Cempaka Belanda: Capitalism is doomed if ethics vanish, says Bank of England governor

"A Summary" – Apr 2, 2011 (Kryon channelled by Lee Carroll) (Subjects: Religion, Shift of Human Consciousness, 2012, Intelligent/Benevolent Design, EU, South America, 5 Currencies, Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Middle East, Internet, Israel, Dictators, Palestine, US, Japan (Quake/Tsunami Disasters , People, Society ...), Nuclear Power Revealed, Hydro Power, Geothermal Power, Moon, Financial Institutes (Recession, Realign integrity values ..) , China, North Korea, Global Unity,..... etc.) - (Text version)

"The Timing of the Great Shift" – Mar 21, 2009 (Kryon channelled by Lee Carroll) - (Text version)

“ … Here is another one. A change in what Human nature will allow for government. "Careful, Kryon, don't talk about politics. You'll get in trouble." I won't get in trouble. I'm going to tell you to watch for leadership that cares about you. "You mean politics is going to change?" It already has. It's beginning. Watch for it. You're going to see a total phase-out of old energy dictatorships eventually. The potential is that you're going to see that before 2013.
They're going to fall over, you know, because the energy of the population will not sustain an old energy leader ..."

"Update on Current Events" – Jul 23, 2011 (Kryon channelled by Lee Carroll) - (Subjects: The Humanization of God, Gaia, Shift of Human Consciousness, 2012, Benevolent Design, Financial Institutes (Recession, System to Change ...), Water Cycle (Heat up, Mini Ice Ace, Oceans, Fish, Earthquakes ..), Nuclear Power Revealed, Geothermal Power, Hydro Power, Drinking Water from Seawater, No need for Oil as Much, Middle East in Peace, Persia/Iran Uprising, Muhammad, Israel, DNA, Two Dictators to fall soon, Africa, China, (Old) Souls, Species to go, Whales to Humans, Global Unity,..... etc.)

"The Recalibration of Awareness – Apr 20/21, 2012 (Kryon channeled by Lee Carroll) (Subjects: Old Energy, Recalibration Lectures, God / Creator, Religions/Spiritual systems (Catholic Church, Priests/Nun’s, Worship, John Paul Pope, Women in the Church otherwise church will go, Current Pope won’t do it), Middle East, Jews, Governments will change (Internet, Media, Democracies, Dictators, North Korea, Nations voted at once), Integrity (Businesses, Tobacco Companies, Bankers/ Financial Institutes, Pharmaceutical company to collapse), Illuminati (Started in Greece, with Shipping, Financial markets, Stock markets, Pharmaceutical money (fund to build Africa, to develop)), Shift of Human Consciousness, (Old) Souls, Women, Masters to/already come back, Global Unity.... etc.) - (Text version)

“… The Shift in Human Nature

You're starting to see integrity change. Awareness recalibrates integrity, and the Human Being who would sit there and take advantage of another Human Being in an old energy would never do it in a new energy. The reason? It will become intuitive, so this is a shift in Human Nature as well, for in the past you have assumed that people take advantage of people first and integrity comes later. That's just ordinary Human nature.

In the past, Human nature expressed within governments worked like this: If you were stronger than the other one, you simply conquered them. If you were strong, it was an invitation to conquer. If you were weak, it was an invitation to be conquered. No one even thought about it. It was the way of things. The bigger you could have your armies, the better they would do when you sent them out to conquer. That's not how you think today. Did you notice?

Any country that thinks this way today will not survive, for humanity has discovered that the world goes far better by putting things together instead of tearing them apart. The new energy puts the weak and strong together in ways that make sense and that have integrity. Take a look at what happened to some of the businesses in this great land (USA). Up to 30 years ago, when you started realizing some of them didn't have integrity, you eliminated them. What happened to the tobacco companies when you realized they were knowingly addicting your children? Today, they still sell their products to less-aware countries, but that will also change.

What did you do a few years ago when you realized that your bankers were actually selling you homes that they knew you couldn't pay for later? They were walking away, smiling greedily, not thinking about the heartbreak that was to follow when a life's dream would be lost. Dear American, you are in a recession. However, this is like when you prune a tree and cut back the branches. When the tree grows back, you've got control and the branches will grow bigger and stronger than they were before, without the greed factor. Then, if you don't like the way it grows back, you'll prune it again! I tell you this because awareness is now in control of big money. It's right before your eyes, what you're doing. But fear often rules. …”

Wednesday, May 28, 2014

Capitalism is doomed if ethics vanish, says Bank of England governor

Mark Carney issues strong critique of City behaviour and warns of growing sense that basic social contract is breaking down

The Guardian, Angela Monaghan, Tuesday 27 May 2014

'We simply cannot take the capitalist system for granted,' says Carney.
Photograph: Andy Rain/EPA

Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.

Mark Carney said bankers had operated a "heads-I-win-tails-you-lose" system. He questioned whether traders met ethical standards and said that those who failed to meet high professional standards should face ostracism.

Speaking at a City conference, the Bank's governor warned that there was a growing sense that the basic social contract at the heart of capitalism was breaking down amid rising inequality. "We simply cannot take the capitalist system, which produces such plenty and so many solutions, for granted. Prosperity requires not just investment in economic capital, but investment in social capital."

In a strongly worded critique of City behaviour in the run-up to the financial crisis, Carney said market radicalism and light-touch regulation had eroded fair capitalism, while scandals such as the rigging of Libor markets had undermined trust in the financial system.

"Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself. To counteract this tendency, individuals and their firms must have a sense of their responsibilities for the broader system."

Carney told delegates at a conference on inclusive capitalism in London – which was attended by the former US president Bill Clinton – that big banks had operated in a "heads-I-win-tails-you-lose bubble", with personal gain hotly pursued by bankers.

"All ideologies are prone to extremes. Capitalism loses its sense of moderation when the belief in the power of the market enters the realm of faith. In the decades prior to the crisis such radicalism came to dominate economic ideas and became a pattern of social behaviour."

The governor added that policymakers and regulators in the UK and internationally were addressing ways of making the system fairer and of limiting the likelihood of a future financial crisis through reforms.

But he stressed that there was a greater onus on banks and also bankers to take responsibility. Referring to changes afoot, after the scandals in fixed income, currency and commodity markets, he said: "Such changes are vital but they cannot anticipate every contingency or discipline every miscreant.

"The scandals highlight a malaise in corners of finance that must be remedied. Many banks have rightly developed codes of ethics or business principles, but have all their traders absorbed their meaning?

"Consideration should be given to developing principles of fair markets, codes of conduct for specific markets, and even regulatory obligations within this framework. There should be clear consequences including professional ostracism for failing to meet these standards."

He said G20 leaders and international regulators on the Financial Stability Board were working to resolve the issue of financial institutions that were "too big to fail", a problem which left taxpayers with a huge bill at the onset of the crisis in 2008.

"This is the year to complete that job," he said. "Perhaps the most severe blow to public trust was the revelation that there were scores of too-big-to-fail institutions operating at the heart of finance. Bankers made enormous sums in the run-up to the crisis and were often well compensated after it hit. In turn, taxpayers picked up the tab for their failures."

Carney said that ultra loose monetary in the UK had helped to prevent a lost generation of long-term unemployed, and improved long-term social mobility prospects.

He added new powers and responsibility handed to the Bank by George Osborne should help to reduce incidence of financial crises.

He said one of the lessons of the crisis was that compensation schemes that delivered large bonuses for short-term returns encouraged individuals to take on too much long-term risk. "In short, the present was overvalued and the future heavily discounted."