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What’s Behind the World’s Debt Crisis?

AMA4-24-15On one spring day in late April 2014, the world’s debt clock checked in at a staggering $60, 656, 668, 640,014. That number changes by the minute, as do the totals for interest accrued – over $1,000 every minute.

The world is deep in debt – and becoming more indebted every minute, with no end in sight. Many countries carry so much debt that it can never be paid off. But debt itself is a stock in trade in the world’s money markets, which creates winners and losers in the global debt game.

How did the world wind up in so much debt? And what are the implications of massive international indebtedness for the future of both the US and world economies? Economist John Rubino spoke with Jason Hartman about those things on a recent episode of the American Monetary Association podcast.

As Rubino points out, the world now runs on debt – a situation that’s been accelerating over the past forty years r so, since the end of the Gold Standard. And that creates some unprecedented situations, such as negative interest lending and investors paying for the privilege of stashing money in safe havens.

The gold standard, or lack thereof, plays a key role in today’s world debt situation. From the first days of using gold for currency back in 643 BC, this precious metal, along with its less distinguished cousin silver, has created the standard of wealth that defined the status of countries like Spain, Portugal and France throughout their history.

By the mid 1800s, the rise of printed paper money and ever expanding global trade initiatives led major world powers to adopt the Gold Standard – a system that tied the value of a country’s curr4ency to its store of gold. In other words, a given amount of paper money could be redeemed by its movement for the same value in gold.

That worked relatively well for a while. But as the price and availability of gold began to fluctuate, so did the currencies tied to it. IN 1933, the US created the Federal Reserve to oversee and regulate gold and currency issues. But when World War I began in 1914, several European countries suspended the Gold Standard in order to print up more money to subsidize their part in the military effort.

That created runaway inflation, so after the war, most countries returned to the Gold Standard – or a modified version of it. But when the Great Depression hit in 1929 many countries had to abandon the Gold Standard again. People were hoarding gold out of a deep mistrust of banks, and President Franklin Delano Roosevelt froze gold dealings completely. No one could export it, hoard it or sell it.

That made the US the largest holder of gold in the world. But as the economy became more robust after the two World Wars, more trade was conducted in dollars – now widely seen as a stable currency. And so in 1971, President Richard M. Nixon signed an act doing away with the Gold Standard for good.

That, say some economists, paved the way or the current debt crisis. With printed money no longer tied to a tangible commodity, countries were free to print as much money as they needed to cover commerce and loans outstanding to other countries.

The value of money became essentially whatever the issuing government claimed it to be. And without tangible assets to back it up, debt became largely am exercise on paper, with many countries falling so deeply in debt they may never escape it.

The looming specter of all that debt has investors and everyday citizens worried that a house of paper cards could collapse and take their assets with it. Thus the rise of tax havens, secure places in various parts of the world where investors could keep assets safe from financial uncertain ad devaluation at home.

But that too is changing. Even as “good borrowers” are being rewarded for their debt management by increasingly good rates that push interest rates into negative numbers, traditional safe havens like Switzerland are encouraging people to use their safe banking resources to protect assets.

Those days of safe tax havens may be ending, though. Recent legislation in the US and a globally focused counterpart in Europe threaten to end the privacy and relative safety of offshore tax havens by requiring host countries to report accountholders’ assets to their home country – effectively ending the financial privacy that attracted users in the first place.

All these factors contribute to making the word’s debt less manageable, not more. And as debt, inflation and financial mismanagement plunge some countries into financial crisis; so market watchers worry that there may be serious crisis ahead.

Is there? Rubino notes that there are really only two options: a collapse of the entire system, or a round of inflation not just for the US but the world as a whole. And with the world’s hopes for financial stability resting on the paper tiger of printed money, tangible assets such as property remains as good as gold. (Top image: Flickr/elibrown)

Read more from The American Monetary Association:

The Wizard of Oz: An Economic Fairy Tale?

Do Currency Wars Drive World Economies?

