Bank Institution Quotes

...vast accession of strength from their younger recruits, who having nothing in them of the feelings or principles of ’76 now look to a single and splendid government of an Aristocracy, founded on banking institutions and monied in corporations under the guise and cloak of their favored branches of manufactures commerce and navigation, riding and ruling over the plundered ploughman and beggared yeomanry.

I believe that banking institutions are more dangerous to our liberties than standing armies.

I think it was the institution...I was trying to master it.

If the American people ever allow private banks to control the issue of their currency first by inflation then by deflation the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered... I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people to whom it properly belongs.

People and institutions that refuse to admit error eventually discredit themselves.

Free markets are necessary to promote long-term growth, but they are not self-regulating, particularly when it comes to banks and other large financial institutions.

Nine had heard whisperings that the secretive Bilderberg Group was effectively the World Government, undermining democracy by influencing everything from nations' political leaders to the venue for the next war. He recalled persistent rumors and confirmed media reports that the Bilderberg Group had such luminaries as Barack Obama, Prince Charles, Bill Gates, Rupert Murdoch, Tony Blair, Bill and Hillary Clinton, George Bush Sr. and George W. Bush. Other Bilderberg members sprung forth from Nine’s memory bank. They included the founders and CEOs of various multinational corporations like Facebook, BP, Google, Shell and Amazon, as well as almost every major financial institution on the planet.

The Frays had never been a religiously observant family, but Clary loved Fifth Avenue at Christmas time. The air smelled like sweet roasted chestnuts, and the window displays sparkled with silver and blue, green and red. This year there were fat round crystal snowflakes attached to each lamppost, sending back the winter sunlight in shafts of gold. Not to mention the huge tree at Rockefeller Center. It threw its shadow across them as she and Simon draped themselves over the gate at the side of the skating rink, watching tourists fall down as they tried to navigate the ice. Clary had a hot chocolate wrapped in her hands, the warmth spreading through her body. She felt almost normal—this, coming to Fifth to see the window displays and the tree, had been a winter tradition for her and Simon for as long as she could remember. “Feels like old times, doesn’t it?” he said, echoing her thoughts as he propped his chin on his folded arms. She chanced a sideways look at him. He was wearing a black topcoat and scarf that emphasized the winter pallor of his skin. His eyes were shadowed, indicating that he hadn’t fed on blood recently. He looked like what he was—a hungry, tired vampire. Well, she thought. Almost like old times. “More people to buy presents for,” she said. “Plus, the always traumatic what-to-buy-someone-for-the-first-Christmas-after-you’ve-started-dating question.” “What to get the Shadowhunter who has everything,” Simon said with a grin. “Jace mostly likes weapons,” Clary sighed. “He likes books, but they have a huge library at the Institute. He likes classical music …” She brightened. Simon was a musician; even though his band was terrible, and was always changing their name—currently they were Lethal Soufflé—he did have training. “What would you give someone who likes to play the piano?” “A piano.” “Simon.” “A really huge metronome that could also double as a weapon?” Clary sighed, exasperated. “Sheet music. Rachmaninoff is tough stuff, but he likes a challenge.” “Now you’re talking. I’m going to see if there’s a music store around here.” Clary, done with her hot chocolate, tossed the cup into a nearby trash can and pulled her phone out. “What about you? What are you giving Isabelle?” “I have absolutely no idea,” Simon said. They had started heading toward the avenue, where a steady stream of pedestrians gawking at the windows clogged the streets. “Oh, come on. Isabelle’s easy.” “That’s my girlfriend you’re talking about.” Simon’s brows drew together. “I think. I’m not sure. We haven’t discussed it. The relationship, I mean.” “You really have to DTR, Simon.” “What?” “Define the relationship. What it is, where it’s going. Are you boyfriend and girlfriend, just having fun, ‘it’s complicated,’ or what? When’s she going to tell her parents? Are you allowed to see other people?” Simon blanched. “What? Seriously?” “Seriously. In the meantime—perfume!” Clary grabbed Simon by the back of his coat and hauled him into a cosmetics store that had once been a bank. It was massive on the inside, with rows of gleaming bottles everywhere. “And something unusual,” she said, heading for the fragrance area. “Isabelle isn’t going to want to smell like everyone else. She’s going to want to smell like figs, or vetiver, or—” “Figs? Figs have a smell?” Simon looked horrified; Clary was about to laugh at him when her phone buzzed. It was her mother. where are you? It’s an emergency.

The fight against climate change is often an opportunity for banks, financial institutions, and ratings agencies to develop a new marketing product, a new green bond, and a new net-zero tracker index fund as often as they can.

The banking institutions, my friends, are sailing under false colours. They are running with the hare and hunting with the hounds. And we should never forget it.

In the mid 1980's I was asked by an american legal institution known as the Christic Legal Institute to compile a comic book that would detail the murky history of the C.I.A., from the end of the second world war, to the present day. Covering such things as the heroin smuggling during the Vietnam war, the cocaine smuggling during the war in Central America, the Kennedy assasination and other highlights. What I learned during the frankly horrifying research that I had to slog through in order to accomplish this, was that yes, there is a conspiracy, in fact there are a great number of conspiracies that are all tripping each other up. And all of those conspiracies are run by paranoid fantasists, and ham fisted clowns. If you are on a list targeted by the C.I.A., you really have nothing to worry about. If however you have a name similar to someone on a list targeted by the C.I.A., then you are dead? The main thing that I learned about conspiracy theory, is that conspiracy theorists believe in a conspiracy because that is more comforting. The truth of the world is that it is actually chaotic. The truth is that it is not The Iluminati, or The Jewish Banking Conspiracy, or the Gray Alien Theory. The truth is far more frightening. Nobody is in control. The world is rudderless...

I sincerely believe the banking institutions having the issuing power of money, are more dangerous to liberty than standing armies.

Why does she always seem to think you drive like we're holding up a bank?" Roswell grinned and rolled his eyes, "Because that's what teenagers do, right? They also carve swastikas into their arms, steal prescription drugs from old people, and freebase cocaine. I need to institute a policy where she stops watching 60 Minutes and pretty much all public service announcements.

So you think the best way to prepare kids for the real world is to bus them to a government institution where they're forced to spend all day isolated with children of their own age and adults who are paid to be with them, placed in classes that are too big to allow more than a few minutes of personal interaction with the teacher-then spend probably an hour or more everyday waiting in lunch lines, car lines, bathroom lines, recess lines, classroom lines, and are forced to progress at the speed of the slowest child in class?

If the American people ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers occupied. The issuing power of money should be taken from the banks and restored to Congress and the people to whom it belongs. I sincerely believe the banking institutions are more dangerous to liberty than standing armies.(1)

Nothing in this world operates the way you think it does. Banks do not loan money, governments are not empowered to protect you, the police department is not there to serve you, institutions of higher learning, colleges and educational institutes, are not there to educate you. The entire superstructure of civilization in the Western world is a combination of brilliantly put together and planned, well-planned, schemes to direct the minds of the people in such a way as to serve their masters.

poverty is not the result of rapacious financiers exploiting the poor. It has much more to do with the lack of financial institutions, with the absence of banks, not their presence. Only when borrowers have access to efficient credit networks can they escape from the clutches of loan sharks, and only when savers can deposit their money in reliable banks can it be channelled from the idle rich to the industrious poor.

If you find a stock with little or no institutional ownership, you’ve found a potential winner. Find a company that no analyst has ever visited, or that no analyst would admit to knowing about, and you’ve got a double winner. When I talk to a company that tells me the last analyst showed up three years ago, I can hardly contain my enthusiasm. It frequently happens with banks, savings-and-loans, and insurance companies, since there are thousands of these and Wall Street only keeps up with fifty to one hundred.

Banks are institutions to which the government has granted the power to create money—or,

Struck by the presence of these banks and their proximity to the former slave market, I could not help but think of slavery’s relationship to some of the country’s largest banking institutions.

our wealth is not measured by the size of our bank accounts but by the strength of our bonds, the health of our loved ones, and the level of our gratitude. That happiness does not come from owning a bigger car but from knowing that we are part of something bigger—part of a community—and that we are all in this together.

Please, that is so antiquated. The institutions of male supremacy only have real power over you if you buy into that notion. Go found your own club and tell them they can't join. Or better yet, drop the idea of clubs altogether because they're exclusionary, and embrace some other, more flexible way of connecting with people.

