finance can serve the economy, while the economy serves the common good, and the common good cares for the people, enhancing the prospects of poorer and socially marginalised groups.
For the individual to be able to reach his or her full potential, he or she must be able to blossom within a society which supports the family, community and enterprise in an inclusive political structure. The broader challenge is for a wider realisation of the responsibility of the individual within society and vice-versa.
The manifest failure of economists and politicians to anticipate the recent financial crisis can not be understood without considering the underlying failure to take into account the impact on the individual of the driving process of global capital. Obstacles to creating a better world will remain until you and I play a more significant role in the process of globalization.
The notion of Common good
The rapid process of globalization makes it an even greater challenge to balance the needs of human beings whether they are material, spiritual or emotional with those of society at large. Under these circumstances, using terms such as the ‘common good’ could be very helpful in defining new rules. Implicit in the common good is a full respect for both the individual and collective interests of society while at the same time asking the individual to demand less for herself or himself, and to concentrate more on serving the community.
So the Zermatt Summit will focus on the respective roles and responsibilities of institutions and individuals from the perspective of furthering the common good.
More than that, the three days will be devoted to forming concrete and practical recommendations.
After the Summit has been completed, the Advisory Board, made up of senior business leaders and experts, will formulate recommendations from the Summit, which will be widely published. A progress update on how these recommendations are being adopted worldwide will be presented at the following Summit.
The programme is:
Thursday June 3, 2010
14.00 - 17.00 Welcome and registration
16.30 - 17.00
Welcome address by Christopher Wasserman - President of the Zermatt Summit Foundation
17.00 - 17.30 Piano concert
18.30 - 19.30 Welcome Reception
________________________________________
Day 2
Friday June 4, 2010
09.00 - 09.45 Welcome Address
The world crisis and the change of paradigm by Prof. Philippe de Woot Restoring the Ethical and Political Dimension of the Corporation:
Rebalancing Entrepreneurship, Leadership and Corporate Statesmanship
09.45 - 11.00 Keynote Address 1.1 (Plenary session)
• Revisiting the corporate raison d’être
Keynote Address 1.2 (Plenary session)
• Entrepreneurship and the economic progress
11.00 - 11.30 Coffee break
11.30 - 13.00 Roundtable 1 (Plenary session)
• Finance to serve entrepreneurship and economic progress
13.00 - 14.30 Lunch
14.30 - 15.15 Keynote Address 2 (Plenary session)
• Back to ethics, towards a responsible leadership
15.15 - 15.30 Coffee break
15.30 - 16.30 Workshop 2*
• The responsible supply chain
• The responsible consumption
• Developing responsible leaders
16.30 - 16.45 Coffee break
16.45 - 17.15 Reporting back from workshop (Plenary session)
17.15 - 18.45 Roundtable 2 (Plenary session)
• Ethics and corporate responsibility: Economy to serve
the Common Good
18.45 - 19.00 Break
19.00 - 20.00 World premiere viewing of the film
«Doing Virtuous Business»
20.00 Departure for the «Swiss Night»
(return by 24.00)
________________________________________
Day 3
Saturday June 5, 2010
09.00 - 09.45 Keynote Address 3 (Plenary session)
• Corporate Statesmanship and Common Good
09.45 - 10.00 Coffee-break
10.00 - 11.00 Workshop 3*
• Business and the political debate
• Multi stakeholders initiatives
• Partnering with NGOs and civil society
11.00 - 11.15 Coffee-break
11.15 - 11.30 Reporting back from workshop (Plenary session)
11.30 - 13.00 Roundtable 3 (Plenary session)
• Corporate Statesmanship and Common good: Common Good to serve the person
13.00 - 14.30 Lunch
14.30 - 15.15 Keynote Address 4 (Plenary session)
• Changing hearts and minds: the role of spirituality
15.15 - 15.45 Coffee break
15.45 - 17.15 Roundtable 4 (Plenary session)
Changing hearts and minds
17.15 - 17.45 Concluding Summary:
Towards a new corporate culture
by Prof. Henri-Claude de Bettignies - CEIBS
18.00 End of the Summit
Farewell cocktails
The Zermatt Summit Foundation has been declared a foundation of public interest at both a federal level in Switzerland and at the cantonal level in Valais.
