Dear Friend,

I want to share with you this Commencement speech I gave this week to 5000 attendees from over 100 countries at American University in Dubai (AUD). Previous AUD Commencement speakers include President Clinton and Secretaries of State Powell, Albright and Baker. In the speech I strive to inspire the graduates to embrace the power of NOW and to move forward to build communities of peace -- as we all must endeavor to do.

Thank you.


Dennis

Dennis J. Kucinich
United States Representative to Congress
Commencement Speech
American University in Dubai
Wednesday, May 9, 2012
Dubai, United Arab Emirates

His Highness, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, Sheikh Mohammad bin Rashid Al Maktoum; Members of the Royal Families of the United Arab Emirates; Dr. Lance de Masi, President of American University in Dubai, Mr. Elias Bou Saab, Executive Vice President, Members of the Board, Members of the Faculty of American University of Dubai, Esteemed Officials, Parents and Sponsors, Students, Alumni and Friends and especially you, our dear Honored Graduates:

Thank you for the great honor of addressing this esteemed gathering upon an occasion of singular importance in the lives of each and every one of you. This day announces you are prepared. The journey which brought you here has conferred upon you a commencement to the future of your dreams.

For when you ascend this stage you are confidently passing through a portal in the time and space of your life, presenting yourself to the world as a person of accomplishment, as an individual prepared to tap the transformative power of this moment which brings to bear every talent and ability you have developed, pouring it into the moment when you present yourself at the door of opportunity, the moment which is called NOW. The NOW which contemplates that the past, the present, and the future exist simultaneously, the power of NOW as it connects with eternity, your timeless self which finds its power in expression of self recreation, self actualization. "Come my friends," wrote the poet Tennyson, " 'tis not too later to seek a newer world."

Behold the new world being born in the moment. The NOW which comes again and again and again in each and every day forward as you watch for it, recognize it, be mindful of the possibility it presents, be grateful for its immanent unfolding potential. The NOW which bids you to think, to speak, to act, to challenge, to create, to change. The NOW which declares that years of preparation have come to meet the seedling of a single moment. The NOW which whispers: "Do not spill a single seed." The NOW which makes joyous the challenge of venturing forth in faith. The NOW which bids you, "Come, you are ready!" And reminds you there is no time to waste. The NOW which unveils your deepest potential when you summon the courage to knock upon an unfamiliar door. The NOW which has been secretly awaiting your arrival.

"What you seek, is seeking you," wrote the poet Rumi. The NOW which waits for you to embrace its endless possibilities, its extraordinary beauty of presence. Yours, the restless quest of the human soul for true purpose, for a place in the world, for life, for love, for a spiritual home all awaits your attention, your touch, your gaze. Your place in the scheme of things is unfolding and even resistance can be your friend as you align with the time signature with which the hand of destiny inscribes your name. Be relentless in pursuit of excellence. Though your reach exceeds your grasp every moment, "What's a heaven for?" asked the poet Browning.

What do I know? From my earliest, I heard my life's drummer banging out a rapid tempo, a quick march to college, to work, to public life, all at the same time, twenty years old working two jobs, going to school, running for city council. When I put my ear to the ground I could hear the heart of the world beating and I rushed excitedly to embrace it fully, no apprenticeships, only the experience of trying and failing, trying and succeeding, climbing the mountains outside or the mountains within, looking up, walking up, running up one path, then another, then still another, sometimes pausing as the crowd passed me by. Then, a new moment, sensing a new possibility, stepping out into the crowd, coursing with it, stepping briskly to meet it, to embark upon a new destination, a new life, the unfolding of each and every day: I chose a career in public service while I was still in college in Cleveland, Ohio, and was elected America's youngest Mayor at age 31.

I ran for Congress five times in a period of twenty-five years before I was elected. I know what it is to try and to fail. Do not fear failure. Let failure be your friend. It prepares you for what you desire to achieve and you arrive at your new destination with growing beauty and wisdom, thanking your friend for the visit.

My dear graduates, the world needs you. I know how important you are. The raw, kinetic, intellectual and spiritual power here from one hundred countries can save our planet from destruction.

We are constantly being told that there is nothing we can do about war, nothing we can do about global climate change, nothing we can do about poverty. Those who accept the self-fulfilling prophecies of doom may have a stake in the status quo or, fearing a new order, delay change. Life, however, is not inert. The human heart is not inert. Its rhythms excite to the call of the future. The soul is not inert. Its eyes see the future.

