From a video brought to his attention, Edward is coming back in time and reviews some of his old script. Could have been entitled “same player shoots again”, but keeping the link alive.
I want to come back on one event in the last 3 years: the subprimecrisis, and put the subject in another context. The information disclosed below is how I understand it; please correct me if reckoning a wrong simplification.
The initial idea behind subprime is to offer people not having bank guarantee the possibility of contracting a loan in order to buy an asset (an house for example).
These loans were contracted with an initial fixed rate, generally low, during the first few years and a variable rate, after. Due to the risk intrinsic to the coverage of the loans by the individuals, these loans entered the financial system through another financial vehicle: the CDO (Collateralized Debt Obligation).
The CDO aggregates different loans of different risks. For example, a group of high risk loan were aggregated to some more insured. The aggregation, balancing these loans into a single vehicle, enables an easier exchange through the financial system.
CDS (Credit Default Swap) were contracted on these CDO. The company providing the CDS, generally with good agency rankings, insures the risk of default from the interest and the principal on every single loan in the CDO vehicle. As a counterpart, CDS holders were gaining a rent as part of their insurance onto the loans.
Subprime became as widely available as it offered the opportunity for one individual to get what he wanted right now and evolving in a field where regulations were very low, that derivatives (CDO, CDS) of financial vehicles were created over and over. Hence, from my understanding, CDS down the chain were aggregated in a single CDO, and on, and on and on.
While it would have worked if the CDO were rightly balanced, the situation evolved in the extreme. To take an example, we like probabilities. Hence taking a normal curve, normally you have 95% chance to stay in an interval of medium plus/minus a factor of the variance.
The situation so evolved with time. And we began to evolve in the part of the normal curve where it was no longer subject to probability of normal behaviors. Drifting to the extreme of the curve, the CDOs and CDSs displayed their structure imbalance. And Defaulting starts. To the extent we did reckon.
Given most banks were contracting in this kind of structure, it created a structural imbalance to their portfolio, and they soon arrived to a dead end situation where only money from the central banks would rescue the system. Hence, for example, Freddie Mac and Fannie Mae were nationalized and further money coming from the governments and the central banks were inputted into the system to stabilize it.
While subprime offers one individual with no bank guarantee the right to contract a loan, the greed extends as we know to bank looking to use this opportunity to make more money. As Goldmann Sachs was put in frame earlier this year, (http://www.guardian.co.uk/business/2010/apr/16/goldman-sachs-fraud-charges), financial system and hence banks did abuse the system to make money knowing that the government will be there anyway to rescue the situation if something bad happened. Not something bad happened, something worst.
While subprime crisis and to a further extent the derivatives mishandling is a symptom of the financial disease we were made involved in, the debt from the private financial sectors was effectively transferred to every single one governments of the country where the banks involved were working (UBS, BNP, Citigroup and so on).
Subprimes are not new, it is going further on the virtualization of money initiated some times ago, and I would like to come back on one turning point in finance history:
“The 18th of January 1800, Napoleon creates the central bank of france, its mission: support the development of an economy struggling after revolution. how? by creating notes, that are payables and receivables in presence or in exchange of the benefits from the expectations of the business.
Notes were already existing, but those emitted by Law's bank as the others only offers sad memories. For success, the new organization has to give the customer trust in paper money. This objective has never left the bank since then”
The image I would draw from this whole story is that money is the blood of our whole
system, we can see injured that we are an hemophilic society and our immune system is not mature, another reason to keep an eye like GPs on the financial sector.
National debt
The subprime crisis gave birth to another concern of the disease we are subject of. This symptom, and treatment disclosed above, gave sight to the structural imbalance of the budget of a government. While it is true national government had to cover the financial sector, as we are in a worldwide sector where every single banks are interdependent (contracting loans from one to the other), the financial crisis created a change in the world consumption.