The Board Members are:
• Christopher Wasserman, President
President, Terolab Surface Group
President, Ecophilos Foundation
• Nicolas Michel, Vice President
Professor of International Law at the
Geneva Graduate Institute of International
and Development Studies. Former Deputy
General Secretary for legal affairs of the UN
• H.I. and R.H. Archduke Rudolf of Austria,
of Hapsburg-Lorraine
Founder and Managing Director of Triple A
Gestion S.A.
• Father Nicolas Buttet
Founder and Moderator of the Eucharistein
Fraternity, Founder of Philanthropos
European Institute
• Jean-René Fournier
Member of the Federal States Council (Swiss
Parliament). Former President of the Valais
government
• Theodore Roosevelt Malloch
Chairman and CEO of The Roosevelt Group
• Antonin Pujos
Non-executive director, Adviser
Chairman of the Research Club of the French
Institute of Directors (IFA)
The Foundation's Advisory Board consists of:
• Henri-Claude de Bettignies (Chairman)
Distinguished Professor of Globally Responsible Leadership at the China Europe International Business School Shanghai (CEIBS) AVIVA Chair Emeritus Professor of Leadership and Responsibilty Emeritus Professor of Asian Business and Comparative Management at INSEAD Director of CEDRE (Centre for the Study of Development and Responsibility)
• Elizabeth Sombard
Founder and President Résonnance Foundation
• Philippe de Woot
Professor Emeritus of the Catholic University Louvain
Holder of a PhD in Law and Economic Sciences
Harvard Faculty Associate
• Guido Palazzo
Professor of Business Ethics at HEC University of Lausanne
• Jean Staune
Founder and General Secretary of the Interdisciplinary University of Paris. Professor in Philosophy of Sciences at the MBA of the Ecole des Hautes Etudes Commerciales (HEC) Director of the collection “The Time of Science” at Fayard Editions
Partner institutions of the Summit include, in no particular order:
Ecophilos (www.ecophilos.org)
Entreprise et Progres (www.entreprise-progres.net)
The China Europe International Business School (www.ceibs.edu)
The Yale Center for Faith and Culture (www.yale.edu/faith)
Oxford's Institute for Religion and Society in Asia (http://irsa.co.uk/index.php)
The Globally Responsible Leadership Initiative (www.grli.org)
Transforming Business, the University of Cambridge, UK (www.transformingbusiness.net)
BTW Transforming Business (TB) is co-ordinated by Dr Peter Heslam, Dr Flint McGlaughlin, Dr Rick Goossen, and John Kay and has the benefit of a number of distinguished patrons and advisers, some of whom are listed below.
TB addresses, not surprisingly, research questions that are close to the heart of the Zermatt Summit, such as:
How can the creative forces of free enterprise be effectively applied to the most pressing social, economic, and moral challenge of our time: the elimination of poverty?
How can we best instill and nurture vision, motivation, and values-led entrepreneurial aspirations, especially in young people?
What impact do relational, moral, and spiritual intelligence have on business solutions to poverty?
What is the connection between business success and institutional, spiritual, relational and moral values?
How can competition best foster creativity and innovation?