The American Monetary Association Team

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The Wizard of Oz: An Economic Fairy Tale?

AMA4-22-15And all along, you thought The Wizard of Oz was a delightful children’s adventure, brought to life on the big screen in that famous movie starring Judy Garland.

But in the years since the movie put the beloved L Frank Baum story into the cultural fabric of American life, a variety of scholars, historians and economists have found deeper meanings behind the adventures of Dorothy and her little dog Toto.

At least seven theories have been advanced about the “real” meaning of The Wizard of Oz. That’s the title of the 1936 movie; Baum’s novel was actually titled The Wonderful Wizard of Oz, but we’ll use the film’s title to keep things simple. Among the leading interpretations of Baum’s story: it’s a Christian allegory that has Dorothy following the Yellow Brick Road to get to the Emerald City (heaven); it’s an atheist allegory (there is no wizard, which means there is no god), a feminist allegory (Dorothy triumphs), and more.

But as a new Business Insider article reports, the one theory that still captures the imagination of some economists and financial experts was advanced by a high school teacher named Henry Littlefield. His reading of the book sees The Wizard of Oz as an allegory about American monetary policy of the time – with implications for what came later as a result of conflict over maintaining the gold standard and the “ Free Silver” movement of the day.

If you’re hazy on the story, it comes down to this: little Dorothy and her trusty dog Toto are transported into the magical world of Oz, where they join the Scarecrow, Cowardly Lion and Tim Man in their journey along the Yellow Brick Road to find the Emerald City. After a long series of adventures, Dorothy clicks together the heels of her silver shoes there times and is transported home.

According to Littlefield’s theory, many of the story’s characters do double duty as metaphors for figures in the landscape of the American economy of the day. And Dorothy’s journey represents one that could lead to prosperous outcomes for the country as a whole.

This reading of the story sees Dorothy as the common citizen struggling to make sense of the economic realities of the world of the early 1900s, when unemployment was rampant, drought was pinching farmers who were in debt to the banks, and the country was debating what direction to take its monetary policy.

Carrying the theory forward, the Scarecrow represented farmers, who were indebted to bankers. As deflation hit the country in the late 1900s, their debt ballooned while those bankers got more money. Dorothy’s other companions, the Tin Man and the Cowardly Lion, also represent figures of the day.

The Tim Man, economists say, represents the industrial workers, who faced soaring unemployment rates in the waning years of the nineteenth century. That’s suggested by the Tin Man’s rusty joints and creaky movements that keep him from being effective.

For Littlefield the Cowardly Lion was William Jennings Bryan, a proponent of the Free Silver movement to add silver to the gold standard to boost the money supply The Yellow Brick Road was the gold standard itself, which took the traveler to the Emerald City, Washington DC, where everything was seen as dollar green.

There Dorothy met the Wizard, who’s believed to be Grover Cleveland or possibly William McKinley – both presidents who were known for not doing much to help the economy. Once Dorothy met the Wizard, she clicked the heels of her silver shoes three times and was able to get safely home – demonstrating that adding silver to the country’s money supply would help the economy out of its tight spot.

And Oz itself? Why, its name is the same as the measurement of a unit of gold – the ounce.

Clearly, the producers pf the legendary movie weren’t concerned with keeping the allegory going, though. The silver shoes Dorothy wears in Baum’s book were replaced by the famous ruby slippers in the movie, just to take full advantage of the trendy new Technicolor film process.

The gold standard was once the bedrock of US monetary policy. Throughout the nineteenth century and much of the twentieth, gold was bought and sold at a fixed rate among participating countries, and the value of currencies were tied to the value of gold. Silver was part of that equation too, in a system known as bimetallism. The Gold Standard Act was passed in 1900, the year that Baum’s book came out, so that lends some support to the “economic” theory about the message hidden in his book.

The gold standard effectively ended in 1971, when US President Richard M. Nixon severed the connection between a country’s currency and real commodities such as precious metals.