Via the diminishing exports, the high exchange rate (for the euro for example), the subprime crisis, the structural imbalance of a country (in term of pension, in term of structural unemployment and so on), the budget of each country couldn’t be balanced. Economists think indeed that in time of recession money needs to be inputted into the system to rebalance it and stimulate the economy (internally and externally). Still, there is no way to understand where exactly to stimulate the economy and how to exactly get the effect wanted. As a broad answer from the economy side: “it depends, we should do this way, and let the market rebuild itself, but ultimately it depends“.
As an example of the complexity around, raising taxes in a period of recession would ensure reducing the imbalance in the government budget. Still, it makes it more unwelcome for companies to set up or to invest assets and means in the country. A Paradox, another one. It’s only one example.
National debt is contracted through one government and its central banks on international finance, to a country level. Hence when contracting debts, there are an interest rate and a principal to pay. This interest rate is following the market depending on the health of the national debt of a country.
While a country is never believed to be able to default, we evolved again in the extreme of the probabilistic area following finance distrust and so on. The interest rate of bonds released by each country reached high level. (Long term bond of Greece difference to long term bond of Germany which is the reference is the EU going as far as 4%).
At a time where national debt stands above 100% of the PIB of the country, distrust was the word of mouth in the financial and economic world. At this stage, I would share a personal belief. Countries are hereby contracting a total amount of debt, not thinking about paying the principals like any single individuals would do, but take only into account the interest.
From the movie Zeitgeist Addendum, it is supporting the truth that money is created by debt, hence growth is creating from that, and by contracting one debt from one to the other, you are betting on a future, while you know you won t be able to pay. Example of the Babylonian system takes here its full meaning: http://georgewashington2.blogspot.com/2010_10_01_archive.html
Concerning Greece, I do believe that, at the time in 2000 or so, the PIIGS (Portugal Ireland Italy Greece Spain) weren’t able and prepared to face such a strong currency as the euro. Current developments in the European economy will possibly show some encouraging factors possibly reinstating a more practical and required management control system. The economist – Fixing Europe Single Currency http://www.economist.com/node/17093339?story_id=17093339
A sensible blog i discovered on the subject of economy. sensible, why? first time, it s relating the subject back before 1776, and well it is giving interesting points of views around different subject:
Debt contracted by one will outgrow the growth of one economy: http://georgewashington2.blogspot.com/2010_10_01_archive.html
Debt repudiation, a bad idea or do we have another exit from the mechanism we are deeply involved in? : http://www.washingtonsblog.com/2010/04/is-it-time-for-debt-jubilee.html
Banks could, and are to some extent ruling the world more than any specific country: http://georgewashington2.blogspot.com/2010/04/if-we-broke-up-standard-oil-we-can.html
It might be too much far fetched in the long term, but i cannot refrain seeing some truth in all that.
Approach with rush, a story of framing – Fact: The current strikes in France
Communication is midly rational and utterly emotional, a transition that came with the global connection. After a week off, Edward came back to class, looking to enhance his communication potential, the major help in articulating a given strategy involving the required stakeholders along.
So why utterly emotional? Because any words coming out are so widely repercuted all around. Because perceptions are changing from one to the others. Because we evolve in the same era but in different environment.
In any topics, and the agenda is full these days, the press advertises the facts with one framing. One frame that change from one to the other, and here comes an uncontrollable word of mouth. Where single ones will have to go over different reactions to reach a constructive discussion. We are not free to ignore, we are not free to attack, and gosh no, we are not forced to defend, we are not forced to react. And with the multiplication of medias sources having been demultiplied the channels of communication, we are willing to avoid. Forced to avoid? No.
I only remember one thing when I do participate to a discussion, online, offline. I listen to the others, I make my first key points clear to build on, and most of all, I am doing my best to understand the context around.
Everything is an iceberg. The Press says the top, I don’t believe the polls are showing the hidden parts, as I would have to have more information on how they have sampled the population. Topic: Strikes in France. Let’s take an example, a fact in fact:
I watched a TV show on internet as freely available. For the French speaking people, look at Blako’s news number II (source: Salut les Terriens – Min 16.16 - http://www.canalplus.fr/c-divertissement/pid3350-c-salut-les-terriens.html?progid=382630.