TB's Patrons and Advisers include:
Prof Helen Alford (Pontifical University, Rome)
Ben Andradi (Servista)
Prof Alan Barrell (Cambridge entrepreneur and academic)
Matthew Bishop (The Economist)
Prof Philip Booth (Institute of Economic Affairs)
Paul Chandler (Traidcraft)
Dr Stephen Copp (Bournemouth University)
Dr Catherine Cowley (Heythrop College, London University)
Prof John Dunning (Reading University)
Anthony Farr (Allan Gray Orbis Foundation)
Larry Farrell (Farrell International)
Prof Ram Gidoomal CBE (Syntel)
Dr Alan Gillespie (Ulster Bank)
Lord Brian Griffiths (Goldman Sachs)
Stephen Green (HSBC)
Dr David Hillson (Risk Doctor)
Dr Kurt Hoffman (Shell Foundation)
Prof Sir John Houghton (Victoria Institute)
Lord Geoffrey Howe (former Chancellor of the Exchequer)
Prof David Jackman (London Financial Academy)
Prof Peter Johnson (Durham University)
Prof Graeme Leach (Institute of Directors)
Prof Jack Mahoney (London University)
Clive Mather (Tearfund)
Dr David Miller (Yale)
Charles Miller Smith (Scottish Power)
Mark McAllister (Fairfield Energy)
Sir Mark Moody-Stuart (Anglo American)
Prof Geoff Moore (Durham Business School)
Sir Jeremy Morse (Lloyds)
Prof Michael Naughton (St Thomas University)
Prof Simon Peyton-Jones (Microsoft)
Dr Jennifer Roback Morse (Acton Institute)
Prof Theodore Roosevelt Malloch (Yale)
Dr Vinay Samuel (Institute for Development Research)
Lynne Sedgemore, CBE (Centre for Excellence in Leadership)
Prof Max Stackhouse (Princeton)
Sir Christopher Wates (Wates Group)
Sir John Whitmore (Performance Consulting)
Prof Paul Williams (DTZ and Regent College)
Prof John Wood, CBE (Imperial College, London University)
Prof Michael Woolcock (Harvard/World Bank)
ends Sphere: Related Content
A new credit card scam
On the Karmayog Yahoogroup, details have just been posted of aa new credit card scam
"This one is pretty slick since they provide YOU with all the information, except the one piece they want.
"Note, the callers do not ask for your card number; they already have it....
"One of our employees was called on Wednesday from 'VISA', and I was called on Thursday from 'Master Card'.
"The scam works like this:
Caller: 'This is (name), and I'm calling from the Security and Fraud Department at VISA. My Badge number is 12460. You r card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a Marketing company based in ... ?'
"When you say 'No', the caller continues with, 'Then we will be issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?'
"You say 'yes'. The caller continues - 'I will be starting a Fraud investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800 -VISA) and ask for Security.'
"You will need to refer to this Control Number. The caller then gives you a 6 digit number. 'Do you need me to read it again?'
"Here's the IMPORTANT part on how the scam works.
"The caller then says, 'I need to verify you are in possession of your card'. He'll ask you to 'turn your card over and look for some numbers'. There are 7 numbers; the first 4 are part of your card number, the next 3 are the security Numbers that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the 3 numbers to him. After you tell the caller the 3 numbers, he'll say, 'That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions?' After you say No, the caller then thanks you and states, 'Don't hesitate to call back if you do, and hangs up.
"You actually say very little, and they never ask for or tell you the Card number. But after we were called on Wednesday, we called back within 20 minutes to ask a question.. Are we glad we did! The *real* VISA Security Department told us it was a scam and in the last 15 minutes a new purchase of $497..99 was charged to our card.
Long story - short - we made a real fraud report and closed the VISA account. VISA is reissuing us a new number. What the scammers want is the 3-digit PIN number on the back of the card, don't give it to them. Instead, tell them you'll call VISA or Master card directly for verification of their conversation. The real VISA told us that they will never ask for anything on the card as they already know the information since they issued the card! If you give the scammers your 3 Digit PIN Number, you think you're receiving a credit. However, by the time you get your statement you'll see charges for purchases you didn't make, and by then it's almost too late and/or more difficult to actually file a fraud report.
