这个世界从不缺乏资源，问题出现在配置上。如何可以更有效地配置资源？
《社会资本论》将从资源配置角度审视以下三大重点：
一、一带一路/联合国可持续发展目标的契机
二、社会企业模式
三、数码转型
这是一个最好的时代，也是一个最坏的时代。关键是你在哪里。
更多资讯，游览 Social Capital Asia 网站
2019-12-31
社会资本论书籍项目简介
《社会资本论》将从资源配置角度审视以下三大重点：
一、一带一路/联合国可持续发展目标的契机
二、社会企业模式
三、数码转型
这是一个最好的时代，也是一个最坏的时代。关键是你在哪里。
更多资讯，游览 Social Capital Asia 网站
2019-12-25
Global Goals Book Project
There has never been problem with the resources. The problems lie within distribution.
There are 3 parts of the book:
1) Sustainable Development Goals / Belt Road Initiatives Aligned Opportunities
2) Social Enterprise Business Model
3) Digital Transformation
This is a guideline kind of book for people who want to look further into emerging opportunities within the next few decades. Start from SDGs and social enterprise business model, with digital transformation as the process.
Social Enterprise Guide is the official project information portal that will provide the latest updates and information when it comes to above 3 core sections. .
There are 3 parts of the book:
1) Sustainable Development Goals / Belt Road Initiatives Aligned Opportunities
2) Social Enterprise Business Model
3) Digital Transformation
This is a guideline kind of book for people who want to look further into emerging opportunities within the next few decades. Start from SDGs and social enterprise business model, with digital transformation as the process.
Social Enterprise Guide is the official project information portal that will provide the latest updates and information when it comes to above 3 core sections. .
2019-10-11
Trust. Circulation. Legal.
The United States Securities and Exchange Commission (SEC) has announced that Telegram and the forthcoming GRM token constitute an unregistered digital token offering.
While Telegram has the trust from a huge user base and potential circulation economic scale, still, it bumps into that legal barrier, for now. And the key thing is unregistered.
“Is this going to be more of a legislative move or an SEC move? [...] At the moment I don’t know.” ~ SEC Commissioner Robert J. Jackson Jr.
The world will sort things out as we progress.
Meanwhile in Malaysia, as regulatory provisions evolve, there are some noteworthy domestic experiments and pilot projects on the implementation of blockchain technologies within the wider economy:
1) Securities Commission’s Project Castor for unlisted and over-the-counter markets,
2) Bank Negara Malaysia‘s blockchain-powered trade finance applications together with nine banking partners,
3) the Ministry of Education's initiative to use blockchain for the issuance of qualifications, as well as as the basis of a higher education consortium, and
4) Bursa Malaysia's pilot blockchain project for securities borrowing and lending.
This is in line with Malaysia's work visa program targeting tech freelancers in order to address the demand for blockchain talent which was announced in June 2019.
On the cryptocurrency or the digital asset part of it, Cointelegraph reported that:
Just across Malaysia's border up north in a neighboring country, SEC’s approval of first initial coin offering (ICO) portal operator was poised to open a new chapter in Thailand’s capital market history and pave the way to its digital economic transformation, as it becomes one of the first ASEAN nations to offer fully-compliant ICOs.
“SE Digital will be able to promote the tokenisation of traditional assets providing investors with access to previously illiquid and difficult to access assets such as commercial real estate and investment products with global exposure, while offering issuers with a new fundraising alternative that allows access to a wider pool of capital providers with cost savings accrued from the digitisation on the blockchain.” ~ Stephen Ng, Chief Marketing Officer of SE Digital, a subsidiary of major financial services firm Seamico Securities.
The world moves, with or without you and me.
News links:
Breaking: US SEC Deems $1.7 Billion Telegram Offering Illegal, Orders Halt
Malaysian Finance Ministry: Cryptocurrency Adoption Remains Low
Thailand’s First Regulated ICO Portal Targets $98M Token Offering
While Telegram has the trust from a huge user base and potential circulation economic scale, still, it bumps into that legal barrier, for now. And the key thing is unregistered.
“Is this going to be more of a legislative move or an SEC move? [...] At the moment I don’t know.” ~ SEC Commissioner Robert J. Jackson Jr.
The world will sort things out as we progress.
Meanwhile in Malaysia, as regulatory provisions evolve, there are some noteworthy domestic experiments and pilot projects on the implementation of blockchain technologies within the wider economy:
1) Securities Commission’s Project Castor for unlisted and over-the-counter markets,
2) Bank Negara Malaysia‘s blockchain-powered trade finance applications together with nine banking partners,
3) the Ministry of Education's initiative to use blockchain for the issuance of qualifications, as well as as the basis of a higher education consortium, and
4) Bursa Malaysia's pilot blockchain project for securities borrowing and lending.
