Counsel for 2022

Several observations on entering the New Year; but  first a poetic note of hope.

 

The New Year 

by Carrie Williams Clifford (1920)

The New Year comes—fling wide, fling wide the door
Of Opportunity! the spirit free
To scale the utmost heights of hopes to be,
To rest on peaks ne’er reached by man before!
The boundless infinite let us explore,
To search out undiscovered mystery,
Undreamed of in our poor philosophy!
The bounty of the gods upon us pour!
Nay, in the New Year we shall be as gods:
No longer apish puppets or dull clods
Of clay; but poised, empowered to command,
Upon the Etna of New Worlds we’ll stand—
This scant earth-raiment to the winds will cast—
Full richly robed as supermen at last!

The Right Attitude  (by John Horvat)

As we enter 2022, we must face a “not-normal” world that shows no signs of returning to order. Having the right “improvise-and-dare” attitude will enable us to survive. It will allow us to exploit any good opportunities to act that come our way. It will mitigate the disasters that strike us.

The Dalai Lama

When asked what surprised him most about humanity, answered “Man. Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived.”

From a review of the Movie: Don’t Look Up (Netflix)

This December release starred Leonard DiCaprio and Meryl Streep.  The story featured two Michigan State academic astronomers who identified a comet heading directly to earth–and the President and public’s response to this “environmental” crisis.  One reviewer’s reaction:

I am alive. I exist. I don’t need to be told that humans will choose what feels good over what is right every time.

Honestly, I spent the movie rooting for the comet.

Shakespeare on Future Forecasts

Prophecy remains elusive, for who yet can answer Banquo’s “If you look into the seeds of time/And say which grain will grow and which will not/Speak then to me.” (Macbeth, 1.3, 58-60).

The Gift of  Enduring Ideas

As we begin 2022, I am in awe of the remarkable  year just past, and how members and communities across the country benefitted from cooperative efforts.

Credit unions from the earliest days of the pandemic stood tall with their presence, their passion and  dedication to service. When the temporary normal returned, they opened up offices with enthusiasm, and understanding—and an unwavering belief in the transformative power of cooperative purpose.

Credit unions ended the year historically strong. They are ready for a new time of  vital caring using  their  unique capacity to combine educational and transactional financial services.

I am eager to share  what I hope will be “enduring ideas” with you in coming months. One writer described this need as follows:

Amid the present insecurity, endearing objects (read high net worth ratios) are not enough. Our desire for certainties must also be addressed by turning to the things that feed the soul. We must turn to enduring ideas to anchor us in the storms ahead.

 

 

We the People: A New Year Awaits

In the mid 1990’s, Navy FCU’s annual report theme was, “Our strength is Our Union.”  Today’s message is “Members are Our Mission.”

Both ideas affirm a community’s collective effort to work together.  The idea is as old as the preamble to the constitution, “We the People. . . in order to form a more perfect union . . .”

For 2022 that objective, could be the most important goal for the cooperative system.  Before looking at this challenge another observation must be noted.

Incredible Two Years of Credit Union Performance

In 2020 and 2021, the credit union system recorded two of the most financially successful years in decades.   The double-digit savings growth and continued member expansion were accomplished with zero insurance losses.  The results were achieved despite the sharpest recession ever caused by the abrupt March 2020 national economic shutdown.   And a pandemic that continues to cause disruption in every area of American life.

The cooperative system proved its resilience while responding to unprecedented member needs.

The 2022 Outlook

Projections for the New Year will include the present knowns:  inflation, how long and how strong? Covid’s continued presence; the rise in interest rates; ongoing economic growth; cyber worries and crypto opportunities; the midterm elections; and international trade and political challenges.

In my view these are not the primary cooperative challenges.  Rather the age-old tension between individual success and system interdependence will continue to play out.

For some there is no issue.  Their view is that  responsibility extends only to their charter.  Whatever the management and board decide to do is their business only.  That’s what the members “elected” them to do.

I believe rather that the system is interlinked in multiple ways.  This means  the reputation and example of one, whether good or ill, affects the perception of all.

The concept that coops take care of each other in times of need, includes both the member-owner and the multiple interlocking systems in which all credit unions operate.