George Bernard Shaw wrote in Back to Methuselah "You see things and say 'Why'? I dream things that never were; and I say, 'Why not'?" He spoke to the capacity of vision, of possibility thinking, of the certainty that life is a profoundly creative experience, an expression of the workings of the mind, the heart and the soul -- the nonphysical, spiritual world which sanctifies the physical world. Ideas come through our senses, bathing in a world of dreams, imagination, the magical, mysterious province of poets and prophets, inventors and painters, the realm of Michelangelo's Creation of Adam where man receives from the divine the spark of life.

A photograph by the Hubble Telescope has captured a picture of the Eagle Nebula: "Pillars of Creation," that place in deep space where stars are born. Quantum physicists have identified gluon particles which exist in interstitial space, the space between the spaces, the unseen element of our physical universe which holds together the world with the primal energy of the Big Bang.

We travel back and forth upon the bridge between spirit and matter, at large in a physical universe, we breathe in the eternal spiritual sustenance. Inspired, we fling our dreams back into the physical world and create islands in the sea, buildings which reach to the heavens, new structures in society, and new ways of living. Possibility thinking is a science grounded in old truths. It is the capacity to call forth new outcomes.

Let me share with you a few examples from my own experience. Again and again in my public career I have confronted circumstances where I was told there was nothing I could do about a given condition: a city electric system sold to a giant private utility under indecent conditions. "Nothing you can do," said my top advisors. I saw something else, organized a civic movement and a three year struggle resulted in regaining for the people of my community a light system which recently observed its 100th anniversary. Two hospitals were to be closed. "Forget it," I was told. There is nothing you can do. I saw another possibility. Creative legal action ensued, the community rallied, hospitals were saved one still stands. A steel mill which provided thousands of jobs was about to be closed. Again I was told, "there is nothing you can do." Long story short, we organized the community, intervened in court, stopped the shutdown of the mill long enough for a buyer to emerge and that mill today is the largest integrated steel mill in the world.

There is a practical physics to civic involvement and action. Look deeply into the appearances of things. Deeper within is another possibility. Envision it, call it forward, act upon it, drawing upon that same elemental energy which comes from where the eternal first touched us and where we touched the eternal, where stars are born.

What I have learned from experience is this -- when you see a condition you desire to see change, when you seek to make something happen and you are told it is not possible -- that may be exactly the place to put your energy, to change the outcome. When you do, people will say a miracle occurred. We live in a world where miracles are waiting to be welcomed.

This brings me to a thought I would like to share with you, my fellow citizens of the world; We have inherited a world where war is dropped on our doorstep and we are asked to adopt it as our own. We are told deadly force must be used to change people's conduct. Violence to stop the violence, war to prevent war, war to end war. When we believe war is inevitable, we come to accept the self-fulfilling prophecy of war. War happens. We wonder why.

We must call forth from this world which is so fraught with fear and foreboding that which is beautiful and glorious, a new possibility, a new thinking, a new physics, if you will, of peace. We must do it with courage. We must do it in fulfillment of salaam, the peace which comes from the unseen, the peace which comes from the heart, the peace which comes from our collective yearning, the peace which comes from an awareness that the world is one. That all people are interconnected, interdependent, one with the human family, one with the world, one with the spirit, one with the divine.

War is never inevitable. Peace is inevitable if we desire to call it forward, if we approach it as a science. I speak of peace not simply as the absence of war, but as a practice of the science of human relations, as a capacity of human evolution and human development. But if we call peace forward from the unseen we must name it, we must give it structure, we must prepare for it a place to exist - a space to breathe, to be nurtured - to flower, so that it can be appreciated as an expression of that divine spark of creation.

In writing of the unfolding potential of nature, the poet Lowell celebrated the month of June: "Every clod, [or piece of earth], feels a stir of might, an instinct within it that reaches and towers, and groping blindly above it for light, climbs to a soul in grass and flowers." His poem was about the search for the Holy Grail, a sacred vessel said to contain drops of the blood of Christ. Peace is a Holy Grail and the quest for peace is empowered by thoughts of peace, words of peace and actions for peace and attainment of peace. It is a temporal question. It is also a spiritual journey: "Wherewith Allah guideth all who seek His good pleasure to ways of peace and safety, and leadeth them out of darkness, by His will, unto the light, guideth them to a path that is straight." -- Qur'an 5:16

Think of the possibilities if we could create within every nation a place where the best minds and hearts are brought together within the context of a cabinet level position or ministry wherein resides the power to develop social structures for peace and strategies to avert conflict between groups and between states.

