dad norman macrae died of cancer june 2010- his obituaries- his last article dec 2008 on the sad consequences subprime would trap youth in - coming notes on remembrance parties across the globe- on his 10th parting we are also zoom-remembering- rsvp
next only to education/health/safety, change in banking immediately changes lives of families and generations whereas infrastructure and natural resources multiply national impacts over time- financial services have at least 3 segments - how its designed for people, for big organisations, for pensions ang government
since 1950, in developed countries - quarter of humans) changes in tech have caused changes in finance first- some peoples have leaped into banking consider those most linked to developed west, development of china region, rest of developing world- we will map what happened to innovation of tech to the west which has had access to 4 tech revolutions from 1950 rural, space-communications, engineering , computing brain power- china that had access to rural revolution in 1970s, engineering from 1980s, all tech from about 2005, and bangladesh which accesses rural change from 1970, has for most of its people not yet accessed engineering change, has joined in other tech between 1995-2005 thanks to being the epicentre of ngo sdg economy - epicentre fazle abed- of course in a world of 200 nations there are other hybrid models but decide which if any of these three is one your peoples need to understand first because big data collection has gone global - see society 5.0 and osaka track g20 2019
key system transformations -paper non-digital banking operations, digital operations, consumer digital atm and cards and end of community banking. mobilising change in commerce and banking, integrating all post 1950 tech revolution- finance needed to be a future affair that teachers and students questioned before youth began livelihoods- since 1760 alumni of adam smith and james watt glasgow u birth of industrial revolution have recommended mediating these questions openly - how much of wealth and natural resources do the top 10 and 500 people control- is your society one in which 3 halves of people - women youth and poor each have less than 10% voice in the future of their generation

putting our species at risk- wall streets bankers and washington lobbyists and careless media moguls did the worst job ever at end of 2000s- can ny's biggest fund managers return the planet to all families as we enter 2020s - search worldrecordjobs -biggest marketmakers bezos and ma - then join us at -or help us value goal of worlds biggest -search - google versus microsoft; health&safety investor bloomberg vs soros; largest funds fink versus mitsubishi ; education for all schwarzman versus hongkong-singapore partners -supercity adaptability ban ki-moon versus masa-son; big decision makers events schwab vs guterres; rural villages fazle abed partners

we also thank the baltimore branch of for sharing its investigative scholars of everything that's crazy about 21st financial services that thurgood marshall wouldn't have let rip

dec 2020 Washington thinktanks have become in most cases as dismal as the supreme leader trump making these exceptions absolutely brilliant 1 2
this economics policy series shows how banking in america has been serially designed to tip off the poor and the young - and even when the rich elders mess up they demand the poor and young bail them out- i now see why my father as early as 1980s described macroeconomics as totally fame political chicanery nothing to do with the origins system designs of the first 200 years of followers of adam smith moral sentiments- see also

Monday, July 12, 2021


sunil adarwal

douglas arner

long chen l acad

christian catalini

Tuesday, March 23, 2021

 today's bloomberg opinion had lot of interesting stories - they also show how finance connects with everything; unfortunately there is a contradiction between where american financiers and politicians are driving 4% of humans locked into usa and sustainability of 96% of other humans- a paradox arises when you are the worlds reserve currency - it is no longer possible for monetary policy to sustain your own peoples as you are being played by the worlds global organisations and whither the purposes of their market sectors are exponentially sustainable


This is Bloomberg Opinion Today, a credit report of Bloomberg Opinion’s opinions. Sign up here.

Today’s Agenda

America’s Downgrade Non-Crisis Turns 10

Where were you on August 5, 2011? 

No idea? Here’s a hint: It was a day something historic and unthinkable happened. Those usually burn into your memory, right? Like the JFK assassination or the 9/11 attacks. 

But you could be forgiven for having no recollection of August 5, 2011, which was the day Standard & Poor’s downgraded its credit rating for the United States of America. It was indeed historic and shocking. But it was almost immediately forgettable, because it was so meaningless. Other rating agencies ignored it, and America has had no trouble getting loans in the decade since. 

Nevertheless, John Chambers, the former S&P analyst responsible for the downgrade, recently told Brian Chappatta that he has no regrets. The political dysfunction that inspired the downgrade (remember the ridiculous debt-ceiling fight?) has only gotten worse, he says. Even the $2 trillion mistake by the rating agency in forecasting the country’s future debt burden has been rendered moot by the wild spending and tax-cutting we’ve seen in recent years. S&P has had plenty of chances to upgrade the U.S. from AA+ but has repeatedly declined, as recently as this week.