Further in the interview, Syndicalists reiterate our old daemon of an old may 68 carried out in a total other context (for information, one useful book I read was: the end of madness by Jorge Volpi) and yet, well, yes I am getting somewhat disturbed when the young population, in France, and in other countries for sure, are taking part to the strike on a subject not to say in your scope. Well, it shows France still has the beautiful thing
about getting people together, which is the only good point I see : ).
You would be 5-10 years from retirement, I would understand fighting for a slow build up of the law, but hey, guys, students, you at 22, 23. Big news, yes, we will have to work till 68 if not 70. France is going over 200000 persons above 100 years old. They are our parents. With the system currently in place, system I agree upon, I am happy to participate to their pensions. But you, down the street, students from everywhere, I did agree about some previous of your strikes, the young contract, the over extension of contract for limited durations, but here, find a work first, look around and see how difficult it is.
From top of head, and a useful blog insight on the same trend (in French):
So, the only thing you are creating now is that you are destroying the reputation of young movements in the future. Nobody will listen, again.
So frame yourself. What are you searching a job? Or a retirement life? And after feel free to ignore, free to attack, to avoid or to react. Communication is a mix of these but is further srenghtened when sticking to one truly till no longer possibly sustainable. Reacting is not a solution, constructing is. Remember your philosophy courses, and put in prospective please.
We know we are existing, we know our parents help us doing so. Time to talk useful. Anyway, the law gonna passed, because we are not in May, we are not in 68 and most of all, because we don’t have any proper alternatives. It's time to stop being pessimistic, and start to believe in our future, time to see where we are needed and what we should support. Time to build on again our reputation.
Les sondages, on leur fait dire n'importe quoi, mais bon soyons optimiste, nous avons la force et les moyens d'affronter le futur avec réussite:
Camino de Santiago - Chemin en Santiags - ah bah non
Un kilomètre à pied, ça use, ça use,
Minuit Trente, départ de la station de bus, Le soleil nous a déjà dit au revoir, l’inconfort nous souhaite la bienvenue, une introduction idoine a un voyage unique.
Un kilomètre à pied, ça use les souliers
Deux kilomètres à pied, ça use, ça use,
Premier acte, découverte de l’étendue qui s’ouvre devant nous.
Temps magnifique, chemin forestier.
Deux kilomètres à pied, ça use les souliers
Trois kilomètres à pied, ça use, ça use,
Et on rejoint le macadam, les routes goudronnées sur des distances que je ne concevais pas de prendre à pied.
Le sac bien harnaché, le décor qui bouge lentement et surement, oui aux alentours de quatre kilomètre à l’heure.
Quatre kilomètres à pied, ça use les souliers
Dix kilomètres à pied, ça use, ça use,
Un premier village, les premières douleurs qui se ressentent, non pas dans la montée, dans les descentes principalement. Les efforts se sentent dans le groupe.
Dix kilomètres à pied, ça use les souliers
Vingt-cinq kilomètres à pied, ça use, ça use,
Nous avons passe les éoliennes qui apparaissaient au loin de Ribadeo, elles sont à cote de nous. On se retrouve dans un premier refuge, on se mêle aux différents groupes, on partage nos expériences, et on se repose. Repos.
Vingt-cinq kilomètres à pied, ça use les souliers
Trente-Cinq kilomètres à pied, ça use, ça use,
Le lendemain la même chanson se répète, les décors ouvrent la voie, petit a petit on sent peu a peu que oui c’est une épreuve, et que cette épreuve se vaut. LE valons-nous ?
Trente-Cinq kilomètres à pied, ça use les souliers
Quarante deux kilomètres à pied, ça use, ça use,
On rejoint Baamonte, de Gondan, le tout a pied. Quarante kilomètres, onze heures de marche, quelques pauses et on ne voit que peu de pèlerins en cette période d’Octobre. La chanson Sur la route de Raphael me revient en tète. Sur la route, oui, Comment ? Différemment, à pied.
