The Pistis Card: Good Jobs and Financial Health

History’s greatest figures achieved success by having pistis, “trust; commitment; loyalty; engagement.”

Pistis Card

It’s a sad truth of American life that the poorer you are the more you pay for banking.
For example, according to the Wall Street Journal, banks and other financial firms in 2016 generated $33 billion in fees related to overdrafts on checking accounts, this is the highest level in seven years. The Consumer Financial Protection Bureau (CFPB) has compared overdraft fees to a short-term loan with a 17,000% APR!
Mehrsa Baradaran, associate professor of law at the University of Georgia, and author of How the Other Half Banks, writes “As the banks are set up currently, the fees they charge are meant to dissuade small accounts, or accounts by people whose incomes are minimal and very uneven.”
As Baradaran writes in her book’s introduction, the banking industry has stopped serving those who are “too poor to bank”, pushing them into the arms of non-bank service providers to provide the most basic services: to cash pay checks, pay bills or transfer money. In exchange, she calculates that they fork over up to 10% of their income for these services.
In some cases, they don’t have an option: a bank may refuse to open an account for them. And banks have long been trying to “discourage” their smaller customers: fees on accounts where balances dip below a specified level even briefly can look extremely costly to a low-income household.

Financial Health

Financial Health for Everyone using Artificial Intelligence and Blockchain Technology
Our vision is an audacious one: to increase the number of individuals with positive financial health and well-being. To achieve financial health, people need day-to-day financial systems that build long-term resilience and opportunity. Financial health enables family stability, education, and upward mobility, not just for individuals today but across future generations. Promoting financial health is good for the American economy. Financially healthy consumers drive new opportunities for increased engagement, loyalty, and long-term revenue streams. Lasting financial health also has a positive macroeconomic impact on communities at local, regional, and national levels.
We are developing a financial adviser system with several artificial intelligence (AI) capabilities to help achieve this goal. This system learns from historical data to predict the account balances of individuals for a future time period, identify the recurring charges in their spending, determine unexpected large expenses, and analyze the category-wise spending behavior of user groups.

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Postal Banking using Blockchain and AI

In January 2014, The USPS Office of Inspector General published a white paper that endorsed a concept postal unions have quietly supported for years: The Postal Service should provide basic financial services to the 68 million American adults who don’t have bank accounts or who have limited access to bank services.
At his swearing-in ceremony in November 2013, APWU President Mark Dimondstein championed the idea – although he expressed it very differently than the OIG ever would. “To protect our jobs, we must enhance postal services,” Dimondstein told an audience of union members and friends. “Services such as basic, non-profit banking would be a great and real benefit to the people of this country, and a good answer to what I call ‘the Wall Street Banksters,’ who devastated the economy and with it the lives of millions of people.”
Soon after publication of the OIG paper, Sen. Elizabeth Warren (D-MA), who serves on the Senate Banking Committee, posted a blog supporting the idea. “If the Postal Service offered basic banking services – nothing fancy, just basic bill paying, check cashing and small dollar loans – then it could provide affordable financial services for underserved families, and, at the same time, shore up its own financial footing,” she wrote. Postal services in many other countries that offer such services have seen their earnings increase dramatically, Sen. Warren pointed out. Sen. Bernie Sanders (I-VT) also supports the concept.
In April 2018, Senator Kirsten Gillibrand (D-N.Y.) introduced legislation that would require every U.S. post office to provide basic banking services. “This is a solution to take on payday lenders, to take on the problems that the unbanked have all across the country. It’s a solution whose time has come,” Gillibrand said in an interview.

Services that could be available to U.S. consumers with a postal banking system
in place.

Postal Banking is Successful Around the World
91 percent of postal services worldwide offer financial services, serving 1.5 billion people. According to the Universal Postal Union, this makes the postal sector the second largest contributor to financial inclusion worldwide,” right behind the banking industry. Financial inclusion is the idea of increasing access to banking services for people who have traditionally been excluded. The concept of postal banking is not new to these shores. During the first half of the twentieth century, the United States Postal Savings System was a great promoter of financial inclusion, especially or new immigrants.

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Education is Disconnected from the Real World

Public schools were invented by factory owners who didn’t have enough compliant factory workers, and it worked great. For 100 years, we had this wonderful system…
People who have the hubris to dream of something bigger change the status quo.

