Poor listening habits should be a serious concern to executives. When other people talk, do you really listen with your fullest attention? Do you remember names of those you meet at functions? How well do you really know your clients? How well do you remember instructions?

So much time is wasted by a lack of communication. Studies show that most of us listen at only about 25% efficiency level. That means we don’t remember 75% of what is said to us! Hearing is not same as listening. Active Listening requires certain skills to receive, organize and interpret what has just been said.

Here are some helpful tips for Effective Listening:

#1 – Be relaxed and be in a receptive stance, not anxious or perched to respond. Keep focused on what they are saying and use good eye contact.

#2 - Listen with intention of understanding and ask for clarity when needed. You are to listen, not to teach, fix, analyze, interrupt or defend yourself at that moment.

# 3 - Make listening a fun activity. Tell yourself that you are going to give everyone you talk to your full attention.

#4 - Don’t be impatient with speaking pace. Different parts of US have various paces of speech and International executives need time to express themselves properly in English.

# 5 - Don’t argue until you have heard total comment. Many times we jump to conclusions before sentence is completed, then we look foolish.

#6 - When listening try to summarize what they have said. Can you repeat main points of what was just said either out loud or in your mind? How well do you remember?

What are lessons that we can derive from last crisis to avoid next?

The first lesson, it would seem, is that short term and long term capital flows are two disparate phenomena with very little in common. The former is speculative and technical in nature and has very little to do with fundamental realities. The latter is investment oriented and committed to increasing of welfare and wealth of its new domicile. It is, therefore, wrong to talk about “global capital flows”. There are investments (including even long term portfolio investments and venture capital) – and there is speculative, “hot” money. While “hot money” is very useful as a lubricant on wheels of liquid capital markets in rich countries – it can be destructive in less liquid, immature economies or in economies in transition.

The two phenomena should be accorded a different treatment. While long term capital flows should be completely liberalized, encouraged and welcomed – short term, “hot money” type should be controlled and even discouraged. The introduction of fiscally-oriented capital controls (as Chile has implemented) is one possibility. The less attractive Malaysian model springs to mind. It is less attractive because it penalizes both short term and long term financial players. But it is clear that an important and integral part of new International Financial Architecture MUST be control of speculative money in pursuit of ever higher yields. There is nothing inherently wrong with high yields – but capital markets provide yields connected to economic depression and to price collapses through mechanism of short selling and through usage of certain derivatives. This aspect of things must be neutered or at least countered.