Quarante deux kilomètres à pied, ça use les souliers
Voila, on paie le prix, la préparation que l’on n’a pas fait, je paie le prix, la préparation que je n’ai pas effectué. Donc c’est le cadeau d’un raccourci, le temps de rejoindre Sobrado Dos Moxes. Se pousser dans les limites, oui je l’ai vu, je l’ai ressenti, je le ressens encore, cette petite boule au tibia me le rappelle encore. A Sobrado, nous profitons du refuge dans un monastère, un moine nous accueille et nous découvrons une ville splendide, ville oui, au moins 2000 habitants dirais-je. Les photographies parlent mieux que les écrits.
Vingt Trois kilomètres à pied, ça use les souliers
Le lendemain, le temps de rejoindre Arzua, de reprendre en chemin les gens du voyage qui ont repris des forces et se sentent la force de continuer. On y arrive en début d’après-midi, on y mange bien, le groupe initial reprend sa forme finale. Une pulperia nous offre des saveurs en s’alliant à un délicieux vin blanc galicien et un cidre doucement léger et tendre a la fois. Allez un peu de viande, on ne sait pas a quoi nous serons manger demain,
Vingt quatre kilomètres à pied, ça use les souliers
Trente kilomètres à pied, ça use, ça use,
Nous pensions nous arrêter a cote de l’édifice de Monte De Gozo, L’ivresse prend de force le groupe et a six kilomètres de Santiago, on sent cette ivresse non-alcoolique nous remplir d’entrain pour arriver enfin a notre destination. Le temps se couvre, nous sommes en Galice, et la Galice nous a déjà fait un beau cadeau en nous offrant ce ciel bleu mirifique.
Vers les coups de huit heures, nous arrivons devant la cathédrale, et nous nous allongeons sur la place, pour l’apprécier, pour se reposer, pour respirer et pour comprendre ce que l’on a fait
Oui, ce fut un Quarante et un kilomètres à pied, ça use les souliers
Le lendemain, nous ne comptons plus les kilomètres, nous ne comptons plus ces chaussures jetées a la poubelle, nous recevons notre compostellanae, un diplôme dument mérité. Surpris, je ne comptais vraiment pas jouer a ce jeu, mais timbré par la marche, au rythme des tampons qui s’impriment sur nos credentials, on se dit oui, je le veux, je le vaux, je suis heureux de recevoir cette gratification.
Nous assistons a la messe, debout, au milieu des pèlerins, nous sommes tous venus pour différentes raisons, nous sommes tous venus pour cette cérémonie de l’arrivée, et entre latin, espagnol, français, anglais, et allemand, cette oraison nous fait chaud au cœur.
Pour finir, ce n’est que le commencement. Un voyage, des douleurs, des couleurs, des plaisirs, un plaisir. Un cadeau unique, le cadeau de mes trente ans.
Florentirum
Merci de cette superbe expérience, je laisse le mot de la fin au suivant suivant
A philosph knows when to wonder, and when not to wonder.
Ithaca/Ithaque
English
When you set out on your journey to Ithaca, pray that the road is long, full of adventure, full of knowledge. The Lestrygonians and the Cyclops, the angry Poseidon -- do not fear them: You will never find such as these on your path, if your thoughts remain lofty, if a fine emotion touches your spirit and your body. The Lestrygonians and the Cyclops, the fierce Poseidon you will never encounter, if you do not carry them within your soul, if your soul does not set them up before you.
Pray that the road is long. That the summer mornings are many, when, with such pleasure, with such joy you will enter ports seen for the first time; stop at Phoenician markets, and purchase fine merchandise, mother-of-pearl and coral, amber and ebony, and sensual perfumes of all kinds, as many sensual perfumes as you can; visit many Egyptian cities, to learn and learn from scholars.
Always keep Ithaca in your mind. To arrive there is your ultimate goal. But do not hurry the voyage at all. It is better to let it last for many years; and to anchor at the island when you are old, rich with all you have gained on the way, not expecting that Ithaca will offer you riches.