Of course, credit ratings only have meaning if society agrees they have meaning, like money or Libor or Christopher Nolan films. The financial crisis taught us hard lessons about giving ratings too much power. And again, the U.S. still has no trouble borrowing, despite all the dysfunction and spending and whatnot. But Democrats must think Chambers is at least partly onto something, given they plan to raise taxes to help pay for their next big spending package. Read the whole thing

Further Political-Dysfunction Reading: A " talking filibuster" won't solve the Senate’s filibuster problem because the GOP is perfectly willing to spend as much time as it takes reading Green Eggs and Ham or whatever. — Jonathan Bernstein 

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The Next Elon Musk Spricht Deutsch

Volkswagen today became Germany’s most valuable company, which is a little like becoming the best baseball player in AAA. Its $166 billion market cap would put it maybe in the top 50 of U.S. public companies, and mathematics informs us that’s just a fraction of Tesla’s $650 billion. Still, you’ve gotta start somewhere, and VW is on the rise because it's looking more and more like a true rival to Tesla, writes Chris Bryant. They also have a longer track record of producing vehicles. Now it’s focusing on software and batteries with a view toward electrifying half its new cars by 2030. On the downside, VW also has an old-line automaker’s high costs, including gazillions of employees. But VW might also have an easier time scaling up than Tesla has, making Herbert Diess a real threat to take Elon Musk’s Technoking crown. 

Building a Biden Doctrine

It’s early days yet, but President Joe Biden isn’t exactly reviving every aspect of his old boss’s foreign policy. That may be a good thing. For example, Eli Lake notes, Secretary of State Antony Blinken, ahead of a meeting with Chinese officials in Alaska tomorrow, has used some surprisingly tough language about Beijing’s aggression and treatment of Uyghurs. This might help reassure regional allies that Biden won’t be as forgiving as Barack Obama or as unfocused as Donald Trump about China’s threat. 

Less encouraging, so far at least, has been Biden’s attitude toward Syria, writes Bobby Ghosh. Obama infamously drew a “red line” there and let Bashar al-Assad cross it. Trump didn’t make such a glaring mistake but was still too passive. Biden’s actions so far promise more of the same. Syria is too important for such neglect, Bobby writes, requiring more aggression — including, God forbid, the enforcement of red lines.

Bonus Foreign-Policy Reading: Boris Johnson’s “Global Britain” vision is ambitious, but expensive. — Therese Raphael 

Telltale Charts

As Jay Powell suggested today, dismissing market agita about the threat of higher prices, inflation isn’t even close to becoming a problem. Nir Kaissar points out the nightmarish stagflation of the 1970s built up very slowly and with plenty of warning. Policy makers won’t let that happen again.

Further Reading

The CDC’s six-foot-distance rule keeps kids out of schools despite studies showing a three-foot distance is just as safe. — Bloomberg’s editorial board 

Facebook must confront its vaccine-skeptic problem. — Tim O’Brien 

Fighting the Purdue bankruptcy deal because it strips too little from the Sacklers risks keeping money from victims. — Joe Nocera 

A new study shows Keynes was right about real estate being riskier than it seems. — John Authers 

We’ve been mistakenly blaming margin debt for market crashes since the ‘20s. — Stephen Mihm 

Racial bias in NFL concussion tests deprives Black players of settlement money. — Cathy O’Neil 

The NFT craze is no different from other parts of the art market. — Tyler Cowen 


The IRS is delaying the tax-filing deadline.

Trump’s net worth has taken a hit.

An ARKK copycat is trouncing Cathie Wood’s ETF.


10,000-year-old basket found in Israel. (h/t Ellen Kominers)

App creates fake noise to help you escape Zoom meetings. (h/t Mike Smedley)

Dogs may be 95% accurate at sniffing out Covid.

The human brain developed because larger animals went extinct.

Notes: Please send fake noises and complaints to Mark Gongloff at

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Monday, March 15, 2021

revolutionary debates in education and funancing and glasgow's role in 2021

3 very different topics-
 #1asianow scheduling all 3 transformative education summits in december 2021   two in uae one in hong kong is - do you have any travel schedule  uae spring yet? 

uae linkedin include dubai rewired;  qatar wise ; mb ...& AA
www youth sdg mover/shakers include ac   - glasgow lp edinburgh ne  
netherlands zm (elder -maxima)
nigeria   (elder brown nets  rs )
china research ai education jc

