October 13, 2008 – 10:47 pm
One of the fundamental reforms that is nowhere to be seen on the horizon…that I believe is absolutely critical to addressing one of the key root causes of the current crisis of confidence in the global financial markets is the lack of any significant education on the topic of personal finances and money management in middle/high school and college curriculums worldwide, including in the US.
So here’s my idea Mr. Paulson and (hopefully future) President Obama: add a mandatory requirement that every middle school, high school, and college student in America get a basic education in how to think about personal finances (budgeting, money management, borrowing, net worth, financial ethics etc.). The long term benefits of such an addition to educational standards in the US and other countries would be invaluable.
I am regularly amazed by how little formal or informal education any of us receive (unless we have very diligent and focused parents with good personal financial habits…a rarity) on the topic of money. Yet, understanding money and making/managing it (in whatever quantities “work” for each individual) is critical for the achievement of personal success and happiness.
March 30, 2007 – 10:49 pm
I find myself quite uncomfortable with the near consensus I see in America today (as reflected in the media and recent policy coming out of the House and Senate) on the belief that “the war” on terror is going poorly, and the answer to this problem is for America and the world to pull out and leave the Middle East to solve it’s own civil and societal issues.
My two main contentions/concerns are as follows:
1. I feel everyone is missing the forest (the real war), as they are focused on the trees (Iraq, and sometimes Afghanistan). The war, and I do believe, we are in the midst of “the third world war” is much broader than just the conflicts in these 2 countries….and I fear “pulling out” of Iraq, may reflect a broader pull back on any sustained attack or defence against the root cause of the war….which I believe is largely, if not fully, unaddressed today (more than 5 years after 9/11).
2. The real war we have is not a physical war at all. It is a virtual or mental war….a war of beliefs and values (largely Islamic beliefs and values on key issues, but broadly religious fundamentalism and the violation of basic human rights using religious beliefs/edicts as a justification).
This real war is the ultimate untraditional war. Yet, the world has largely responded to it with traditional tactics….i.e., physical attack and defence. Hundreds of billions of dollars have been spent already, on physical conflicts in both Afghanistan and Iraq. Imagine what this money could achieve if appropriately redirected into fighting the real war….the war of beliefs.
I think it’s time to take a step back, somehow firmly but fairly extricate ourselves out of Iraq over time (I know this in itself is a huge issue, but I’ll leave my thoughts on Iraq specifically for a separate discussion. I will say I think it’s key despite all the past mistakes….to leave Iraq a much better and more peaceful place than it was and is), redefine and understand the real war against terror, and get cracking using more “untraditional” means such as economic policy, incentives, education, TV and the internet, opportunity and basic common sense and logic….to help the muslim world adopt a more moderate version of their religion (as has happened with other religions, including Christianity over the past few hundred years).
It won’t be easy for people to ignore the actual words from the Quran that are used by some to justify killing, discrimination against women, and other inhumane and backward practises….but this is religion….and muslims must adopt moderating changes themselves after debate and discussion….if they are to retain their pride….which is paramount when you are talking about religion and culture.
Education as a topic is of immense interest to me. I have seen what it has done for India i.e., created an educated populace that was primed for the opening of the capitalist pump in 1991, and positioned to harness economic opportunity to create immense economic growth and social value for India and Indians (e.g., great accumulation of wealth in American Indians, increased living standards, more jobs, hopefully an eventual reduction in poverty).
But as I go about my day to day life and interact with people both at work and socially, I can’t help but protest at the missing link in education worldwide: the lack of education on personal financial management and communication skills.
I feel the average individual I meet is relatively unequipped in both these skill sets which I believe have a disproportionate correlation with personal financial and professional success. Shouldn’t we be lobbying hard to get these courses included in both at the high school and college level?
