Tuesday, March 03, 2009

Needed: A New Global Financial Architecture

Washington, D.C.Image via Wikipedia


https://twitter.com/SerendipityJane/status/1276057412
http://twitter.com/paramendra/statuses/1221659273
http://twitter.com/paramendra/statuses/1271618301
http://twitter.com/paramendra/statuses/1205593499


This is like the 1930s, but then it is not like the 1930s. We have to take globalization into account. We have to take the internet into account. We have to take the other mega challenges into account: global warming, global terrorism.

I have been a huge supporter of Obama's stimulus package from day one. That coupled with the bank bailouts have been like sending in the firefighters and the medics and other emergency personnel. But even after the fire has been put out - and it has not been put out yet - you still have to build the Freedom Tower. Something new has to shape up. And I don't want to overuse the 9/11 metaphor, except that the three mega challenges are so interrelated: global finance, global warming, global terrorism. The Al Qaeda hit in Mumbai, but then the Al Qaeda also hit in Lahore. The two states of India and Pakistan blaming each other is to not recognize the fundamental stateless character of the Al Qaeda, the virus behind global terror.

http://twitter.com/paramendra/statuses/1276364278

Of course I don't have the technical expertise to offer any detailed answer to what that new order will look like, but I can engage at the broad vision level. The stimulus package has been a good step, but if that is the only step then that only reenforces the America-can-do-it-alone attitude. It can't. The bank bailouts are good, if executed right, but standing alone that is like saying the problem with American banking has been too little money. The reverse has been true. There was too much money in the system. That brought forth a real estate bubble. The financial markets did not make the best use of that extra money. Better use would have been to invest in the jobs and industries of tomorrow. Better use would have been to invest in the big infrastructure projects in the Global South. Better would have been to expand microfinance in the Global South substantially. Instead the bankers created a ponzy scheme with the new flush cash.

What would be some of the components of that new global financial architecture?
  • There would be near total transparency, near total layered transparency.
  • That would bring forth much new accountability, but not on its own.
  • New rules will have to be put into place. You can't play great soccer if there are no ground rules.
  • Global leaders in politics and business will have to get together and bang heads. The good ideas are already out and about. What has so far lacked is political will.
  • America is going to have to learn humility. It can't do it alone, not on finance, not on terror, not on climate.
  • Fundamental reform for the World Bank and the IMF. Make the power structures more globally democratic.







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Saturday, February 28, 2009

Kathleen Sebelius Was My Choice For Vice President

Barackface: Running Mate January 2008
Barackface: An Obama Administration January 2007
Barackface: A Woman For Running Mate, Perhaps A Governor November 2006





Governor Of Kansas Tapped to Lead HHS Washington Post
Obama picks Sebelius as health secretary -official Reuters
White House: Obama asks Sebelius to be HHS secretary CNN
Sebelius 'to take US health post' BBC News
Sebelius to become Health and Human Services secretary Kansas City Star
Kathleen Sebelius a good pick for Obama Kansas City Star
Gates: Thrilled for Sebelius, confident in Parkinson Kansas City Star
FACTBOX: Kansas governor tapped for health post Reuters
Biograghical info on Kansas Gov. Kathleen Sebelius The Associated Press
Kansas Governor Accepts Offer as Health Secretary New York Times
Kansas officials react to Sebelius’ departure Lawrence Journal World
Kansas Democrats ponder when Sebelius isn't governor KTKA.com
Report: Sebelius Accepts HHS Nomination KWCH
Obama taps Kansas governor for health secretary AFP
Mrs. Sebelius goes to Washington Kansas City Star
Sebelius Named by Obama to Chief US Health Role Bloomberg
49 News political expert responds to Sebelius as the new HHS KTKA.com
Report: Sebelius Accepts Nomination to HHS Secretary WIBW
Obama picks Kansas governor as Health secretary: source CBC.ca
44, Day 40: Behold, the Populist President Conde Nast Portfolio
Secretary Sebelius ScienceBlogs
Report: Obama picks Kansas governor as health secretary Xinhua
Catholics gird for Sebelius fight Politico
Sebelius is pick for HHS secretary Scientific American
BREAKING: Obama picks Sebelius for HHS Kansas City Star
Obama to Announce Kathleen Sebelius as Health Secretary Monday: Report HULIQ
Kathleen Sebelius: HHS secretary The Swamp - Tribune's Washington Bureau
Abortion foes vow to fight a Sebelius nomination The Associated Press