Rescuing The Magic Circle
London, UK - 1st November 2008, 10:12 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
Over the last few days, the US Federal Reserve has opened USD 120 billion
(30 x 4) of new swap lines of credit for another quartet of central banks:
Mexico, Brazil, South Korea and Singapore. This brings the number of such
lines to 14. Similar credit lines have been issued to the central banks
of Australia, New Zealand, Switzerland, Denmark, Sweden, Norway and other
members of the G7, of which three -- Germany, France and Italy -- are within
the Euro. Ten of the swap lines now amount to USD 255 billion, while those
with the European Central Bank, the Bank of England, the Bank of Japan and
the Swiss National Bank are technically unlimited. Global credit markets
froze up in late September after the failure of investment bank Lehman Brothers,
limiting private sources of dollar funding. The US Fed move comes as central
banks worldwide continue to fight systemic weakness in credit and capital
markets. Such weakness has undermined economic prospects and led many to
fear a long and protracted global recession.
[CONTINUES]
[ATCA Membership]
We welcome your thoughts, observations and views. Thank you.
Best wishes
ATCA: The Asymmetric Threats
Contingency Alliance is a philanthropic expert initiative founded
in 2001 to resolve complex global challenges through collective
Socratic dialogue and joint executive action to build a wisdom
based global economy. Adhering to the doctrine of non-violence,
ATCA addresses asymmetric threats and social opportunities arising
from climate chaos and the environment; radical poverty and microfinance;
geo-politics and energy; organised crime & extremism; advanced
technologies -- bio, info, nano, robo & AI; demographic skews
and resource shortages; pandemics; financial systems and systemic
risk; as well as transhumanism and ethics. Present membership
of ATCA is by invitation only and has over 5,000 distinguished
members from over 120 countries: including 1,000 Parliamentarians;
1,500 Chairmen and CEOs of corporations; 1,000 Heads of NGOs;
750 Directors at Academic Centres of Excellence; 500 Inventors
and Original thinkers; as well as 250 Editors-in-Chief of major
media.
The Philanthropia, founded in 2005, brings together over
1,000 leading individual and private philanthropists, family offices,
foundations, private banks, non-governmental organisations and
specialist advisors to address complex global challenges such
as countering climate chaos, reducing radical poverty and developing
global leadership for the younger generation through the appliance
of science and technology, leveraging acumen and finance, as well
as encouraging collaboration with a strong commitment to ethics.
Philanthropia emphasises multi-faith spiritual values: introspection,
healthy living and ecology. Philanthropia Targets: Countering
climate chaos and carbon neutrality; Eliminating radical poverty
-- through micro-credit schemes, empowerment of women and more
responsible capitalism; Leadership for the Younger Generation;
and Corporate and social responsibility.
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