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IRTA Conference - Barter 3.0 Intro
1.
Barter 3.0 21st Century
Credit Clearing & Beyond Chris Cook IRTA Convention Ocho Rios 14 September 2012
2.
“21st Century problems
cannot be solved with 20th Century solutions”.
3.
Market 1.0 –
decentralised & disconnected
4.
Market 1.0 –
physical market presence
5.
Market 2.0 -
centralised & connected
6.
Market 2.0 -
presence via intermediaries
7.
Market 3.0 -
decentralised & connected
8.
Market 3.0 -
network presence
9.
Market 2.0 reached
Twin Peaks
10.
Peak Credit -
financial demand on people
11.
Peak Resources -
demand on finite resources
12.
Peak Credit –
intermediary Banks create credit pyramids on their bases of Capital Credit Capital
13.
Banks outsourced credit
risk
14.
Freeing Capital to
support more credit creation
15.
Totally – securitisation
and sale of debt to 'shadow bank' investors
16.
Temporarily – Credit
Derivatives (CDS - a time-limited guarantee)
17.
Partially – using
credit insurance from insurers such as AIG
18.
Radioactive cocktails of
all three, like CDOs, structured finance and so on
19.
The Result was
a bigger Credit Pyramid than Banks alone could sustain… Credit Investor Capital Bank Capital
20.
…and an opaque
'shadow banking system' of Investors holding sliced and diced risk Credit Investor Capital Bank Capital
21.
This pyramid of
Credit funded the Mother of all Bubbles in US property prices….
22.
…and servicing this
credit finally exceeded the financial capacity of the US population
23.
Maybe the end
of cheap oil spiked the bubble?
24.
Peak Credit –
was the point when the Property Bubble began to deflate
25.
But by now
no-one knew where the Risk was Credit Investor Capital Bank Capital
26.
Banks started to
think, “if this is what our balance sheet looks like…..”
27.
“…what does everyone
else’s look like?”
28.
The problem is
not shortage of money - liquidity
29.
It is shortage
of Capital - solvency
30.
Solvency of Banks
is one aspect Credit Capital
31.
The other aspect
is the solvency of populations
32.
And a secular
decline of purchasing power
33.
Loans which cannot
be paid, will not be paid
34.
Non-performing loans drain
money out of the system...
35.
...threatening a deflationary
spiral...
36.
....which requires periodic
transfusions
37.
...to avoid Depression
38.
Quantitative Easing –
increases quantity of money and prevents deflation
39.
This dilutes the
value of money, and causes inflation of financial asset prices
40.
Money will only
inflate retail prices if lent or spent into circulation
41.
But at the
Zero Bound of 0% dollar interest rates strange things happen
42.
Investors buy anything
but dollars whether it carries a return or not
43.
Investors buy Structured
Products from Banks and Units in Exchange Traded Funds
44.
The motive is
Fear: investors aim to avoid loss, not to make speculative transaction profit
45.
Financial demand –
not consumption – has caused correlated commodity bubbles
46.
Markets have suffered
a cardiac arrest
47.
So Investors have
actually created the very inflation they seek to avoid
48.
Financing - short
term investment in creation of new assets......
49.
....and trade credit
necessary for the circulation of goods and services
50.
Funding – long
term investment in productive assets
51.
“21st Century problems
cannot be solved with 20th Century solutions”.
52.
In fact, the
answers lie prior to the 18 th Century.........
53.
…..and in a
Flight to Simplicity
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