Such a proposal exists; I brought it to the United States Congress two months before 9/11. In its simplest expression, it seeks to develop an organized approach to make the daily work of our nation engage our top social and economic scientists to deal with the root causes of domestic violence, spousal abuse, child abuse, gang violence, gun violence, violence against gays, and racial violence. It would develop skills for non-violent conflict resolution on a domestic level, as well as internationally, where such a ministry would be prepared to assist to ameliorate the causes of violence inherent in poverty, lack of access to food, water, shelter and the instability caused by environmental disasters.

As violence is learned, so is peace. Education has a powerful social purpose. A ministry of peace would create the resources for peace education within every culture and within each government to construct a world where we learn to settle differences by tapping the spiritual principles of salaam, sholom, of peace. We are then within reach of creating cultures of vision, cultures of creativity, cultures of unlimited wealth and cultures of sustainability.

I have been in Congress for 16 years and involved in government for the better part of 45 years. I am told, "Dennis, such an idea is so impractical." After all, my nation spends more money for weapons and war than all the other nations of the world put together. We spend so much time, so many resources human and financial preparing for war. Why not begin to spend time and resources preparing for peace?

Will this vision be realized for creating new structures for peace? I was reading a speech given in Dubai in 2007 by His Highness, Sheikh Mohammad bin Rashid Al Maktoum, observing the challenges facing his new organization, the Foundation His Highness created. He quoted a friend: "... in this Foundation you are like one ploughing the sea. The challenge is huge; the gap of knowledge in most of the Arab and Islamic countries is bottomless. There is a lot of talk about building communities of knowledge, but little action. The pit is too wide to be seamed, so why should you weary yourself over this matter?"

At a time when the technology of destruction and the capacity of human destructiveness is so great, this is exactly the time to create a common global effort to build communities of peace, to provide structures in every country to help peace issue forth and flourish. I, too, believe that if we will make of human development a new art, we will set our eyes to the distant horizon and plough the seas with wondrous effect. We can then lift up our eyes to the heavens and, with our imagination, with joyous abandon, plough the stars, and a thundering universe will burst forth with new possibilities and we will make heaven on earth. "Come my friends, 'tis not too late to seek a newer world."

Heist of the century: Wall Street's role in the financial crisis

Wall Street bankers could have averted the global financial crisis, so why didn't they? In this exclusive extract from his book Inside Job, Charles Ferguson argues that they should be prosecuted

• Charles Ferguson
• guardian.co.uk, Sunday 20 May 2012

Bernard L Madoff ran the biggest Ponzi scheme in history, operating it for 30 years and causing cash losses of $19.5bn. Shortly after the scheme collapsed and Madoff confessed in 2008, evidence began to surface that for years, major banks had suspected he was a fraud. None of them reported their suspicions to the authorities, and several banks decided to make money from him without, of course, risking any of their own funds. Theories about his fraud varied. Some thought he might have access to insider information. But quite a few thought he was running a Ponzi scheme. Goldman Sachs executives paid a visit to Madoff to see ifthey should recommend him to clients. A partner later recalled: "Madoff refused to let them do any due diligence on the funds and when asked about the firm's investment strategy they couldn't understand it. Goldman not only blacklisted Madoff in the asset management division but banned its brokerage from trading with the firm too."

UBS headquarters forbade investing any bank or client money in Madoff accounts, but created or worked with several Madoff feeder funds. A memo to one of these in 2005 contained the following, in large boldface type: "Not to do: ever enter into a direct contact with Bernard Madoff!!!"

JPMorgan Chase had more evidence, because it served as Madoff's primary banker for more than 20 years. The lawsuit filed by the Madoff bankruptcy trustee against JPMorgan Chase makes astonishing reading. More than a dozen senior JPMorgan Chase bankers discussed a long list of suspicions.

The Securities and Exchanges Commission has been deservedly criticised for not following up on years of complaints about Madoff, many of which came from a Boston investigator, Harry Markopolos, whom they treated as a crank. But suppose a senior executive at Goldman Sachs, UBS or JPMorgan Chase had called the SEC and said: "You really need to take a close look at Bernard Madoff. He must be working a scam."

