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Enlightenment First-best Management Academy Academy of Rational Philosophy for Unanimously Agreeable and Constitutional Governance Proposal

“It is the duty of every citizen according to his best capacities to give validity to his convictions in political affairs” — Albert Einstein



GLOBAL Chatterbox
Policies for
  • Measure and Boadcast Data on Household Net Worth of the Middle Absolute Majority in a Nation
  • Ban Short-Selling of Financial Securities
  • Adopt Safe Banking
  • Institute Global Democracy
  • Cut Household Debt
  • Ban Patent Rights

More On Policy Guidelines

Economic Goal
of a Nation?
The U.S. Board of Governors of the Federal Reserve System claims to pursue some national economic goal. But the BOG does not define it. Neither does the U.S. constitution define it. No where is the national economic goal defined. But nations pursue for some goal. What is it? What should be it? How to accomplish it? The book, entitled, "Prosperity" deals with these questions transparently and provides rational answers. The book goes beyond national boundaries to even talk about the global economic goal. Using fundamental principles of economics, it derives socially optimal policies.Such policies are necessary for prosperity of the absolute majority.
Devolution of
Power in India
India is booming in knowledge-based sectors like information technology, medicine and other professional services. Is the boom real when jobs are not growing? What is really happening under the veneer of propaganda of economic growth?

Prosperity amid Stability

Rational, Unanimously Agreeable and Constitutional Basis of Divisiveness and Unity. April 16, 2019.

Remarkable Vindication of Unanimously Agreeable and Constitutional Governance. March 27, 2019. Revised April 15, 2019.

Academic Freedom Stifled: March 24, 2019

Constitutional Mandate of the State of Illinois to promote and reward faculty research contributing to the economy: March 9, 2019

Unfair and Unconstitutional Structure of Banks and Financial Markets: March 8, 2019.

The End of Modern Liberal World Order: February 1, 2019. Revised February 27, 2019.

Academy of Rational Philosophy for Unanimously Agreeable and Constitutional Governance in Progress: January 21, 2019

Response to American Economic Association President: November 13, 2018

Book Proposal: Modern Gita - Unanimously Agreeable & Constitutional Governance. February 16, 2018. Revised March 25, 2018.

Americas-Europe-and-India-for-sure are Hindu Rastras. January 28, 2018.

Scientific Juggernaut of Constitutional Unanimously Agreeable Philosophy of Governance is Crushing the Unscientific Unconstitutional British System of Robbery. December 1, 2017. Revised February 18, 2018.

First War of Indian Independence (1754) in Ghumusar was to preserve Dharma (akin to Unanimously Agreeable Philosophy of Governance) against British Raj's System of Robbery (Modern Economics). November 25, 2017

Unprecedented Adoption of Unanimously Agreeable Philosophy (No-Subsidy Mantra) in US Government. October 14, 2017

The Unanimously Agreeable Philosophy for Governance is the only (unique) basis for a lawmaker - who swears to uphold the constitution - to vote on a proposed rule of governance of We the People. September 25, 2017

FBI should investigate Blackmailing of Enterprising Wealth Creators. May 11, 2017.

The FBI should investigate Blackmailing of Enterprising Wealth Creators. May 11, 2017.

The Hensarling Choice Act (May 2017) designed to perpetuate systemic robbery of enterprising wealth creators with impunity is unstable, inefficient, fundamentally unfair (unconstitutional) and unanimously disagreeable. May 6, 2017.

Unanimously Agreeable and Fundamentally Fair (Constitutional) Tax Policy. April 29, 2017.

Deception of Proposal of Mortgage Bankers Association to OVERHAUL Fannie Mae and Freddie Mac. April 26, 2017.

Public Interest Litigation before Supreme Court for Unanimously Agreeable Constitutional System of Governance. April 13, 2017.

Commomerating-Original-Advocates-of-Unanimously-Agreeable-Philosophy-and-Governance. April 9, 2017. Revised April 10, 2017.