Every credit union is open today because of a legacy handed to them and  starting all the way back to the chartering date.  These founders began with nothing but a vision of shared effort for the common good.

Some of today’s “leaders” have interpreted their responsibility the opposite of their founders, that is to return their  members to their pre-chartering state.   And on the way to charter dissolution, help themselves to some of the spoils.

The Cooperative Journey

Credit unions are now mid-way through the fifth chapter of their 112  year evolution.   Each chapter takes about a generation, or twenty five years.  The present  chapter dates from 2009 with the Great Recession.

The journey has always included two challenges.  One set is the externals of the economy, indifferent regulation, competition and ever present technology change.  Credit unions have rarely  been found wanting in meeting the realities of a market based system.

When failure occurs, it is the internal journeys where leaders become lost.   The idea that every members’ bottom line is the credit union’s, is reduced to only  the credit union’s bottom line.  Fiduciary duty  becomes  a  singular focus on financial success.  And when that becomes too challenging, the result is to throw in the towel and turn the members’ future over to another organization with no relationship or history to them.

The 2022  challenge

I believe this year will be pivotal as to whether credit union leaders can once again put member well- being above institutional and personal self-interest.  Can cooperatives restore their roots with the owners whose trust is their real strength, as Navy FCU proclaimed decades ago?

For it is We the People who are responsible for a more perfect union.  That is true for both our civic politics as well as our financial cooperatives.

 

 

A Poem and Pop Up Musical Introduction to 2022

Guy Lombardo introduced America to Robert Burn’s poem Auld Land Syne  in his New Year’s eve show broadcast annually from 1929 through 1977.

The phrase “auld lang syne” translates from the Scots language to modern English as “old long since.”  It can be interpreted as “old times, especially times fondly remembered” or an “old or long friendship.”  It readily conjures up feelings of nostalgia.

Auld Lang Syne 

Robert Burns – 1759-1796

Should auld acquaintance be forgot,

And never brought to mind?

Should auld acquaintance be forgot,
And auld lang syne!

     Chorus:
For auld lang syne, my dear,
     For auld lang syne.
     We’ll tak a cup o’ kindness yet,
     For auld lang syne.

And surely ye’ll be your pint stowp!
And surely I’ll be mine!
And we’ll tak a cup o’ kindness yet,
For auld lang syne.  Chorus

We twa hae run about the braes,
And pou’d the gowans fine;
But we’ve wander’d mony a weary fit,
Sin’ auld lang syne.  Chorus

We twa hae paidl’d in the burn,
Frae morning sun till dine;
But seas between us braid hae roar’d
Sin’ auld lang syne.  Chorus

And there’s a hand, my trusty fere!
And gie’s a hand o’ thine!
And we’ll tak a right gude-willie waught,
For auld lang syne.

The English Translation

Should old acquaintance be forgot, and never brought to mind?

Should old acquaintance be forgot, and old lang syne?

For auld lang syne, my dear, for auld lang syne,

we’ll take a cup of kindness yet, for auld lang syne.

And surely you’ll buy your pint cup! and surely I’ll buy mine!

And we’ll take a cup o’ kindness yet, for auld lang syne.

We two have run about the slopes, and picked the daisies fine;

But we’ve wandered many a weary foot, since auld lang syne.

We two have paddled in the stream, from morning sun till dine;

But seas between us broad have roared since auld lang syne.

And there’s a hand my trusty friend! And give us a hand o’ thine!

And we’ll take a right good-will draught, for auld lang syne.

The Musical Version

 Here’s a musical rendition by  the US Air Force Band in a “flash” concert at Union Station in Washington DC during the holiday season.

The 8:50 minute video opens and closes with a jazz arrangement of Jingle Bells.  Auld An Syne becomes a group sing-along at 4:28.  But stay around till the end to see some of the most exciting hip-hop dancing to get your party juices flowing.  All this WW II flash back era sound is pre-covid, of course.  

“https://www.youtube.com/watch?v=khQN5ylb3H0&list=RDkhQN5ylb3H0”

A happy, and entertaining way, to start the New Year.

