Banker Good Quotes

The basis of optimism is sheer terror. We think that we are generous because we credit our neighbour with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets.

Pick a leader who will make their citizens proud. One who will stir the hearts of the people, so that the sons and daughters of a given nation strive to emulate their leader's greatness. Only then will a nation be truly great, when a leader inspires and produces citizens worthy of becoming future leaders, honorable decision makers and peacemakers. And in these times, a great leader must be extremely brave. Their leadership must be steered only by their conscience, not a bribe.

A banker? Me?" "Yes, Mr. Lipwig." "But I don't know anything about running a bank!" "Good. No preconceived ideas." "I've robbed banks!" "Capital! Just reverse your thinking," said Lord Vetinari, beaming. "The money should be on the inside.

Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies.

A NATION'S GREATNESS DEPENDS ON ITS LEADER To vastly improve your country and truly make it great again, start by choosing a better leader. Do not let the media or the establishment make you pick from the people they choose, but instead choose from those they do not pick. Pick a leader from among the people who is heart-driven, one who identifies with the common man on the street and understands what the country needs on every level. Do not pick a leader who is only money-driven and does not understand or identify with the common man, but only what corporations need on every level. Pick a peacemaker. One who unites, not divides. A cultured leader who supports the arts and true freedom of speech, not censorship. Pick a leader who will not only bail out banks and airlines, but also families from losing their homes -- or jobs due to their companies moving to other countries. Pick a leader who will fund schools, not limit spending on education and allow libraries to close. Pick a leader who chooses diplomacy over war. An honest broker in foreign relations. A leader with integrity, one who says what they mean, keeps their word and does not lie to their people. Pick a leader who is strong and confident, yet humble. Intelligent, but not sly. A leader who encourages diversity, not racism. One who understands the needs of the farmer, the teacher, the doctor, and the environmentalist -- not only the banker, the oil tycoon, the weapons developer, or the insurance and pharmaceutical lobbyist. Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies. Most importantly, a great leader must serve the best interests of the people first, not those of multinational corporations. Human life should never be sacrificed for monetary profit. There are no exceptions. In addition, a leader should always be open to criticism, not silencing dissent. Any leader who does not tolerate criticism from the public is afraid of their dirty hands to be revealed under heavy light. And such a leader is dangerous, because they only feel secure in the darkness. Only a leader who is free from corruption welcomes scrutiny; for scrutiny allows a good leader to be an even greater leader. And lastly, pick a leader who will make their citizens proud. One who will stir the hearts of the people, so that the sons and daughters of a given nation strive to emulate their leader's greatness. Only then will a nation be truly great, when a leader inspires and produces citizens worthy of becoming future leaders, honorable decision makers and peacemakers. And in these times, a great leader must be extremely brave. Their leadership must be steered only by their conscience, not a bribe.

Pick a leader who will not only bail out banks and airlines, but also families from losing their homes -- or jobs due to their companies moving to other countries. Pick a leader who will fund schools, not limit spending on education and allow libraries to close. Pick a leader who chooses diplomacy over war. An honest broker in foreign relations. A leader with integrity, one who says what they mean, keeps their word and does not lie to their people. Pick a leader who is strong and confident, yet humble. Intelligent, but not sly. A leader who encourages diversity, not racism. One who understands the needs of the farmer, the teacher, the doctor, and the environmentalist -- not only the banker, the oil tycoon, the weapons developer, or the insurance and pharmaceutical lobbyist.

What a child does not know and does not want to know of race and colour and class, he learns soon enough as he grows to see each man flipped inexorably into some predestined groove like a penny or a sovereign in a banker's rack. Kibii, the Nandi boy, was my good friend. Arab Ruta (the same boy grown to manhood), who sits before me, is my good friend, but the handclasp will be shorter, the smile will not be so eager on his lips, and though the path is for a while the same, he will walk behind me now, when once, in the simplicity of our nonage, we walked together.

The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbour with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets. I mean everything that I have said. I have the greatest contempt for optimism.

But the Turing test cuts both ways. You can't tell if a machine has gotten smarter or if you've just lowered your own standards of intelligence to such a degree that the machine seems smart. If you can have a conversation with a simulated person presented by an AI program, can you tell how far you've let your sense of personhood degrade in order to make the illusion work for you? People degrade themselves in order to make machines seem smart all the time. Before the crash, bankers believed in supposedly intelligent algorithms that could calculate credit risks before making bad loans. We ask teachers to teach to standardized tests so a student will look good to an algorithm. We have repeatedly demonstrated our species' bottomless ability to lower our standards to make information technology look good. Every instance of intelligence in a machine is ambiguous. The same ambiguity that motivated dubious academic AI projects in the past has been repackaged as mass culture today. Did that search engine really know what you want, or are you playing along, lowering your standards to make it seem clever? While it's to be expected that the human perspective will be changed by encounters with profound new technologies, the exercise of treating machine intelligence as real requires people to reduce their mooring to reality.

