Tuesday, May 5, 2020

The Philosophy of Knowledge

I found an amazing site: !

Two publications are directly related to the topics covered in my book:

Hayek: Cognitive Scientist Avant La Lettre [edit: Before the Degree (was invented)] by Leslie Marsh.


Decentralisation and Poverty in Developing Countries: Exploring the Impact by Holger Osterrieder.

The second is in multiple languages (or at least the version I could download) so I opened it in Adobe, and saved it in MS Word, and selected Review -> Translate into English, and then saved it as a new PDF. Obviously I cannot post the fully English version I got because of Copyright. 

I am working on making all my own research work and book and patent available under Open Licensing. 

See the European Patent Office ( and ZDnet article  Microsoft open-sources its patent portfolio ( for more info.

Thursday, April 23, 2020

Tips on working from home

The emphasis is on working!

For the employer:

1. Make sure your company moves all employees to the same broadband ISP

2. Provide everyone with work laptops or let them take their work Desktop home

3. All work is to be done by first logging into the Work server over a VPN

4. Log all Work server logins and all activity done during the login session

5. Internal Audit your VPN settings for every home from which an employee is working

6. I use for 2 meetings a day, at 11:00 am and 7:00 pm, with my Heads of Department, and they use it to have 2 scheduled meetings a day with their team. Either phone or is fine for the rest of the whole day and night, as needed.

7. IP enable your PBX. I am using Nextiva, but AT&T, Verizon, etc. are giving away their own versions right now as well.

Tips for the employee:

1. Use Windows Live Mail for work mail and Gmail for home mail. Both can be used as clients to any work email server or free email service.

2. Use Internet Explorer 11 (not Edge, because although it is much better, some sites may give problems) or Google Chrome.

3. Set up multiple tabs to open automatically when you open the browser. I make sure Work Email is the first tab, Personal Email should be run in a separate browser. Add tabs for, Calendar, on the Work browser, and Gmail, Facebook, LinkedIn, etc. on the Home browser.

4. If you are a techie company, you may open multiple tabs on both browsers while handling your home (your family, your pets, grocery supplies, etc. etc.) and while working (VPN configuration help, access through your ISP, Dealing with your Work email, etc.)

5. Set up your phone to use a VPN. ExpressVPN is the most used, but it is not totally secure. Check with your company about phone VPN set up.

6. Do not turn your phone screen off. Leave it on until it times out by itself.

7. Install whatever apps you need on your phone. For hardcore techies, refer the following URL to your systems administrator:

8. Lock your study / bedroom / guest room / wherever you do work, while you work. You can unlock and attend to domestic issues as many times a day as you want to or need to.

9. Make sure you DO take times out to spend with your family / pet / favorite TV show / etc.

10. When you take a time out, first save all open tabs on both browsers before you do. That way if your devices run out of power while you are away (but in the middle of something), when you re-start your device, you just need to open both browsers again. In fact set them both (both browsers on both devices) to start when the computer or phone are turned on or rebooted. Also develop a recharging schedule. Do not keep them plugged in all the time (unless it is a Desktop that is always plugged in). Let the charge drop to below 20% before plugging them in for 30 minutes or so (depends on your device).

Good luck with your work-from-home experience! If you need medical help I happen to enable it at If you have nothing to do, take an online course in something you want to learn. Employers, please give your employees a list of courses they can take and pay for the courses if they are related to your work. I am starting a web service named The Kitcoin Club, but I am in the middle of developing it. Techies are invited for contract work if you know HTML, PHP, Python, SQL, and are a member of Github.

P.S. IF you use any Apple products, please donate them to the poor. If you love your Apple device, I don't blame you, but the cost is MUCH more than the price you paid for your expensive devices.

Monday, April 20, 2020

A letter to the new CEO of IBM

Dear Mr. Arvind Krishna,


A few Tips from someone who knows that his Tips are not always to be followed:

1. Your only competitor is Oracle-Sun. But with Satya Nadella at Microsoft now, you will soon have another.

2. Find out why dropping EBCDIC in favor of ASCII was a good idea, but had to be forced on IBM by the market.

3. Oracle is beating you in databases because they have a freemium model where they can start developers of for free using MySQL MariaDB, and then graduate to Oracle only when they get commercial.

4. Sun is not beating you in core hardware technology because Mr. Ellison's people don't understand hardware.

5. Focus on Point 4 and increase your lead. For instance, Dante-enable all your AV hardware in hardware and ROM. In fact, just buy Audinate.

6. Make your hardware and software available as a service. Starting from PC's running Windows or Chrome OS simultaneously, and developing a BIOS of your own that tightly integrates both with all hardware that you develop.

7. Develop analog technology. Specifically, analog neural network hardware that is purposed to detect the first derivative of sound and video. Each perceived difference generates a text word of its own, let's name it X, and its converse, namely NOT X. Now we have connected analog perception to digital language.

8. With respect to Point 7, I know you are already doing it, but just buy Mythic AI ( or steal its key people.

9. In databases, make DB2 into a freemium piece of software-as-a-service. Forget MySQL and Maria DB. Try ArangoDB or RethinkDB.

10. Implement Total Quality Management and get the Deming Award for both hardware and software. Because TQM is not about hardware OR software. It is about people. It is about the quality of management, not the management of quality. It is the gold standard for HR in managing a business or managing everyone's personal life.

Well, that's not much, and most of it is already done by other people, but perhaps it will give you a base set of information from which you can discuss with your internal management and technical teams. Remember this is a public forum so Satya Nadella, Safra Catz, and everyone else who cares can access it!


Dr. Karun Philip
Chairman & CEO
Tranquilmoney, Inc.

