Who is the financial elite

The power of the financial elite

Sandra Navidi, CEO of BeyondGlobal, on "Super Hubs", the networked hubs of the financial world

Sandra Navidi, head of Beyond Global LLC, is a guest on my show. In addition to icons like Meredith Whitney, Sandra Navidi is one of the few women who have made a lasting impact on New York's Wall Street. In Germany, Sandra is also a popular commentator on financial market events, including in financial media channels such as the Handelsblatt or n-tv.

Now she has set out to write a book entitled "Super Hubs - How the Financial Elite and Their Networks Rule the World". I was happy to have the opportunity to poke my nose into this book before our conversation.

There are among others Klaus Schwab, founder of the World Economic Forum in Davos, Stephen Schwarzman, head of the capital manager Blackstone, the former ECB board member Jürgen Stark and Dirk Müller alias Mr. Dax, who praise Sandra's work on green clover.

What does the term "Super Hubs" mean? These are the best networked nodes in the center of networks. Sandra explains the financial world using these network centers, i.e. with a view to those who are best networked in the world. These are the people who have the greatest impact on our global financial system. Who can be included? For example, billionaires and hedge fund managers like George Soros, Jamie Dimon, head of the American bank JPMorgan Chase, Larry Fink, head of the capital manager BlackRock or Stephen Schwarzman, head of the capital manager Blackstone.

Sandra explains how the world financial system is connected and how these network centers work. Usually the world financial system is viewed or described in terms of institutions that work together, capital flows or quantitative influences. It is seldom examined with a view to the people at the top of these institutions. In the end, it is not the institutions that make the decisions, but the people at their head. A general assessment is not easy because people cannot be calculated quantitatively and interpersonal relationships are very complex.

In her work, Sandra points out that the most privileged have the greatest responsibility, if only from a systemic point of view. These people form the central nerve points, and everything that takes place in their spheres has the greatest consequences for the world - and for all of us - due to global networking. And because these people have this systemic responsibility and are not willing to let third parties into these networks, they also look to the greatest responsibility for action, which includes both social responsibility and moral responsibility.

These people also benefit the most from the system. Sandra also describes in her book, however, that the financial world is a self-organizing and highly complex system in which these "super hubs" exert the greatest influence, but have just as little control over the system as we all do. They are part of the system.

According to Sandra, it is important to understand this aspect. It is also important to understand how these networks work. Sandra practically takes her readers behind the scenes and shows them what is going on at the World Economic Forum in Davos or at the meetings of the International Monetary Fund. These events may often sound a little boring, so Sandra's book is about filling these events with life and making them more interesting for her readers. Because, according to Sandra, there is an urgent need for a larger general public to have a far better understanding of how the world financial system works.

We are certainly not one of the influential "super hubs" at the grassroots level. But we are all nodes in this system as well, less branched and a little further away from the center. Nonetheless, we are one of them. The values ​​that we represent, our society, our actions and the influence on society of all of them together have an immense influence on the overall system. So it is Sandra's observation that we basically all have to come together. The general public must exert pressure on politicians so that they in turn exert more pressure on the "super hubs" at the top of the system.

In the context of the global financial crisis, the spirit of the times has already changed a little, which is especially true for things that were quite normal before the outbreak of this crisis. Above all, this also includes various business practices or cultural aspects, with regard to which the Oliver Stone film "Wall Street" held up a mirror to us. It is about the glorification of Wall Street, the wealth that goes with it and the huge greed that goes with it. All of these things were once seen as something worth striving for, which has now changed. Nonetheless, Sandra also raises the question in her book "Super Hubs": Do the protagonists at the top imprison the system or are they prisoners of the system? It's probably a bit of both, and if you're in the system, it's evidently extremely difficult to change anything. Many dynamics play a role in this regard. Have fun while listening!

Other topics of the conversation revolved around Europe, the USA, China, the stock markets, the commodity markets as well as the junk bond and junk bond markets. You can listen to the full conversation on the Cashkurs.com website here. (Roman Baudzus)

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