I have long believed the city, the country, indeed the world at large to be run by precisely the wrong kind of people. From the government to the great financial institutions, the peerage to the police force, our lives are controlled without exception by the stupid and greedy, the venal, the rapacious and the undeservedly rich. How much more comfortable would it be if the rulers of the world were not the cognoscenti of the bank balance, the ballot box, the offshore account, but were drawn instead from the ranks of the everyday - honest, kind, stout-hearted, commonplace folk.

South during the Civil Rights Era. It was during this time that the birthday of Jefferson Davis, the president of the Confederacy, was added as a holiday in Alabama. Even today, banks, state offices, and state institutions shut down in his honor.

Telling us straight or through his stories, my father taught us that there was, generally, a fire at the core of things, and that change was the only constant, and that we--like everybody else--were both the most important people in the universe, and utterly without significance, depending, and that individuals mattered before their institutions, and that people were people, much the same everywhere, and when they appeared to do things that were stupid or evil, often you hadn't been told the whole story, but that sometimes people did behave badly, usually because some idea had taken hold of them and given them an excuse to regard other people as expendable (or bad), and that was part of who we were too, as a species, and it wasn't always possible to know that you were right and they were wrong , but the important thing was to keep trying to find out, and always to face the truth. Because truth mattered.

The rich world dominates the training of Ph.D. economists, and the students of rich-world Ph.D. programs dominate the international institutions like the International Monetary Fund (IMF) and the World Bank, which have the lead in advising poor countries on how to break out of poverty.

The Freedman’s Savings Bank serves as a cautionary tale for government support of banking for the poor when that support is just a façade. Draping a flag over a building and then installing private profit-motivated management inside is the most dangerous sort of government support. It induces trust in a vulnerable customer base that not only suffers from financial loss, but also loses all faith in public institutions. It poisons true government efforts to help. A similar phenomenon was at the heart of the failure of the government-sponsored enterprises Fannie Mae and Freddie Mac during the recent financial

Banks and other lending institutions—fearing loss of investor confidence—are notoriously loathe to admit they’ve been swindled. Therefore, they make excellent targets. Marvin

We all really only want to lend our money to people we can trust to pay it back. It’s the same thing with banks and other institutional lenders.

Eton produced Society's Monsters - everyone knew that. Politicians, mostly, and occasionally people who ran banks and all the other institutions that stole the world's spoils for themselves.

I consider myself a “social ecologist,” concerned with man’s man-made environment the way the natural ecologist studies the biological environment.....the discipline itself boasts an old and distinguished lineage. Its greatest document is Alexis de Tocqueville’s Democracy in America. But no one is as close to me in temperament, concepts, and approach as the mid-Victorian Englishman Walter Bagehot. Living (as I have) in an age of great social change, Bagehot first saw the emergence of new institutions: civil service and cabinet government, as cores of a functioning democracy, and banking as the center of a functioning economy. A hundred years after Bagehot, I was first to identify management as the new social institution of the emerging society of organizations and, a little later, to spot the emergence of knowledge as the new central resource, and knowledge workers as the new ruling class of a society that is not only “postindustrial” but postsocialist and, increasingly, post-capitalist. As it had been for Bagehot, for me too the tension between the need for continuity and the need for innovation and change was central to society and civilization.

Pressure to revise the lending procedures came from radical community organizations such as ACORN and the Greenlining Institute, which were able to create an intimidating atmosphere by accusing banks of discriminatory practices contrary to the CRA mandates. The

Although the Muslim commercial web possessed many advanced features, including bills of exchange, sophisticated lending institutions, and futures markets, no Islamic state ever established the bedrock financial institution of the modern world: a national or central bank

One of the things we've learned in the past 5 years is that we can have seemingly powerful institutions that turn out to be extremely vulnerable and brittle: our banks in the financial collapse were too big to fail. Our energy system and our agricultural system are just as top-heavy and just as vulnerable. What that means is not, as with the banks, that we should bail them out because they're too big to fail. It means that anything that's too big to fail is too big, and we need to build down this system, spread it out, make it more stable.

As the economy began to improve in the early 1940s, she made small deposits into five local savings banks for Kiki's education. Having lived through the crash, when banks closed their doors and customers' deposits vanished, she was unwilling to entrust all her savings to a single institution.

Meanwhile, bank executives bristled—sometimes privately, but often in the press—at any suggestion that they had in any way screwed up, or should be subject to any constraints when it came to running their business. This last bit of chutzpah was most pronounced in the two savviest operators on Wall Street, Lloyd Blankfein of Goldman Sachs and Jamie Dimon of JPMorgan Chase, both of whom insisted that their institutions had avoided the poor management decisions that plagued other banks and neither needed nor wanted government assistance. These claims were true only if you ignored the fact that the solvency of both outfits depended entirely on the ability of the Treasury and the Fed to keep the rest of the financial system afloat, as well as the fact that Goldman in particular had been one of the biggest peddlers of subprime-based derivatives—and had dumped them onto less sophisticated customers right before the bottom fell out.

believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." -Thomas Jefferson

Mussolini envisioned a powerful centralized state directing the institutions of the private sector, forcing their private welfare into line with the national welfare. Isn’t this precisely how progressives view the federal government’s control of banks, finance companies, insurance companies, health care, energy, and education?

Remember, the economy wasn’t really global then, and it depended upon private money institutions called banks, gold reserves, and the value of physical money—actual coins and pieces of paper that were supposed to be worth something. It was all a consensual hallucination, of course, and in the 1930s, the hallucination turned nightmare.

In 18th-century England this cronyism gave way to open economies in which anyone could sell anything to anyone, and their transactions were protected by the rule of law, property rights, enforceable contracts, and institutions like banks, corporations, and government agencies that run by fiduciary duties rather than personal connections.

Shifts also result from well-organized communities creating new institutions that meet peoples’ needs as responses to the shocks and slides better than the dominant systems can, such as food sovereignty projects, collectivized housing systems, cooperative economics (time banks, worker co-ops, food shares, community-based restorative justice projects, etc.)

She asserted that Europeans like them were robbers with guns who went all over the world stealing other people's land, which they then called their plantations. And they made the people they robbed their slaves. She was taking a long view of history, of course. Tarkington's Trustees certainly hadn't roamed the world on ships, armed to the teeth and looking for lightly defended real estate. Her point was that they were heirs to the property of such robbers, and to their mode of thinking, even if they had been born poor and had only recently dismantled an essential industry, or cleaned out a savings bank, or earned big commissions by facilitating the sale of beloved American institutions or landmarks to foreigners.

Had political exigencies been less pressing, the opposition to government guardianship of Negroes less bitter, and the attachment to the slave system less strong, the social seer can well imagine a far better policy,—a permanent Freedmen’s Bureau, with a national system of Negro schools; a carefully supervised employment and labor office; a system of impartial protection before the regular courts; and such institutions for social betterment as savings-banks, land and building associations, and social settlements. All this vast expenditure of money and brains might have formed a great school of prospective citizenship, and solved in a way we have not yet solved the most perplexing and persistent of the Negro problems.

The government system we have now is set up just like that of Rome and is changing into a system I call Corpocracism (Babylon, United States). Corpocracism is a word derived from some entities of feudalism, democracy, capitalism, classism, and corporatism to form a government system into a dictatorship and police state. This system is being brought about by a group of people in our own government, corporations, financial institutions and foreign entities. It is an ideology of hypocrisy that is leading to an JerUSAlem (America) that will sale off every aspect of its nations people to be captive to foreign entities such as corporations, governments, lawyers, financial institutions, banks, individuals and groups of individuals.

Governments, nations, borders, they're all surface, they always have been. The real structure underlying it all is money, and the institutions which control it. Finance houses, banks, organised crime; if you drill down deep enough, it's all the same. Money has no nationality, no allegiance. While nations rise and fall, it remains the same. It's the most powerful polity of all.

His wife, Electra, was a capable helpmeet, although—like himself— a dreamer of dreams and a private dabbler in romance. The first thing she did, after her marriage—child as she was, aged only nineteen— was to buy an acre of ground on the edge of the town, and pay down the cash for it—twenty-five dollars, all her fortune. Saladin had less, by fifteen. She instituted a vegetable garden there, got it farmed on shares by the nearest neighbor, and made it pay her a hundred per cent. a year. Out of Saladin's first year's wage she put thirty dollars in the savings-bank, sixty out of his second, a hundred out of his third, a hundred and fifty out of his fourth. His wage went to eight hundred a year, then, and meantime two children had arrived and increased the expenses, but she banked two hundred a year from the salary, nevertheless, thenceforth. When she had been married seven years she built and furnished a pretty and comfortable two-thousand-dollar house in the midst of her garden-acre, paid half of the money down and moved her family in. Seven years later she was out of debt and had several hundred dollars out earning its living.

the Institute of Applied Economic and Social Research at the University of Melbourne published the results of an extensive study of international money laundering.9 The authors compared the banking systems of two hundred countries. The Vatican ranked in the top ten money laundering havens, behind Luxembourg, Switzerland, the Cayman Islands, and Liechtenstein, but ahead of Singapore.