But not a single bank that had suspicions about Madoff made such a call. Instead, they assumed he was probably a crook, but either just left him alone or were happy to make money from him.

It is no exaggeration to say that since the 1980s, much of the globalfinancial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.

This behaviour is criminal. We are talking about deliberate concealment of financial transactions that aided terrorism, nuclear weapons proliferation and large-scale tax evasion; assisting in major financial frauds and in concealment of criminal assets; and committing frauds that substantially worsened the worst financial bubbles and crises since the Depression.

And yet none of this conduct has been punished in any significant way.

Total fines on the banks for their role in the Enron fraud, the internet bubble, violation of sanctions against countries including Iran and money-laundering activities appear to be far less than 1% of financial sector profits and bonuses during the same period.

There have been very few prosecutions and no criminal convictions of large US financial institutions or their senior executives. Where individuals not linked to major banks have committed similar offences, they have been treated far more harshly.

Goldman Sachs blacklisted Madoff, but didn’t alert the authorities. Photograph: Bloomberg/Bloomberg via Getty Images

The Obama government has rationalised its failure to prosecute anyone (literally, anyone at all) for bubble-related crimes by saying that while much of Wall Street's behaviour was unwise or unethical, it wasn't illegal. With apologies for my vulgarity, this is complete horse****.

When the government is really serious about something – preventing another 9/11, or pursuing major organised crime figures – it has many tools at its disposal and often uses them. There are wiretaps and electronic eavesdropping. There are undercover agents who pretend to be criminals in order to entrap their targets. There are National Security Letters, an aggressive form of administrative subpoena that allows US authorities to secretly obtain almost any electronic record – complete with a gag order making it illegal for the target of the subpoena to tell anyone about it. There are special prosecutors, task forces and grand juries. When Patty Hearst was kidnapped in 1974, the FBI assigned hundreds of agents to the case.

In organised crime investigations, the FBI and government prosecutors often start at the bottom in order to get to the top. They use the well-established technique of nailing lower-level people and then offering them a deal if they inform on and/or testify about their superiors – whereupon the FBI nails their superiors, and does the same thing to them, until climbing to the top of the tree. There is also the technique of nailing people for what can be proven against them, even if it's not the main offence. Al Capone was never convicted of bootlegging, large-scale corruption or murder; he was convicted of tax evasion.

A reasonable list of prosecutable crimes committed during the bubble, the crisis, and the aftermath period by financial services firms includes: securities fraud, accounting fraud, honest services violations, bribery, perjury and making false statements to US government investigators, Sarbanes-Oxley violations (false accounting), Rico (Racketeer Influenced and Criminal Organisations Act) offences, federal aid disclosure regulations offences and personal conduct offences (drug use, tax evasion etc).

Let's take the example of securities fraud. Where to begin?

When did Wall Street insiders know there was a really serious sub-prime mortgage bubble, and that they could game it? Many of the clever ones knew by about 2004, when Howie Hubler at Morgan Stanley first started to bet against the worst securities with the approval of his management. But you can only make money betting against a bubble as it unravels. As long as there was room for the bubble to grow, Wall Street's overwhelming incentive was to keep it going. But when they saw that the bubble was ending, their incentives changed. And we therefore know that many on Wall Street realised there was a huge bubble by late 2006, because that's when they started massively betting on its collapse.

Here, I must briefly mention a problem with Michael Lewis's generally superb financial journalism. In his book The Big Short, Lewis leaves the impression that Wall Street was blindly running itself off a cliff, whereas a few wild and crazy, off-the-beaten-track, adorably weird loners figured out how to short the mortgage market and beat the system. With all due respect to Mr Lewis, it didn't happen like that. The Big Short was seriously big business, and much of Wall Street was ruthlessly good at it.

To begin with, a number of big hedge funds figured it out. Unlike investment banks, however, they couldn't make serious money by securitising loans and selling CDOs (collateralised debt obligations), so they had to wait until the bubble was about to burst and make their money from the collapse. And this they did. Major hedge funds including Magnetar, Tricadia, Harbinger Capital, George Soros, and John Paulson made billions of dollars each by betting against mortgage securities as the bubble ended, and all of them worked closely with Wall Street in order to do so.

In fairness to Mr Lewis, it is true that in several major cases – most notably Citigroup, Merrill Lynch, Lehman and Bear Stearns – senior management was indeed disconnected and thus clueless, allowed their employees to take advantage too long and therefore destroyed their own firms.