This is in line with Malaysia's work visa program targeting tech freelancers in order to address the demand for blockchain talent which was announced in June 2019.
| In January 2019, Malaysia's Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into effect to regulate both digital assets and exchange platforms. The Order determines that any digital assets offered as a form of investment or used as a method of fundraising are classified as securities in the country. Meanwhile, the Securities Commission Malaysia (SC) updated its Guidelines on Recognised Markets to include regulatory requirements for digital asset exchanges (DAX), registering three DAX operators within its scope in May 2019. As of May, DAX operators were given nine months to become fully compliant and operational and are now the only venues deemed legitimate by the regulator to offer digital asset trading in Malaysia. |
Just across Malaysia's border up north in a neighboring country, SEC’s approval of first initial coin offering (ICO) portal operator was poised to open a new chapter in Thailand’s capital market history and pave the way to its digital economic transformation, as it becomes one of the first ASEAN nations to offer fully-compliant ICOs.
“SE Digital will be able to promote the tokenisation of traditional assets providing investors with access to previously illiquid and difficult to access assets such as commercial real estate and investment products with global exposure, while offering issuers with a new fundraising alternative that allows access to a wider pool of capital providers with cost savings accrued from the digitisation on the blockchain.” ~ Stephen Ng, Chief Marketing Officer of SE Digital, a subsidiary of major financial services firm Seamico Securities.
The world moves, with or without you and me.
News links:
Breaking: US SEC Deems $1.7 Billion Telegram Offering Illegal, Orders Halt
Malaysian Finance Ministry: Cryptocurrency Adoption Remains Low
Thailand’s First Regulated ICO Portal Targets $98M Token Offering
2019-10-05
The Power of Social Media
Thank you friends from social media who shared the post.
From 4th Oct 2019 to 5th Oct 2019, the post view grew from 34,225 to 56,792. I have no idea how LinkedIn measure the views but I hope the info I shared do shed some light and provide another angle of view to people on matters related to blockchain and cryptocurrency.
The post:
2019-09-22
Tokenizing Real Estate - Solving The Illiquidity Discount Problem?
Blockchains seek to construct more sophisticated monetary policies.
While REITs are just one of many types of investment vehicles, and there is an entire galaxy of real estate ventures and investment funds looking to take advantage of distributed ledger technology, in my opinion, specifically nonlisted and private REITs may stand to reap the greatest benefits of tokenization.
What does tokenization potentially mean for the real estate sector?
Solving the illiquidity discount problem.
Firstly, through the utilization of blockchain technology, conventional and highly regulated real estate investment vehicles (like REITs) can operate at unprecedented levels of efficiency by making programmable governance and built-in regulatory compliance possible on the platform and/or the security token levels, as well as by automating cap table and investor management processes. This will, at least in theory, lower management expenses and increase the profits that get returned to investors.
Secondly, the symbiotic emergence of digital security issuance and secondary trading platforms brings with it not only the possibility to significantly reduce (if not eliminate) the traditional counterparty risk and transactional friction, but to also make the underlying assets more liquid. This suggests that, in the future, nonlisted and private real estate investment vehicles (like private REITs) — which once represented a highly illiquid section of the market — may no longer have that unfortunate distinction.
When, or if tokenization will help traditional types of private real estate investment vehicles to qualify as viable short-term investments?
The timing for this opportunity is auspicious.
https://cointelegraph.com/news/tokenizing-commercial-real-estate-and-promise-of-liquidity
2019-09-14
Sustainable Cities, SDG-Aligned Opportunities
Sustainable Cities : What It Takes and What Is In It For Everybody?
Private Sector is key in achieving M'sia's SDGs
SDGs Expert Insight Series (Forum) on “Financing the SDGs: Malaysian Private Sector Role in Bridging the Gap from Goals to Actions,” at the Dewan Persidangan Parliament
The 2030 Agenda is the most transformative and ambitious plan ever crafted by the global community with 17 goals, 169 targets and 232 indicators – that balance the economic, social and environmental pillars of development. Malaysia is fully committed to the 2030 Agenda and SDGs.
“The key components of the 2030 Agenda have already been included in the government’s manifesto and incorporated in the mid-term review of the 11th Malaysia Plan (2016-2020): New Priorities and Emphases and the 2019 National Budget, which sets the development direction of the country moving forward.