Deconstructing and Supplanting the Current Deep Administrative State with the Unanimously Agreeable Philosophy and Governance. April 3, 2017. Revised April 10, 2017.

Unanimously-Agreeable-Health-Insurance-Act Without Subsidy, Individual Mandate or Extra Tax on the Rich. March 25, 2017. Revised March 26, 2017.

Superiority of Collegium System of Appointment of Judges by the Supreme Court and Ushering an Era of Unanimously Agreeable Fundamental Fairness in Governance of Humanity. March 16, 2017

Advent-of-Unanimously-Agreeable-Rules-of-Governance-and-Trump-Rally. February 19, 2017. Revised March 5, 2017

Intellectual Terrorism to Thwart Establishment of Unanimously Agreeable Philosophy and Governance. February 26, 2017.

DEEP-STATE-in-Governance-of-USA. February 17, 2017.

US Election Verdict - 2016 - is an Unambiguous Triumph of Unanimously Agreeable Philosophy of Governance. January 14, 2017.

Unanimously Agreeable and Fundamentally Fair Alternative to Democracy. May 30, 2016.

Unanimously Agreeable Philosophy of Governance is Antithetic to the Common Underlying Ethos of Every Modern System of Governance. May 1, 2016

Triumph of Ancient Philosophy over Modern Philosophy - Part One. May 1, 2016

Adverse Impact of Robber Barons Funding Elections. April 15, 2016

Free Trade Agreements have Boomeranged, Politically and Financially. April 14, 2016

Moral Hazard: Panama Papers versus Private Hedge Fund Accounts held at Government Sachs. April 9, 2016

War, Prosperity and Civilized Coexistence of Humanity. April 2, 2016

Public Lending to Private Hedge Funds is Inefficient, Unstable,
Unconstitutional and Unanimously Disagreeable. First Draft November 17, 2007. Revised March 30, 2016

Cause of the 2008 Financial Catastrophe: The Experts Deceived the Academy and the Nation by Surreptitiously Rejecting Research on Economically Efficient and Constitutional System of Money and Finance, and on Optimal Holding Company Organization and Capital Structure under Constitutional Governance. Dated April 30, 2011. Posted March 26, 2016

Demanders and Suppliers of Azadi (Freedom) - the case of Rising India. March 4, 2016

Emerging Platforms in US General Election: Established System of Robbery Versus Unanimously Agreeable Philosophy of Not Robbing Individual or Common Wealth. March 2, 2016

Unanimously agreeable war for freedom. February 27, 2016

Unanimously agreeable credible measures of nationalism. February 19, 2016

Making the Country Great Again: Adopt unanimously agreeable philosophy of governance by transcending liberal and conservative dogmas that have destroyed the greatness of the country. February 17, 2016

Arbitrage Pricing of Total Risk of Assets, First-best Governance of Financial Markets and Unanimously Agreeable Safe Central Bank in Equilibrium. First Draft 1991. February 12, 2016

Unanimously agreeable True Masters. February 7, 2016

Unanimously agreeability of Safe Central Banking Policy. February 2, 2016

Triumph of Ancient Philosophy over Modern Philosophy - Part Two. November 16, 2015

Unanimously agreeably and rationally defined tolerance necessary for civilized co-existence. November 07, 2015

Why leaders have failed to liberate humanity. December 6, 2014. Revised October 27, 2015

Shadow Banking, Shadow Academy and Shadow Governance: Economic Collapse. October 18, 2015.

Losing Financial War on Enterprising American Households. October 7, 2015.

Enligntenment: Self Pursuit for Truth and Justice Can Beget Immesurably Valuable Peace and Happiness. First draft January 22, 2009. Revised September 13, 2015.

God helped Mr. Obama win presidential election? November 22, 2008, Updated September 13, 2015

Dissociation of USA from American Empire. August 29, 2015.

Taxpayer (public exchequer) is on the hook due to short selling of Treasury Securities by banks. April 14, 2015.

