{"id":384,"date":"2008-03-31T21:58:08","date_gmt":"2008-03-31T21:58:08","guid":{"rendered":"http:\/\/astraea.net\/blog\/?p=384"},"modified":"2008-04-02T22:11:46","modified_gmt":"2008-04-02T22:11:46","slug":"us-planned-financial-overhaul-likely-to-miss-the-point","status":"publish","type":"post","link":"https:\/\/www.astraea.net\/blog\/us-planned-financial-overhaul-likely-to-miss-the-point\/","title":{"rendered":"US planned financial overhaul likely to miss the point"},"content":{"rendered":"<p>The <a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/business\/7322107.stm\">US Treasury announced plans to overhaul regulation of financial markets<\/a> once the current turmoil subsides.\u00a0 While this will be beneficial if it motivates fiduciaries to behave better, the approach will not address the underlying failure of financial systems &#8211; evaporation of trust.<\/p>\n<p>Trust is not built upon regulations but on a culture of integrity.\u00a0 This requires honesty.\u00a0 If the only way to get the truth is to &#8220;beat it out&#8221;, there is no inherent honesty.\u00a0 Whereas if disclosure occurs as a matter of course, fiduciaries can focus on the clinical aspects of financial analysis and process.\u00a0 To develop a culture of integrity requires demonstration from the top, yet the global economic and social dynamic remains rooted in <a href=\"http:\/\/www.astraea.net\/holonics\/holonics\/holonics.html\">primitive instincts of survival rather than enlightened values of interdependence and integral behaviour<\/a>. \u00a0 America, including Treasury secretary Paulson, and other rich countries and people certainly have the capacity for enlightened behaviour, but it just doesn&#8217;t manifest enough.\u00a0 Fear of failure must be overcome in order to share life.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Treasury announced plans to overhaul regulation of financial markets once the current turmoil subsides.\u00a0 While this will be beneficial if it motivates fiduciaries to behave better, the approach will not address the underlying failure of financial systems &#8211; evaporation of trust. Trust is not built upon regulations but on a culture of integrity.\u00a0 &hellip;<br \/><a href=\"https:\/\/www.astraea.net\/blog\/us-planned-financial-overhaul-likely-to-miss-the-point\/\" class=\"more-link pen_button pen_element_default pen_icon_arrow_double\">Continue reading <span class=\"screen-reader-text\">US planned financial overhaul likely to miss the point<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[5],"tags":[],"class_list":["post-384","post","type-post","status-publish","format-standard","hentry","category-worldofmoney"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4hwcd-6c","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/comments?post=384"}],"version-history":[{"count":0,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/384\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/media?parent=384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/categories?post=384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/tags?post=384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}