With those two things going as well as they were, I figured we could become successful institutional investment managers ourselves. So I made the pitch to the people who ran the World Bank’s pension fund, most importantly Hilda Ochoa, who was its chief investment officer at the time. Despite the fact that we had no assets under management and no track record, she gave us a $5 million U.S. bond account to manage.

The three terms of Federalist rule had been full of dazzling accomplishments that Republicans, with their extreme apprehension of federal power, could never have achieved. Under the tutelage of Washington, Adams, and Hamilton, the Federalists had bequeathed to American history a sound federal government with a central bank, a funded debt, a high credit rating, a tax system, a customs service, a coast guard, a navy, and many other institutions that would guarantee the strength to preserve liberty. They activated critical constitutional doctrines that gave the American charter flexibility, forged the bonds of nationhood, and lent an energetic tone to the executive branch in foreign and domestic policy. Hamilton, in particular, bound the nation through his fiscal programs in a way that no Republican could have matched. He helped to establish the rule of law and the culture of capitalism at a time when a revolutionary utopianism and a flirtation with the French Revolution still prevailed among too many Jeffersonians. With their reverence for states’ rights, abhorrence of central authority, and cramped interpretation of the Constitution, Republicans would have found it difficult, if not impossible, to achieve these historic feats. Hamilton

The processes of corporate power do not work in isolation. The economic and legal mechanisms that allow the privatization of the commonwealth, externalization of costs, predatory economic practices, political influence-buying, manipulation of regulation and deregulation, control of the media, propaganda and advertising in schools, and the use of police and military forces to protect the property of the wealthy-all of these work synergistically to weave a complex web of power. Activists have dedicated lifetimes of necessary work to deal with the results of corporate power, by trying to mitigate the results of power: an ever-increasing disparity in wealth and power and continual economic, political, environmental, and human rights crises. For social justice campaigns to be strategic, it is also necessary to examine how privatization, externalization, monopoly, and other corporate power processes have been institutionalized. This institutionalization is exemplified in the structural adjustment programs of the World Bank and International Monetary Fund, and in recent "free" trade agreements which have culminated in the creation of the World Trade Organization. An understanding of such institutions provides a necessary tool for achieving the long-term goals of environmental sustainability and social justice.

Adam Smith, with his half-baked idea about a hidden hand that works the cotton looms, decides to use that as his central metaphor for unrestrained Free Market capitalism. You don’t need to regulate the banks or the financiers when there’s an invisible five-fingered regulator who’s a bit like God to make sure that the money-looms don’t snare or tangle. That’s the monetarist mystic idol-shit, the voodoo economics Ronald Regan put his faith in, and that middle-class dunce Margaret Thatcher when they cheerily deregulated most of the financial institutions. And that’s why the Boroughs exists, Adam Smith’s idea. That’s why the last fuck knows how many generations of this family are a toilet queue without a pot to piss in, and that’s why everyone we know is broke. It’s all there in the current underneath that bridge down Tanner Street. That was the first one, the first dark, satanic mill.

Slavery, “America’s original sin,” according to James Madison, created the foundation of modern American capitalism.1 It was slavery and the “blood drawn with the lash” that opened the arteries of capital and commerce that led to U.S. economic dominance worldwide.2 The effects of the institution of slavery on American commerce were monumental—3.2 million slaves were worth $1.3 billion in market value, almost equal to the entire gross national product.

Hamilton, wanting the bank to remain predominantly in private hands, advanced a theory that became a truism of central banking—that monetary policy was so liable to abuse that it needed some insulation from interfering politicians: “To attach full confidence to an institution of this nature, it appears to be an essential ingredient in its structure that it shall be under a private not a public direction, under the guidance of individual interest, not of public policy.” 18 At

Making women into small business owners, factory workers, and heads of households, not participants & leaders of collective social movements or activists demanding more accountability of the World Trade Organization, the IMF or the World Bank, these institutions maintain control over the economic growth and development of these countries and provide access to cheap labor, mineral resources, and military bases for the global north while the women themselves remain at or below poverty level.

We have to start relocating the things we value,” he says. “Like the Smithsonian Institution, which is sited on top of an old marsh. We have to make seed banks, a global archive for the future, and we have to move our power plants, in order to maintain a functioning society. We have to start lining the trash dumps that line our shores, we have to start preparing for inundation. Remember, the last time carbon dioxide levels were the same as they are today, the ocean was one hundred feet higher.

US linguist and political philosopher Noam Chomsky’s view is that in most countries a wealthy minority controls the key social and political institutions, such as the mass media and the financial system, ensuring that the functioning of modern society favors a powerful elite. In turn, this means that dissent and meaningful change are nearly impossible, because the dominant institutional structures in society—from newspapers to banks—focus on maintaining their positions to their mutual benefit.

JFK asked his brother, Attorney General Robert Kennedy, to break up organized crime. Nobody high-up in government has tangled the Mafia. J. E. Hoover, the hired hands of FBI and CIA, ran the assassination teams. They have been used since World War II. JFK was attempting to end the oil-tax depletion rip-offs, to get tax money from oil companies. JFK instituted the nuclear test ban treaty, often called “the kiss of death,” to oppose the Pentagon. JFK called off the Invasion of Cuba. He allowed Castro to live, antagonized narcotics and gambling, oil and sugar interests, formerly in Cuba. JFK asked his brother, Attorney General Robert Kennedy, to break up the CIA, the “hidden government behind my back.” Allen Dulles was fired. Dulles, the attorney for international multinationals, was angry. JFK planned to withdraw troops from Vietnam after the 1964 elections. Nov. 24, 1963, two days after JFK’s burial, the Pentagon escalated the Vietnam war … with no known provocations, after JFK was gone. There was no chance Kennedy could survive antagonizing the CIA, oil companies, Pentagon, organized crime. He was not their man. The assassination of JFK employed people from the Texas-Southwest. It was not a Southern plot. Upstarts could not have controlled the northern CIA, FBI, Kennedy family connections. This was a more detailed, sophisticated conspiracy that was to set the pattern for future murders to take place. The murder was funded by Permindex, with headquarters in Montreal and Switzerland. Their stated purpose was to encourage trade between nations in the Western world. Their actual purpose was fourfold: 1) To fund and direct assassinations of European, Mid-East and world leaders considered threats to the western world, and to Petroleum Interests of their backers. 2) Provide couriers, agents for transporting and depositing funds through Swiss Banks for Vegas, Miami and the international gambling syndicate. 3) Coordinate the espionage activities of White Russian Solidarists and Division V of the FBI, headed by William Sullivan. 4) Build, acquire and operate hotels and gambling casinos. See: Nomenclature of an Assassination Cabal, by William Torbitt.

The modern institution of the presidency is the primary political evil Americans face, and the cause of nearly all our woes. It squanders the national wealth and starts unjust wars against foreign peoples that have never done us any harm. It wrecks our families, tramples on our rights, invades our communities, and spies on our bank accounts. It skews the culture toward decadence and trash. It tells lie after lie. Teachers used to tell school kids that anyone can be president. This is like saying anyone can go to Hell. It's not an inspiration; it's a threat.

Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out. With their ‘rescue’ loan and their troika of bailiffs enthusiastically slashing incomes, the EU and IMF effectively condemned Greece to a modern version of the Dickensian debtors’ prison and then threw away the key. Debtors’ prisons were ultimately abandoned because, despite their cruelty, they neither deterred the accumulation of new bad debts nor helped creditors get their money back. For capitalism to advance in the nineteenth century, the absurd notion that all debts are sacred had to be ditched and replaced with the notion of limited liability. After all, if all debts are guaranteed, why should lenders lend responsibly? And why should some debts carry a higher interest rate than other debts, reflecting the higher risk of going bad? Bankruptcy and debt write-downs became for capitalism what hell had always been for Christian dogma – unpleasant yet essential – but curiously bankruptcy-denial was revived in the twenty-first century to deal with the Greek state’s insolvency. Why? Did the EU and the IMF not realize what they were doing? They knew exactly what they were doing. Despite their meticulous propaganda, in which they insisted that they were trying to save Greece, to grant the Greek people a second chance, to help reform Greece’s chronically crooked state and so on, the world’s most powerful institutions and governments were under no illusions. […] Banks restructure the debt of stressed corporations every day, not out of philanthropy but out of enlightened self-interest. But the problem was that, now that we had accepted the EU–IMF bailout, we were no longer dealing with banks but with politicians who had lied to their parliaments to convince them to relieve the banks of Greece’s debt and take it on themselves. A debt restructuring would require them to go back to their parliaments and confess their earlier sin, something they would never do voluntarily, fearful of the repercussions. The only alternative was to continue the pretence by giving the Greek government another wad of money with which to pretend to meet its debt repayments to the EU and the IMF: a second bailout.

the first century of the US Federal Reserve’s existence has been a failure. Not only has there been incontinent inflation since 1913, the year the Fed came into existence (8 per cent in the preceding 120 years, 2,300 per cent in the succeeding hundred years), but there has been devastating deflation too, and more banking panics, more financial volatility, longer and deeper recessions. Even the Fed’s response to the crisis of 2008 has come under severe criticism, as it effectively bailed out bad assets while doing little to help solvent institutions with needed liquidity

Past successes may be inspirational and encouraging, but they are not by themselves reliable indicators of or guides to future success. The most efficacious changes in any system are informed not by successes but by failures. The surest way for the designer of any system to achieve success is to recognize and correct the flaws of predecessor systems, whether they be in building codes or in banking policies or in bridges.25 The history of civilization itself has been one of rises and falls, of successes and failures. Some of these have been of empires, dynasties, families; others have been of nations, states, and cities. Common to all of them has been the human element, embodied in the ruler and the ruled alike. Given that the ultimate unit of civilization is the individual, we need look no further than within ourselves to gain insight into the world and its ways, including the failure of its institutions and its systems. And, just as those institutions and systems are made up of individual people and things, so ultimately must we look to ourselves and to how we interact with the world, both given and made, whenever something goes wrong.

Most of us felt that taking control of our neighborhoods was the first step toward liberation...First, we would take control of the schools; then we would take control of the hospitals; then we would take control of the colleges, the housing, etc., etc. We would have community controlled employment, welfare centers, and city, state, and federal agencies. 'Hold on for a minute,' somebody said. 'Where are y'all gonna get the money to run all that stuff?' 'We'll take community control of the banks,' someone answered. 'You'd better take community control of the army, too, because those banks aren't gonna just let you take their money lying down." 'We'll take control of the political institutions in our community. Then we'll take control of the congressional seats, the senate seats, the city council seats, the mayor's office, and every other office you can take control of. We'll take control of the political offices so we can allocate money to the people who need it.' 'Y'all just wishing and hoping,' someone said. 'You can control the social institutions and the political institutions, but unless you control the economic and military institutions, you can only go so far.

Nearly every aspect of modern civilization has been flattening down except one: money. Minting money is one of the last jobs left for a central government that most political parties agree is legitimate. It takes a central bank to battle the perennial scourges of counterfeit and fraud. Someone has to regulate the amount of money issued, keep track of the serial numbers, ensure that the money is trusted. A robust currency requires accuracy, coordination, security, enforcement—and an institution that takes responsibility for all those. Thus behind every currency stands a watchful central bank.

Perhaps because the bank was identified with the endeavors of the newly freed negro, wrote historians Kindsor and Sagarin, anyone who dared to raise a cry against the mismanagement was charged with being anti-negro. In as much as the enemies of the negro were not interested in the bank, and the friends were effectively silenced with the anti-negro charge, there was no exposure of the condition of the bank. The belief that the failures of black institutions could not be accurately studied because of the sensitivity of the race issue, whether accurate or not, would be a recurring theme through history.

Truth, says instrumentalism, is what works out, that which does what you expect it to do. The judgment is true when you can "bank" on it and not be disappointed. If, when you predict, or when you follow the lead of your idea or plan, it brings you to the ends sought for in the beginning, your judgment is true. It does not consist in agreement of ideas, or the agreement of ideas with an outside reality; neither is it an eternal something which always is, but it is a name given to ways of thinking which get the thinker where he started. As a railroad ticket is a "true" one when it lands the passenger at the station he sought, so is an idea "true," not when it agrees with something outside, but when it gets the thinker successfully to the end of his intellectual journey. Truth, reality, ideas and judgments are not things that stand out eternally "there," whether in the skies above or in the earth beneath; but they are names used to characterize certain vital stages in a process which is ever going on, the process of creation, of evolution. In that process we may speak of reality, this being valuable for our purposes; again, we may speak of truth; later, of ideas; and still again, of judgments; but because we talk about them we should not delude ourselves into thinking we can handle them as something eternally existing as we handle a specimen under the glass. Such a conception of truth and reality, the instrumentalist believes, is in harmony with the general nature of progress. He fails to see how progress, genuine creation, can occur on any other theory on theories of finality, fixity, and authority; but he believes that the idea of creation which we have sketched here gives man a vote in the affairs of the universe, renders him a citizen of the world to aid in the creation of valuable objects in the nature of institutions and principles, encourages him to attempt things "unattempted yet in prose or rhyme," inspires him to the creation of "more stately mansions," and to the forsaking of his "low vaulted past." He believes that the days of authority are over, whether in religion, in rulership, in science, or in philosophy; and he offers this dynamic universe as a challenge to the volition and intelligence of man, a universe to be won or lost at man’s option, a universe not to fall down before and worship as the slave before his master, the subject before his king, the scientist before his principle, the philosopher before his system, but a universe to be controlled, directed, and recreated by man’s intelligence.

As data analytics, superfast computers, digital technology, and other breakthroughs enabled by science play a bigger and bigger role in informing medical decision-making, science has carved out a new and powerful role as the steadfast partner of the business of medicine—which is also enjoying a new day in the sun. It may surprise some people to learn that the business of medicine is not a twenty-first-century invention. Health care has always been a business, as far back as the days when Hippocrates and his peers practiced medicine. Whether it was three goats, a gold coin, or a bank note, some type of payment was typically exchanged for medical services, and institutions of government or learning funded research. However, since the 1970s, business has been the major force directing the practice of medicine. Together, the business and science of medicine are the new kids on the block—the bright, shiny new things. Ideally, as I’ve suggested, the art, science, and business of medicine would work together in a harmonious partnership, each upholding the other and contributing all it has to offer to the whole. And sometimes (as we’ll find in later chapters) this partnership works well. When it does, the results are magnificent for patients and doctors, not to mention for scientists and investors.

We had come to see the work of Wedco, a small bank – micro-finance institution is the formal term – that has been one of CARE’s great success stories in the region. Wedco began in 1989 with the idea of making small loans to groups of ladies, generally market traders, who previously had almost no access to business credit. The idea was that half a dozen or so female traders would form a business club and take out a small loan, which they would apportion among themselves, to help them expand or improve their businesses. The idea of having a club was to spread the risk. It seemed a slightly loopy idea to many to focus exclusively on females, but it has been a runaway success.

To be sure, the cost of managing capital and of “formal” financial intermediation (that is, the investment advice and portfolio management services provided by a bank or official financial institution or real estate agency or managing partner) is obviously taken into account and deducted from the income on capital in calculating the average rate of return (as presented here). But this is not the case with “informal” financial intermediation: every investor spends time—in some cases a lot of time—managing his own portfolio and affairs and determining which investments are likely to be the most profitable. This effort can in certain cases be compared to genuine entrepreneurial labor or to a form of business activity.

Sonnet of Cryptocurrency The reason people are nuts about cryptocurrency, Is that they hear the magic phrase regulation-free. But what they forget to take into account, Is that it also means the user alone bears liability. The purpose behind a centralized system, Is not exploitation but to provide trust and stability. Anything that is decentralized on the other hand, Is a breeding ground for fraud and volatility. Not every fancy innovation is gonna benefit society, Innovation without accountability is only delusion. Cryptocurrency can be a great boon to banking, If it merges with the centralized financial institution. Intoxication of tech is yet another fundamentalism. Algorithm without humanity is digital barbarism.

Joint-stock companies could be similarly flexible. “The absence of close control by the British crown in the early stages of colonization,” Elliott points out, left considerable latitude for the evolution of those forms of government that seemed most appropriate to the people actively involved in the process of overseas enterprise and settlement—the financial backers of the enterprise and the colonists themselves—as long as they operated within the framework of their royal charter. In contrast to Spain’s “new world” colonies—and to the territories that France, more recently, had claimed (but barely settled) along the banks of the St. Lawrence, the Great Lakes, and the Ohio and Mississippi rivers—British America “was a society whose political and administrative institutions were more likely to evolve from below than to be imposed from above.” 10 That made it a hodgepodge, but also a complex adaptive system. Such systems thrive, theorists tell us, from the need to respond frequently—but not too frequently—to the unforeseen. Controlled environments encourage complacency, making it hard to cope when controls break down, as they sooner or later must. Constant disruptions, however, prevent recuperation: nothing’s ever healthy. There’s a balance, then, between integrative and disintegrative processes in the natural world—an edge of chaos, so to speak—where adaptation, especially self-organization, tends to occur. 11 New political worlds work similarly.