“Despite this, there are areas that need further attention such as poverty eradication, environment and other developmental areas. The private sector can play a greater role in sustainable initiatives through partnership programmes with the government in its efforts to achieve the aspirations of the national sustainable development goals. This would an important step forward for the country,” Dato’ Mohd Rashid Hasnon, Deputy Speaker, Dewan Rakyat
The commitment and alignment of the private sector is critical if nations are to attain the goals and targets set out in the world’s most ambitious development plan in history.
#TogetherForSDGs
- there are business opportunities and value - estimated to the tune of USD12 trillion (Business & Sustainable Development Commission) that SDGs have created
http://www.focusmalaysia.my/Snippets/private-sector-is-key-in-achieving-m-sia-s-sdgs
The UN's Sustainable Development Goals Aren't Just Doing Good, They're Good Business
The most important thing for 21st century leaders is being able to recognise and bring together the right mix of people for the right purpose, and equipping them with the right tools and skills relevant to a future-proof business. ~ Jonquil Hackenberg, Contributor| GREEN TECH, Forbes
The secret is to marry organizational objectives with people’s desires for more compassionate and sustainable business.
Sustainability is not a zero-sum game, it’s been shown that consumers are willing to pay more for ethical products.
- make important improvements not only to the way they are perceived, but also to their ability to meet the challenges of the future.
- instilling a much greater degree of awareness and understanding of ordinary people within the business.
- reflect its customer base in order to stay relevant–and to attract top talent.
- an excellent framework for doing just that.
Businesses that commit to a more diverse workforce, improving employee training and education, providing more meaningful and valuable work, and optimizing collaboration and productivity will reap the rewards of their efforts many times over.
Digital transformation that put these goals at the heart of the business strategy.
A company that is more in tune with its customers, with a happier, more engaged workforce, that walks the walk on sustainability – what could be better business?
https://www.forbes.com/sites/jonquilhackenberg/2019/08/29/the-uns-sustainable-development-goals-arent-just-doing-good-theyre-good-business/
2019-09-13
一生只做好一件事 : 一生一事，专注极致
一生一事 - 专注、极致
大把年纪了还不知道自己喜欢且擅长什么？给你5点建议。
30岁是人生长路的一道坎，“三十而立”——但更多的人，
比30岁还没立业更可怕的是，
30岁是职业发展的一道关，大部分人都是22岁大学毕业，
如果快30岁了，你还不知道自己喜欢什么、该干什么、
这不是制造焦虑，这是每个人在奔三的路上必需要思考的问题。
写这个主题，是因为去年我讲了很多线下课，发现很多人的问题，
这个问题并不只存在于快30岁的人身上，
早一点有这样的困惑是好事，
早一点有这样的困惑是好事，
这篇我写5点来分享我对这个问题的思考，希望对你有所启发。
【 01 】 知道自己应该做什么, 如何做自己
很多人都不知道自己应该做什么，我们的教育不会教你如何做自己。
如果你二十多岁，尤其刚毕业一两年，不知道自己该做什么，
而且对这个问题的困惑，
为什么？22岁之前，你的人生是被安排好了的。
小学上完读初中，初中读完上高中，高中上完读大学，
你每天想的是，怎么做个好学生，其中80%的指标是——
这个过程中，我们的教育不会教你如何做自己，
我们读大学前填志愿，你自己看、老师帮你推荐、父母帮你打听，
哐当一声！大学毕业了——你走完了被安排好了的人生。
接下来，没人给你安排了，你走向社会，
可是，你早就丧失了这种能力。
于是，你就开始焦虑，不知所措，
【 02 】 习得“喜欢的能力”
比起找到自己喜欢且擅长的事，更重要的是你先要习得“
上面我们探讨的结论其实是，长久以来我们很多人丧失了“
我讲线下课的时候，面对很多说不知道自己该做什么的学员时，
很多人的回答是：我也不太清楚自己到底喜欢什么，
因此，与其说要找到自己喜欢的事，
如何习得？
（1）保持好奇
好奇心是人的天性，但很多人在成长过程中都把它磨没了，
好奇心和找到喜欢的事，有什么关系？喜欢的事，是在不断了解、
如果你丧失了对新鲜事物的好奇，你就没有探索的欲望，
你也可以理解为，你只有见识过足够多的东西，
比如有可能你是个蹦床高手，但你从来没去蹦过，
越没见识的人，越可能找不到自己喜欢的事。因此，保持好奇，
（2）用心经营，要有耐心
兴趣和爱情一样，比“找到”更重要的是“经营”。
兴趣，你也可以理解为价值的交换，你对一件事足够的用心经营，
要把兴趣经营出来，需要耐心。
比如写作，即便是写作高手，一开始也可能没那么喜欢写作，
有个星友匿名提问，大概是说：我内心里有很大的疑惑，
我回答：谁要说他能随随便便写出万字长文那绝对是吹牛逼的，
刚开始写作，因为那是我的工作。如今写作是我最大的乐趣之一，
保持好奇，不断探索，用心经营，要有耐心，你终究会找到自己喜欢的事。
【 03 】 敢承认敢去做
你可能并不喜欢目前的工作，但并不代表你没有喜欢的事情。
你愿意情不自禁投入大量时间的事情，就是你喜欢的事情。
你在纸上列一下，不管它们是什么——
你总是在家里研究做菜；
你一P图就是一晚上；
你到哪里都喜欢拍照；
你没事就喜欢刷朋友圈刷微博刷抖音；
你一天不读好几篇好文章就浑身不自在；
娱乐圈的八卦新闻你基本都不会错过；
你总是爱琢磨不同公司的商业模式；
你没事就刷电影已经刷了快1000部了....
