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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