Friday, April 17, 2020

Bottom-Up Development Economics

Development Economics have largely focused on top-down efforts by National Governments and International Institutions. The main underlying point of my book Zen and the Art of Funk Capitalism is to try and discover a way to build the very same Institutions, but privately and voluntarily by the people, and for the people. 
I have been described as a Libertarian, and this is not wrong. But a Libertarian who wants to see global economic development happen spontaneously.  
And I am not forced to by anyone, and have had the particularly good fortune to have been born into a family which had enough money for a comfortable life with no financial worries that affected the kids, and with parents who are Economists from Cambridge, U.K. and St. Stephens College, New Delhi.) 
So I am certain type of Libertarian. I will try to explain why in the rest of this essay. I am personally not opposed to National Governments and International Institutions doing what they do, and I appreciate the spirit in which they have tried over the last century or so. They have accomplished a lot in that time, but like any good Libertarian, I WANT MORE!   
Let's start with the basics of the obstacles to maintaining the good health in which most of us are born, and the education or skills training that will allow us to make money. 
Let us start with the last point, and work our way backwards. 
At this current unprecedented time in history (the year 2020), money can be made by anyone with a high-school education, or even a high-school drop-out. All it takes is clear thinking, of which there is, unfortunately, a dearth. Not intelligence. Not people skills. Just clear thinking. 
At The Kitcoin Club we are building a site where people can sign up for any Job Skills Training course. They can sign up as Teachers, Students, Employers, Investors, or Verifiers (or all). The catch is, they must provide data on what was spent on the Training, how much the income of the student of each Course increased, what was the Return-on-Investment for the Investor.  
Also, the Investment cannot be a loan. It must be an Investment in the Training of the Student, which must include an on-the-job component at Employers' locations (or tele-work presence). The Teaching is also encouraged to be Tele-Learning with a real live Teacher in addition to Online Course Material. But old-fashioned Training is also acceptable.  
The Student must pay back 10% of what they earn (or a percentage of the increase in income), for 10 years, or up to a maximum of twice what was invested is repaid to the Investor. (This allows the project to fund two additional Students for every successful Student.) 
The expected result is that the data itself (which would be privacy-managed -- consent must be given by the choice by the owner of the information to anyone who requests it) would spontaneously generate the information needed for all players. 
Now for maintaining good health, Physicians are encouraged by my company, Tranquilmoney, Inc. to use its PracticeTracker software and services platform which is available for free to them, and paid for by the Health Insurance companies. PracticeTracker requires each patient encounter to be fully documented (video-recording and Telehealth are available with HIPAA compliant privacy policies). This ensures the Healthcare Insurance company that no fraudulent claim can be submitted through PracticeTracker. Their net profit should increase dramatically due to this, but open competition will ensure that insurance premiums come down even while the Healthcare Insurance company maintains its historical profitability. 
While all this takes place, there is still a need for government to continue and even raise what they have been doing for their citizens.  
In the USA, there is Medicaid insurance for people below a certain income level. Its limitation is that it is the choice of each state within the country. The USA must provide Universal Medicaid, force all states to provide Medicaid, and carry the financial burden on the Federal Budget.  
In India, there are government-owned hospitals for anyone to go to.  
There are limitations with these too. Many practitioners do not accept Medicaid patients in the USA, and not all government-owned hospitals are competent (though some are among the best in the world.)  
But these are band-aid measures that must continue, and must be improved, while over time, as income levels of the people increase, people will opt for private insurance. The Medicaid and older people's Medicare can continue to be Universal for everyone, with Private Health Insurance picking up only the amounts above what the government programs cover. This again will ensure that the government subsidy does not crowd out the Private Sector who will compete and continually innovate to compete harder. All their innovations should be actively used by the government-owned hospitals and Medicaid healthcare providers.  
Last of all, in this time of a global healthcare pandemic, there must be a Universal Basic Income provided to everyone. But instead of being like England's "Poor Law" during the Great Depression, or the current dole system of various governments, all such Universal Basic Income must be a Kitcoin-type investment, where the person must go through Training in some skill that will let them work (or Tele-work) and earn money. Pay back if you can earn, don't if you can't. 
So I am searching for a word to describe my form of Libertarianism. I found "Libertarian Paternalism" in the book Nudge, and Nudge Theory.  
But while I do use "nudging," my form of Libertarianism is defined by individual freedom and free will. But if everyone is free, coercion of others should 
be banned! So there must be a government that bans coercion by any individual of any other individual. This principle should be the core of jurisprudence (read the book! ). 
But apart from law, in running my company, Tranquilmoney, Inc., I also believe my employees should have free will and manage themselves. So I implemented W. Edwards Deming's Total Quality Management ("TQM"). We did it electronically being techies ourselves, and call it "Total Digital Management" ("TDM"). 
TQM is not about the management of quality. It is about the quality of management. It is an HR topic. Each employee develops a set of metrics with the help of their boss under the headings PQDCM -- Productivity, Quality, Delivery (as per schedule), Costs, and Morale.  
Morale is measured by things like: 
- Do all employees come into work on time because they love their job? 
- Do the love their job because they are given the job of managing their metrics themselves rather than doing whatever their boss orders? 
- Do they love their job because our IT team automates using information technology and Artificial Intelligence not to eliminate them but to make their job easier and more productive? 
So with TQM, everyone can use the techniques in both their personal and professional lives. Just decide on the metrics you want to set, and put a target for Continous Improvement every day / week / month / year. These are the tools and methods and philosophy I use in practice every day to implement what I decided to call "Libertariam Maternalism." 
If anyone should agree with me, I would love to know!

Wednesday, April 15, 2020

My Bio

Kinda late to start a digital marketing effort, but every site wants a short Bio. I don't have one. So I link my long one here: 
Former rock musician (lead guitar, classic rock, covers where they wouldn't come -- India -- Eric Clapton, Pink Floyd, The Eagles, America, Lois Armstrong, Shakti, etc.) 
BITS, Pilani, India. Founder of Rocktaves (Wiki on Rocktaves, The 2019 Rocktaves Event
University of Iowa. Artificial Intelligence for automatic recognition of heart walls in CT images with. FEM output for non-invasive cardiac dynamics). PhD when I was 25 years old. My Fuzzy Hough Transform paper seems to have been hijacked (legally, of course) to recognise any suspected criminal's face from webcam feeds from all over the world. My guess is the NSA, of course, but many private projects are using it for not so Savory purposes. Sorry about that! 
Tata Consultancy Services. Combined AI and Document Imaging and workflow to partially automate the paper based workflow of India's largest mutual fund, Unit Trust of India. 
Tranquilmoney, Inc Started my own company to use AI plus a global workforce to manage US Physician Practices and Retail Pharmacies. Just like IBM invented the key card punch process in the 1960's of having two operators punch the same data, and sending mismatches back through the same process again, I use AI and humans in a never ending loop until 100% accuracy is achieved before a healthcare claim is filed, and to match up payments with open claims so that we can follow up (manually and electronically) on the last unpaid penny that due but not paid. We give away our Pratice Management software which is HIPAA certified for privacy, and includes certified Eelectronic Health Records and Tele-health modules. The last one is taking off now because of the global health crisis we all face. 
Author: Zen and the Art of Funk Capitalism (,

Tuesday, April 14, 2020

Extract: Development Economics

Hyperinflation in agro-money

As we discussed earlier, agrarian and developing economies face a different challenge from those that spent centuries transitioning from agrarian to industrial and then to service economies. In agrarian economies, very often grain itself is one of the currencies in circulation. In rural India, for instance, a poor villager may have no income sources, but might still be able to grow some grain and barter some grain for some cooking oil, salt, and vegetables.

