From: Boris Nikolic To: "Jeffrey Epstein ([email protected])" <[email protected]> Subject: FW: DialogUE 204 Date: Mon, 09 Sep 2013 01:03:07 +0000 Attachments: BAIN REPORT A world awash in money.pdf _ _ _ _ _ Also some interesting info re money B From: Chishty, Sameer [mailto Sent: Wednesday, August 14, 2013 6:32 PM To: Subject: DialogUE 204 Fellow Dialogers, Boris Nikolic; Welcome to Breakout #204, The future of finance: Disrupting the big government/big banking cartel through monetary financial exchanges. I'll be moderating our dialog and look forward to seeing you soon in Istanbul. As a reminder, the context of our session is: "Fiat money is being printed by all of the major developed countries to support unsustainable levels of public spending, undermining global confidence in the financial system. Is the lack of sound, tradable, non-political store of monetary value a major drag on the global economy and growth? Are new currencies (like Bitcoin) a feasible alternative to big-government/big-bank financial instruments?" Thought I'd share a few articles to get people's thoughts flowing. Do feel free to share other pieces you think will be valuable in the build-up to our dialog. Here's one view on capital levels: The capital superabundance we see now has been building up since the end of Bretton Woods, with acceleration due to computer technology and financial engineering. While central banks have been taking extraordinary actions, some of this has been "trans leverage" (the government taking on private sector debt, as we saw in the US) rather than a massive growth in total leverage. The buildup of capital over time begs the very interesting question of the right level of capital for GDP growth — the market-clearing mechanism is really interest rates, which suggests interest rates staying lower than recent historical norms on average for some time. The other question is whether we need to "do" anything about the levels of financi