Global Central Bank - Memo to President of China. April 13, 2015.

Glib Punditry is Facing the Heat. Fannie and Freddie deserve a premium for rescuing too-big-to-fail banks (Chapter VII of Coalition of Borrowers Paper). March 27, 2015.

Coalitions of Lenders and Borrowers, Government-Regulated Lender, Safe Central Bank and Interest Rate in Equilibrium. April 28, 2013. Revised March 27, 2015.

Diktat of Unanimously Agreeable Governance and Unifying Philosophy Necessary for Individual Freedom. March 6, 2015.

Delusion of Middle-Class Economics: Delhi Poll Verdict to Repeal the Currently Established System of Robbery. February 11, 2015. Updated February 22, 2015.

Governance of the Federal Reserve Board. February 19, 2015.

Absolute Knowledge on Governance. January 18, 2015.

CBO Study to Eliminate Fannie and Freddie is Dangerous to US Economy: Letter to President Obama. January 2, 2015.

Freedom from Neo-Colonialism which has crippled economies world-wide. November 26, 2014.

March towards Constitutional Capitalism. November 7, 2014; Revised November 22, 2014.

How Academic Freedom has eluded the academy and how it can be attained September 12, 2014.

Federal Reserve Now Admits its Models Don't Work. May 24, 2014.

Private Investors and Taxpayers: Case of Fannie and Freddie. May 20, 2014.

Government Actions on Optimal CEO Compensation. May 1, 2014.

The Prevailing Academic Administrative Policy has caused the Economic Crisis: A Proposal for Reform. April 24, 2014.

Federal Reserve Now Admits (in a speech on April 8, 2014) that Moral Hazard in Banking and Finance is a Serious Problem facing USA. April 15, 2014.

Dodd-Frank Act of 2010 Legalized Subversion of American Liberty. April 7, 2014.

Undoing Moral Hazard in Governance of Fannie and Freddie for Liberty. April 6, 2014.

Freedom from Moral Hazard: Blessing and Guidance of God. March 26, 2014.

Federal Mortgage Insurance Corporation is financially suicidal for taxpayers. March 16, 2014

Unanimously Agreeable Rationale of Governance justifies Continuance of Fannie Mae and Freddie Mac. March 12, 2014

Advice of Most Successful Entrepreneurs for Governance. March 4, 2014

Origin and Triumph of the Philosophy of Modern Constitution: February 14, 2014

Fallacy of Keynesian Economic Philosophy (2008). Revised: January 24, 2014

Universities Need to Reward Research on Stability, Economic Efficiency and Constitutional Fairness. October 28, 2013.

Truly Free Market Capitalism. October 17, 2013.

Coalition of Patients and Government-Regulated Private Insurer in Equilibrium. September 25, 2013.

Tax Capital Gains as Ordinary Income and Jettison Keynesian Economic Philosophy. April 29, 2013.

Constitutional Capitalism. December 15, 2012. Revised April 20, 2013.

Safety-net and Budget through First-best Policy. April 13, 2013.

First-best governance of Fannie and Freddie. April 6-12, 2013.

Institution of government rewards for research on systemic preservation of wealth created by and of the crucial vast majority that innovates, invents and produces globally competitive goods and services. March 23, 2013.

Legality, Morality, Unconstitutionality and First-best Economic Efficiency. October 25, 2012.

Root Cause of Financial Crisis. April 18, 2011. Revised September 30, 2012.

The Most Powerful Body at this Epochal Moment in the History of Humanity. August 30, 2012

Significant Move Towards Constitutional System of Money and Finance. May 8, 2012

The Winning Economic Philosophy of Governance. February 19, 2012

Ancient Indian Philosophy and Modern Constitution. September 2, 2012

Views on Economically Efficient Constitutional Governance

Necessity of First-best Policy Academy for Economy and Government. November 09, 2011.