 

 

Life’s Continuing Challenge

Investing More in Yourself-a retired CEO’s observation

“What you should never shy from is the effort you put forward for your achievements.  That includes even connecting the dots between achievement and effort to inspire those around you to reach for more.  Properly showing off your efforts is a good way to encourage others to invest in themselves.

Right now we live in a world in which many too readily  expect achievement without the need or expectation of investing more.

There is an  irony about “more”  for those who do not  examine different levels of  professional effort.  They over estimate the cost of their investment versus its rewards, and their time of opportunity runs out.”

60 Degrees on Boxing Day

Yesterday was bright, sunny.   Nature smelled fresh from overnight rain.

Today morning snow flurries.  Grey and somber.

Time for more Christmas songs and winter poems.

Velvet Shoes

by Elinor Wylie (1921)

 

Let us walk in the white snow
In a soundless space;
With footsteps quiet and slow,
At a tranquil pace,
Under veils of white lace.

 

I shall go shod in silk,
And you in wool,
White as white cow’s milk,
More beautiful
Than the breast of a gull.

We shall walk through the still town
In a windless peace;
We shall step upon white down,
Upon silver fleece,
Upon softer than these.

We shall walk in velvet shoes:
Wherever we go
Silence will fall like dews
On white silence below.
We shall walk in the snow.

Singing From on High

The traditional Christmas story feels somewhat out of touch in our current stage of economic progress. Very much apart from present everyday experiences.

Except for a few countries, there are no shepherds tending their sheep by night.  No one to see angels announcing news of great joy.  Nor an angelic host praising God with song.

Or might there be a modern day version of this event?

Not of shepherds tending flocks, but shoppers reviewing  lists.   A very busy, packed department store of last minute consumers seeking just the right gifts.

Not voices from afar but the growing impression of a musical sound.  And then suddenly an angelic choir, seemingly everywhere and nowhere, surrounding the crowd with exultation.

Yes, it did happen.  Really.  And with modern iPhones, the whole event was captured for all to witness.   Some were stunned with awe.  Others sang along with the joyful noise.  Some hugged their neighbors.

No one continued shopping.   It was too powerful an experience to continue with everyday tasks.  It interrupted immediate intentions and changed the sense of where everyone was at that time.

All  shared this rejoicing in the midst of a very busy time.

You can feel the  emotion in the event.   And experience it,  as the glory of Christmas captures everyone, at least for a moment.  The smiles, the sense of  exultation.   The wonderment !

Merry Christmas on this and every day.

“https://www.youtube.com/watch?v=wp_RHnQ-jgU”

A Season Uniting Two Cooperative Virtues

Christmas in all its joyous celebrations seems to walk an awkward line between secular, commercial activities at their frenzied peak and the religious meaning of the Advent season.

There is a minor echo of this tension in credit union history.  As the decade of the 1950’s evolved there was increasing friction between two priorities.  One group wanted to promote the business potential of the cooperative system versus the expansion minded pioneers whose primary intent was forming more credit unions.

Today these differing views might be categorized by those who focus on purpose as the driving force,  versus those who belief that growth through acquisitions of their peers and bank purchases are the way to secure the future.

How One Company Combines the Season’s Messages

Occasionally a firm will try to unite the business and religious aspects of this special season.   The UK grocery chain, Sainsbury, has created a unique “commercial” each Christmas for over a decade.   Each new effort commemorates an important value of the season while reference to the company’s business is at best tangential.

In 2014 their “offering” lasted over three minutes.  As described by Stephen Masty:

“it recreated the informal Christmas Truce that spread among soldiers in the trenches near Ypres in 1914, one hundred years earlier. Instigated by a British officer writing to his German counterpart across No Man’s Land, it spread up and down the battle lines as, for a few hours, the guns stopped firing. Yesterday‘s and tomorrow’s combatants sang hymns together and celebrated the birth of the Prince of Peace.

The 2014 ad was the first to mark the Christianity of Christmas. German and British soldiers start to sing “Silent Night” almost spontaneously; while the only visible product is a WW1-era chocolate bar. I find it emotionally powerful.”

https://www.youtube.com/watch?v=NWF2JBb1bvM

The story of the ad’s creation is in an accompanying video of just over three minutes.  It demonstrates why and how a very large for-profit firm honors lasting human values while supporting their business.

https://www.youtube.com/watch?v=2s1YvnfcFVs

The videos’ message is that in the worst of times there can be humanity.  And this impulse is to be honored in better times.