Literature is always open to  interpretation, and who can say what L Fran Baum really intended to say in his novel? But although literary scholars have largely dismissed Littlefield’s interpretation of the book, the parallels are striking – and the discussion serves as a history lesson for followers of American monetary policy. (Top image: Flickr/Photatelier)

Read more from The American Monetary Association:

Do Currency Wars Drive World Economies?

The US: World’s #1 Tax Haven?

The American Monetary Association Team

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Do Currency Wars Drive World Economies?

AMA4-17-15The major powers may rattle sabers and troops and weapons may move in places all around the globe, but there’s another, quieter kind of war that has the power to make or break economies. Global “currency wars” like the one we’re In right now affect rates of exchange, inflation, and the flow of goods and services everywhere in the world.

Currency wars come around periodically in the interconnected world of global finance, where what one country decides to do with its currency affects the monetary policy of another one thousands of miles away.

The current currency war has been going on for a few years now according to some financial and economic experts, who place its start somewhere in 2010. It made headlines in early 2015 when Switzerland abruptly decided to abandon its longstanding cap on the valuation of its franc.

Without the Swiss National Bank’s firm limits on the franc, it could float freely relative to other currencies, particularly the euro. The SNB’s decision came as the Eurozone was planning to launch a round of quantitative easing for the euro – putting more euros into circulation in order to stimulate spending.

The Swiss move caused economic upheaval at home and in neighboring countries holding franc-denominated debt. The rush was on to buy up more currency to back the debt, and the fallout rippled as far as the United States, with losses by major banks with heavy involvement in international currency trading.

Although the duel of the franc and euro made financial headlines and put the concept of currency wars into the public arena, currency wars have a long history. As a new article from Business Insider reports, there have been three of them in the last century or so alone. And they’ve changed the way the world does business every time.

What is a currency war anyway? Basically, it’s a race among nations to cheapen currency –just as price war among retailers is won by the one who can cut prices the lowest and still make money. In the world of monetary policy, cheapening currency can boost exports and keep those exports more competitive internti0onlaly.

A strong currency – like the dollar, let’s say – actually makes international commerce tougher, since an item costs buyers from places with weaker currencies more to make the purchase. While these cheaper currencies may encourage trade, they can also raise the prices of goods and services at home, providing fuel for a round of inflation and increased prices for everyday goods.

In the twentieth century, currency wars have lasted anywhere from five to fifteen years, with varying effects. The first of these came in 1921, when Germany completely devalued its currency in the aftermath of World War 1. Within a few years, France and Belgium had followed suit.

That launched a series of currency wars leading up to the present one, driven largely by the shift away from the gold standard that began in 1914 when the whole world went to war. Before World War I, the balance between gold and paper money remained steady. But in the war years, more money was needed – and that shifted the balance between gold and paper money.

That started the pattern of systematically devaluing currency during certain economic conditions. Successive currency devaluations by the world’s great powers in the periods between the two World Wars led to severe depressions and currency crises. The next currency war came in 1967 and lasted twenty years and spawned three major recessions.

The latest currency war began in 2010 and, as the Swiss demonstrated in their actions regarding the franc, it’s still going on. And if past currency wars are any indication, this one will likely last awhile. Thanks to a strong dollar and the disintegration of the old gold standard, the coming years promise uncertainty and constant change.

Currency wars aren’t won with guns and tanks, but with banknotes and policies. And for wise investors hoping to protect assets, the current skirmishes are worth watching.  (Top image:flickr/rieh)

Read more from The American Monetary Association:

Does Housing Drive Income Inequality?

AMA 118: Your Business More Efficient With Smartphone Technology with  Kirill Storch

The American Monetary Association Team

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Does Housing Drive Income Inequality?

AMA4-13-15The widening gap between the wealthy and – well, everyone else in America has occupied news headlines since the housing collapse of a few years ago. As the famous one percent gets richer and the other 99 do not, a new theory suggests that income inequality is really about housing inequality.