That is how I feel about you. You are my doll. I like the idea of dressing you the way I see fit. I want you to look good. Besides, I like that every stitch on your body has been paid for by me.

It is a truth universally acknowledged, that every insterstellar colony in search of good fortune must be in need of a banker.

My beautiful whore. Once I was good to you and you kicked me when I was down; now you get what you deserve.

I had written a book of short stories which was published under the title of "Uncle Tom's Children". When the review of that book began to appear, I realized that I had made an awful naive mistake. I found that I had written a book which even bankers' daughters could read and weep over and feel good about. I swore to myself that if I ever wrote another book, no one would weep over it; that it would be so hard and deep that they would have to face it without the consolation of tears.

Mr Babbington,' he said, suddenly stopping in his up and down. 'Take your hands out of your pockets. When did you last write home?' Mr Babbington was at an age when almost any question evokes a guilty response, and this was, in fact, a valid accusation. He reddened, and said, 'I don't know, sir.' 'Think, sir, think,' said Jack, his good-tempered face clouding unexpectedly...'Never, mind. Write a handsome letter. Two pages at least. And send it in to me with your daily workings tomorrow. Give your father my compliments and tell him my bankers are Hoares.' For Jack, like most other captains, managed the youngsters' parental allowance for them. 'Hoares,' he repeated absently once or twice, 'my bankers are Hoares,' and a strangled ugly crowing noise made him turn. Young Ricketts was clinging to the fall of the main burton-tackle in an attempt to control himself, but without much success.

There are two basic types of panicking: standing still and no saying a world, and leaping all over the place babbling anything that come into your head. Mr. Poe was the leaping-and-babbling king. Klaus and Sunny had never seen the banker move so quickly or talk in such a high pitched voice. 'Goodness!' he cried. 'Golly! Good God! Blessed Allah! Zeus and Hera! Mary and Joseph! Nathaniel Hawthorne! Don't touch her! Grab her! Move closer! Run away! Don't move! Kill the snake! Leave it alone! Give it some food! Don't let it bite her!Lure the snake away! Here, snakey! Here, snakey snakey!

There is an important difference between the words 'losers' and 'outlaw.' One is passive and the other is active, and the main reason the Angels are such good copy is that they are acting out the day-dreams of millions of losers who don't wear any defiant insignia and who don't know how to be outlaws. The streets of every city are thronged with men who would pay all the money they could get their hands on to be transformed-even for a day-into hairy, hard-fisted brutes who walk over cops, extort free drinks from terrified bartenders and thunder out of town on big motorcycles after raping the banker's daughter. Even people who think the Angels should all be put to sleep find it easy to identify with them. They command a fascination, however reluctant, that borders on psychic masturbation.

The good citizen when he opens his door in the evening must be banker, golfer, husband, father; not a nomad wandering the desert, a mystic staring at the sky, a debauchee in the slums of San Francisco, a soldier heading a revolution, a pariah howling with skepticism and solitude.

It is a truth universally acknowledged, that every interstellar colony in search of good fortune must be in need of a banker.

We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets. I mean everything that I have said.

Opportunity has a way of popping up without warning or planning. Always helpful were a good banker, good advice, good credit, and good karma. Knock on wood.

After the stock market crash, some New York editors suggested that hearings be held: what had really caused the Depression? They were held in Washington. In retrospect, they make the finest comic reading. The leading industrialists and bankers testified. They hadn’t the foggiest notion what had gone bad. You read a transcript of that record today with amazement: that they could be so unaware. This was their business, yet they didn’t understand the operation of the economy. The only good witnesses were the college professors, who enjoyed a bad reputation in those years. No professor was supposed to know anything practical about the economy.

A false alarm is sounded that government budget deficits will increase consumer prices — with no discussion of how private-sector credit deflates economies. The problem is that credit is debt — and paying debt service to bankers and bondholders (and various grades of loan sharks) leaves less income available to spend on goods and services. So debt deflation is today’s major problem, not inflation.

The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbour with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets.