But when technologies have made the supply of food-grain suddenly much larger that it was before, the value of the grain as a currency correspondingly depreciates. For the agrarian villager, it is the equivalent of hyperinflation in the prices of goods he was accustomed to buying using grain that he grew. So far, India and other similar countries have maintained controls over food import and have artificially controlled food-grain prices. But such moves have had the inevitable side effects on productivity,
essentially providing an incentive for people dependent on agriculture to remain dependent on agriculture rather than learning some new skill.

Needless to say, in the absence of some scheme of solving the meta-knowledge problem, it is not clear whether they would have been able to learn new skills even if the government had not interfered with market forces. There may well have been mass starvation or violent rebellion had the government controls been removed and the meta-knowledge problem left unresolved.

Securitized first aid

So rather that focus on whether the past government responses to rapid changes in the relative value of knowledge were appropriate, we might instead try to anticipate the knowledge problem and the welfare problem and formulate ways in which we might discover paths toward a more productive future. In the first place, a structure such as Knowledge Backed Securities would need to be created and tested.

But since it is unlikely that all people are likely to be able to be retrained and employed immediately, there is also some cause to call for a negative income tax such as the 17th century Poor Law in England, as Hayek suggested. But since poor countries cannot afford such extensive expenses, an alternative strategy would be to provide such minimum income guarantees as loans, and to provide them via training schools that provide retraining so that all people receiving such assistance are also receiving new
skills training so that the need for assistance will disappear over time.

Such welfare loans can be created by any government no matter what resources it has, since this is credit money that is being created. The burden is taken by the currency rather than the fiscal budget. Such handouts would also have the effect of stimulating local demand, and creating an opportunity for entrepreneurs to supply that demand in a way consistent with the desires of each local community. The only thing to be careful of is that all loans should be securitized and traded publicly so that the market will demand disclosure of data and ensure spontaneous monitoring of training school performance.

Extract: On Poverty

Hayek also points out that there is also no substantial prevention of the competitive knowledge discovery process if governments create schemes for subsistence welfare. Even 17th and 18th century Britain – the first country to undergo the huge changes in the relative value of knowledge that accompanies industrial growth – had what was known as the Poor Law, which provided for subsistence initially for the landless laborers no longer needed due to rises in agricultural productivity. Indeed, even if systemic poverty is eliminated, fallibility ensures that from time to time, those who are successful may suffer sudden misfortune and lose all their wealth, and perhaps some abilities. 

In such cases, the government could provide for a minimum subsistence if the electorate so wished, without causing any destruction of the underlying knowledge discovery and wealth creation process. Hayek cautions that though he government may give financial assistance through some kind of negative income tax that established a minimum income level, but they should not seek to create monopolistic bureaucracies to deliver it. They should instead allow competitive private players to deliver the basic services to the recipients of basic welfare and let the welfare recipients choose the providers they want. This could be done, for instance, by issuing food stamps, clothing stamps, shelter stamps, and healthcare stamps that could be used to purchase food, clothing, shelter, and heath insurance from competitive private players. A monopolistic bureaucracy that provides the services rather than the targeted subsidy is sure to distort the knowledge discovery process by crowding out the competitive process. Hayek also agreed that in wealthy countries the level of welfare might also be deemed to be higher than a level of basic physical subsistence. 
To take the concept of basic welfare further, it is also conceivable that basic financial assistance to the indigent can be structured as an at-risk loan. Those that work themselves back to a degree of self-sustenance can repay their loans as a percentage of their earnings until it is fully paid back, but those who do not manage to do so would not pay it back as long as their income remained below what was defined as subsistence in that nation. Once we study the nature of banking and bank credit, it will become clear how any country, including poor or developing countries, might use this technique, which we will discuss again in the chapter on Development Economics.

Friday, April 10, 2020

Interview with magazine Industry Era

Interview with magazine Industry Era
Dr. Karun Philip, Chairman & CEO and a co-founder of Tranquilmoney

Dr. Karun Philip, Chairman & CEO and a co-founder of Tranquilmoney is the design and creative force behind the company’s products and services. Kindly discuss some of his qualities which have transformed the organization.

Q. Inspiration (not motivation) is the most important leadership trait, fueled by passion and purpose. In such a scenario we are featuring the top CEO's to Watch in 2020 who are transforming not only their workplace but the communities as a whole. We would like if Dr. Karun Philip, Chairman & CEO and a co-founder of Tranquilmoney tell us how to become a true leader.
Kindly feel free to share your views and opinion on any other topic that we may have missed and you think our subscribers should know about.

A. Karun’s philosophy of the source of human ability is “Clear Thinking”. Intellectual “intelligence” and emotional “intelligence” are things that people try to measure quantitatively, but every human being has the same hardware – a brain. With just putting in the effort to think clearly, people will start thinking you are a genius – intellectually, creatively, and emotionally. With “Clear Thinking” every individual is able to maximize their potential, and contribute to any project they work on together with others.

Karun’s work in Artificial Intelligence including Artificial Neural Networks for his PhD and his first job led him to realize that all AI, like all real people, necessarily have incomplete knowledge (even if what knowledge they do have is contextually accurate). He made the subtitle of his book, “Zen and the Art of Funk Capitalism” be “A General Theory of Fallibility.”

The best way to get past incompleteness and its consequent fallibility, is data. W. Edwards Deming invented what was called Total Quality Management (“TQM”), which Karun implements as Total Digital Management (“TDM”). Because Deming was not talking about the management of quality but rather the quality of management. His key point was to establish metrics for each person within an organizations under the headings (“PQDCM”) Productivity, Quality, Delivery (as per schedule), Cost, and Morale (as in “do my people love to come into work on time and enjoy managing themselves, given these metrics, rather than just doing what their boss tells them?”)

Q. Why was Tranquilmoney born? What are the market pain points you wanted to address through the inception of the company?

A. To fix the business side of the US Healthcare systems for physicians and pharmacists. We started with Revenue Cycle Management for such Healthcare Providers, who are so busy doing the work they are trained for that they get paid far less than their patients’ insurance contracts stipulate. We have evolved to complete Physician Practice Management software and services with certified Electronic Health Records (“EHR”). Our services expanded to include:

a. E-Prescriptions

b. Credentialing Support

c. Support for the government “Meaningful Use” Incentive

d. Data Conversion from paper-to-electronic and electronic-to-standardized-electronic

e. Scanning Room provisioning and Dedicated Document Receipt and Scanning

f. Data Transition services from legacy paper or third-party software

g. Customization (or Mass Customization) of our Software Configuration and if needed, Custom Programming for each client

Q. How is Dr. Karun Philip inspiring and empowering young entrepreneurs across industries into becoming great leaders with technical know-how. Any advice or view?