Begetting First-best Status for Principals. October 17, 2011

A Unifying Philosophy of Governance. Revised, May 12, 2012

No-Subsidy Mantra of Governance to Attain the Most Efficiently Competitive Economy. September 9, 2011; Revised October 10, 2011

Support for the No-Subsidy Mantra of Governance: Republicans and Democrats want to give no subdies to anyone including corporations. (September 28, 2011). EU mulls Trading Tax to Compensate for the Government Subsidy to financial firms (September 28, 2011) and Global Agitations are Against Government Subsidy to Special Interest Groups (September 28, 2011). No-subsidy mantra in USA and government funding of elections in India mooted to attain efficient and competitive economy. September 19, 2011

Root Cause of Financial Crisis. April 18, 2011

Illegality of Broker Bets Against Clients. April 14, 2011

Constitutional Capitalism: A Path to Unity, Systemic Fairness, Economic Efficiency and Social Competitiveness. January 23, 2011

Resolving Moral Hazard in Currency Manipulation. November 8, 2010

Economic Freedom and Constitution. November 4, 2010

Strategic Quantitative Easing Needed. November 4, 2010

Systemic Weakness: Inefficiency and Unconstitutionality of the Federal Reserve Act and the Federal Deposit Insurance Corporation Act. October 18, 2010

Blind Review of Academic Papers is Unconstitutional and Detrimental to National Competitiveness. October 7, 2010

Economic Philosophy to Preserve Democratic Capitalism - School of Optimal Governance. October 2, 2010

Policies to create Jobs. September 2, 2010

Truth alone will triumph and prevail. August 29, 2010

Media and Truth for Capitalism and Wealth Preservation. May 4, 2010

Constitutional System of Money and Finance. May 2, 2010

Unconstitutionality of Short Selling and Private Market Clearing. April 25, 2010

Financial Reforms Commonly Longed in Democracies. April 17, 2010

In God We Trust. April 12, 2010

Trading by Market Making Companies is Unconstitutional and Financially Suicidal to Taxpayers. March 31, 2010

Constitutional Rules to Avert Destruction of Capital. March 23, 2010

Mythology of Market Discipline Crashed. New Philosophy of Governance. March 11, 2010

An Economic Theory of Constitutional Governance. March 1, 2010

Efficient Resolution of Moral Hazard is Health Insurance Industry. February 22, 2010

Efficient Resolution of Moral Hazard is Necessary for Individual Liberty. February 17, 2010

Rules of Optimal Governance to Compete Globally. January 29, 2010

American Perestroika for Prosperity amid Stability. June 11, 2009

Structuring Fannie and Freddie According to Constitutionally Mandated Free Market Economy. June 3, 2009

Creating a Free Market Economy. May 18, 2009

Conflicts of Interest in Academic Research and Economic Doom. April 10, 2009

Ask what you can do for your country. April 7, 2009

Historically, bankers have caused depressions following great technological innovations. March 17, 2009

Mega Problem: Credit Imbalance. February 28, 2009

Systemic Risk Due to Bonus Based Trading and Compensation. February 15, 2009

Optimal Governance of Capital Markets. February 14, 2009

Global Trust (a new bank). February 11, 2009

Reviving Trust in American Banking and Governance. February 7, 2009

Self Management of Bad Assets and Bank Nationalization. January 27, 2009

Value of Selfless Research: Optimal Governance vs. Market Dogma. January 22, 2009

Seeking Truth and Justice for Peace and Happiness. January 22, 2009

An Optimal Strategy to Revive Economic Boom with Enormous Profits to Taxpayers. January 2, 2009

Prosperity amid Stability: A New Economic Paradigm for Democratic Capitalism. 1991-2009

Free Market Dogma Fails. Philosophy of Optimal Governance Wins. December 23, 2008

Optimality of Government Sponsored Entities, Fannie Mae and Freddie Mac. December 10, 2008