Income inequality isn’t new. It’s even become a part of the classic “American dream” in which a poor but enterprising individual can overcome a lack of money, rise above humble origins and get rich. But changing economic and cultural conditions have revealed that dream for what it always was – a fairytale.

In today’s world, technology, globalization and economic crises have combined to make it harder for the poor to get out of poverty and for the rapidly eroding middle class to hold the line. And while that’s going on, that small minority of the wealthy keeps on accumulating wealth.

According to a recent report from Medium.com, an MIT student’s current work suggests that this model points economists in the wrong direction. Under current conditions, those models for accumulating wealth through labor and wages may be less valid – and the real reason behind American’s stubborn income inequality has to do with housing prices and availability.

That’s the theory proposed by MIT graduate student Matthew Rognlie, who points out in recent research that in the tug of war between capital income and labor, or wage, income, capital income prevails as the route to accumulating wealth – if the equation includes housing.

As French economist Thomas Piketty proposed, wealth accumulates with one percent of the population because they’re investing in capital, not in wages. In other words, money accrues to those who invest capital in assets, including land, technology and innovations, rather than paying workers wages. The labor income model ties income inequality to factors such as stagnant wages, a sluggish job market and related factors that keep people from being able to accumulate capital and make investments that could open the door to building wealth.

But one of the most stable and enduring assets in the US and the world is housing: land and the structures that are added to it. Because people always need a place to live, land and hosing never goes out of fashion.

That’s not the case with technology and product innovations, which become obsolete quickly as new generations become available. And today’s innovation may be old hat tomorrow – or eclipsed by anther more cutting edge product from elsewhere in the world. That means that today’s technology giants may find the foundation for their wealth eroding with tomorrow’s innovations.

Likewise, in manufacturing an industry changing conditions may mean that today’s operations can’t be sustained at their current levels – and that the investment into infrastructure and personnel doesn’t yield up enough returns.

If those avenues for building wealth don’t have the staying power that they used to, housing does. It’s the common denominator for virtually everyone – and what happens with hosing is highly revealing about how wealth is distributed – and what that means for the future.

The availability and cost of housing creates clear barriers between income groups. As the US housing market climbs out of the rubble of the 2008 crash, home pries are continuing to rise, even as the inventory of homes available for sale continues to be tight in most markets.

That means that home buying becomes a reality largely for those with higher incomes and the ability to either pay cash or make large down payments on higher priced properties. That locks out lower income buyers, who can’t find properties to buy in their price range and who struggle with meeting mortgage standards and making down payments.

The lack of affordable housing in mid and low income markets, along with stagnant wages and an unpredictable job market, makes homeownership a matter of “haves” with higher income on the one side, and “have nots” on the other. And with fewer homes for purchase and fewer people able to buy those homes, rental markets heat up.

But even in the world of rental housing, demand drives up prices. And once again, higher rents and tight availability mean more access to those with higher incomes. And because of perennial demand for housing, investing in real estate becomes a route to building wealth.

Closing the income gap is always high on the list of ways to address inequality in American life. But a graduate students insights may point the way to doing just that – through the one asset that never stops being in demand. (Top image: Flickr/milestonemanagement)

Read more from The American Monetary Association:

The US; World’s #1 Tax Haven?

AMA117: What’s Happening Wit the World’s Debt with John Rubino

The American Monetary Association Team

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AMA 118 – Your Business More Efficient with the Use of Smartphone Technology with Kirill Storch

 

Jason Hartman invites Kirill Storch of Electric Web to talk about some of the interesting developments that”s happening in the mobile sector. Kirill tells Jason about how companies are putting smartphones on assembly lines to scan their products more efficiently, companies utilizing innovative tactics to make their internal processes go faster, and more.

 

Key Takeaways:
1:50 – Most people only think about how smartphones can help businesses from a sales point of view.
3:20 – The scan feature on the smartphone can now check in with assembly line managers to make sure everything is running smoothly.
7:10 – Wearable technology will probably change the way we do business.
10:00 – 10% of all US firms have invested in mobile technology and it”s estimated by 2016, 30% of companies will catch on.
12:40 – The solution to a company”s problems might be right there in their pocket

 

Tweetables:
“If I was a small company, I would look at your internal processes and ask is this something that can be improved.”