A. As a member of organizations like Chennai International Center and India International Center, we encourage others to start companies and plan to offer our Total Digital Management as a commercial Web Service so that anyone can use it to start and manage their own company. This will be available globally to all entrepreneurs, SME’s and even large corporations.

In the US and India, we work with former employees who start their own businesses (as long as they left without disruption and clear handover of their responsibilities to their successors) by letting them subscribe to components of our software and services and focus on the area that they have chosen to take forward and focus on.

We hope to expand this to all potential entrepreneurs all over the world in all fields.

Q. How are you offering practice management and healthcare receivables management technology and services to the US healthcare industry enabling easy management of healthcare receivables?

A. All our software is available as a Web Service. No internal servers are required, and any device with and Web browser will work, including Mobile devices. We interface electronically and via email and phone with Insurance Carriers or their Third-Part Administrators (”TPA”), with Pharmacy Benefits Managers (”PBM") so that the Provider does not need to worry about the intricate details.

Q. How does Tranquilmoney's Outsourcing division provide proven services to manage third party receivables?

A. Any customer who signs up is assigned a personal Relationship Manager, who deals with the Practice Manager and the Provider (with smaller customers, they are the same person). They need to give us access to their current software or scan or mail us copies of paper records including patient encounters, payments received, EOB’s, Remittance Advice documents, etc. All data can be paper or electronic or both.

Q. Your Healthcare AR services combined with your powerful technology ensure expedited payment, reduce claim rejections and minimize administrative overhead besides total cost of ownership (TCO). Could you discuss about your unique Technology?

A. Karun’s PhD and commercial research was in Artificial Intelligence (”AI”), which we incorporate into the systems we build.

Our AI philosophy is this:

All AI (like all human beings) make mistakes.

The solution invented first by IBM with data entry punch card systems in the 1960's was this: Two people to do the same thing and when it is not the same result, a third person can check it.

With automation (including but not limited to AI), some or all the real people in the process can be eliminated. In our case, they are trained to be supervisors and constant re-trainers of the AI implementation (and of new recruits and employees of the Provider). We may never get to full automation, but at Tranquilmoney, our IT task is to get as close to it as possible, while real people with real domain expertise do it manually, assisted by as much automation as possible.

Tranquilmoney has an integrated system that Physicians and Pharmacies get free, and we do the Billing, Payment Reconciliation, and AR Follow Up on Third-Party Payments. We only take a portion of the increase in realized revenues, so it is better than free -- it ends up in increased income for the Physician or Pharmacist.

We do not limit ourselves to fully vertically integrated Web Services and Business Process Outsourcing for US Healthcare. All our components are available independently if desired (though if we don't do the billing and collections, we charge a per-provider, per-month fee). So independent entrepreneurs can partner with us and work as a single team for each client.

Q. Who is Dr. Karun Philip’s role model & how has the individual inspired him to culminate into an inspiring leader?

A. Karun’s uncle, Mr. PJ Thomas, was President of Sundaram Clayton (now known as TVS Motor Company), one of the largest manufacturers of two- and three-wheeler vehicles, and .various automotive components. He won the Deming Award for his company, which was the first Deming Award in India. Karun learned everything he knows about management and leadership of a company from him.

Q. We would be happy if you could share a case study featuring one of your satisfied clients. We want to know what problems did they face and after the implementation of your solution, what were the benefits they received?

A. All our clients have experienced an increase in revenue (net of our fees) of between 20% to 10 times (1000%). In addition, they received free implementation of our Web-based Practice Management System (“PracticeTracker”) which provides all the mandated EHR features/ This enabled them to avail the Meaningful Use incentives from the government and health insurers.

During the current COVID-19 crisis, we extended vendor credit so that they could delay paying us our fees. We then connected them to the Small Business Administration web site and help them apply for the $10,000 grant and a line of credit from their local bank. Our vendor credit is now rapidly decreasing since we helped our clients do the business part of running their small business (which is what a Physician Practice is) including financial services.

References from actual clients are available upon request.

Q. Where do you see Tranquilmoney in the near future? Tell us in detail about the plans of your company’s expansion in terms of its services that it offers, expansion in terms of types of client it serves and geographical presence? Also, please elaborate on the upcoming products and services and company’s road-map.

A. There are about 1 million Physicians in the United States. We are rolling out a sign-up so that Practices can just sign up on our web site. They can populate their data themselves or send it to us for loading into the new system. Current and new patients can start scheduling their own appointments and filling in their own demographics. Patients can also have us interface with their past records either from scanned paper or electronically via HL7 connections to their past and other current Physicians.

Karun’s goal is to provide at least some part of Tranquilmoney’s software or services to 999,999 of the 1 million.

We are also being approached by Physicians in India, and many other countries. These countries do not have the same mandated requirements as US Providers, but there is no law saying they cannot voluntarily follow the same system. We may end up serving the global Healthcare Provider market.

Q. Is there anything more you would like to add or highlight? Any other interesting insight you would like us to talk about in the story that we may have missed in this questionnaire?

A. Karun is the author of: Zen and the Art of Funk Capitalism: A General Theory of Fallibility. It is available on Amazon and the Publisher’s author site: Zen and the Art of Funk Capitalism

The reviews of the book call it a proposal for a new kind of Libertarianism. When all people must be free, it is also every person’s responsible not to coerce any other individual. And it is a judicial system that must enforce a ban on coercion of various forms, that are specified by specific laws enacted by legislature. Karun calls it “Maternal Libertarianism.”

The conclusion of the book is how Job Skills Training is the most important thing that is prevalent all over, but not structured on centrally accessible in any way. Karun has started a Social Project named The Kitcoin Club which aims to be a not-for-profit social resource for anyone who wants to increase their income.

Increases in income at all levels is what is socially desirable – for poor people in rich or poor countries, or the most educated University Professor, and everyone in between. The Kitcoin Club will focus on Training Schools, Training Departments within companies, and individuals who have skills they want to teach. By volunteering information on the performance of their students before and after their training, The Kitcoin Club allows investors to choose which Trainers and Trainees to fund.