A Three-Pronged Strategy To Thwart Terrorism. November 27, 2008

God helped Mr. Obama win presidential election? November 22, 2008

Ban Short-selling Fairly. November 21, 2008

Price of Prejudice. November 15, 2008

Abolishing Modern Usury and Financial Bondage. November 8, 2008

Freedom and Free Markets. November 3, 2008

A less costly proposal to save the real economy. October 11, 2008

Greedy Creed and Usurious Credit Growth. October 10, 2008

Usurious Credit Growth and Optimal Price of Credit. October 2, 2008

Market Making and Greed. September 30, 2008

Restoring Trust in the Venerable American Banking and Monetary System. September 28, 2008

Bailout is suboptimal, but "Safe Banking" is optimal for taxpayers. September 24, 2008

Averting the Next Looming Disaster: Busting of Dollar. September 20, 2008

Lending Taxpayer Funds to Investment Banks and Hedge Funds is Financially Suicidal to Taxpayers. April 9, 2008

New Financial Market Regulation. March 31, 2008

Bank Bailout Exacerbates Problems Faced by Vast Majority. What are the Solutions? February 24, 2008

Ban short-selling in best national interest? February 9, 2008

What Constitute Optimal Rules of Governance? January 19, 2008

American Prosperity: Optimal CEO Compensation, January 19, 2008

Optimal System of Governance for Prosperity amid Stability. November 23, 2007

Utility of Wealth, Optimal Policy and Democracy. October 25, 2007

Exchange Rate Beyond Purchase Power Parity. October 20, 2007

Downfall of Wall Street. Helping Main Street. Sept 30, 2007

US Congress was warned in 2003 about current home mortgage debacle: Aug 19, 2007

"The U.S. witnessed an expansion of $2.5 trillion in new credit during the last one year, primarily in the home mortgage market. There is no reason to assume that the U.S. assets somehow rose in value more than this colossal new credit even after the terrorist attack of September 2001. It seems that the U.S. home mortgage market is ballooning without much real support and will likely burst sometime. This can make many major banks default massively. Unless the U.S. Congress acts preemptively, it will be forced to react afterwards after uncontrollable bank failures. Safe banking is the only optimal alternative available for taxpayers." Safe Banking by Sankarshan Acharya to US Congress on March 31, 2003

Grassroots Democracy in China

Winning A War on Terrorism Nonviolently

Individuals Maximizing Utilities of Their Own Net-worth May Harm Humanity in Long Run: A Rational Of Social Stability and Individual Prosperity

Enhancing Global Welfare

Policies to Avert Recurrence of Great Depression

A Unifying Philosophy of Governance - Universal Religion and God for Stability and Prosperity

Should President Bush Have Visited South Asia?

Prosperity depends on cost of oil linked to war: optimal strategy of major powers

Letter to U.S. Senators on Stability and Prosperity on November 5, 2005.

The new Chairman of the Federal Reserve Board, appointed on October 24, 2005, " pledged to do all he could to ensure the continued prosperity and stability of the American economy." Issues of social stability and prosperity have been stressed in a letter to President Bush on January 31, 2005.

When does an individual feel prosperous? Is it after he "owns" a big home in a nice suburb and a sports utility vehicle to commute to work? Or, after his retirement portfolio grows substantially as in 2000? Let's not forget that such virtual prosperity can be ephemeral. It can severely erode beyond one's controls. Virtual wealth depends on macro events like war, energy and utility bills, health care costs, and children's tuition bills. More crucially, virtual prosperity can evanesce due to pure manipulation by individuals with the ability to control events to enhance their prosperity at the expense of the absolute majority.

Letter to FED Chairman on June 21, 2001: "By raising interest rate, you seem to have preemptively killed an economy growing without inflation. Now, you seem to be nervously cutting interest rates and approving of tax cuts." This letter argues that FED had no mandate to regulate stock markets. Regulating stock markets by monetary policy adversely affects real economic activities. These notes were subsequently found to be consistent with a study by the newly nominated FED Chairman, Ben Bernanke.