Peace, for a moment, broke out in the midst of war.   Individuals overcame the ever-present demands of military imperatives and the survival instincts created by trench warfare.

The Blessings of this Season

I am pleased to have shared my observations about credit unions with you this past year.  

Cooperatives are a special way to combine our resources to help with everyday individual needs.  This is a practical necessity that has existed since humankind first gathered in groups.  Whatever the state of the economy.

This season reminds that sharing is an essential human value that is uniquely enabled by cooperative design.  Whatever the difference in operational priorities, our unity arises from the belief that the needs of others will be met with common, not just individual, effort.

 Merry Christmas.   Peace.  Goodwill.  

Words of Hope in this Season

Words often feel special this time of year.   The following poems were written during tragic personal circumstances of both authors.   Each still affirms hope.

The first was converted to a popular Christmas carol, sung often today. The other, translated from Russian, celebrates life’s fullness even as it is near ending.

An American Poet Writes in the Face of Personal Tragedy

The circumstances of Henry Wadsworth Longfellow’s writing I heard the bells on Christmas Day, are clothed in tragedy and personal depression.   His wife, Fanny, had been killed two years earlier in a fire started as she was sealing envelopes with hot wax when a flame caught her clothes.

He was too badly burned to attend her funeral, and wore a beard for the rest of his life to disguise the scars on his face from trying to put out the flames.

As a 29 year old widower, he had courted Fanny for seven years before they were married.  In their 18 years together, they had six children. For Longfellow, they were the happiest time of his life.

Two years later, in 1863, his oldest son Charlie enlisted in the Union army against Longfellow’s wishes. The poet was a strong abolitionist, but also a pacifist.  Charlie  wrote his father from DC where he had joined the 1st Massachusetts Artillery:

I have tried hard to resist the temptation of going without your leave but I cannot any longer, I feel it to be my first duty to do what I can for my country and I would willingly lay down my life for it if it would be of any good God Bless you all.  

He caught fever in June and took leave that summer to heal at home.  He rejoined the fight.  In November At New Hope, Va., he was shot, the bullet went through him from back to shoulder, just nicking his spine.

Longfellow brought his son back from DC to their home in Cambridge to convalesce, arriving on December 8th.  Listening to church bells ringing at that time of year he was moved to write his poem (original words below) combing his anguish of war and hope for peace.

I heard the bells on Christmas Day
Their old, familiar carols play,
and wild and sweet
The words repeat
Of peace on earth, good-will to men!

And thought how, as the day had come,
The belfries of all Christendom
Had rolled along
The unbroken song
Of peace on earth, good-will to men!

Till ringing, singing on its way,
The world revolved from night to day,
A voice, a chime,
A chant sublime
Of peace on earth, good-will to men!

Then from each black, accursed mouth
The cannon thundered in the South,
And with the sound
The carols drowned
Of peace on earth, good-will to men!

It was as if an earthquake rent
The hearth-stones of a continent,
And made forlorn
The households born
Of peace on earth, good-will to men!

And in despair I bowed my head;
“There is no peace on earth,” I said;
“For hate is strong,
And mocks the song
Of peace on earth, good-will to men!”

Then pealed the bells more loud and deep:
“God is not dead, nor doth He sleep;
The Wrong shall fail,
The Right prevail,
With peace on earth, good-will to men.”

The carol version often omits the middle stances about the war in which “hate is strong and mocks the song of peace on earth, good will to men”.

But despondency is overcome with the affirmation that “God is not dead, nor doth He sleep” and that ultimately there will be “…peace on earth, good will to men”.

The Burl Ives recording of the carol from 1966 is the shortened version omitting the Civil War context.

A Poem of Hope from Russia

Osip Mandelstam was a Russian poet and essayist who lived there during and after the revolution and the rise of the Soviet Union. Born in 1891 he was educated in St. Petersburg, France and Germany.   In 1937 Mandelstam was arrested and sentenced to five years in a corrective-labour camp in the Soviet Far East. He died that year at a transit camp near Vladivostok.