Rather than asking for donations or government money, the data that already exists show that Job Skills Training provides a better rate of return on capital than virtually any other investment. Karun has talked with people on Wall Street he got to know during the days he was providing loan servicing software and back office services for banks doing Mortgage Backed Securities and other Asset Backed Securities. He wants to create what will be called Knowledge Backed Securities to finance Job Skill Training all over the world.

My letter to Gov. Cuomo:

My letter to Gov. Cuomo:

Gov. Cuomo,

The medical solution lies here:

Subcellular proteomics—where cell biology meets protein chemistry,

and here:

Chinese doctor claims he made a breakthrough in coronavirus pandemic with stem cell injections - having 100% success rate after treating nine mostly elderly patients

The economic solution lies here:

Coronavirus Relief Options
We’re here to help you overcome the challenges created by this health crisis. We offer multiple funding options for those seeking relief.

and here:

Basic income in the United States

Thank you for being so proactive in our state, and maybe you can be Biden's VP choice so we can sweep the nation come November.


Dr. Karun Philip
Zen and the Art of Funk Capitalism

Sunday, April 5, 2020

Social Private Sector

While planning out a new marketing plan for my 20-year old book, I have been professionally interviewed about the purpose of the book, and the market it is targeted for. Quite honestly, I hadn't bothered to write anything down but apparently, I knew how to answer their questions. This one stuck out:

Q. While developing your market positioning, care should be taken to position you in a space that is between non-commercial and commercial. What would you call that space?

A. I don't like the term "Public-Private Partnership" -- it is very often used as a cover to funnel government money (taxpayer money) to individuals who run such entities.

I like to call it the Social Private Sector. No government grants or private donors; the income for running the projects is generated from the projects themselves.

To expand on the context, the Social Private Sector perfectly describes what I have done in my entire career.

My background was my PhD in AI, where I developed AI to recognize the heart walls in CT images, and build a FEM model of each patient's heart that could be put through the paces in a simulation. This, rather than making them go through physical stress tests and the like.

Then I tried applying AI to commerce when I was asked to join Tata Consultancy Services (TCS) personally by its CEO, Mr. FC Kohli. He gave me the task of automating the paper + software processes of Unit Trust of India (UTI). I developed a neural network (named "CRANEUM" -- Character Recognition by Augmented Neural Methods) which involves "augmentation" because real people had to correct the mistakes of the ICR engine.

I later started working with my father's business, but in my spare time I build a document-image enabled workflow system where large jobs of paper processing could be integrated with any commercial application, and correction of the mistakes of any automated system had to be done by real people. AI is not here to replace people. It is here to improve their productivity and move them to higher levels of jobs.

After a few years, in 1995, Citibank approached TCS for a similar kind of system. And someone at TCS sent them to me.

Citibank wanted the workflow to have two operators key each document, and if there was a mismatch it would get sent back through the system again, or to a Supervisor. They wanted to scan all their paper all over their European branches and move all the loan servicing to their Indian operations includeding Sri Lanka and the Philippines. I built what was named ImageCADE (pronounced "image caddy") which met their requirements. It was followed by similar operations for UPS and the UK Dental Practitioners Board.

I then decided to do what my clients' staff do -- the actual outsourcing of business processes that were paper intensive. After many small jobs, I got McKesson Corp for Pharmacy Claims reconciliation, followed by Costco Pharmacy, and many other small pharmacies. Retail Pharmacy is too concentrated a market and all the other big customers had in-house systems or used some other vendor.

So I started doing Medical Billing getting clients from my US base, and executing the jobs using my Indian back office. At least to hedge my exposure to just one sector.

From being an AI techy, I suddenly had to manage over 400 clerical operators. It was a challenge, to say the least. Fortunately, my uncle, Mr. PJ Thomas had just retired from Sundaram Clayton (a giant corp in India), where as President he had won the Deming Award for Total Quality Management (TQM). He said he could implement TQM for an IT / IS operation as well and not just for manufacturing. I was skeptical, but my mind changed when he said that it is not about the management of quality, it is about the quality of management. Each person gets a set of metrics under the general headings of PQDCSM (Productivity, Quality, Delivery (as per Schedule), Cost, Safety (data security for the core application and database, and for remote workers) and Morale (measured by things like employees loving to come to work on time, learning how to manage themselves by managing their own metrics rather than follow the order of their boss, etc.)

I built my Medical Billing business by giving the Doctors all the software they wanted -- Practice Management, EHR compliance, mass customization all for free since if it increased their productivity and income, my income also increased. My internal processes were handled by ImageCADE with real people, but my IT team had a mandate to automate everything possible. AI of any kind makes mistakes (as real people do), so there had to be a number of verification mechanisms done by real people who had experience in the domain. This resulted in Costco Pharmacy collecting 99.9% of the money they billed insurance companies for, when the average in the industry is 92.5%.

So here I was, doing something socially useful: helping doctors and their patients, while making a profit.

I decided to call what I am doing a part of a future "Social Private Sector". No government money, no donors, but a social purpose fulfilled, while making at least the same profit margin as the average private company in the sector.

My new project however seems more embedded in the Social Private Sector than what I have done in the past. I am building a new web site for myself (MySQL Cluster, Kubernetes OS-level cluster, PHP, Javascript, HTML) at It will be a web service that connects teachers of Job Skills with anyone who wants to increase their income, and I will source the funding from Wall Street with visibility down to the micro-detail of each loan to show how this is actually a profitable business sector, and profitable for the lender as well.

(After all, I knew all about Wall Street when I was joined by Wall Street investors and Silicon Valley zillionaires who put in some equity in my company and brought me all the major banks that were doing Mortgage Backed Securities and other Asset Backed Securities, and needed exactly that).

As an aside - we even got a patent on the technology. My personal view of Patent Law is that just as "All People are Equal under the Law", all users must be treated equal before a patent, which is an artificially created monopoly. For instance, I would like to license my Patent for 1% of anyone making income out of using it. No need for negotiation or private deals. Just click a button.

So, in my new project -- The Kitcoin Club (, there must be in an increase of skills and hence income for all participants. The funding for:

(a) helping to train anyone who wants to increase their income, and

(b) helping anyone who is willing and capable of training and placement,

will come Wall Street (and its British, European and Japanese counterparts). All investments will be private, and with voluntary financial risk, for both a social purpose and to generate a return on investment.

So what my book is about is what The Kitcoin Club ( is about to do. BTW, KIT stands for Knowledge Investment Tokens which will be an e-currency exactly equal to one US dollar at all times, but can only be used for Job Skills Training, and the Trainer and Trainee have to disclose all income details before and after the training program. That way, the banks can decide precisely where to risk their capital.