“Pick a high-visibility relatively low-intensity process and try to bring that over to mobile.”

“Jobs that are highly automated that a computer could easily do, those are probably the jobs that are least fun.”

 

Mentioned In This Episode:
ElectricWebMarketing.com

 

Transcript

Jason Hartman:
It”s my pleasure to welcome Kirill Storch to the show. He is with Electric Web and kind of an interesting angle, you know, everybody”s talking about smart phones and how convenient it”s made their life and businesses are talking about how they can drive sales with smartphones, but what about efficiency, what about inner prized management, you know, making your business more efficient by use of smartphone technology, so we”re going to kind of dive into that a little bit, Kirill, welcome, how are you?

Kirill Storch:
Doing well, thanks for having me.

Jason:
Good to have you and you”re coming to us from my home town in Los Angeles, right?

Kirill:
That”s right. Sunny Los Angeles.

Jason:
Tell us about, you basically boiled it down to five unexpected way that businesses can use smartphones to drive profit. Most people only think of it from the sales angle, you know, they think, “Oh well, I can do coupons, I can do an app and get people to listen to my podcast.” Or whatever that application is, but let”s talk about it from the other side of the coin.

Kirill:
Right, I think a lot of companies look at mobile applications in terms of driving top line revenue, that”s it”s just a way for them to access a new audience on their smartphones, but actually a lot of companies, almost 10% right now and that number keeps growing are using smartphones to drive the bottom line revenue, to improve internal processes and get a lot more efficient.

I mean, just to give you one example, any company with field employees, insurance inspectors, adjustors, maybe just contractors, gardeners, what have you, they”re using these smartphone apps to actually like together their workforce and make sure people are arriving to the job sights on time, people aren’t tardy, they use it to manage their employees and see if they”re working, you know, below national averages in terms of efficiency or above national averages and they also use it for the employees to call in sick and do various things that they used to call the home office for. So, that”s one quick example of how companies are using it.

Jason:
Tell us more about this. I mean, you mentioned law firms and companies that need to scan documents and so forth, lots of different angles.

Kirill:
The scanning feature on the smartphone is actually one of the drivers the way the companies are utilizing this technology and the way that they”re using this is probably going to surprise, I can”t name the company, but there is a client of ours who is a fortune 50 company and they have actually outfitted an assembly line of theirs for power cabinets, which is like the cabinets you put your tools in, they actually literally know have a smartphone standing on their assembly line as part of the assembly line. This is an iPhone basically right on the assembly line and what they”re using this for is essentially replacing, you know, the guy who used to stand there with a hardhat and check list that”s marking the parts off as it”s going down the line. It”s creating actually a really cool map for the manager so he can see exactly where are all the parts are on the line at any given time just by taking out their smartphone.

Jason:
So, does the phone recognize the part by actual visual recognition or is it scanning the barcode on it?
Kirill:
What it”s doing is it”s scanning the barcode. It”s unique on the actual piece. So, we have a little QR code that”s coming in and it”s being put on every single piece, so that”s how it”s recognizing it. So, yes, it is recognizing the exact piece it is, but it”s doing it through the QR code, so it”s not using the photo recognition software available on that isn”t quite developed enough to be reliable in every single situation, so you”re still relying on things like QR code technology and so forth, but the reason why they”re using smartphones is because everyone has one, right, so the manager of that assembly line at 2am in the morning can take out their smartphone and check out what”s going on with the assembly line. It”s really has to do with how ubiquitous the devices are, that”s why they”re using them.

Jason:
Give us some other examples, if you would.