Davos WEF

Schools tend to focus primarily on developing children’s cognitive skills rather than fostering skills like problem solving, creativity or collaboration.
~ World Economic Forum
The World Economic Forum released its Human Capital Report with the subtitle “Preparing People for the Future of Work.”
The report states that “many of today’s education systems are already disconnected from the skills needed to function in today’s labor markets”.
It goes on to underline how schools tend to focus primarily on developing children’s cognitive skills – or skills within more traditional subjects – rather than fostering skills like problem solving, creativity or collaboration.
This should be cause for concern when looking at the skill set required in the Fourth Industrial Revolution: Complex problem solving, critical thinking and creativity are the three most important skills a child needs to thrive, according to the Future of Jobs Report.
“Millennials are on track to be the least entrepreneurial generation in recent history,” John Lettieri, the co­-founder of the Economic Innovation Group, testified before the U.S. Senate. The share of people under 30 who own a business has fallen by 65 percent since the 1980s and is now at a quarter-century low, according to a Wall Street Journal analysis of Federal Reserve data.
“Creativity is as important now in education as literacy, and we should treat it with the same status.”
~ Sir Ken Robinson

Largest companies by market cap
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The Jackson Administration Will Issue Blockchain Bonds

The Jackson Administration will move blockchain technology forward by issuing government securities using distributed ledger (blockchain) technology.

Terrance Jackson 2020

Our faith in the promise of America will move mountains and unleash unsuspected human potential where nothing will be impossible for us.
And Jesus answered and said to them, “Truly I say to you, if you have faith and do not doubt, you will not only do what was done to the fig tree, but even if you say to this mountain, ‘Be taken up and cast into the sea,’ it will happen.
~ Matthew 21:21


Treasury sets $78 billion auction as it’s on track for topping $1 trillion in issuance

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The Police Need Legitimacy

What happened when California spent billions of dollar to support to the Three-Strikes Law?

Then He poured water into the basin, and began to wash the disciples’ feet and to wipe them with the towel with which He was girded.
So He came to Simon Peter. He said to Him, “Lord, do You wash my feet?”
Jesus answered and said to him, “What I do you do not realize now, but you will understand hereafter.”
~ John 13 : 5-7
Malcolm Gladwell’s David and Goliath:
[L]egitimacy is based on three things. First of all, the people who are asked to obey authority have to fell like they have a voice—that if they speak up, they will be heard. Second, the law has to be predictable. There has to be a reasonable expectation that the rules tomorrow are going to be roughly the same rules today. And third, the authority has to be fair. It can’t treat one group differently from another….
[W]hen the law is applied in the absence of legitimacy, it does not produce obedience. It produces the opposite. It leads to backlash.

Malcolm Gladwell's David and Goliath

A New York Times article reported on the NYPD’s Juvenile Robbery Intervention Program (J-RIP) created by Chief Joanne Jaffe:
The New York City Police Department has embarked on a novel approach to deter juvenile robbers, essentially staging interventions and force-feeding outreach in an effort to stem a tide of robberies by dissuading those most likely to commit them.
Officers not only make repeated drop-ins at homes and schools, but they also drive up to the teenagers in the streets, shouting out friendly hellos, in front of their friends. The force’s Intelligence Division also deciphers each teenager’s street name and gang affiliation. Detectives compile a binder on each teenager that includes photos from Facebook and arrest photos of the teenager’s associates, not unlike the flow charts generated by law enforcement officials to track organized crime.

Joanne Jaffe

Kids playing football with then NYPD Housing Bureau Chief Joanne Jaffe [now retired] at PSA 6’s National Night Out event at the Grant Houses in Harlem.

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Will China Control the Future of AI?

Chinese flag AI

China Mobile Payment

Chinese AI companies have leaped ahead, so that today the most valuable companies in computer vision, speech recognition, speech synthesis, machine translation, and drones are all Chinese companies.
~ Kai-Fu Lee
According to Gartner, the global enterprise value derived from AI will total $1.2 trillion this year, a 70 percent increase from 2017. AI-derived business value is projected to reach up to $3.9 trillion by 2022.
Who Will Control the Future of AI?
Will it be Chinese companies, or will it be American big tech companies like Google, Amazon, Apple, or Facebook, who will use AI to increase their power or wealth; or will the benefits be more evenly and democratically available?

Terrance Jackson 2020

Our faith in the promise of America will move mountains and unleash unsuspected human potential where nothing will be impossible for us.
If we don’t want poverty in our nation, our businesses must pay living wages with decent benefits. And if we don’t want polluted air, water, and land, our businesses must behave in environmentally sustainable ways.

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