That's what I mean by Social Private Sector.

Monday, May 28, 2018

Forget college -- start learning every day!


Well, that heading is not to dismiss the college experience. College is, or at least used to be, a great way to spend one’s formative years, learning a bit about how much has been learnt by modern society over centuries, and of course, making lifelong friends.

The modern college system owes much to the German civil servant Wilhelm von Humboldt. In 1809, he brought industrial scale and efficiency to earlier systems. It served the needs of the industrial age, which needed trained managers to allow thousands and millions of workers to work in unison for an industrially efficient outcome.

This system has spread throughout the world today, and certainly has its benefits when the tedious work can be automated or outsourced to localities that still practice older, more oppressive industrial systems. But the world has changed. The outsourcing part of manual labor is slowly but surely giving way to automation. But the machines we build need constant re-programming, maintenance, and general care from expert, skilled people.

Unlike earlier manual labor work, this work requires skills that constantly change in their details. The managers and technologists are also prone to become outdated much sooner than one lifetime. This is the conclusion of Karun Philip in _Zen and the Art of Funk Capitalism_ (“ZATAOFC”). The prior sections of the book are a logical and historical story of the various components of commercial society, with references provided to further exploration of how this story has unfolded since those early 1800’s.

It starts with defining Knowledge, in the sense of how a human brain attains knowledge. It moves to the modern definition of money. It may surprise many that modern money is no longer gold, or even the promise of any government that taxes, though there were periods when those definitions were accepted. The only thing we can do with money today is to lend it. When we put it in a bank, the bank does lending for us. Otherwise they couldn’t afford to give us all the services it does and pay us an interest rate as well. All money is just credit and debit. Loans given, and loans taken. That’s it!

So, what is a loan? It is a promise to create a future flow of money from a person or entity that shows how they plan to work to earn an income that can support that future flow of money to the lender. Loans are created in banks by the stroke of a pen (or rather, by the tap on the keyboard, these days). Loans are the creation of money. If the repayment continues as promised, the loans are good. In other words, the money is good quality money. Yes, we can create infinite money through infinite loans, but if we stop paying attention to the quality, the repayments will stop. The money created would be bad money. The system would collapse.

ZATAOFC puts forward its concluding proposition, that we should be creating loans for constantly training and re-training workers. By keeping track of the trainers that are effective, money can be directed to training that is useful enough to produce future income. This could be for managers, technologists, marketers, entertainers, craftspeople, artists, and who knows what else. We don’t care for what. We care only whether the training is effective. Then we can go on producing more money (loans) and everyone can make more money for themselves. But we will all have to constantly re-train ourselves as old knowledge reduces in value and new knowledge becomes more valuable.

John Maynard Keynes put forward the idea of increasing money supply (loans) to get out of a Great Depression. Milton Friedman described the possible bad effects of this, namely runaway inflation. If we increase the money supply (loans) more than it ought to be increased, Friedman showed that inflation is the likely result. Both these works focused on the quantity of money (loans). ZATAOFC accepts both but emphasizes the quality of money (loans) created.

In 2017, the author, Karun Philip, started The Knowledge Capital Project to create user-contributed database of training courses, the return each course has provided to the learners, and data that can be used for lenders to lend to the areas they feel will be worth lending to. ZATAOFC is available on Amazon, with some extracts, and the blog at has some more extracts and a forum for discussion and critique of these and other ideas.

Wednesday, December 6, 2017

Quadrupling Gross World Product -- the solution for Argentina / Afghanistan / etc.

by Karun Philip.

What in the world is 'money supply'? That is a question I asked myself at the age of 18, when I started reading business and economic newspapers and magazines. I read vast amounts of literature in the subsequent 16 years but still had no proper understanding of it in my mind. Then finally in the Year 2000, I found the answer while trying to understand the difference between the Austrian school of economics, and the Monetarist school of economics.

If you ask the Austrians, they will tell you the difference between the schools boils down to whether capital is 'homogeneous' or 'heterogeneous'. To my engineering mind, this is just more gobbledygook from the world's most dismal scientists, though there is a core of truth in that presentation. I now understand the answer in more simple terms. Mainstream economists look at money as something that exists and then is deposited in banks. The bank then has 'liabilities' on its balance sheet (i.e., it owes that money back to the depositor on demand), and they can create assets (loans to individuals and companies) on the other side of their balance sheet. They make money on the interest rate differential. The question that is begged in this model is where the original money came from in the first place. The truth is that money was created privately without the government in the first place. Governments took over a virtual monopoly on money creation only recently.

So how did money come to be created in the first place?

The answer is to look at credit (loans) first and deposits second, instead of the other way around. Credit creation is the manufacture of money. Our economies can continue to expand endlessly only because the total amount of credit created expands continually. Money supply is nothing but credit supply. Money supply expands when credit creation expands. Obviously, when credit expands, deposits expand by definition. But it is credit creation that comes first. A bank creates a deposit entry in the borrower's account when they issue a loan. The loan itself is not backed by other deposits (yet, in our new model) but simply backed by the collateral assets that the borrower pledged in order to obtain the loan. The money units in that account then represents the fractional recourse to the assets that were pledged. The bank notes issued from that account are not just pieces of paper -- they represent that fraction of the pledged assets. The reason why the bank needs to make sure it lends only to secure borrowers and good business plans and track records, is because if they did not, then people would stop honoring the checks and notes issued by the bank. The quality of the money is the quality of the credit created by that bank.

I can set up a bank even in a war-devastated poor country, where there is not yet any existing money or banks. All I need to do is decide what collateral asset I think is valuable, and tell someone "Okay, you got yourself a loan of $10,000 if you pledge Asset X to me." I then create a bank account in the borrower's name and write an entry saying that $10,000 is available to him. I give him a checkbook, which he can use to order me to transfer money to anyone else's account. If he needs cash withdrawals, I print out a piece of paper that has some fraud protection coding scheme to detect counterfeiting. In a competitive 'free banking' environment, each bank would print their own notes, which, apart from having the total number of 'dollars' (or whatever common word is used for the unit of money), would also have the bank name on it. Now, if other banks start thinking that I am not collecting good collateral or not making loans that are 100% collectible, they may start accepting my notes and checks only at a market-determined discount to the face value.