等等你尽管列出来，哪怕你就是喜欢花时间追星、看综艺。
喜欢是什么？我喜欢你，最重要的不是喜欢你，
喜欢一件事，和喜欢一个人，道理差不多。
比如每次出去逛街买东西，你总能帮朋友成功砍价，
比如每次聚会，总是你负责点餐，玩什么总是你帮忙张罗，
比如你每次发朋友圈，总是特别容易吸引大家点赞评论；
比如你在公司年会上唱了一首歌，技惊四座；
比如你一个新电影上映，你每次都能预测很准的票房....
找到自己喜欢且擅长的事，你必需先搞清楚，什么能真的取悦自己，
认真做完以上两条，
第一：世界很大，每一个你觉得不靠谱、不赚钱的兴趣，
我让大家列上面两条时，可能很多人都会说，这也就能做个兴趣，
比如我喜欢滑板，你可能会觉得滑板就是个爱好。但你知道么，
我玩滑板5年了，我认识很多滑板的，
当然，并不是每个兴趣都能直接让你发展成职业的高度，
我们学校跟清华挨着很近，所以清华玩滑板的朋友我也认识不少，
但真正热爱的人，不会放弃取悦自己。
其中一个清华美院的朋友，专业是设计，
第二：你想成角儿，你得敢自己成全自个儿，哪怕道阻且长。
另一个清华的朋友成了滑板圈特别传奇的存在。
但他热爱滑板，不可能离开滑板，所以他开始学习滑板摄影，
后来他做了一个让人惊掉下巴的决定，从清华辍学，
你可能觉得他这是很傻的决定，我倒不这么认为，
我相信很多人心里都有热爱的东西，但又总是自己把它否了，
你要清楚，
你要清楚，
【 04 】 代价就是付出，付出到擅长
一句话，喜欢是有代价的，代价就是付出，付出到擅长。
不管你是喜欢写作，喜欢唱歌，喜欢设计，喜欢敲代码，喜欢销售，
这世界上没有无缘无故的爱，也没有无缘无故的喜欢。
我上初中时，最讨厌的学科是英语，因为我怎么学都学不好，
我没考上高中，花钱走后门买上的。读了高中后，
读高一的时候，英语老师讲课我从来不听，我把初中的教材全拿来，
你猜结果如何？
我高一期末全校英语竞赛一等奖，后来每次英语竞赛都是一等奖，
于是，英语从我初中时最讨厌最恶心，
你英语每次考四五十分，你会喜欢么？除非你有病。
微信语音功能出现之前，
我用微信好几年，几乎从来不给朋友发语音，
2016年中，插坐学院一个同事找到我，希望我做微信群分享，
后来做录播课也是，每次录个七八分钟的音频，
再之后，我需要去企业讲课，第一次要去联想集团讲，
如今我最喜欢的事情之一就是讲课、演讲，两年多高强度的付出，
最近我破天荒在学唱歌，以前不管是同学聚会还是公司团建，
很多刚毕业没多久，二十出头的学员跟我说“
喜欢，一种是天然的喜欢。比如男人谁不喜欢美女，
喜欢，另一种是被动的喜欢。就是你持续的对一件事投入，
你刚毕业没多久，年纪轻轻，很多事情没那么喜欢是正常的，
不断试错，别轻易放弃!