Letter to SEC Chairman on June 21-25, 2001: "Please examine this case because I believe that every brokerage house is in league with their fund managers to milk mutual fund investors." There were a lot of correspondence with senior attorneys at the Security and Exchange Commission. The SEC Chairman Harvey Pitt at that time was facing serious criticisms for unethical practices. He seemed to soft-pedal the issue. After he left the SEC, the matter was pursued under the new Chairman Donaldson, perhaps due to the NY State Attorney taking the lead on the matter. There were a lot of joint efforts between SEC and NY State, but SEC moved slowly until the Congress noticed it. Eventually new laws imposing restrictions on trading by mutual fund after hours were imposed. But these are hardly the remedies for the potentially serious breech of trust due to the trading between principals of mutual fund companies and fund managers.

Letter to US Congress on March 1, 2005: The potentially serious breech of trust due to the trading between principals of mutual fund companies and fund managers can result in robbing of fund investors and explode some day as a financial bomb. This could cause systemic losses like the panics and runs in the banking industry that jolted the US economy in 1907. Congress is being urged to ban such trading and disallow short-selling of financial securities.

Exchange Rate Dynamics in a Surging China
The disparity between haves and have-nots in China, India and USA is very disconcerting. China is being portrayed as a rising economic superpower. Is the Chinese absolute majority becoming prosperous? It is very hard to get an answer to this question in a country run by a single party (Communist Party of China) which has absolute control over dissemination of information.

Latest in the World of Finance and Economics
China has removed the peg of its currency (yuan) from dollar in July 2005. Chinese yuan value rose from 8.27 to 8.11 yuans per U.S. dollar. Has China really removed the peg on yuan? If the Chinese economy continues to remain strong and if the U.S. economy weakens, then floating yuan can raise its value in terms of dollar, euro and yen. As soon as China completely removes yuan's peg to float it, other world currencies will likely rise against dollar. Is it in China's interest to float yuan freely? The book on Prosperity answers these questions.

Will Capitalism Prevail?
Communism's basic ideal is to force individuals to work in cooperative communes on equal pay. This ideal has effectively stifled innovation and productivity of talented and diligent individuals. Such individuals either emigrated from nations that practised communism or became corrupt rulers and decision makers exploiting the vast majority. Communism has thus enervated societies that practised it. The communist Soviet Union has been disintegrated. China altered its course to embrace capitalistic entrepreneurship. India too practised communism in a pseudo-socialism format. The pay structure even in the private sectors have been dictated by central planners for a long time after India gained independence. India was forced to change its policies after its export earning potential was totally decimated and its imports could not be financed with its foreign currency checks bouncing in 1991.
Communism has utterly failed. Even its transformed proxy, pseudo-socialism, practised in India has not worked. This begs questions of whether capitalism has succeeded and whether it will be the lodestar of future governance of societies. This is analyzed in Prosperity published by Citizens Publishing.

Invitation to Seekers of Legitimate Prosperity
Individuals have legitimate vested interests and should feel good about it. Vested interest to become wealthy, legitimately, is justified and rational. Such individuals may join an increasingly popular forum, Citizens for Development (CFD). There is no membership fee for CFD.

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Author, Dr. Sankarshan Acharya is a graduate of Indian Institute of Technology. He holds a Ph.D. in Business Finance from Northwestern University, Evanston, Illinois, U.S.A. He has served as a bank regulatory policymaker and has contributed to American competitiveness while serving at the Board of Governors of the Federal Reserve System (USA). His works have been adopted in the U.S. banking law. He was an adviser to the Board of Directors of the Federal Deposit Insurance Corporation (USA). He has served as the chief engineering economics advisor in private industry in India. He has taught subjects like managerial economics, corporate finance, options and futures markets and fixed income securities markets in academia including Indian Institute of Technology (Mumbai), National Institute for Industrial Engineering (India), New York University, University of Maryland, University of Illinois (Champaign and Chicago), and Hong Kong University of Science and Technology.

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Updated: Tuesday, March 7, 2006