Bern Central

Professor John J. McCabe and the quest for academic validation of MMS

John has many honors among his accomplishments. He recently marked what is now in excess of 50 years of service as an educator, including as Professor of Corporate Finance at Saint Francis College, Brooklyn. Beyond academia, he has extensive professional achievements in the securities and financial sectors.

Among prestigious recognitions bestowed is as recipient of the Daniel J. Forrestal III Leadership Award for Professional Ethics and Standards of Investment.{A published description informs this award is “presented periodically to a Chartered Financial Analyst Institute member who has championed the pursuit of excellence in professional ethics and standards of practice and who has provided leadership in elevating the integrity and competence of the global investment profession.”}

We can see him sharing a word with Pulitzer Prize winning journalist and Presidential confidant Charles L. Bartlett (click here for photo). McCabe has likewise advised Presidents Ronald Reagan, George H. W. Bush, and George W. Bush.

Generously, upon request of his former student to help initiate and then realize an impartial, accurate, objective assessment of his signature achievement, Professor McCabe has extensively (in excess of 2 dozen hours to date) read, re-read and discussed the author’s academic work with him. Principal focus of conversation, in addition to confirming a basic consensus of fundamentals, is how bern’s M Monetary System or MMS would typically work. Analysis looked at both intra- and inter- national perspectives, from an ordinary traveler who is typically a consumer to how the process would work in global commerce.

After attempting to give this fresh idea a fair shake, and not finding any clear or obvious mistake let alone significant error, a subsequent effort was continued. This time, going beyond accepting original presumptions at face value, while remaining objectively honest to ensure a fair outcome, the Professor played devil’s advocate on the second go around. Every effort was made to delve under the surface. A full attack was initiated to see if any theoretical dots were either not connected, or not sufficiently connected.

{On condition of anonymity, some informal initial opinions were also sought, in advance of full blown microscopic analysis to the nth degree. While this is a small number to date, one with a focus that was extensive but not exhaustive, the common takeaway was that bernmeister’s primer appeared to have all proverbial boxes checked. All were impressed and none reported any immediate flaw.}

The preliminary conclusion of this effort is an initial positive assessment of the theory. That is, there do not appear to be any obvious flaws, including as to any of a significant nature.

Accordingly, Professor McCabe has issued a letter of positive preliminary assessment, which can be accessed via this link – click here.

It is emphasized that this is only a preliminary evaluation, not a final or ultimate conclusion. For that definitive determination, the whole world needs to give it review, including ideally by the most credentialed and prominent of the academic community and their counterparts in government and business sectors.

While it could be a worthwhile contribution to include the assessment of everyday people once the word is out on MMS and there has been sufficient time to digest the theory, it is necessary all such assessments are sufficiently critical pro or con to render substantive opinion (as opposed to a general like or dislike). The priority is to establish qualified review.

Those qualified who wish to coordinate a review with Professor McCabe, or wish to underwrite support for a critical review with an eye to establishing the extent academic validation is warranted, should contact the Professor directly.

The voicemail hotline is 212-330-8044; email at jjm_mmsreview@bernmeister.com

Replies will be issued as expeditiously as the Professor’s schedule permits.

Professor McCabe has also endorsed the repurposing initiative.

To access a copy of that open letter, click here.

The letter concurs with the thrust that reducing or even eliminating hyperinflation (to extent it can be made avoidable) is worth a shot especially if these funds would be earned by bernmeister anyway, and the risk/reward is his to take with earnings from sponsors. (The level of general public support, especially initially, needs to be seen before any other earnings can be considered for repurposing.)