这很正常，不行就换。
换下一个之前，你要仔细想想，目前的这个事你是真的付出了很多么？有几多？ 是很认真的那种付出么？你真的付出了很久么？这个久有多久？ 不要没做多少就随随便便的把它否了。
你得上辈子积多少德、攒多少运，
任何人找到自己喜欢又擅长的事，都是一个漫长的过程，
我读大学时就不断的探索，到底自己该做什么，
我试图走英语这条路，后来发现其实我并不擅长英语，
我试图学习写小说，读了大量的小说，买了教写小说的书，
我试图学过橄榄球，但发现我不擅长团体类的体育运动；
我认真的付出过，想做一个职业滑板运动员，
我尝试过水草造景，经过摸索我发现自己在构图方面不好，
远不止上面这些，我保持好奇，一只探索，
“我喜欢深度阅读，喜欢分析事情的底层规律，
同时，我上面说的“如果你在一件事情上付出很久还不擅长怎么办？
这句话你要谨慎对待：
01 换下一个之前，你要仔细想想，
02 如果真的谨慎思考了，结果是确实不适合，就要及时换，别拖延，
03 人终究不能只做自己喜欢且擅长的事，尤其在工作中。
这篇就写到这里，关于这个话题以后还会再写，
—end—
来源：粥左罗 fangdushe520，作者：粥左罗
2019-08-18
Japan to Solarize Its Digital Economy
Use Cases of Blockchain technology in Energy Sector - Solar Power
“In the solar energy sector, decentralized blockchain technology is used in person-to-person (P2P) energy trading, labeling, energy provenance and certification, smart metering and billing, electric vehicle charging and payments, and wholesale power trading and settlements.”
Reports published by Fitch Solutions Macro Research and Globadata conclude that over the next decade, decentralized solar technology may replace PV solar farms as the main growth-driver in Japan. Already, a blockchain-enabled solar energy-trading pilot project is set to link 100 solar rooftops of smart, zero-energy homes in the country, while another pilot project will administer an energy-trading marketplace using blockchain to connect a number of Japanese power production facilities with homes, offices, factories, batteries and electric vehicles.
Toyota Motor Corp. — which began testing high-efficiency solar cells for electric cars — has joined forces with the University of Tokyo and online renewable energy retailer Trende to test peer-to-peer vehicle-to-grid electricity trading using blockchain technology, which allows for electric vehicles to communicate with the power grid to buy and sell electricity to smooth out peak and low demand times.
Japan's Marubeni Corp. has recently backed a blockchain-based power-purchasing platform called WePower that makes it easy for small- and medium-sized businesses to buy power from solar project developers, offering standardized, digital power purchase agreements to help underwrite new projects.
#SmartEnergy #SmartCity #SolarPower #Japan
https://cointelegraph.com/news/japan-to-solarize-its-burgeoning-digital-economy-expert-take
https://ssl.jspacesystems.or.jp/en_project_ssps/?doing_wp_cron=1563476803.8832890987396240234375
“In the solar energy sector, decentralized blockchain technology is used in person-to-person (P2P) energy trading, labeling, energy provenance and certification, smart metering and billing, electric vehicle charging and payments, and wholesale power trading and settlements.”
Reports published by Fitch Solutions Macro Research and Globadata conclude that over the next decade, decentralized solar technology may replace PV solar farms as the main growth-driver in Japan. Already, a blockchain-enabled solar energy-trading pilot project is set to link 100 solar rooftops of smart, zero-energy homes in the country, while another pilot project will administer an energy-trading marketplace using blockchain to connect a number of Japanese power production facilities with homes, offices, factories, batteries and electric vehicles.
Toyota Motor Corp. — which began testing high-efficiency solar cells for electric cars — has joined forces with the University of Tokyo and online renewable energy retailer Trende to test peer-to-peer vehicle-to-grid electricity trading using blockchain technology, which allows for electric vehicles to communicate with the power grid to buy and sell electricity to smooth out peak and low demand times.
Japan's Marubeni Corp. has recently backed a blockchain-based power-purchasing platform called WePower that makes it easy for small- and medium-sized businesses to buy power from solar project developers, offering standardized, digital power purchase agreements to help underwrite new projects.
#SmartEnergy #SmartCity #SolarPower #Japan
https://cointelegraph.com/news/japan-to-solarize-its-burgeoning-digital-economy-expert-take
Space Solar Power System
https://ssl.jspacesystems.or.jp/en_project_ssps/?doing_wp_cron=1563476803.8832890987396240234375
2019-08-06
Kuala Lumpur Roundtable
'Kuala Lumpur Roundtable offers key policy suggestions to achieve Shared Prosperity 2030'
Some really good suggestions put forth by the members of the KLR in their paper, hopefully they get pushed through to our policymakers.
There was some mention about SMEs and promoting SME contributions to the economy as a market solution to lift the B40 and M40, however, personally I feel that there should be more emphasis given to SMEs and entrepreneurship, as arguably entrepreneurs are the 'spark plugs' that we desperately need to jump start our struggling economy.