  #2 every week more is emerging on glasgow's centrality to climate and sustainability debates in november- do your friends at skipton or elsewhere intent to participate at glasgow- i am now 13 years into debates at glasgow university on what adam smith would think of the chaos machines and economist have spun and is there any way out for youth; #3 digital money raises 4 sorts of question - 1 it actually offers huge advantages to those most isolated unbanked people- eg china says tibet is the highest user of digial transactions; 2 it raises questions- which nations wish to reverse credit cards- this first app of tech caused huge family debt; 3rd blockchain and fintech merges in sectors that are being completely redesigned- eg electric trucking will need to redesign locations of energy station; this turns the truck into smart device maximising trip hireouts and energy station firs- blockchain can mediate that; 4 which nations want to change the dollar as worlds reserve currency - china has started - its closing down the value of china sticks quoted in usa wherever they are part of banking systems- see this extract Tencent (OTCPK:TCEHY],OTCPK:TCTZF) shares fell 4.4% on Friday and dropped over 4% during Monday trading in Hong Kong, finishing up the day down 3.5%. The over $60B pullback has essentially wiped out the value of its fintech and payments business, which Bernstein puts at a $105-120B valuation. Last week, Bloomberg sources said Chinese regulators were focusing on Tencent after cracking down on Jack Ma's Ant Group. Tencent could also be forced to restructure its financial and insurance units into a holding company for tighter regulatory scrutiny. 

 footnote related to
every week new debates are being stimulated by people making up glasgow calendar -there is a lot of tension- glaswegians wanted to keep nations politics to minium; london and g7 organisers are maximising it- i will start blogging some of these topics at - notable whatever glasgow handsover to education now has 3 world class asian stages in december - dubai is where whole of un and gordon brown is updating edu transformation - qatar, hong kong are the summits fazle abee inspired; there are now many rumors that china is going to take global finance to a new platform at beijing olympics - it has devalued us quoted stocks alibaba and tencent so that americans cannot influence digital yuan; schwarzman and tsinghua scholars in midst of this as beijing mayor bridge between scholars and olympics- meanwhile vaccinations appear to be designed so only the powerful can travel during the 12 last chance months for youths sustianability

footnote from - keynes must be rolling in his grave- having explained the greatest risk to our species was powering old academics to exclude youth from what futures are possible- this is what americans economic gurus have used both lawyers and non-transparent venture funds to do especially with media and everything von neumann created for youth to celebrayte

Tuesday, March 2, 2021


Welcome back!

The little-known agency at the heart of the FinCEN Files investigation is in the spotlight again, thanks to a new report by anti-corruption group Global Financial Integrity.

The organization brought together 19 anti-money laundering experts from government, the financial industry and academia to develop recommendations to reinvent the U.S. Treasury’s Financial Crimes Enforcement Network, an intelligence unit the report describes as underfunded, overstretched and behind the times.

The policy paper cites ICIJ and BuzzFeed News’ international investigation on the failures of the U.S.-led global enforcement system, which we found allows trillions in tainted dollars to flow freely through major banks despite repeated crackdowns.

Their recommendations echo many of the things experts told us need to be done to make the agency more effective. The group also calls for FinCEN to launch a “Manhattan Project” to improve its technology to keep up in the battle against dirty money, terrorism financing, and other emerging money laundering challenges.

The global fight against cross-border financial corruption was a focus of several high-profile reports published in the last week by leading international organizations …

The OECD, a club of rich nations, credited ICIJ investigations for fostering public interest in targeting the facilitators of sophisticated financial crimes in its first-ever report on what countries can do to crack down on lawyers, accountants, offshore specialists and other “professional enablers” who help rogue actors hide money and outsmart law enforcement.

The UN FACTI panel convened world leaders and high-level stakeholders to discuss international strategies to rein in rampant tax abuse costing countries urgently-needed revenue to tackle poverty, climate change, inequality and the post-pandemic economic recovery. Here’s what they had to say about the recommendations.

Journalist Maria Ressa, founder of the Philippine news outlet Rappler, faces up to six years in prison on cyber libel charges for reporting connected to President Rodrigo Duterte. Last week, journalists around the world showed their support with a video series by Forbidden Stories chronicling Rappler’s investigations on financial crime and corruption.

ICIJ’s Emilia Díaz-Struck and Miguel Fiandor Gutiérrez will be presenting a session on how AI can help investigative journalism at MozFest on Tuesday, March 9, sharing what they’ve learned and uncovered from ICIJ’s experiments with machine learning.

Thanks for reading!

Asraa Mustufa

ICIJ's digital editor

P.S. If you've enjoyed our coverage this week, remember to tell your friends and family and share our work on social media. Send them an email now!

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Tuesday, February 2, 2021

hunger project publication update

see also new york tour 

zoom clinton community finance



Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) often serve as a bridge between low-income communities, economic resources, and access to capital. This is all the more evident and important following the events of 2020 with corporations, philanthropists, and government institutions further recognizing the power of these community lenders to accelerate a much-needed economic recovery. For well over 25 years, CDFIs and MDIs have reached communities who have been historically excluded from the financial mainstream – and today, they are reaching those who are struggling to survive financially during the COVID-19 pandemic. With unprecedented financial support in 2020, including $12 billion in federal aid through the Cares Act, the CDFI industry will be at the forefront of the much-needed work to address the issues of economic equity and inclusion that have stymied community and small business growth especially in Black, Latino, and Native American communities across the US.