Cyril about Charles Avery: 'Charles was a banker. He was quite rich but he was always cheating on his taxes. He went to prison a few times for it. And when he was younger he always had a string of women on the go. But he was good fun. He was always telling me I wasn't a real Avery, though. I think that I could have done without that.' 'That sounds quite mean on his part.' 'I honestly don't think that he was trying to be cruel. It was more a matter of fact. Anyway, he's dead now. They both are. And I was with him when he went. I miss him still.' (p. 557)

We are on the edge of economic collapse unless we wake up and forcibly take back control of our government and economy. Over the past 100 years, the game has been rigged, slowly and piecemeal at first, always in the name of serving the greater good, preventing the next bubble or providing greater transparency and security. It is as if the American people are suffering from battered spouse syndrome; the politicians, the greedy bankers, and the Fed all lie to us while they steal our wealth and our liberty. Every time we call them on it, they promise to never do it again if we’ll just give them one more chance. So we let it slide and then act shocked when they do it to us again. Maybe we should have our collective head examined.

None of this was part of the plan all the girls I'd grown up with had been given. Not a written plan, unless the book about Cinderella counted. The plan was in the water we drank, the air we breathed. It was poured into the pavement on the streets we called home. Marry a nice man, one who was a good provider, and live happily, or at least comfortably, ever after. Safe to say I'd followed the plan. I'd married a banker. Had a baby. But the plan had failed me. It left me alone huddled in a window seat with every emotion I'd refused to let myself feel seeping through my pores until the air in my bedroom was heavy with sadness and angst and confusion. (p. 235)

Unless you're steadily and unflaggingly cynical about the solemn twaddle that's talked by bishops and bankers and professors and politicians and all the rest of them, you're lost. Utterly lost. Doomed to personal imprisonment in your ego- doomed to be a personality in a world of personalities; and a world of personalities is this world, the world of greed and fear and hatred, of war and capitalism and dictatorship and slavery. Yes, you've got to be cynical, Pete. Specially cynical about all the actions and feelings you've been taught to suppose were good. Most of them are not good. They're merely evils which happen to be regarded as creditable. But unfortunately, creditable evil is just as bad as discreditable evil. Scribes and Pharises aren't any better, in the last analysis, than publicans and sinners. Indeed, they're often much worse.

If basketball was going to enable Bradley to make friends, to prove that a banker's son is as good as the next fellow, to prove that he could do without being the greatest-end-ever at Missouri, to prove that he was not chicken, and to live up to his mother's championship standards, and if he was going to have some moments left over to savor his delight in the game, he obviously needed considerable practice, so he borrowed keys to the gym and set a schedule for himself that he adhereded to for four full years—in the school year, three and a half hours every day after school, nine to five on Saturday, one-thirty to five on Sunday, and, in the summer, about three hours a day.

In my travels, I have noticed that in some countries drinking has become a national pastime. If you don't drink, they look at you as if there is something wrong. Their motto is: "It doesn't matter how bad your English is, as long as your Scotch is good." If a banker asked them what their liquid assets are, they would bring two bottles of Scotch.

Our best friends and our worst enemies are our thoughts. A thought can do us more good than a doctor or a banker or a faithful friend. It can also do us more harm than a brick.

seven good years before the bankers started jumping out of windows,” Maeve said, giving our

The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbour with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets. I mean everything that I have said. I have the greatest contempt for optimism. As for a spoiled life, no life is spoiled but one whose growth is arrested.

The house had a name and a history; the old gentleman taking his tea would have been delighted to tell you these things: how it had been built under Edward the Sixth, had offered a night's hospitality to the great Elizabeth (whose august person had extended itself upon a huge, magnificent and terribly angular bed which still formed the principal honour of the sleeping apartments), had been a good deal bruised and defaced in Cromwell's wars, and then, under the Restoration, repaired and much enlarged; and how, finally, after having been remodeled and disfigured in the eighteenth century, it had passed into the careful keeping of a shrewd American banker, who had bought it originally because (owing to circumstances too complicated to set forth) it was offered at a great bargain: bought it with much grumbling at its ugliness, its antiquity, its incommodity, and who now, at the end of twenty years, had become conscious of a real aesthetic passion for it, so that he know all its points and would tell you just where to stand to see them in combination and just the hour when the shadows of its various protuberances--which fell so softly upon the warm, weary brickwork--were of the right measure.

The investment banker is naturally on the lookout for good bargains in bonds and stocks. Like other merchants he wants to buy his merchandise cheap. But when he becomes director of a corporation, he occupies a position which prevents the transaction by which he acquires its corporate securities from being properly called a bargain. Can there be real bargaining where the same man is on both sides of a trade?