We need to learn from our past and not repeat the same mistakes, we've already wasted too much time.
- GLC Reforms
- APs, licensing and all forms of interventionist policies must be removed
- Monopolies and Oligopolies must not be given any form of protectionism through regulations etc.
How serious are our policymakers?
~ Keri Hamdan, LinkedIn post
http://www.ideas.org.my/kuala-lumpur-roundtable-offers-key-policy-suggestions-to-achieve-shared-prosperity-2030/
~ Keri Hamdan, LinkedIn post
http://www.ideas.org.my/kuala-lumpur-roundtable-offers-key-policy-suggestions-to-achieve-shared-prosperity-2030/
The Invention of Money
Anyone forging it would be punished with death.
That point was deeply relevant.
The problem with many new forms of money is that people are reluctant to adopt them. Genghis Khan’s grandson didn’t have that difficulty. He took measures to insure the authenticity of his currency, and if you didn’t use it—if you wouldn’t accept it in payment, or preferred to use gold or silver or copper or iron bars or pearls or salt or coins or any of the older forms of payment prevalent in China—he would have you killed. This solved the question of uptake.
The instruments of trade and finance are inventions, in the same way that creations of art and discoveries of science are inventions—products of the human imagination.
Paper money, backed by the authority of the state, was an astonishing innovation, one that reshaped the world.
It’s only at moments when the system buckles that we start to wonder why these things are worth what they seem to be worth.
Bitcoin, a new form of money based on nothing but the power of cryptography.
The idea is that the value of the new money is derived not from the imprimatur of any state but from a combination of mathematics, global connectedness, and the trust that resides in the network.
In all good stories, the hero wants something but faces an obstacle. In the case of the nation-state, what it wants to do is wage war, and the obstacle it faces is how to pay for it.
borrow a huge sum of money, and use taxes to pay back the interest over time.
One of the most significant effects of the paper money was the way it stimulated borrowing and lending—and trading.
The usual costs of warfare were added to a huge bill for annuities—lifelong interest payments made in settlement of old loans.
Money must be turned to the service of trade, and lie at the discretion of the prince or parliament to vary according to the needs of trade. Such an idea, orthodox and even tedious for the past fifty years, was thought in the seventeenth century to be diabolical.
This idea of Law’s led him to the idea of a new national French bank that took in gold and silver from the public and lent it back out in the form of paper money.
A U.S. bank with assets under a hundred and twenty-four million dollars is obliged to keep a cash reserve of only three per cent.
He funded the company the same way he had funded the bank, with deposits from the public swapped for shares.
He then used the value of those shares, which rocketed from five hundred livres to ten thousand livres, to buy up the debts of the French King. The French economy, based on all those rents and annuities and wages, was swept away and replaced by what Law called his “new System of Finance.”
The use of gold and silver was banned. Paper money was now “fiat” currency, underpinned by the authority of the bank and nothing else.
People started to wonder whether these suddenly lucrative investments were worth what they were supposed to be worth; then they started to worry, then to panic, then to demand their money back, then to riot when they couldn’t get it.
The great irony of Law’s life is that his ideas were, from the modern perspective, largely correct.
Today, we live in a version of John Law’s system. Every state in the developed world has a central bank that issues paper money, manipulates the supply of credit in the interest of commerce, uses fractional-reserve banking, and features joint-stock companies that pay dividends.
His great and probably unavoidable mistake was to underestimate the volatility that his inventions introduced, especially the risks created by runaway credit.
How did these once wild ideas become part of the very fabric of modern finance and government? Trial and error.
It was not the case that smart people figured everything out at once and implemented it simultaneously.
The modern economic system evolved, and evolution involves innovations, repetitions, failures, and dead ends. In finance, it involves busts and panics and crashes.
Bagehot’s work on banking similarly focussed on the difference between appearances and realities, specifically the gap between the air of solidity and respectability cultivated by Victorian banks and the evident fact that they kept collapsing and going broke. There were huge bank crises in 1797, in 1825, in 1847, and in 1857, all of them caused by the oldest and simplest reason of bankruptcy in finance: lending money to people who can’t pay it back.
In theory, all the money in circulation during the era of Victorian banking was backed up by deposits in gold. One pound in paper money was backed by 123.25 grains of actual gold. In practice, that wasn’t true.
There were multiple occasions when the government suspended the convertibility of paper money to gold. In addition, banks could print their own money. They often didn’t have enough gold to sustain the value of their notes, in the event of customers coming to the bank and demanding conversion.