Kirill:
Yeah, well you mentioned, you know, the law firm, there”s a couple of law firms that are using it in terms of scanning, pretty much anyone that wants to go green, which is a lot of companies. A lot of this has to do with just kind of capitalizing on ideas that are already thrown around in the boardroom already, right, things like efficiency, environmental consciousness, how do we actually act on these things, and a lot of people talk about it, but I think the smartphone is something that”s just sitting in your pocket and kind of a solution is just there, right. So, the law firms are using it to scan documents, document scanning, non-profits, I mean, there”s a lot of different agencies that are saying, well, we can use the smartphone at the point of entry and as soon as we get these documents we can just kind of scan them and put them into an online repository. So, that”s another big way that people are using. The scanning piece of it, anyway.

Jason:
But, the scanning piece unfortunately, you know, I”ve been intriguing by the document scanning ability of the smartphone, but unfortunately it doesn”t really, you know, it doesn”t really work very well. I mean, it obviously don”t have a paper feed, so you can”t scan large numbers of documents, but even then you gotta align it up, you know, and I know it helps you do that, obviously, but it”s still pretty difficult. Any thoughts? Is that on its way to being improved dramatically?

Kirill:
It is, but you have to – they are improving it, but you also have to think about what is the situation that the individual is in. If you”re talking about an insurance adjuster or maybe a railroad site auditor and they are out in the field, is it more convenient for them to take out their smartphone or do they have to then take the document, go back to the home office or hook up a scanner remotely, you know, so there”s little ways you can realize efficiency with it even though, you”re right, the scanners not perfect and it”s something that hopefully they”re working on improving on, but yeah, it”s definitely something that”s going to be imported for businesses. It”s not the only thing that they”re doing with it, there”s also, there”s all kinds of other uses as well, you know, aside from the scanning fees.

Jason:
Yeah, yeah. Good, good stuff. So, what other uses, just give us some more examples. I mean, these are great. How about in the actual application itself, you know, for example, my company is using Infusionsoft and they have an app for mobile. I don”t know if it”s very adopted though and I”m sort of curious how the Apple watch might play into this and Google Glass, you know, some day the wearable technology, if you have any thoughts on there.

Kirill:
Wearable are going to be probably one of the biggest drivers, you know, of just societal change in the next 10-15 years and subsequently also the way we do business. If you imagine the ecosystem and a large part it”s actually an underground ecosystem of developers that are coding for Google Glass right now, you”re talking about functionality that potentially could just change the way we live in society in a manner that”s more dramatic than the iPhone or Facebook or any of these other technological drivers and change. I casino online mean, imagine walking into a party or walking into a conference room with you Google Glass on and having information about people like the estimated income or the job description or what their background is or what their preferences are, right. Information that can be readily scrapped from social media right now. So, Google Glass can be a very, very disruptive force in the way we do business.

Jason:
I”m sort of wondering what”s going to happen with it though. For example, will the glass just scan the barcode, will it recognize the product, you mentioned the assembly line example. So, the iPhone I suppose just sits there on a stand and scans all these items going by like an overpaid union member used to do?

Kirill:
Yeah, you called it and in fact in that particular case it wasn”t one union member, it was five and those individuals are, they”re still working at the company. It”s not like we”re saying, hey, fire everyone and hire an iPhone. Those guys, I”ve actually had to chance to personally meet them because I went down there to launch this thing, they”re happy that they”re actually working upstairs now and they have different roles and they”re happier. I think a lot of people aren”t really happy with their jobs and I think the jobs that are highly automated that a computer could easily do, those are probably the jobs that are least fun, because there”s the least amount of creativity, the least amount of dealing with other people. It”s probably some of the least rewarding work you can do, so actually some of this automation, you know, it can be, it can be really great for people working at the company too.

Jason:
What do you see as the future of this? Where”s it going? What are some of the next couple of steps and any advice you have on how someone listening might just use this now on their small business, you know, maybe they don”t develop an app, but they just use existing apps out there, you know, any thoughts on that would be great too.

Kirill:
I think the trends are pretty clear. Right now about 10% of all US firms have actually invested in this and by the way the name of this is MPI – Mobile Process Improvement. So, just improving internal processes in your company using mobile, mobile phones. So. 10% of all firms in the US have invested so far and it”s an estimated that within a few years, you know, by the end of 2016, over 30% of US firms would have made the investment.