First, when all investors were doing the same thing, he would actively seek to do the opposite. The word stockbrokers use for this approach is contrarian. Everyone wants to be one, but no one is, for the sad reason that most investors are scared of looking foolish. Investors do not fear losing money as much as they fear solitude, by which I mean taking risks that others avoid. When they are caught losing money alone, they have no excuse for their mistake, and most investors, like most people, need excuses. They are, strangely enough, happy to stand on the edge of a precipice as long as they are joined by a few thousand others. But when a market is widely regarded to be in a bad way, even if the problems are illusory, many investors get out. A good example of this was the crisis at the U.S. Farm Credit Corporation. It looked for a moment as if Farm Credit might go bankrupt. Investors stampeded out of Farm Credit bonds because having been warned of the possibility of accident, they couldn’t be seen in the vicinity without endangering their reputations. In an age when failure isn’t allowed, when the U.S. government had rescued firms as remote from the national interest as Chrysler and the Continental Illinois Bank, there was no chance the government would allow the Farm Credit bank to default. The thought of not bailing out an eighty-billion-dollar institution that lent money to America’s distressed farmers was absurd. Institutional investors knew this. That is the point. The people selling Farm Credit bonds for less than they were worth weren’t necessarily stupid. They simply could not be seen holding them. Since Alexander wasn’t constrained by appearances, he sought to exploit people who were.

There are very few SJWs who would be willing to give up indoor plumbing or their iPhones for their ideals. The fact that they cannot see the contradiction now does not mean they will always be unable to do so, particularly given the way in which their corrupted institutions are falling into rapid decline, one after the other, and being replaced by radical new institutions. The public schools can no longer educate, so people are turning to homeschooling. The universities can no longer provide liberal arts educations, so people are becoming technology-assisted autodidacts. The banks no longer loan, the state and local governments no longer provide basic public services, the military does not defend the borders, the newspapers no longer provide news, the television networks no longer entertain, and the corporations are increasingly unable to provide employment.

The “United States” does not exist as a nation, because the ruling class of the U.S./Europe exploits the world without regard to borders and nationality.  For instance, multinational or global corporations rule the world.  They make their own laws by buying politicians– Democrats and Republicans, and white politicians in England and in the rest of Europe.  We are ruled by a European power which disregards even the hypocritical U.S. Constitution.  If it doesn’t like the laws of the U.S., as they are created, interpreted and enforced, the European power simply moves its base of management and labor to some other part of the world.   Today the European power most often rules through neocolonial regimes in the so-called “Third World.”  Through political leaders who are loyal only to the European power, not to their people and the interests of their nation, the European power sets up shop in Africa, Asia, and Latin America.  By further exploiting the people and stealing the resources of these nations on every continent outside Europe, the European power enhances its domination.  Every institution and organization within the European power has the purpose of adding to its global domination: NATO, the IMF, the World Bank, the military, and the police.   The European power lies to the people within each “nation” about national pride or patriotism.  We foolishly stand with our hands over our hearts during the “National Anthem” at football games while the somber servicemen in their uniforms hold the red, white and blue flag, then a military jet flies over and we cheer.  This show obscures the real purpose of the military, which is to increase European power through intimidation and the ongoing invasion of the globe.  We are cheering for imperialist forces.  We are standing on Native land celebrating the symbols of de-humanizing terrorism.  Why would we do this unless we were being lied to?   The European imperialist power lies to us about its imperialism.  It’s safe to say, most “Americans” do not recognize that we are part of an empire.  When we think of an empire we think of ancient Rome or the British Empire.  Yet the ongoing attack against the Native peoples of “North America” is imperialism.  When we made the “Louisiana Purchase” (somehow the French thought Native land was theirs to sell, and the U.S. thought it was ours to buy) this was imperialism.  When we stole the land from Mexico, this was imperialism (the Mexican people having been previously invaded by the European imperialist power).  Imperialism is everywhere.  Only the lies of capitalism could so effectively lead us to believe that we are not part of an empire.

Morally and practically, the Freedmen’s Bank was part of the Freedmen’s Bureau, although it had no legal connection with it. With the prestige of the government back of it, and a directing board of unusual respectability and national reputation, this banking institution had made a remarkable start in the development of that thrift among black folk which slavery had kept them from knowing. Then in one sad day came the crash,—all the hard-earned dollars of the freedmen disappeared; but that was the least of the loss,—all the faith in saving went too, and much of the faith in men; and that was a loss that a Nation which to-day sneers at Negro shiftlessness has never yet made good. Not even ten additional years of slavery could have done so much to throttle the thrift of the freedmen as the mismanagement and bankruptcy of the series of savings banks chartered by the Nation for their especial aid.

The Restoration did not so much restore as replace. In restoring the monarchy with King Charles II, it replaced Cromwell's Commonwealth and its Puritan ethos with an almost powerless monarch whose tastes had been formed in France. It replaced the power of the monarchy with the power of a parliamentary system - which was to develop into the two parties, Whigs and Tories - with most of the executive power in the hands of the Prime Minister. Both parties benefited from a system which encouraged social stability rather than opposition. Above all, in systems of thought, the Restoration replaced the probing, exploring, risk-taking intellectual values of the Renaissance. It relied on reason and on facts rather than on speculation. So, in the decades between 1660 and 1700, the basis was set for the growth of a new kind of society. This society was Protestant (apart from the brief reign of the Catholic King James II, 1685-88), middle class, and unthreatened by any repetition of the huge and traumatic upheavals of the first part of the seventeenth century. It is symptomatic that the overthrow of James II in 1688 was called The 'Glorious' or 'Bloodless' Revolution. The 'fever in the blood' which the Renaissance had allowed was now to be contained, subject to reason, and kept under control. With only the brief outburst of Jacobin revolutionary sentiment at the time of the Romantic poets, this was to be the political context in the United Kingdom for two centuries or more. In this context, the concentration of society was on commerce, on respectability, and on institutions. The 'genius of the nation' led to the founding of the Royal Society in 1662 - 'for the improving of Natural Knowledge'. The Royal Society represents the trend towards the institutionalisation of scientific investigation and research in this period. The other highly significant institution, one which was to have considerably more importance in the future, was the Bank of England, founded in 1694.

But increasing the amount of equity finance in an economy is easier said than done: it is a project that would take decades rather than years. Some of the barriers are institutional: outside of the very small world of venture capital (of which more later) and the even smaller and newer field of equity crowdfunding, most businesses do not raise equity, and most financial institutions do not provide it. There are established agencies that can rate the creditworthiness of even quite small businesses, and algorithms to allow banks to quickly and cheaply decide whether to lend to them. Nothing similar exists for equity investment, and the equivalent analytical task (working out a company's likely future value, rather than its likelihood of servicing a fixed debt) is more complex. And cultural factors stand in the ways too: despite a very elegant financial economics theorem that shows that business owners should be indifferent between equity and debt finance, for many small business owners there seems a cognitive and cultural bias against giving away equity.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

The book received a wider review in the business press than in academic journals. A few weeks after the U.S. publication I was invited to address the annual meeting of Drexel-Burnham to outline how the new Treasury bill standard of world finance had replaced the gold exchange standard. Herman Kahn was the meeting’s other invited speaker. When I had finished, he got up and said, “You’ve shown how the United States has run rings around Britain and every other empire-building nation in history. We’ve pulled off the greatest rip-off ever achieved.” He hired me on the spot to join him as the Hudson Institute’s economist. I was happy enough to leave my professorship in international economics at the New School for Social Research. My professional background had been on Wall Street as balance-of-payments economist for the Chase Manhattan Bank and Arthur Andersen. My research along these lines was too political to fit comfortably into the academic economics curriculum, but at the Hudson Institute I set to work tracing how America was turning its payments deficit into an unprecedented element of strength rather than weakness.

virtually all money is created out of debt by banks “extending credit” or giving loans. If all the debts of the world were paid off, there would be no money in circulation. How does this occur? Allow me to oversimplify, starting with government. When a government needs money, it creates bonds. These bonds represent debt. It then exchanges these bonds with its central bank, an institution granted the ability to create money. Of course, governments can also sell the bonds to the general public and even foreign nations to raise money, but that doesn’t actually create money—only banks can do that. Though considered investments, these bonds are really interest-bearing loans. If I buy a government bond for $1,000, I have actually loaned that amount to the government with the expectation that it will pay me back with interest accrued. Likewise, when the government sells bonds to its central bank, the central bank is technically loaning the newly created money, expecting interest payments. Bear in mind, both the government and the central bank are exchanging things invented out of thin air by essentially the transaction itself.