Ithaca has given you the beautiful voyage. Without her you would have never set out on the road. She has nothing more to give you.
And if you find her poor, Ithaca has not deceived you. Wise as you have become, with so much experience, you must already have understood what Ithacas mean.
Español
Un filosofo sabe cuando preguntar, cuando no preguntar:
Cuando emprendas tu viaje a Itaca
pide que el camino sea largo,
lleno de aventuras, lleno de experiencias.
Que sean muchas las mañanas de verano en que llegues
a puertos antes nunca vistos.
Ten siempre a Itaca en tu pensamiento.
Tu llegada allí es tu destino.
Mas no apresures nunca el viaje.
mejor que dure muchos años
y atracar, viejo ya, en la isla,
enriquecido de cuanto ganaste en el camino
sin aguardar a que Itaca te enriquezca.
Itaca te brindó tan hermoso viaje.
Sin ella no habrías emprendido el camino.
Y así, sabio como te has vuelto, con tanta experiencia,
entenderás ya qué significan las Itacas.
Kavafis
Français
Un philosophe sait quand poser des questions et reconnait quand il ne faut pas s’en poser
Quand tu prendras le chemin vers Ithaque Souhaite que dure le voyage, Qu'il soit plein d'aventures et plein d'enseignements. Les Lestrygons et les Cyclopes, Les fureurs de Poséidon, ne les redoute pas. Tu ne les trouveras pas sur ton trajet Si ta pensée demeure sereine, si seuls de purs Émois effleurent ton âme et ton corps. Les Lestrygons et les Cyclopes, Les violences de Poséidon, tu ne les verras pas A moins de les receler en toi-même Ou à moins que ton âme ne les dresse devant toi.
Souhaite que dure le voyage. Que nombreux soient les matins d'été où Avec quelle ferveur et quelle délectation Tu aborderas à des ports inconnus ! Arrête-toi aux comptoirs phéniciens Acquiers-y de belles marchandises Nacres, coraux, ambres et ébènes Et toutes sortes d'entêtants parfums - Le plus possible d'entêtants parfums, Visite aussi les nombreuses cités de l'Égypte Pour t'y instruire, t'y initier auprès des sages.
Et surtout n 'oublie pas Ithaque. Y parvenir est ton unique but. Mais ne presse pas ton voyage Prolonge-le le plus longtemps possible Et n'atteint l'île qu’une fois vieux, Riche de tous les gains de ton voyage Tu n ’auras plus besoin qu'Ithaque t'enrichisse. Ithaque t'a accordé le beau voyage, Sans- elle, tu ne serais jamais parti. Elle n'a rien d'autre à te donner. Et si pauvre qu’elle te paraisse Ithaque ne t'aura pas trompé. Sage et riche de tant d'acquis Tu auras compris ce que signifient les Ithaques.
Poème de Constantin Cavafy écrit à Alexandrie en 1911.
At every stage of my life and as a humanist, I keep learning from the global dynamic 7 Dimensions puzzle I am part of. It might have been due to searching the job, It might be one useful insight on how to empower people while giving them more freedom during their work. It might be another thing, it might be useless, use less, get out more.
How do I understand personal branding? Simple enough, simple as a business, its product offering, its lively entities constituting his/her molecular body and soul, its portfolio and the extent of the services within.
You are a business. You have your objectives, you have your goals and your system to understand where it stands and where it goes. At a time where we are humanizing more and more business, we are looking to make it evolve, to make it accept change, enhance it in its learning curve, develop unknown abilities. Humanize your business, businesize your true self.
Look at yourself, yes we are different than this business, than this purely materialistic business world. Business is no longer materialistic, it has to evolve, it has to change. So still, yes there are similarities, work on these similarities. Comparison and metaphors are made in our world to understand and get deeper in ourself. Deeper than the professional experience, deeper than the motivations on the surface, deeper, true to yourself. There is already a lot of literature on how your brand is radiating from you mainly, from others interacting with you, at everytime, at every place, under every conditions.