The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbour with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets. I mean everything that I have said. I have the greatest contempt for optimism. As for a spoiled life, no life is spoiled but one whose growth is arrested. If you want to mar a nature, you have merely to reform it.

June 2011 article in the Financial Times titled “Alfred Hitchcock’s ‘The Bankers’ ” noted, “The characteristics that make for good traders and investment bankers are pretty much the same as those that define psychopaths.”107

Pulp is almost zen, very nearly pure stream of unconsciousness. Here´s a good guy. There´s a bad guy. They hit each other. Oh, the bad guy is unmasked and it´s the greedy banker who was trying to foreclose on the old Beesby place! Wow. Next story, please.

When the first of us failed at growing or herding or plowing the fields, we were told that we could sign a piece of paper and get money for the land, without anyone taking it. Mortgage, this was called, a piece of banker’s cleverness that sounded good to many. I spoke against this trick, but who listened to Nanapush? People signed the paper, got money, came home night after night full of whiskey and food. Suddenly the foreclosure notices were handed out and the land was barred. It belonged to someone else.

And perhaps that was the worst of it. Whether you were a banker or a baker, a homemaker or homeless, it was with you night and day—a terrible, unrelenting uncertainty about the future, a feeling that the ground could drop out from under you for good at any moment.

Hope does not mean that our protests will suddenly awaken the dead consciences, the atrophied souls, of the plutocrats running Halliburton, Goldman Sachs, Exxon Mobil or the government. Hope does not mean we will reform Wall Street swindlers and speculators. Hope does not mean that the nation’s ministers and rabbis, who know the words of the great Hebrew prophets, will leave their houses of worship to practice the religious beliefs they preach. Most clerics like fine, abstract words about justice and full collection plates, but know little of real hope. Hope knows that unless we physically defy government control we are complicit in the violence of the state. All who resist keep hope alive. All who succumb to fear, despair and apathy become enemies of hope. Hope has a cost. Hope is not comfortable or easy. Hope requires personal risk. Hope does not come with the right attitude. Hope is not about peace of mind. Hope is an action. Hope is doing something. Hope, which is always nonviolent, exposes in its powerlessness the lies, fraud and coercion employed by the state. Hope does not believe in force. Hope knows that an injustice visited on our neighbor is an injustice visited on us all. Hope sees in our enemy our own face. Hope is not for the practical and the sophisticated, the cynics and the complacent, the defeated and the fearful. Hope is what the corporate state, which saturates our airwaves with lies, seeks to obliterate. Hope is what our corporate overlords are determined to crush. Be afraid, they tell us. Surrender your liberties to us so we can make the world safe from terror. Don’t resist. Embrace the alienation of our cheerful conformity. Buy our products. Without them you are worthless. Become our brands. Do not look up from your electronic hallucinations to think. No. Above all do not think. Obey. The powerful do not understand hope. Hope is not part of their vocabulary. They speak in the cold, dead words of national security, global markets, electoral strategy, staying on message, image and money. Those addicted to power, blinded by self-exaltation, cannot decipher the words of hope any more than most of us can decipher hieroglyphics. Hope to Wall Street bankers and politicians, to the masters of war and commerce, is not practical. It is gibberish. It means nothing. I cannot promise you fine weather or an easy time. I cannot pretend that being handcuffed is pleasant. If we resist and carry out acts, no matter how small, of open defiance, hope will not be extinguished. Any act of rebellion, any physical defiance of those who make war, of those who perpetuate corporate greed and are responsible for state crimes, anything that seeks to draw the good to the good, nourishes our souls and holds out the possibility that we can touch and transform the souls of others. Hope affirms that which we must affirm. And every act that imparts hope is a victory in itself.

Isn't there a flaw in the logic of that phrase - speak truth to power? It assumes that power doesn't know the truth. But power knows the truth just as well, if not better, than the powerless know the truth. Enron knows what it's doing. We don't have to tell it what it's doing. We have to tell other people what Enron is doing. Similarly, the people who are building the dams know what they're doing. The contractors know how much they're stealing. The bureaucrats know how much they're getting in bribes. Power knows the truth. There isn't any doubt about that. It is really about telling the story. Good fiction is the truest thing that ever there was. Facts are not necessarily the only truths. Facts can be fiddled with by economists and bankers. There are other kinds of truth. It's about telling the story. As a writer, that's the best thing I can do. It's not just about digging up facts.

You never miss the water till the well runs dry. Those who ought to know, tell me that you never really appreciate Moscow until you get back again to the land of the bread lines, unemployment, Jim Crow cars and crooked politicians, brutal bankers and overbearing police, three per cent beer and the Scottsboro case.

