It is better to be a part of developments than to try to catch up later. Now there is an informal university course to prepare financial institutions for the changes to legislation, regulations, taxation, and market structures which can bring this about.
Not perfectly, but taking a giant stride in that direction.
A UNIVERSITY CERTIFICATE can be issued to graduates of this course of they take the examinations when they are ready.
UNIVERSITY DEGREE Later, it is hoped to make this course into a part of a degree course in banking and maybe other financial subjects at Zimbabwean Universities. NUST has agreed to look into this by putting some of its seniors onto this course with a view to refining it. Consideration will then also be given to offering a post-graduate accreditation to graduates with degrees from NUST to add to their existing graduate qualifications.
As stated elsewhere, to get a certificate of attendance would take around 20 hours’ study, tutorials, and project submissions. Getting a high-class pass mark and a university certificate will take longer and considerable effort.
The course is currently free. It is online, so anyone can do it. But the final exams, if taken when ready, will need to be paid for. Examiners etc cost money.
VENUE AND COST
Classrooms may be considered if the demand is there and the costs are provided. Holiday Inn has offered a venue at $5 per person per session. Banks or others may offer their own. Minimum attendance is 15.
ONLINE IS FREE
There are tutorials via Skype or Google Hangouts. We are learning about Webinars[ A webinar is an online classroom with interactions between attendees and the speakers. They can be recorded and viewed later by people who missed out or want to revise. Google hangouts claim to be able to do webinars.] and hope to provide some. Those who need help in creating a Skype or Google account should ask.
CURRICULUM AND BENEFITS
The course teaches what needs to be done and how the new financial contracts and monetary policy will work. Students will learn a lot. Advanced students will also be able to make valued contributions because there are parts of this macro-economic re-design course which need input from others. When the legislative changes are being made, they will know what their employers will be looking for.
These students can make history in open forums and submissions which all count towards a higher pass mark if the final exams are taken.
Not only is this a way for financial institutions not to be caught napping or left behind, it is an opportunity for the nation’s businesses and financial institutions to help to shape the future of the national economy and influence the world.
The outline of the course of six modules can be found online HERE.
· Module 1: Overview. Basic economic principles, proofs, and the Complexity Theorem.
· Module 2: Safer Savings and Lending contracts paradigm
· Module 3: The new credit markets conformance framework
· Module 4: The new currency markets conformance framework
· Module 5: Treasury and Monetary Policy dynamics
· Module 6: Comparison with other Schools of Economics.
The outcome for all banks and other financial institutions will be greater competitiveness and lower costs. Sales will be easier – there are fewer risks to explain. Administration will be cheaper – there will be fewer post-sales customer problems, so fewer to deal with.
BANKING AND MONETARY POLICY REFORMS
The monetary instruments, modules 3 and 5, will be simpler and more effective. This is because there will be fewer concerns to deal with. The need for governments to borrow and spend an economy out of recession will end. This is in line with new policy researches going on around the world in which the quantity of money in spending circulation is a key management concern. Students will be given reading and debating material from other sources.
When an economy slows it is often a situation in which there is too much saving and too little borrowing or too much importing. This leaves the economy short of spending and spending money in circulation. By creating new money, which every growing economy needs anyway, and getting it used to increase more spending in every sector in a balanced way, an immediate boost to the economy can be created putting it back on course.
When too much spending takes place, the KFPP platform floats the economy to a higher pricing level. Higher prices need more money, so the excess money gets mopped up in that way. Again, no intervention is needed. Everything simplifies. All prices and earnings adjust. People, and their savings, and other financial plans are mostly not affected. How can this happen automatically and without large interventions? That is what the course is about. It is a design problem.
Monetary policy and some of the other proposals put forward in the course are for discussion and debate and for written submissions so that the course itself can grow in maturity with each new class following the previous ones.
The maximum benefits can only be obtained by nations which own their own currency. The problem with that is that many a currency has been crashed by governments which allowed excessive amounts of money to be created. For this reason, it is suggested that this part of monetary policy should be managed by the community and not by the government. The community has plenty of expertise and many of them will have taken this course, so they will know what to do. They will, of course, need a mandate limiting their powers and outlining their powers. And there will need to be an electoral process.
Student input on this and other issues will be needed.
Every nation is different and has a different set of starting problems. In each case the formula to be arrived at is much the same but the route to getting there will be different.
Students will share ideas on this in respect of their own, and other countries.
designed by TSC Designs Inc.