True to yourself, true to your roots, true to your belief, your personal branding cannot suffer from lie and hypocrisy, know yourself, be a salesman: nobody will want your product unless you sell it to them efficiently. As a philosopher, Eminem, sung it loud : “lose yourself, if you had one shot, one opportunity to seize everything you ever wanted”, so yes lose yourself in yourself, and keep wanting.
The product: you. Your academics, your work experience.
The services: the primary and core one, your experiences, your history, your culture, your skills, your knowledge, your image.
The secondary services? Everything: the matter constituting your personnal life, what you know to do, how you accept risk, how you measure risk, your ability to solve, to accept change, to organize, to coordinate
Bullsh*t? We could hear the audience says. Like crazyness, bullsh*t is a matter of references, and I truly believe in what I say. So to finish it up: look truly at yourself, accept yourself, and trust comes, the most efficient and successful truth pushing you forward rather than pulling you backwards.
What will that enable you? For you personnaly, and for all the people around yourself, this image is beneficial for the whole climate we evolve in: the professional one with all the employees, but not only that, the personal sphere benefits as well. It is articulating along what I learned from my previous work experience: “We can recognize a good manager on the job, one easy and objective way, still, is to see how is team is working when (s)he is absent”.
Final word: Look to yourself and find your story line, the one that you truly believe in, the one showing who you are.
It's no bullsh*t, it’s no manipulation, it’s normal human behavior, because this is the way you understand yourself, we understand others, and how we will tackle efficiently challenges ahead.
Soundtrack: Pink Floyd, Wish You Were Here (1975) So, so you think you can tell Heaven from Hell, Blue skys from pain. Can you tell a green field From a cold steel rail? A smile from a veil? Do you think you can tell?
And did they get you to trade Your heros for ghosts? Hot ashes for trees? Hot air for a cool breeze? Cold comfort for change? And did you exchange A walk on part in the war For a lead role in a cage?
How I wish, how I wish you were here. We're just two lost souls Swimming in a fish bowl, Year after year, Running over the same old ground. What have we found? The same old fears. Wish you were here.
He opens the two word documents. He looks at it, modifies, adds, deletes and keeps the dynamics going on and on and on.
Off, after a couple of hours, he closes the lid, and go to open a book, to let his mind drift away.
Under the lid, two documents are facing a spanish keyboard. Reflecting some of its truly internal side, one of the documents starts to decipher the letters that constitutes its own essence. From the P in front of him, he drifts to the Q at the other side of the screen.
Suddenly, its eyes are staring to a mirror, same eyes, same i’s, same format, and still, a truly different essence. Like Gasoil meeting an Unleaded engine, misunderstanding and questions start.
They speak, speak, speak and cannot tell if they are saying the same story or look at the other as totally stranger. Yes putting a r to the latter, and not the letter..
They should, one say, build on one another, and get the structure together to give to the reader, this external eyes they might never know, this special feeling of entity and space for discovery for more to say.
They are looking to put the apparent mess in order and to keep one single message going through: “Invite us to discuss”
Covering Letter – Oh crap, you re shadowing me again, nobody looks at me
Curriculum Vitae- Who are you speaking to, little sis`?
Covering Letter – Bro´, don’t overlook at me, we have the same standing
Curriculum Vitae – Why are you mad with me? I did all I can. I cannot influence more their perception. It will soon be the sales, time to get and dress up for the occasion.
Covering Letter – Well Easy to say, Could you at least wink at me?
Curriculum Vitae – Promise, Darling, I will be all yours, and we will be one, and see I did what I could, I gave you the right to put the address, and I even removed the pictures. No really, we should get well together now
Covering Letter – If you say so, yes. I will go to the shop round the corner, and put my body in another appealing font.
Curriculum Vitae – Nice, still stay true to yourself. This is the only way he knows how to write us
Covering Letter - : ), I will stay myself, presenting myself to not that many strangers. Are they strangers anyway.