Hamilton wanted his central bank to be profitable enough to attract private investors while serving the public interest. He knew the composition of its board would be an inflammatory issue. Directors would consist of a “small and select class of men.” To prevent an abuse of trust, Hamilton suggested mandatory rotation. “The necessary secrecy” of directors’ transactions will give “unlimited scope to imagination to infer that something is or may be wrong. And this inevitable mystery is a solid reason for inserting in the constitution of a Bank the necessity of a change of men.”17 But who would direct this mysterious bastion of money? Its ten million dollars in capital would be several times larger than the combined capital of all existing banks, eclipsing anything ever seen in America. Hamilton, wanting the bank to remain predominantly in private hands, advanced a theory that became a truism of central banking—that monetary policy was so liable to abuse that it needed some insulation from interfering politicians: “To attach full confidence to an institution of this nature, it appears to be an essential ingredient in its structure that it shall be under a private not a public direction, under the guidance of individual interest, not of public policy.”18

The imperialist found it useful to incorporate the credible and seemingly unimpeachable wisdom of science to create a racial classification to be used in the appropriation and organization of lesser cultures. The works of Carolus Linnaeus, Georges Buffon, and Georges Cuvier, organized races in terms of a civilized us and a paradigmatic other. The other was uncivilized, barbaric, and wholly lower than the advanced races of Europe. This paradigm of imaginatively constructing a world predicated upon race was grounded in science, and expressed as philosophical axioms by John Locke and David Hume, offered compelling justification that Europe always ought to rule non-Europeans. This doctrine of cultural superiority had a direct bearing on Zionist practice and vision in Palestine. A civilized man, it was believed, could cultivate the land because it meant something to him; on it, accordingly, he produced useful arts and crafts, he created, he accomplished, he built. For uncivilized people, land was either farmed badly or it was left to rot. This was imperialism as theory and colonialism was the practice of changing the uselessly unoccupied territories of the world into useful new versions of Europe. It was this epistemic framework that shaped and informed Zionist attitudes towards the Arab Palestinian natives. This is the intellectual background that Zionism emerged from. Zionism saw Palestine through the same prism as the European did, as an empty territory paradoxically filled with ignoble or, better yet, dispensable natives. It allied itself, as Chaim Weizmann said, with the imperial powers in carrying out its plans for establishing a Jewish state in Palestine. The so-called natives did not take well to the idea of Jewish colonizers in Palestine. As the Zionist historians, Yehoshua Porath and Neville Mandel, have empirically shown, the ideas of Jewish colonizers in Palestine, this was well before World War I, were always met with resistance, not because the natives thought Jews were evil, but because most natives do not take kindly to having their territory settled by foreigners. Zionism not only accepted the unflattering and generic concepts of European culture, it also banked on the fact that Palestine was actually populated not by an advanced civilization, but by a backward people, over which it ought to be dominated. Zionism, therefore, developed with a unique consciousness of itself, but with little or nothing left over for the unfortunate natives. In fact, I would go so far as to say that if Palestine had been occupied by one of the well-established industrialized nations that ruled the world, then the problem of displacing German, French, or English inhabitants and introducing a new, nationally coherent element into the middle of their homeland would have been in the forefront of the consciousness of even the most ignorant and destitute Zionists. In short, all the constitutive energies of Zionism were premised on the excluded presence, that is, the functional absence of native people in Palestine; institutions were built deliberately shutting out the natives, laws were drafted when Israel came into being that made sure the natives would remain in their non-place, Jews in theirs, and so on. It is no wonder that today the one issue that electrifies Israel as a society is the problem of the Palestinians, whose negation is the consistent thread running through Zionism. And it is this perhaps unfortunate aspect of Zionism that ties it ineluctably to imperialism- at least so far as the Palestinian is concerned. In conclusion, I cannot affirm that Zionism is colonialism, but I can tell you the process by which Zionism flourished; the dialectic under which it became a reality was heavily influenced by the imperialist mindset of Europe. Thank you. -Fictional debate between Edward Said and Abba Eban.

According to socialism, instead of spending years talking about my mother, my emotions and my complexes, I should ask myself: who owns the means of production in my country? What are its main exports and imports? What’s the connection between the ruling politicians and international banking? Only by understanding the surrounding socio-economic system and taking into account the experiences of all other people could I truly understand what I feel, and only by common action can we change the system. Yet what person can take into account the experiences of all human beings, and weigh them one against the other in a fair way? That’s why socialists discourage self-exploration, and advocate the establishment of strong collective institutions – such as socialist parties and trade unions – that aim to decipher the world for us. Whereas in liberal politics the voter knows best, and in liberal economics the customer is always right, in socialist politics the party knows best, and in socialist economics the trade union is always right. Authority and meaning still come from human experience – both the party and the trade union are composed of people and work to alleviate human misery – yet individuals must listen to the party and the trade union rather than to their personal feelings.

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

My gratitude goes as well to the other data scientists I pestered and to the institutions that collect and maintain their data: Karlyn Bowman, Daniel Cox (PRRI), Tamar Epner (Social Progress Index), Christopher Fariss, Chelsea Follett (HumanProgress), Andrew Gelman, Yair Ghitza, April Ingram (Science Heroes), Jill Janocha (Bureau of Labor Statistics), Gayle Kelch (US Fire Administration/FEMA), Alaina Kolosh (National Safety Council), Kalev Leetaru (Global Database of Events, Language, and Tone), Monty Marshall (Polity Project), Bruce Meyer, Branko Milanović (World Bank), Robert Muggah (Homicide Monitor), Pippa Norris (World Values Survey), Thomas Olshanski (US Fire Administration/FEMA), Amy Pearce (Science Heroes), Mark Perry, Therese Pettersson (Uppsala Conflict Data Program), Leandro Prados de la Escosura, Stephen Radelet, Auke Rijpma (OECD Clio Infra), Hannah Ritchie (Our World in Data), Seth Stephens-Davidowitz (Google Trends), James X. Sullivan, Sam Taub (Uppsala Conflict Data Program), Kyla Thomas, Jennifer Truman (Bureau of Justice Statistics), Jean Twenge, Bas van Leeuwen (OECD Clio Infra), Carlos Vilalta, Christian Welzel (World Values Survey), Justin Wolfers, and Billy Woodward (Science Heroes). David Deutsch, Rebecca Newberger Goldstein, Kevin Kelly, John Mueller, Roslyn Pinker, Max Roser, and Bruce Schneier read a draft of the entire manuscript and offered invaluable advice.

Combine all of these frustrated expectations with the fact that Captain Hook is Mr. Darling, and you might well consider clawing your way out of this plot. To say that James Barrie acutely depicted the suffocating, limited opportunities for expression available to bourgeois men of his period is like saying that Peter Pan can fly. Mr. Darling demonstrates the multitude of ways in which sending men to offices where they judge their success through the respect and fear they engender in underlings and are rewarded for speaking languages that their wives and children cannot understand is a remarkably bad idea. Is it any surprise that this man who cannot fix his tie and tricks his younger son into taking medicine winds up living in a doghouse? Absolutely not. But how different is Mr. Darling from Hook? Both men steal for a living, one through the august institution of a bank and the other more honestly as a pirate. Both men are disturbed by the wanton lighthearted disregard that children show for their accomplishments. Both men are terrified by what other people think of them and change their behavior accordingly. Both men want children to love them. Both men are locked in a struggle to the death with time and responsibility. Suddenly, the banker and the pirate, though clad very differently, seem to have a lot in common, and those similarities serve as a commentary on the stringent boundaries placed on men by the cultural expectations of the early twentieth century.