A system in which banks don’t hold cash reserves equivalent to their outstanding loans works fine, unless enough people turn up at the bank and simultaneously want their paper money turned into its metal equivalent. Unfortunately, that kept happening, and banks kept going broke.
What is money? Where does it derive its value? Who finally guarantees the value of debts and credits?
money, real money, was gold, and gold alone. All the other forms of currency in the system were merely different kinds of credit. Credit was indispensable to a functioning economy, and helped make everybody rich, but in the final analysis only gold was legal tender, according to the strict definition of the term—money that cannot be refused in settlement of a debt.
paradox: all the credit in the system was essential to the economy, but it wasn’t really money, because it wasn’t gold, which underpinned the value of everything else.
The main source of the profitableness of established banking is the smallness of the requisite capital
The less equity the bank needed to keep as a margin of safety, the more money it could lend, and, therefore, the more profit it could make. Gold was essential in order to guarantee the currency, but the bankers didn’t want it taking up valuable space on their balance sheets. Better to let the government do that, in the form of the Bank of England.
We still have a version of this system, in which government guarantees underpin the profitability of banks. The central bank’s crucial role is to lend money freely at a time of crisis—to be what is called “the lender of last resort.” Grant, who admits to “a libertarian’s biases,” sees this doctrine as the seed of “deposit insurance, the too-big-to-fail doctrine, and the rest of the modern machinery of socialized financial risk.”
Then came the credit crunch, and the moment—the latest version of the old familiar one—when things turned out not to be worth what they were supposed to be worth.
https://www.newyorker.com/magazine/2019/08/05/the-invention-of-money
That point was deeply relevant.
The problem with many new forms of money is that people are reluctant to adopt them. Genghis Khan’s grandson didn’t have that difficulty. He took measures to insure the authenticity of his currency, and if you didn’t use it—if you wouldn’t accept it in payment, or preferred to use gold or silver or copper or iron bars or pearls or salt or coins or any of the older forms of payment prevalent in China—he would have you killed. This solved the question of uptake.
The instruments of trade and finance are inventions, in the same way that creations of art and discoveries of science are inventions—products of the human imagination.
Paper money, backed by the authority of the state, was an astonishing innovation, one that reshaped the world.
It’s only at moments when the system buckles that we start to wonder why these things are worth what they seem to be worth.
Bitcoin, a new form of money based on nothing but the power of cryptography.
The quest for new forms of money
The idea is that the value of the new money is derived not from the imprimatur of any state but from a combination of mathematics, global connectedness, and the trust that resides in the network.
In all good stories, the hero wants something but faces an obstacle. In the case of the nation-state, what it wants to do is wage war, and the obstacle it faces is how to pay for it.
borrow a huge sum of money, and use taxes to pay back the interest over time.
One of the most significant effects of the paper money was the way it stimulated borrowing and lending—and trading.
The usual costs of warfare were added to a huge bill for annuities—lifelong interest payments made in settlement of old loans.
Money must be turned to the service of trade, and lie at the discretion of the prince or parliament to vary according to the needs of trade. Such an idea, orthodox and even tedious for the past fifty years, was thought in the seventeenth century to be diabolical.
This idea of Law’s led him to the idea of a new national French bank that took in gold and silver from the public and lent it back out in the form of paper money.
A U.S. bank with assets under a hundred and twenty-four million dollars is obliged to keep a cash reserve of only three per cent.
He funded the company the same way he had funded the bank, with deposits from the public swapped for shares.
He then used the value of those shares, which rocketed from five hundred livres to ten thousand livres, to buy up the debts of the French King. The French economy, based on all those rents and annuities and wages, was swept away and replaced by what Law called his “new System of Finance.”
The use of gold and silver was banned. Paper money was now “fiat” currency, underpinned by the authority of the bank and nothing else.
It ended in disaster.
People started to wonder whether these suddenly lucrative investments were worth what they were supposed to be worth; then they started to worry, then to panic, then to demand their money back, then to riot when they couldn’t get it.
The great irony of Law’s life is that his ideas were, from the modern perspective, largely correct.
Today, we live in a version of John Law’s system. Every state in the developed world has a central bank that issues paper money, manipulates the supply of credit in the interest of commerce, uses fractional-reserve banking, and features joint-stock companies that pay dividends.
His great and probably unavoidable mistake was to underestimate the volatility that his inventions introduced, especially the risks created by runaway credit.
How did these once wild ideas become part of the very fabric of modern finance and government? Trial and error.
It was not the case that smart people figured everything out at once and implemented it simultaneously.