There is more work still to be done. In this virtual event, leaders will identify ways to deploy more capital, build innovative products and services, and educate investors and borrowers alike. These actions will support the CDFI industry so that it can continue to make meaningful strides to close America’s longest-standing wealth and opportunity gaps while powering an inclusive economic recovery.


  • Tawney Brunsch, Executive Director, Lakota Funds
  • Governor Michelle Lujan Grisham, State of New Mexico
  • Donna Gambrell, President & CEO, Appalachian Community Capital
  • Dr. Rajiv Shah, President, Rockefeller Foundation

include mastercard center inclusive growth
launch action network on community finance

minority deposit institutions
early 1980s arkansas first rural microcredit bank while clinto state gov
cfdi bill
start upcapital small business- basic banking; transparent home loans for smallest families, locally

hubt for people centred appri]=oaches ready to scale

8,2 unemployment rate net lost 64k- 200mn out to sme 120 mn local gov; 200mn grants to keep or retrain employees
new mexico- minority majority state
were investing 9 sector plan just when epidemic hit

we are a tourism state- need to timerebound
without community funance cant buid brodges so mone moves quickly into rural areas most need of rebounding

new mexicofirst cf on tribal lands in usa

chance rebuild with less inequality because so much hasto be built back up
cdfi fund
welcome appalacian community capital started 2013- earlier work with clinton friends
- leader app capital
acc is intermediary cdfi - raise capital for 23 app members cfdi who do the loans and savings
elder care man sites farms renewable eergy town development restaurants economic self-sufficiency
dula croses health and business hit us hard
cfdi help centres transalted state and fed knowhow
cfdi members sprung to action - emergency microloans
grants, business advisory services - how pivot from brick/mortar to online

how continue pay rents o both brick businesses and family homes

clinton 38 years ago dan piercy intro'd to yunus
300k$ - now called souther bank- and dana gov new mexico now on board

aas late as 2019 had to invest in water systems for navaho nation
- different corners of state navaho in - lond-term predictability of water infrastructure- parrallels to broadband- domt want piecemeal approach - infrastructore package - new mexico needs 200mn dollR BRIADBANK- NEW MEXICO POISED TO BE LEADSING GREEN SME STATE
both s,es and from december largest wind farm

state ha lage %n of minority women smes
-// new mexico w virginia kentiucky'arkansa
internet connectedness of rural still a deep challenges
affordable, just in time healthcare
we have a resilient population but need relentless support
advice needed to be shared both small businesses and the cfdi - thats what collab tech could do- its the community that voices the needs and challenges - coming together a lot of forces then mapping out plan

rockefeelr foundation targeting 10 cities includingbaltimore as bencmark going forward -systems to change inequality of financing

also united way y city - lauch capaign for equity -300 corporate partners to target inequality nyc
  • Tawney Brunsch, Executive Director, Lakota Funds
  • Governor Michelle Lujan Grisham, State of New Mexico
  • Donna Gambrell, President & CEO, Appalachian Community Capital
  • Dr. Rajiv Shah, President, Rockefeller Foundation

  • tribal fed union 1986 - over years17 mn$ 500 businesses - 1200 jobs - no bank on pineridge
    what your new commitment raj to black and brpwn owned business-
    2/3 asking for 20k not answer
    rockeffer cdi collective in 12 cities
    expanding 12mn to 15mn$
    can bring togetherpublic- provate, tech and communityy, aim to ensures biden cares act reaches thoe in need= now is great time for philanthropy- greatest divergeceof rochest porrest- less than hundred billionaires havebmade trillion dollar over covid year
    cdfi fund
    be humble about the hows of community dev
    tawney congrats for starting first credit union on native lands -fed lakota credit union to pineridge
    native city fsi- guaranteed farm center lander
    our ag loans assist multigenerational operations
    - about half portfolio noag loans ranching industry
    also assisting credit to contractors-- construction kept goin during covid - contractors are some of bigger employers on reservation

    rockeller opportunity/collective opportunity  -mastercard ai work to identify deep cfdi data- big policy investments - eg south dakota  wind infrastructure gains to dev broadbank and local health services- its a data challenge - the moment ha now hit- local advisers

    - greatest ever bottom up opportnity just as we face greatest inequality- for moment we target 12 cities

    credit union competedpackage of fin services adjsted to community- 

    even lakota funds to quaofy fir acess to caresfund  wevonly have 8 million dollar assets
    wevhave formed partership s dakota bank - in one week upladed 75 aplication with gret plains bank