Almost immediately after jazz musicians arrived in Paris, they began to gather in two of the city’s most important creative neighborhoods: Montmartre and Montparnasse, respectively the Right and Left Bank haunts of artists, intellectuals, poets, and musicians since the late nineteenth century. Performing in these high-profile and popular entertainment districts could give an advantage to jazz musicians because Parisians and tourists already knew to go there when they wanted to spend a night out on the town. As hubs of artistic imagination and experimentation, Montmartre and Montparnasse therefore attracted the kinds of audiences that might appreciate the new and thrilling sounds of jazz. For many listeners, these locations leant the music something of their own exciting aura, and the early success of jazz in Paris probably had at least as much to do with musicians playing there as did other factors. In spite of their similarities, however, by the 1920s these neighborhoods were on two very different paths, each representing competing visions of what France could become after the war. And the reactions to jazz in each place became important markers of the difference between the two areas and visions. Montmartre was legendary as the late-nineteenth-century capital of “bohemian Paris,” where French artists had gathered and cabaret songs had filled the air. In its heyday, Montmartre was one of the centers of popular entertainment, and its artists prided themselves on flying in the face of respectable middle-class values. But by the 1920s, Montmartre represented an established artistic tradition, not the challenge to bourgeois life that it had been at the fin de siècle. Entertainment culture was rapidly changing both in substance and style in the postwar era, and a desire for new sounds, including foreign music and exotic art, was quickly replacing the love for the cabarets’ French chansons. Jazz was not entirely to blame for such changes, of course. Commercial pressures, especially the rapidly growing tourist trade, eroded the popularity of old Montmartre cabarets, which were not always able to compete with the newer music halls and dance halls. Yet jazz bore much of the criticism from those who saw the changes in Montmartre as the death of French popular entertainment. Montparnasse, on the other hand, was the face of a modern Paris. It was the international crossroads where an ever changing mixture of people celebrated, rather than lamented, cosmopolitanism and exoticism in all its forms, especially in jazz bands. These different attitudes within the entertainment districts and their institutions reflected the impact of the broader trends at work in Paris—the influx of foreign populations, for example, or the advent of cars and electricity on city streets as indicators of modern technology—and the possible consequences for French culture. Jazz was at the confluence of these trends, and it became a convenient symbol for the struggle they represented.

Emergency food has become very useful indeed, and to a very large assortment of people and institutions. The United States Department of Agriculture uses it to reduce the accumulation of embarrassing agricultural surpluses. Business uses it to dispose of nonstandard or unwanted product, to protect employee morale and avoid dump fees, and, of course, to accrue tax savings. Celebrities use it for exposure. Universities and hospitals, as well as caterers and restaurants, use it to absorb leftovers. Private schools use it to teach ethics, and public schools use it to instill a sense of civic responsibility. Churches use it to express their concern for the least of their brethren, and synagogues use it to be faithful to the tradition of including the poor at the table. Courts use it to avoid incarcerating people arrested for Driving While Intoxicated and a host of other offense. Environmentalists use it to reduce the solid waste stream. Penal institutions use it to create constructive outlets for the energies of their inmates, and youth-serving agencies of all sorts use it to provide service opportunities for young people. Both profit-making and nonprofit organizations use it to absorb unneeded kitchen and office equipment. A wide array of groups, organizations, and institutions benefits from the halo effect of 'feeding the hungry,' and this list does not even include the many functions for ordinary individuals--companionship, exercise, meaning, and purpose. . .If we didn't have hunger, we'd have to invent it.

The power of the big fish in general to regroup is hardly restricted to banking. When Standard Oil was broken up in 1911, the immediate effect was to replace a national monopoly with a number of regional monopolies controlled by many of the same Wall Street interests. Ultimately, the regional monopolies regrouped: In 1999 Exxon (formerly Standard Oil Company of New Jersey) and Mobil (formerly Standard Oil Company of New York) reconvened in one of the largest mergers in US history. In 1961 Kyso (formerly Standard Oil of Kentucky) was purchased by Chevron (formerly Standard Oil of California); and in the 1960s and 1970s Sohio (formerly Standard Oil of Ohio) was bought by British Petroleum (BP), which then, in 1998, merged with Amoco (formerly Standard Oil of Indiana). The tale of AT&T is similar. As the result of an antitrust settlement with the government, on January 1, 1984, AT&T spun off its local operations so as to create seven so-called Baby Bells. But the Baby Bells quickly began to merge and regroup. By 2006 four of the Baby Bells were reunited with their parent company AT&T, and two others (Bell Atlantic and NYNEX) merged to form Verizon. So the hope that you can make a banking breakup stick (even if it were to be achieved) flies in the face of some pretty daunting experience. Also, note carefully a major political fact: The time when traditional reformers had enough power to make tough banking regulation really work was the time when progressive politics still had the powerful institutional backing of strong labor unions. But as we have seen, that time is long ago and far away.

Equity financing, on the other hand, is unappealing to cooperators because it may mean relinquishing control to outside investors, which is a distinctly capitalist practice. Investors are not likely to buy non-voting shares; they will probably require representation on the board of directors because otherwise their money could potentially be expropriated. “For example, if the directors of the firm were workers, they might embezzle equity funds, refrain from paying dividends in order to raise wages, or dissipate resources on projects of dubious value.”105 In any case, the very idea of even partial outside ownership is contrary to the cooperative ethos. A general reason for traditional institutions’ reluctance to lend to cooperatives, and indeed for the rarity of cooperatives whether related to the difficulty of securing capital or not, is simply that a society’s history, culture, and ideologies might be hostile to the “co-op” idea. Needless to say, this is the case in most industrialized countries, especially the United States. The very notion of a workers’ cooperative might be viscerally unappealing and mysterious to bank officials, as it is to people of many walks of life. Stereotypes about inefficiency, unprofitability, inexperience, incompetence, and anti-capitalism might dispose officials to reject out of hand appeals for financial assistance from co-ops. Similarly, such cultural preconceptions may be an element in the widespread reluctance on the part of working people to try to start a cooperative. They simply have a “visceral aversion” to, and unfamiliarity with, the idea—which is also surely a function of the rarity of co-ops itself. Their rarity reinforces itself, in that it fosters a general ignorance of co-ops and the perception that they’re risky endeavors. Additionally, insofar as an anti-democratic passivity, a civic fragmentedness, a half-conscious sense of collective disempowerment, and a diffuse interpersonal alienation saturate society, this militates against initiating cooperative projects. It is simply taken for granted among many people that such things cannot be done. And they are assumed to require sophisticated entrepreneurial instincts. In most places, the cooperative idea is not even in the public consciousness; it has barely been heard of. Business propaganda has done its job well.106 But propaganda can be fought with propaganda. In fact, this is one of the most important things that activists can do, this elevation of cooperativism into the public consciousness. The more that people hear about it, know about it, learn of its successes and potentials, the more they’ll be open to it rather than instinctively thinking it’s “foreign,” “socialist,” “idealistic,” or “hippyish.” If successful cooperatives advertise their business form, that in itself performs a useful service for the movement. It cannot be overemphasized that the most important thing is to create a climate in which it is considered normal to try to form a co-op, in which that is seen as a perfectly legitimate and predictable option for a group of intelligent and capable unemployed workers. Lenders themselves will become less skeptical of the business form as it seeps into the culture’s consciousness.

It's not that we're dumb. On the contrary, many millions of people have exerted great intelligence and creativity in building the modern world. It's more that we're being swept into unknown and dangerous waters by accelerating economic growth. On just one single day of the days I have spent writing this book, as much world trade was carried out as in the whole of 1949; as much scientific research was published as in the whole of 1960; as many telephone calls were made as in all of 1983; as many e-mails were sent as in 1990.11 Our natural, human, and industrial systems, which evolve slowly, are struggling to adapt. Laws and institutions that we might expect to regulate these flows have not been able to keep up. A good example is what is inaccurately described as mindless sprawl in our physical environment. We deplore the relentless spread of low-density suburbs over millions of acres of formerly virgin land. We worry about its environmental impact, about the obesity in people that it fosters, and about the other social problems that come in its wake. But nobody seems to have designed urban sprawl, it just happens-or so it appears. On closer inspection, however, urban sprawl is not mindless at all. There is nothing inevitable about its development. Sprawl is the result of zoning laws designed by legislators, low-density buildings designed by developers, marketing strategies designed by ad agencies, tax breaks designed by economists, credit lines designed by banks, geomatics designed by retailers, data-mining software designed by hamburger chains, and automobiles designed by car designers. The interactions between all these systems and human behavior are complicated and hard to understand-but the policies themselves are not the result of chance. "Out of control" is an ideology, not a fact.