But cluelessness was most definitely not an issue with the senior management of Goldman Sachs, JPMorgan Chase and Morgan Stanley. As we saw, Morgan Stanley started betting against the bubble as early as 2004. Conversely, JPMorgan Chase mostly just remained prudently above the junk mortgage fray. Goldman Sachs, though, was in a class by itself. It made billions of dollars by betting against the very same stuff that it had been making billions selling only a year or two before.

Almost all the prospectuses and sales material on mortgage-backed bonds sold from 2005 until 2007 were a compound of falsehoods. And as the bubble peaked and started to collapse, executives repeatedly lied about their companies' financial condition. In some cases, they also concealed other material information, such as the extent to which executives were selling or hedging their own stock holdings because they knew their firms were about to collapse.

In some cases, we have evidence of senior executive knowledge of and involvement in misrepresentations. For example, quarterly presentations to investors are nearly always made by the CEO or chief financial officer of the firm; if lies were told in these presentations, or if material facts were omitted, the responsibility lies with senior management. In other cases, such as Bear Stearns, we have evidence from civil lawsuits that senior executives were directly involved in selling securities whose prospectuses allegedly contained lies and omissions.

The Rico Act provides for severe criminal (and civil) penalties for operating a criminal organisation. It specifically enables prosecution of the leaders of a criminal organisation for having ordered or assisted others to commit crimes. It also provides that racketeers must forfeit all ill-gotten gains obtained through a pattern of criminal activity, and allows government prosecutors to obtain pre-trial restraining orders to seize defendants' assets. Finally, it provides for criminal prosecution of corporations that employ Rico offenders.

Bernard Madoff confessed to operating a giant Ponzi scheme. Photograph: Timothy A Clary/AFP/Getty Images

Rico was explicitly intended to cover organised financial crime as well as violent criminal organisations such as the mafia and drug cartels. A great deal of the behaviour that occurred during the bubble would appear to fall under Rico statutes. Moreover, pre-trial asset seizure is a widely and successfully used technique in combating organised crime, and asset seizures now generate more tha $1bn a year for the US government. However, there has not been a single Rico prosecution related to the financial crisis, nor has a single Rico restraining order been issued to seize the assets of any individual banker or any firm.

It is important to note here that these asset seizures would not merely represent justice for offenders but for victims as well. US law allows seized assets to be used to compensate victims. In this case, the potential economic impact of seizures could be enormous.

Finally, personal conduct subject to criminal prosecution might range from possession and use of drugs, such as marijuana and cocaine, to hiring of prostitutes, employment of prostitutes for business purposes, fraudulent billing of personal or illegal services as business expenses (sexual services, strip club and nightclub patronage), fraudulent use or misappropriation of corporate assets or services for personal use (eg use of corporate jets), personal tax evasion and a variety of other offences.

I should perhaps make clear here that I'm not enthusiastic about prosecuting people for possession or use of marijuana, which I think should be legal. In general, I tend to think that anything done by two healthy consenting adults, including sex for pay, should be legal as well.

But the circumstances here are not ordinary. First, there is once again a vast disparity between the treatment of ordinary people and investment bankers. Every year, about 50,000 people are arrested in New York City for possession of marijuana – most of them ordinary people, not criminals, whose only offence was to accidentally end up within the orbit of a police officer. Not a single one of them is ever named Jimmy Cayne, despite the fact that the marijuana habit of the former CEO of Bear Stearns has been discussed multiple times in the national media (his predecessor in the job, Ace Greenberg, called him a "dope-smoking megalomaniac").

There is also a second, even more serious, point about this. If the supposed reason for failure to prosecute is the difficulty of making cases, then there is an awfully easy way to get a lot of bankers to talk. It is a technique used routinely in organised crime cases. What is this, if not organised?

As time passes, criminal prosecution of bubble-era frauds will become even more difficult, even impossible, because the statute of limitations for many of these crimes is short – three to five years. So an immense opportunity for both justice and public education will soon be lost. In some circumstances, cases can be opened or reopened after the statute of limitations has expired, if new evidence appears; but finding new evidence will grow more difficult with time as well. And there is no sign whatsoever that the Obama administration is interested.

Charles Ferguson will appear at the Edinburgh international book festivalon Sunday 12 August.