The modern economic system evolved, and evolution involves innovations, repetitions, failures, and dead ends. In finance, it involves busts and panics and crashes.
Bagehot’s work on banking similarly focussed on the difference between appearances and realities, specifically the gap between the air of solidity and respectability cultivated by Victorian banks and the evident fact that they kept collapsing and going broke. There were huge bank crises in 1797, in 1825, in 1847, and in 1857, all of them caused by the oldest and simplest reason of bankruptcy in finance: lending money to people who can’t pay it back.
In theory, all the money in circulation during the era of Victorian banking was backed up by deposits in gold. One pound in paper money was backed by 123.25 grains of actual gold. In practice, that wasn’t true.
There were multiple occasions when the government suspended the convertibility of paper money to gold. In addition, banks could print their own money. They often didn’t have enough gold to sustain the value of their notes, in the event of customers coming to the bank and demanding conversion.
A system in which banks don’t hold cash reserves equivalent to their outstanding loans works fine, unless enough people turn up at the bank and simultaneously want their paper money turned into its metal equivalent. Unfortunately, that kept happening, and banks kept going broke.
What is money? Where does it derive its value? Who finally guarantees the value of debts and credits?
money, real money, was gold, and gold alone. All the other forms of currency in the system were merely different kinds of credit. Credit was indispensable to a functioning economy, and helped make everybody rich, but in the final analysis only gold was legal tender, according to the strict definition of the term—money that cannot be refused in settlement of a debt.
paradox: all the credit in the system was essential to the economy, but it wasn’t really money, because it wasn’t gold, which underpinned the value of everything else.
The main source of the profitableness of established banking is the smallness of the requisite capital
The less equity the bank needed to keep as a margin of safety, the more money it could lend, and, therefore, the more profit it could make. Gold was essential in order to guarantee the currency, but the bankers didn’t want it taking up valuable space on their balance sheets. Better to let the government do that, in the form of the Bank of England.
We still have a version of this system, in which government guarantees underpin the profitability of banks. The central bank’s crucial role is to lend money freely at a time of crisis—to be what is called “the lender of last resort.” Grant, who admits to “a libertarian’s biases,” sees this doctrine as the seed of “deposit insurance, the too-big-to-fail doctrine, and the rest of the modern machinery of socialized financial risk.”
Then came the credit crunch, and the moment—the latest version of the old familiar one—when things turned out not to be worth what they were supposed to be worth.
https://www.newyorker.com/magazine/2019/08/05/the-invention-of-money
2019-08-05
Deutsche Bank, HSBC and Mastercard
There is a paradigm shift. The world is moving. Bitcoin could be that digital gold.
July, 2019 - 18,000 jobs set to be cut as Deutsche Bank embarks on mass retrenchment exercise.
Aug, 2019 - #HSBC Ousts CEO Flint, Plans 4,000 Job Cuts in Focus on Cost Targets.
Aug, 2019 - #Mastercard Hints at Future Crypto Wallet Product With New Job Listings:
* Director, Product Management - Crypto Currency/ Wallets
* Director, Product Development & Innovation - Blockchain Solutions Architect
* VP, Product Management - Blockchain / Crypto
As per the individual research of a former Deutsche Bank executive, Bitcoin's real-time price movements serve as clear indicators of hidden geopolitical tensions spread all across the globe.
Many analysts seem to believe that the USA's ongoing trade war with China is causing BTCs price to fluctuate on a near weekly basis.
https://bitcoinexchangeguide.com/ex-deutsche-bank-director-bitcoin-can-no-longer-be-ignored-within-the-global-geopolitical-arena/
July, 2019 - 18,000 jobs set to be cut as Deutsche Bank embarks on mass retrenchment exercise.
Aug, 2019 - #HSBC Ousts CEO Flint, Plans 4,000 Job Cuts in Focus on Cost Targets.
Aug, 2019 - #Mastercard Hints at Future Crypto Wallet Product With New Job Listings:
* Director, Product Management - Crypto Currency/ Wallets
* Director, Product Development & Innovation - Blockchain Solutions Architect
* VP, Product Management - Blockchain / Crypto
A long development process full of trials, tribulations, ignorance and triumphs over skeptics and critics alike.
As per the individual research of a former Deutsche Bank executive, Bitcoin's real-time price movements serve as clear indicators of hidden geopolitical tensions spread all across the globe.
Many analysts seem to believe that the USA's ongoing trade war with China is causing BTCs price to fluctuate on a near weekly basis.
https://bitcoinexchangeguide.com/ex-deutsche-bank-director-bitcoin-can-no-longer-be-ignored-within-the-global-geopolitical-arena/
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