So, it”s growing really, really quick. It”s burgeoning industry, it”s growing fast, and some key players that are investing in it are, you know, known for their innovation. You have Amazon putting big money into this, United States army is putting big money into this, and they”ve already saved, you know, upwards of 15 billion a year just between the two of them, right, so there”s a lot of money being saved through this technology.

If I was a small company, I would start first by looking at your internal processes and asking yourself, you know, is there something here that can be improved. What is a process that is relatively simple that is not super efficient right now. So, pick one process. Don”t try to make your whole business go mobile right away. It”s too much work. Pick a high-visibility relatively low-intensity process and try to bring that over to mobile.

The first thing you do is maybe look at some existing apps that are out there that can already do this and if not you can think about an out-of-a-box solution, which is like a customized dashboard, so like an APN or a SERA data solution and then lastly, you know, you can”t find something that 100% meets your needs, you could look at doing a custom app build, which would be maybe an upwards of 60 grand or something like that, so that would be I think the way I would start.

Jason:
$60,000? Is it really that much to build one of these types of apps nowadays? I thought that prices have just plummeted in app development.

Kirill:
Not for applications like this because there…

Jason:
I was thinking that.

Kirill:
Yeah. This is very different than a fun consumer app, because if you think about it there”s all these different angles, so security is a really big one. You”d be surprised how much work has to go into just msecurity, mobile security, if you”re a large firm like this and you”re investing in this application, you have to make sure that thing is ironclad. A lot of work goes into making sure all the employees know how to use it, use ability testing, anytime you”re in an environment where you”re trying to introduce a new process into an existing organization, you know, the costs they tend to go up because of that.

Jason:
Good stuff. Well, any other things I should be asking you that I didn”t ask? You know, that you just want people to know?

Kirill:
Well, I think that, again, I think a lot of people when I read their mission statements or their vision statements or I look at the golden plaque in the lobby. I see these words like, we”re committed to innovation, we”re committed to efficiency.

Jason:
Yeah, the generic words.

Kirill:
They”re generic and then I think, I don”t think, you know, so many people are saying, well, how are we actually following through on this commitment to innovation and I think a lot of, you know, people are sitting there in the board room while their smartphones collecting Facebook notifications and saying we need to be more innovative and it really just ends up being lip service when the solution might be right there in their pocket. So, I think just taking out that phone and taking a second look at it and just researching the existing smartphone ecosystem, the out-of-a-box app solutions like I mentioned, APN and SERA data or the custom apps solutions, which is what we do and also we have a white paper actually that we commissioned some grad students to do, so you can check that out as well if you wanted to get a starting points, a free white paper, if you wanted to get a starting point about, you know, some of the research on the subject.

Jason:
Yeah, where can people find that.

Kirill:
So, they can find that at ElectricWebMarketing.com. Again, that”s ElectricWebMarketing.com and the white paper is right there, just scroll a little bit below the fold and you”ll see it, just go ahead and download it.

Jason:
Good stuff. Thank you so much for joining us today and telling us about this important trend and I just hope it will really trickle down to small business to where, you know, virtually everybody listening has a small business, right, they have their own solopreneurship things. Everybody”s got some idea in the back of their mind, maybe they haven”t executed on it or they”re doing to one degree or another now and it”s just awesome that these tools are just democratizing everything, every area of life, so it”s an exciting time for sure.

Kirill:
Absolutely.

Jason:
Alright, thanks for joining us.

Kirill:
Alright, thank you, Jason.

Announcer:
This show is produced by the Hartman Media Company, all rights reserved. For distribution or publication rights and media interviews, please visit www.hartmanmedia.com or email media@hartmanmedia.com. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate or business professional for individualized advice. Opinions of guests are their own and the host is acting on behalf of Platinum Properties Investor Network Inc. exclusively.