Most common discussions of political authority presuppose existing political institutions and ask under what conditions do institutions of that kind have legitimate authority. This begs many questions, and precludes many possibilities. It presupposes that either this government has all the authority it claims over its population or it has none. Here again we notice one of the special features of the account of the previous chapter. It allows for a very discriminating approach to the question. The government may have only some of the of the authority it claims, it may have more authority over one person than over another. The test is as explained before: does following the authority's instructions improve conformity with reason? For every person the question has to be asked afresh, and for every one it has to be asked in a manner which admits of various qualifi cations. An expert pharmacologist may not be subject to the authority of the government in matters of the safety of drugs, an inhabitant of a little village by a river may not be subject to its authority in matters of navigation and conservation of the river by the banks of which he has spent all his life. These conclusions appear paradoxical. Ought not the pharmacologist or the villager to obey the law, given that it is a good law issued by a just government? I will postpone consideration of the obligation to obey the law until the last section of this chapter. For the time being let us remove two other misunderstandings which make the above conclusion appear paradoxical. First, it may appear as if the legitimacy of an authority rests on its greater expertise. Are political authorities to be equated with big Daddy who knows best? Second, again the suspicion must creep back that the exclusive concentration on the individual blinds one to the real business of government, which is to co-ordinate and control large populations.

The immorality of those families whose children are burnt alive on motor ways. They have money heaped on them by social welfare institutions and they go and spend it on consumer goods, which the right-thinking regard as sordid. But they have never had to see their kids die before they could buy a car and, hence, have never felt the need to send them off for inexpensive holidays on those coaches which, as if by chance, always have fatal accidents. The immorality of those who eat their children in hard cash merely corre sponds to the immorality of the social institution which recompenses their death. Everything in this vicious circle is abject: chance, which kills the poorest children, social charity which turns their deaths into a source of income, the parents who benefit from it to enjoy a short spell of wealth and decent society which stigma tizes them, for rumour does not condemn them at all for their indiscreet behaviour but for not handling the money rationally by putting it in the bank, for example, but instead spending it unscrupulously, thus verifying that they were indeed the victims of a divine justice. The whole of the social is there in its logical abjection. It is the poor who die and it is they who deserved to. It is this mediocre truth, this mediocre fatality which we know as 'the social'. Which amounts to saying that it only exists for its victims. Wretched in its essence, it only affects the wretched. It is itself a disinherited concept and it can only serve to render destitution complete. Nietzsche is right: the social is a concept, a value made by slaves for their own use, beneath the scornful gaze of their masters who have never believed in it. This can be clearly seen in all the so-called social reforms which inescapably turn against the intended beneficiaries. The reforms strike those whom they should save. This is not a perverse effect. Nature herself conforms to this willingly and catastrophes have a preference for the poor. Has a catastrophe ever been seen which directly strikes the rich - apart perhaps from the burial of Pompeii and the sinking of the Titanic ?

If you’re facing monetary crunches because of your awful credit rating and no banks or financial institute is ready to assist you. In such condition you can easily gain monetary aid from bad credit loans. They are wonderful loan plan that is basically intended to assist the poor credit borrowers. Negative creditors can easily obtain monetary assistance from this financial deal without any hindrance of their negative credit profile.

Just as the financial crisis was incubated when unaccountable bank executives created a culture of rewarding short-term profits without wanting to know the ugly details about their mortgage-backed securities, so too does medicine’s lack of accountability create an institutional culture that fosters overtreating and runaway costs.

As an example of the use of technology in the democratic process, I visualize an election scenario where a candidate files his nomination from a particular constituency. Immediately, the election officer verifies the authenticity from the national citizen ID database through a multipurpose citizen ID card. The candidate’s civic consciousness and citizenship behaviour can also be accessed through the police crime records. The property records come from land registration authorities across the country. Income and wealth resources come from the income tax department, as well as other sources. The person’s education credentials come from his university records. The track record of employment comes from various employers with whom he has worked. The credit history comes from various credit institutions like banks. The person’s legal track records come from the judicial system. All the details arrive at the computer terminal of the election officer within a few minutes through the e-governance software, which would track various state and central government web services directories through the network and collect the information quickly and automatically and present facts in real-time without any bias. An artificial intelligence software would analyse the candidate’s credentials and give a rating on how successful that person would be as a politician. The election officer can then make an informed choice and start the electoral processes.

Your committee is satisfied from the proofs submitted ... that there is an established and well defined identity and community of interest between a few leaders of finance ... which has resulted in great and rapidly growing concentration of the control of money and credit in the hands of these few men.... Under our system of issuing and distributing corporate securities the investing public does not buy directly from the corporation. The securities travel from the issuing house through middlemen to the investor. It is only the great banks or bankers with access to the mainsprings of the concentrated resources made up of other people's money, in the banks, trust companies, and life insurance companies, and with control of the machinery for creating markets and distributing securities, who have had the power to underwrite or guarantee the sale of large-scale security issues. The men who through their control over the funds of our railroad and industrial companies are able to direct where such funds shall be kept, and thus to create these great reservoirs of the people's money are the ones who are in a position to tap those reservoirs for the ventures in which they are interested and to prevent their being tapped for purposes which they do not approve.... When we consider, also, in this connection that into these reservoirs of money and credit there flow a large part of the reserves of the banks of the country, that they are also the agents and correspondents of the out-of-town banks in the loaning of their surplus funds in the only public money market of the country, and that a small group of men and their partners and associates have now further strengthened their hold upon the resources of these institutions by acquiring large stock holdings therein, by representation on their boards and through valuable patronage, we begin to realize something of the extent to which this practical and effective domination and control over our greatest financial, railroad and industrial corporations has developed, largely within the past five years, and that it is fraught with peril to the welfare of the country.3 Such was the nature of the wealth and power represented by those six men who gathered in secret that night and travelled in the luxury of Senator Aldrich's private car.

Most bank loans are geared not to produce goods and services, but to transfer ownership rights for real estate, stocks (including those of entire companies) and bonds. This has led national income theorists to propose treating the revenue of such institutions as transfer payments, not payments for producing output or “product.” Australian economist Bryan Haig has called this “the banking problem.” “If financial services were treated like other industries,” he writes, “the banking sector as a whole would be depicted as making a negligible, or perhaps even negative, contribution to national economic output as being, effectively, unproductive.

In the general US population, fewer than one in two hundred people hold a law degree. In the House of Representatives, it is over one in three. In the Senate, it is over one in two. Statistics on wealth are just as striking. The median net worth of an average American is just under $45,000.115 The median net worth of an average member of Congress, by contrast, is over ten times as high, and that of senators higher still. Marked by the growing role of courts, of bureaucratic agencies, of central banks, and of supranational institutions. At the same time, there has been a rapid growth in the influence of lobbyists, in the money spent on political campaigns, and in the gulf that separates political elites from the people they are supposed to represent. Taken together, this has effectively insulated the political system from the popular will.

The first is that poverty is not the result of rapacious financiers exploiting the poor. It has much more to do with the lack of financial institutions, with the absence of banks, not their presence.

These policies would come back to haunt Europe in the aftermath of the 2008 collapse. Instead of the vigorous, countercyclical fiscal, monetary, and debt relief policies called for in the wake of a 1929-scale crash, Europe’s institutions promoted austerity reminiscent of the post–World War I era. The debt and deficit limits of Maastricht precluded strong fiscal stimulus, and the government of Angela Merkel resisted emergency waivers. Germany, an export champion, which in effect had an artificially cheap currency in the euro, profited from other nations’ misery. Germany could prosper by running a large export surplus (equal to almost 10 percent of its GDP), but not all nations can have surpluses. The European Central Bank, which reported to nineteen different national masters that used the euro, had neither the tools nor the mandate available to the US Federal Reserve. The ECB did cut interest rates, but it did not engage in the scale of credit creation pursued by the Fed. The Germans successfully resisted any Europeanizing of the sovereign debt of the EU’s weaker nations, pressing them instead to regain the confidence of capital markets by deflating. Sovereign debt financing by the ECB went mainly to repay private and state creditors, not to rekindle growth. Thus did “fortress Europe,” which advocates and detractors circa 1981 both saw as a kind of social democratic alternative to the liberal capitalism of the Anglo-Saxon nations, replicate the worst aspects of a global system captive to the demands of speculative private capital. The Maastricht constitution not only internalized those norms, but enforced them. The dream of managed capitalism on one continent became a laissez-faire nightmare—not laissez-faire in the sense of no rules, but rather rules structured to serve corporations and banks at the expense of workers and citizens. The fortress became a brig. There was plenty to criticize in the US response to the 2008 collapse—too small a stimulus, too much focus on deficit reduction, too little attention to labor policy, too feeble a financial restructuring—but by 2016, US unemployment had come back down to less than 5 percent. In Europe, it remained stuck at more than 10 percent, with all of the social dynamite produced by persistent joblessness.