Over time, people stop thinking about the pledged assets at the bank and think of money as represented by the paper notes itself. In earlier times, banks developed a system of requiring other banks to purchase a certain amount of gold reserves in proportion to their deposits, and customers would be promised an amount of gold in exchange for any note. This served as a quick and easy way for banks to determine whether other banks' notes were worth accepting or not simply by checking their gold reserves, or being part of a consortium that enforces and oversees members gold reserve requirements. With this system, the accepting bank did not have to study the entire credit portfolio of the issuing bank in order to determine the worth of the note. It is important to note that the gold reserve requirement was only a fraction of the total deposits. This is because banks calculated that only a small amount was demanded in gold most of the time.

Now, it is worth taking the time here to understand what a 'run on the bank' is. Note that in a system structured as described above, the depositors are told they can withdraw money any time. Yet the loans are to be paid back only over time. What you have is a mismatch in the maturity of the deposits and the maturity of the loans. Now, imagine you are a banker. If, all of a sudden, some event makes people want to withdraw all their money and store gold instead, you will have a mismatch in the liquidity of your assets (loans) and liabilities (deposits). You told the depositor he could have his money any time he wanted, and promised him gold, but now in this crisis you are unable to pay. So you start calling in your loans and seize collateral assets and sell them in the market. If the event that caused this 'run' on deposits is one that affects all banks, then everyone tries to sell assets at the same time, with not enough buyers, and the whole banking system can collapse.

In modern times, we are still experimenting with alternatives to the gold reserve requirements. Now, governments have taken over the task of printing notes, and can print as much as they want in times when demand for liquidity surges. But they got themselves in great trouble when they, for political reasons, tried to print more money so that more credit could be created and the economy could expand faster. The problem with that approach is that when money supply started with credit rather than deposits, the bank had an incentive to ensure that only good credit was given. As long as credit only expands at a pace that the knowledge available to create new business expands, things are fine. But when the government tries to arbitrarily expand deposits first, creating a balance sheet necessity for the banks to lend, then the excess money supply -- the money created without enough new knowledge of productive businesses, without enough new goods and services -- manifests itself in increased prices of the existing goods and services. In other words, price inflation, caused by an artificial increase in deposits first, rather than good credit driving money supply expansion.

Milton Friedman said that inflation is always and everywhere a monetary phenomenon. What he misses is that accelerated money supply expansion (also called money supply inflation in classical economics, which causes some confusion in lay people who use the word inflation to mean price inflation) need not cause inflation. If the number of goods and services actually desired by the population and deliverable by entrepreneurs increased, then credit can expand at that rate without inflation. Inflation happens when the expansion of credit is faster than the expansion of entrepreneurial knowledge and consumer demand. The limit to inflation-free money supply expansion is in the limit to the expansion of productive knowledge in the heads of people.

Friedman's discoveries were valuable though, because it allowed a government-created money system to regulate itself by limiting money supply expansion if inflation seemed to be picking up. But it also hampers the rate of growth potentially possible. The true solution is to use our model of looking at collateral-backed credit that back the deposit liabilities. But instead of using fractional gold reserves, the Internet today allows us to require banks to publish their credit portfolio, including delinquency, default, and prepayment data. The notes issued by banks would then be bought and sold in the currency markets based on solid information about the credit portfolio, and Internet-based market data on their market price would be available to every shopkeeper and entrepreneur equipped with a Web terminal.

Now, it is interesting to note that the market is already moving toward such a structure. Not in the consumer deposit arena but the arcane world of bank-to-bank finance. Constrained by government-imposed restrictions on lending, banks devised a way to create loans and sell pools of loans directly to investors. People who manage money do not just leave it in a bank and rely on the bank to keep it safe. They find loans or pools of loans and buy little pieces of such pools. This process of pooling loans and selling off pieces directly to investors, bypassing the traditional deposit system completely, is called securitization. Securitization is how banks circumvented the strangling restrictions of government-regulated deposit-centered banking. Money supply increased far more in the last two decades, with little or no inflation, than Friedman's theory of inflation predicts.

But most of this money supply expansion, credit expansion, has happened through the device of securitization. Note that securitization removes the liquidity mismatch problem that causes bank runs. The investor in a pool of loans, or any pool of future income flows, agrees to take as much money as comes in. If there is a default, the investor takes the loss. A risk-averse investor can simply buy the first rights to any money coming in and accept a lower or even zero return. The investors who assume the last rights to any money coming in and the first position to take a hit if there is even a single default, would proportionately get a larger interest rate. Sophisticated investors like insurance companies tend to buy the first loss positions of thousands of deals, and so even if some of them default, the net return is high enough to compensate the insurance companies.

As securitization booms along -- it grew by $500 billion in 2001 and will accelerate further in the coming decade -- bank deposits are well on their way to becoming obsolete. Investors will choose the risk portfolio they want their savings to be invested in, and be responsible for the loss if the assets they chose default. Bank runs become obsolete. Instead of having fractional gold reserves, we will now have 100% asset backing on every such bond we buy. The currency used by a country that uses all or largely securitized credit will not be subject to the kind of volatility that countries like Argentina have witnesses. Indeed, by allowing banks to issue bank notes -- or even traveler's checks -- that are backed by specific assets that are disclosed on their web site and traded in the market, Argentina can solve its liquidity problem in one fell swoop.

The implications to poorer countries including war-torn Afghanistan are more profound, as I explain in my book Zen and the Art of Funk Capitalism. The key step here is the expansion of useful knowledge in people's heads. All we need to do is allow any number of adult training schools to enter the country, and mandate that they disclose data on their effectiveness at improving the income of their students. Student personal data may be kept confidential, even while disclosing effectiveness in various aggregated segments. With this data, banks and investors will be able to create loans to fund effective training. And as we discover more and more ways that work, credit can expand ever faster. Many schools may also offer a stipend to attract students, as long as they are confident that the training will provide the student with future income potential that will cover the stipend as well as the cost and profit of providing training. Or at least, there will be few enough defaults, that the interest on those who succeed will be sufficient to cover the defaults. With the increase in money supply going directly to students, anyone engaged in learning useful skills will have money. That in turn will spur spending, and create entrepreneurial opportunities. But the place to inject this money is not through huge government spending plans. Instead, an injection of credit in order to finance adult training will inject the money as well as provide the skills needed to use that money and knowledge to produce things that people want. This injection of credit will be money creation that is backed by the knowledge in the student's mind, and the purpose of the loan is to provide such knowledge. Market competition and intense monitoring by creditors will be the most efficient way of discovering all the opportunities in each region of the world and for each type of person. Over time, we will discover many new skills that are effective in producing income -- ideas collected by observing their success in the market, rather than trusting only our own imagination or the imagination of a government bureaucracy (!) to come up with the specific skill that will be useful to each specific type of person.

