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FINANCIAL GROUP RECOGNIZES FINANCE AS A GLOBAL COMMONS

Via Hazel Henderson:

FINANCIAL GROUP RECOGNIZES FINANCE AS A GLOBAL COMMONS


Financial experts, warning of future crises, call for re-affirming finance as a global commons, first recognized at Bretton Woods in 1945.

Co-conveners, John Fullerton, President, Level3Capital Management and The Capital Institute, former Managing Director of JPMorgan, and global futurist and author of nine books, Hazel Henderson, D.Sc.Hon., FRSA, said, "Our TRANSFORMING FINANCE group, as beneficiaries and active participants in global capital markets, affirms our responsibility to reform finance consistent with this reality." They added, "Today, 24-hour global capital markets are dependent on satellites, internet and other technologies largely financed by taxpayers as public infrastructure investments."

The full TRANSFORMING FINANCE Statement, now circulating in their private networks, adds


"Financial markets are founded on trust – now eroded by the irresponsible and unethical behavior of many players, including many of our leading financial institutions." The signers, from the European Union, China, India, Australia, Brazil, Canada and the USA agree that "unbridled greed-driven speculation, the improper use of public infrastructure technology for activities such as high-frequency trading, together with a misguided self-regulatory ideology, damaged the financial commons and the trust on which we all depend."

The TRANSFORMING FINANCE group outlined necessary principles and conditions to operate the shared global financial architecture consistent with 21st century realities. Their Statement cites many agreements and institutions, global norms and rules that have evolved since Bretton Woods. It shows how markets for public goods can be expanded by pricing carbon and other emissions and external costs and accounting for un-priced assets, including: ecological productivity, biodiversity and other global commons, as well as social and human capital.

The group pledged to continue their own efforts to modernize capital markets to serve human societies as one of the tools to manage the global commons, using the new accounting standards and national accounting beyond "efficient market" and "rational actor" models, now outdated by findings in brain and neurosciences.

Prominent signers include: Graciela Chichilnisky (USA and Argentina); Zhouying Jin (China); Robert A.G. Monks (USA); Karl Kleissner (Austria, USA); Tessa Tennant (Scotland, Hong Kong); Ashok Khosla (India); Lawrence Bloom (UK); Christina Carvalho Pinto (Brazil); Woody Tasch (USA); Orio Giarini (Switzerland); Ladislau Dowbor(Brazil); Richard Spencer (UK); Rinaldo Brutoco (USA); Robert Shaw (USA); Susan Davis(USA and Ecuador); Eva Willmann de Donlea (Australia); Ross Jackson (Denmark); Ellen Hodgson Brown (USA); Steve Waddell (Canada); Terry Mollner (USA); Allen White (USA) and many others.


CONTACTS:

Hazel Henderson: President, Ethical Markets Media (USA and Brazil); Fellow of Britain's Royal Society for Arts and member of the Club of Rome; www.EthicalMarkets.com, hazel.henderson@ethicalmarkets.com, Ph. 904-829-3140

John Fullerton: President, Capital Institute, Greenwich, CT, and Level3Capital Management; www.capitalinstitute.org, john@level3cap.com, jfullerton@capitalinstitute.org, Ph. 203-769-1191

Christina Carvalho Pinto, President - Full Jazz Communication Group and Mercado Ético (Ethical Markets Brazil) Multimedia Platform; christina.cp@fulljazz.com.br, Ph. (5511) 5507-5870

Graciela Chichilnisky: Managing Director, Global Thermostat, LLC; Professor and Director, Columbia Consortium for Risk Management, Columbia University; author of the carbon market of the UN Kyoto Protocol; chichilnisky1@gmail.com, Ph. 212-678-1148

Ashok Khosla, President, Development Alternatives, Delhi, India; President, IUCN; Co-President, Club of Rome; akhosla@gmail.com

Stuart Valentine, President, IOWA Progressive Asset Management, Fairfield, Iowa; svalentine@fwg.com, 1-800-509-9096

Rosalinda Sanquiche, Executive Director, Ethical Markets Media; www.ethicalmarkets.com,
rosalinda.sanquiche@ethicalmarkets.com; to arrange interviews phone at 904-826-1381

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