He is considered one of the most significant Russian poets of the 20th century. This poem was written in the camp shortly before he died.

And I Was Alive

Written by Osip Mandelstam

Translated by Christian Wiman

And I was alive in the blizzard of the blossoming pear,
Myself I stood in the storm of the bird–cherry tree.
It was all leaflife and starshower, unerring, self–shattering power,
And it was all aimed at me.

What is this dire delight flowering fleeing always earth?
What is being? What is truth?

Blossoms rupture and rapture the air,
All hover and hammer,
Time intensified and time intolerable, sweetness raveling rot.

It is now. It is not.

(May 4, 1937)

A Season for Work Appraisals

Bosses Struggle to Respond to Burned Out Workers (Wall Street Journal, December 21, 2021)

“Workplace stress is rampant and resignations have risen; employers are trying four-day workweeks, mandatory vacation days and other new ways of working.

In the first 10 months of this year, America’s workers handed in nearly 39 million resignations, the highest number since tracking began in 2000.

Some want better jobs. Others, a better work-life balance. Still others want a complete break from the corporate grind. Almost two years into the pandemic that left millions doing their jobs from home, many Americans are rethinking their relationship with work.”

A Season of Remembering and Joyous Sounds

One the joys of our annual cycle of religious and secular observances is how past memories are often rekindled.  They arise in personal stories and from music primarily played at this time of year.

Last Friday my wife and had dinner with a 90-year-old couple, still living in their home.   The husband is still active in the credit union community.   He was 11 years old when WW II broke out.

As we finished the meal with Greek cookies bathed in powdered sugar, they recalled a time as children when war cake was served for dessert. The ingredients include little or no milk, sugar, butter, or eggs, because they were rationed, expensive or hard to obtain. When his father received a 5-pound bag of sugar as a gift for Christmas one year, he immediately turned it over to his church lest he be accused of violating ration limits.

Remembering times past makes them special, no matter what our worries were then.

Musical Joys with New Words

Music is especially potent in calling up special moments. I remember the first time I heard a live performance of the Handel’s Messiah.  During the Christmas season I was at Boston Symphony Hall, senior year in college, on a date with a young lady whom I would later marry.

Years later I heard the familiar sounds, but with different words.   The oratorio was being sung in Russian, a banned work during the Soviet era.  This was one of the first recordings in that language.   Listening to words, unknown to me,  made it a wholly new experience.

En route to a holiday dinner years later while listening to the local classical music station, I heard a new CD that was also not in English.  But it was so buoyant, melodic, and festive that I looked up the station’s playlist to find the title of the CD, Karolju.

It is a suite of original Christmas carols for choir and orchestra by the America composer Christopher Rouse. The work was commissioned and first performed on November 7, 1991 by the Baltimore Symphony Orchestra

The composer modeled the work and its rhythmic variations after Carl Off’s Carmina Burana.   Here is how the composer explained his unusual choice of language.

As I wished to compose the music first, the problem of texts presented itself. Finding appropriate existing texts to fit already composed music would have been virtually impossible, and as I did not trust my own ability to devise a poetically satisfying text, I decided to compose my own texts in a variety of languages (Latin, Swedish, French, Spanish, Russian, Czech, German, and Italian) which, although making reference to words and phrases appropriate to the Christmas season, would not be intelligibly translatable as complete entities. It was rather my intent to match the sound of the language to the musical style of the carol to which it was applied. I resultantly selected words often more for the quality of their sound and the extent to which such sound typified the language of their origin than for their cognitive “meaning” per se.

Though the music of Karolju is original, the first and tenth movements of the work paraphrase the coda of “O Fortuna” from Carmina Burana. The third movement also quotes a four-measure phrase from The Nutcracker by the Russian composer Pyotr Ilyich Tchaikovsky, which itself dates back to an 18th-century minuet.

This is the link to all of the individual carols on the album.   Many languages are used but to capture the spirit of the season you might open with the Swedish carol #2, for 1:45 minutes.

Enjoy these original sounds of the season’s spirit. Listen as the words, even when not understood, create texture for each musical movement.

Please add your favorite choral sounds at the end of the blog.