If needed and possible, governments or charities can offer to buy the first-loss position on pools of adult training loans. This would provide liquidity to the adult training loan market. But over time the system will surely discover through competition the things that work and those that do not. Who knows, those who buy that first loss position for pennies on the dollar may see windfall profits when that country becomes knowledgeable with relevant skills for the coming millennium. The time to try this out is now. Economic underdevelopment is causing fundamentalism's rise in various parts of the world. This poverty is only because of a misunderstanding of how credit and adult training work, and how they ought to be re-organized to be competitive and market driven.

If the world can come together and move us to a new world order of high and high quality skills training, I have no doubt whatsoever that Gross World Product will quadruple or more in the coming decade.

The author is Chairman of Tranquilmoney, Inc., a company that provides a software platform to manage securitization and structure finance deals. Here is the link to the Training Overview for Cortex.

(Or copy the following link and paste it in your browser:


From Appendix II -- Knowledge Backed Securities (resolving fallibility)

Zen and the Art of Funk Capitalism

Knowledge Backed Securities

Karun Philip discusses a proposition that taking structured finance to the private skills-training industry can shorten the road back to global prosperity.
In this article I discuss the problems with the economic theory that claims that interest rate cuts will create money supply expansion that will re-start the economy, and then present a way that may help work around these problems.
Whom do we lend to?
On October 2, 2001 the US Federal Reserve cut interest rates once again to a 40-year low of 2.5%. In addition, private money is sitting on cash deposits in large quantities. There is now a large quantity of money in the banking system that economists claim will now be lent cheaply to successful companies, and this will stimulate new jobs and new demand. Great theory, but now look at the state of the successful large companies – they seem to be in no great hurry to borrow because they cannot see anything but decline in demand, and are lowering costs through layoffs, which will reinforce the reduction in consumer demand. There is plenty of capacity in the banking system to lend, but a lack of knowledge of where to lend it profitably and safely. And without growth in lending, there will be no economic growth.
The general consensus is that there will be a period of belt tightening that cannot be avoided. The debate is only whether it will be a short 6-month period, or a decade-long (and counting) experience like Japan’s.

Back to school

In every major downturn in the US, people have tended to go back to school during a period where they have been laid off and are finding it difficult to find a new job. If we take a look at this simple wisdom of ordinary people, we can begin to see how an efficient supply of capital to people to retrain themselves with economically valuable skills can be both profitable and sustainable. But instead of looking to college education which is general purpose in nature, we need to look at schools which train people in practical skills – these are the schools that would tend to provide a more predictable return on an investment in training than conventional college degrees. These schools typically provide a large return on capital to their students, but are unable to charge the full value of their training because of the limited purchasing power of their clientele prior to the training.

Loans for training courses

But lending money for training can be a safe and profitable business only if we employ the techniques of structured finance. There can be no guarantee that every student given a loan will be able to get a job of sufficient pay to service the loan. But we can collect and analyze data. By forming partnerships with training schools, lenders can build databases on the effectiveness of various types of training, in various parts of the country, and for people of various prior skills. These data sets will lead to the determination of how much default is to be expected, and thereby determine the price of the pool of training loans. The training school will be incented to provide such information since once the data is established and funding becomes available, they may be able to even increase the amount they charge for training, as long as they demonstrate a clear return on investment.

Operational innovations

The innovations from there can be endless. For example:
  • Make the training schools hold the equity tranche of the deal so that they are incented to discover ever better ways of making their training more effective.
  • Develop ways of credit scoring a training school and its prospective students to ensure that each type of person focuses on the type of career prospects that will maximize their particular aptitude.
  • If the training is proven to be sufficiently productive, consolidate older consumer debt such as credit card debt of the borrower into a training loan by lending the cost of training plus the cost of paying off the older debt.
  • Discover appropriate training schools for delinquent credit card debtors who can then pay back old debt as well as have the prospect of new earning power after the training investment.
  • Provide an online reference check to employers to validate the courses and performance of students who apply for a job. Defaulters and delinquencies can also be flagged on this reference check.
  • Provide an online rating of various professions, their average pay, the schools that train for that profession, and the banks that provide financing. This will enable people to find out what skills are most needed in the economy and how to acquire those skills.
Of course the standard tools of structured finance will also be applicable – pools of training loans can be split into waterfalls, interest-only pieces, etc. to tailor the supply of loans to the demand for risk and return in the capital markets.

Macro-economic effects

The data collection needed for building such a ‘Knowledge Backed Securities’ (KBS) infrastructure into place presents quite a massive task. But once it is underway, the macro-economic effects of such data being collected and used as a basis for new credit issuance ought to be quite dramatic. Over time, there will be almost endless prospects for investment in areas that are proven to be effective. The greater the pace of technological change, the more will be the need for workers in an economy to upgrade their skill sets multiple times in a career.
The unemployment claims would become virtually zero because everyone would either be in a job, or at a training school (or not seeking work). The training industry could be the source and sink for labor, constantly measuring what types of labor and skills the economy needs, and then supplying that labor before shortages cause bottlenecks on the economy.
Training would become very competitive and only schools that provide the best and most effective training would survive the test of detailed data analysis from Wall Street. However, with the liquidity available for higher investments in training, schools would be able to afford the best salaries in the economy to attract the best talent as teachers. With a way to for those who have useful practical knowledge to monetize that knowledge, the ‘habits of highly effective people’ will emerge and spread spontaneously as the market seeks out ever more productivity in training.
The massive positive fallout of such a system should be sufficient for the Federal Reserve to encourage KBS to the extent of providing liquidity to AAA-rated KBS, much as it buys rated mortgage products. It could also provide limited reinsurance or lines of credit to pools of loans for the lower end of jobs, where defaults may otherwise be too high.
In general, by investing in market-based training loans, money supply injections from frightened investors or the Federal Reserve can be employed in a way that will rescue consumer credit, and set the stage for demand recovery in a newer, reconfigured economy after bad older investments are written off. The injection of market-monitored training loans into the economy will also stimulate capital investment from businesses that can safely assume that consumer demand will not retreat indefinitely into a shell. While this ‘new economy’ will continue to be one where no job is safe from redundancy, it can also be one where if one job disappears, many other potential jobs are sure to be around the corner. And if capitalism does its trick of increasing productivity continually, you can bet that the new jobs will afford a higher standard of living than the old ones.

Review by MD Tech magazine

Interview with Dr. Karun Philip It will be great if you could give me a brief background about your company as to what you do and you know, ...