What makes this more remarkable is that on Thursday, I got a call from a 'Jason Richardson of Master Card' with a word-for-word repeat of the VISA scam. This time I didn't let him finish. I hung up! We filed a police report, as instructed by VISA. The police said they are taking several of these reports daily! They also urged us to tell everybody we know that this Scam is happening. "
--
ends Sphere: Related Content
"This one is pretty slick since they provide YOU with all the information, except the one piece they want.
"Note, the callers do not ask for your card number; they already have it....
"One of our employees was called on Wednesday from 'VISA', and I was called on Thursday from 'Master Card'.
"The scam works like this:
Caller: 'This is (name), and I'm calling from the Security and Fraud Department at VISA. My Badge number is 12460. You r card has been flagged for an unusual purchase pattern, and I'm calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a Marketing company based in ... ?'
"When you say 'No', the caller continues with, 'Then we will be issuing a credit to your account. This is a company we have been watching and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address), is that correct?'
"You say 'yes'. The caller continues - 'I will be starting a Fraud investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800 -VISA) and ask for Security.'
"You will need to refer to this Control Number. The caller then gives you a 6 digit number. 'Do you need me to read it again?'
"Here's the IMPORTANT part on how the scam works.
"The caller then says, 'I need to verify you are in possession of your card'. He'll ask you to 'turn your card over and look for some numbers'. There are 7 numbers; the first 4 are part of your card number, the next 3 are the security Numbers that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the 3 numbers to him. After you tell the caller the 3 numbers, he'll say, 'That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions?' After you say No, the caller then thanks you and states, 'Don't hesitate to call back if you do, and hangs up.
"You actually say very little, and they never ask for or tell you the Card number. But after we were called on Wednesday, we called back within 20 minutes to ask a question.. Are we glad we did! The *real* VISA Security Department told us it was a scam and in the last 15 minutes a new purchase of $497..99 was charged to our card.
Long story - short - we made a real fraud report and closed the VISA account. VISA is reissuing us a new number. What the scammers want is the 3-digit PIN number on the back of the card, don't give it to them. Instead, tell them you'll call VISA or Master card directly for verification of their conversation. The real VISA told us that they will never ask for anything on the card as they already know the information since they issued the card! If you give the scammers your 3 Digit PIN Number, you think you're receiving a credit. However, by the time you get your statement you'll see charges for purchases you didn't make, and by then it's almost too late and/or more difficult to actually file a fraud report.
What makes this more remarkable is that on Thursday, I got a call from a 'Jason Richardson of Master Card' with a word-for-word repeat of the VISA scam. This time I didn't let him finish. I hung up! We filed a police report, as instructed by VISA. The police said they are taking several of these reports daily! They also urged us to tell everybody we know that this Scam is happening. "
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ends Sphere: Related Content
Facebook overtakes Google, so....?
At the start of 2008, the percentage of website traffic that resorted to Google was just under 6%, while the percentage of website traffic that resorted to Facebook was around 1%.
The interesting thing is that, as website traffic continued to explode, the percentage of the traffic that resorted to Google barely moved: perhaps it is something like 7% today. Meanwhile, Facebook continued to increase its market share, till it overtook Google a couple of weeks ago.
What possible explanations might be suggested for these facts?
1. More and more people are using the web as a quick and easy way to upload pictures and the like, than are using the web to look for information.
2. As the proportion of web users who use search engines to look for information declines, Google has been unsuccessful in keeping its lead over rival search engines such as Clusty. Sphere: Related Content
The interesting thing is that, as website traffic continued to explode, the percentage of the traffic that resorted to Google barely moved: perhaps it is something like 7% today. Meanwhile, Facebook continued to increase its market share, till it overtook Google a couple of weeks ago.
What possible explanations might be suggested for these facts?
1. More and more people are using the web as a quick and easy way to upload pictures and the like, than are using the web to look for information.
2. As the proportion of web users who use search engines to look for information declines, Google has been unsuccessful in keeping its lead over rival search engines such as Clusty. Sphere: Related Content
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