Sin for Salvation applies to everything. It’s a mindset. It’s about not buying into the laws and attitudes of those who would control you. It’s about having an open mind about what “sin” actually is. It’s about not automatically subscribing to someone else’s conception of sin. There are many sins in this world – such as the infinite greed of Wall Street bankers and their ilk – that are held up as virtues and qualities to be emulated. Always be on the lookout for sins that masquerade as the good. Always be on the lookout for healthy activities (like joyous sex outside the institution of marriage) that are condemned as sinful.

The Average Occidental- be he a democrat or a Fascist, a Capitalist or a Bolshevik, a manual worker or an intellectual- knows only one positive "religion", and that is the worship of material progress, the belief that there is no other goal in life than to make that very life continually easier or, as the current expression goes, "independent of nature". The temples of this "religion" are the gigantic factories, cinemas, chemical laboratories, dancing halls, hydro- electric works; and its priests are bankers, engineers,film stars, captains of industry, record-airmen. The unavoidable result of this craving after power and pleasure is the creation of hostile groups armed to the teeth and determined to destroy each other whenever their respective interests come to clash. And on the cultural side the result is the creation of a human type whose morality is confined to the question of practical utility alone, and whose highest criterion of good and evil is material progress.

The Rothschilds are people we certainly would not attempt to defend given the rumors swirling around them of financial corruption and market manipulation in this era and in earlier eras. However, the way they are held up, by conspiracy extremists and other paranoid thinkers, to represent the Jewish community is an absolute joke. There are good and bad people in all races. The fact that there are many Jews in the banking sector is being used by neo-Nazis and anti-Semites to try to sway the uneducated to believe the Jews are the problem instead of banking shysters and banksters in general. Another important point relating to the current Jewish prominence in the banking world is there is a very obvious historical reason for it...Historically Jews did not have much freedom of choice when it came to their occupations. In fact, they were once forbidden by Christian authorities, and by some Muslim authorities, to pursue most regular occupations. They were, however, permitted and even encouraged to enter the banking industry because, in the medieval era at least, Christians/Muslims were not allowed to charge fellow-Christians/Muslims interest, but someone had to make loans – so the Jews were charged with the task. Jews were also permitted to slaughter animals – another equally unsavory job – and they were then despised and mocked by entire communities for being animal slaughterers and bankers.

It must have been a decade since the Count had first promised himself to read this work of universal acclaim that his father had held so dear. And yet, every time he had pointed his finger at his calendar and declared: This is the month in which I shall devote myself to the Essays of Michel de Montaigne! some devilish aspect of life had poked its head in the door. From an unexpected corner had come an expression of romantic interest, which could not in good conscience be ignored. Or his banker had called. Or the circus had come to town. Life will entice, after all. But here, at last, circumstance had conspired not to distract the Count, but to present him with the time and solitude necessary to give the book its due.

Most Europeans like to think that American bankruptocracy is worse than its European cousin, thanks to the power of Wall Street and the infamous revolving door between the US banks and the US government. They are very, very wrong. Europe’s banks were managed so atrociously in the years preceding 2008 that the inane bankers of Wall Street almost look good by comparison. When the crisis hit, the banks of France, Germany, the Netherlands and the UK had exposure in excess of $30 trillion, more than twice the United States national income, eight times the national income of Germany, and almost three times the national incomes of Britain, Germany, France and Holland put together.8 A Greek bankruptcy in 2010 would have immediately necessitated a bank bailout by the German, French, Dutch and British governments amounting to approximately $10,000 per child, woman and man living in those four countries. By comparison, a similar market turn against Wall Street would have required a relatively tiny bailout of no more than $258 per US citizen. If Wall Street deserved the wrath of the American public, Europe’s banks deserved 38.8 times that wrath. But

Moral sense is almost completely ignored by modern society. We have, in fact, suppressed its manifestations. All are imbued with irresponsibility. Those who discern good and evil, who are industrious and provident, remain poor and are looked upon as morons. The woman who has several children, who devotes herself to their education, instead of to her own career, is considered weak-minded. If a man saves a little money for his wife and the education of his children, this money is stolen from him by enterprising financiers. Or taken by the government and distributed to those who have been reduced to want by their own improvidence and the shortsightedness of manufacturers, bankers, and economists. Artists and men of science supply the community with beauty, health, and wealth. They live and die in poverty. Robbers enjoy prosperity in peace. Gangsters are protected by politicians and respected by judges. They are the heroes whom children admire at the cinema and imitate in their games. A rich man has every right. He may discard his aging wife, abandon his old mother to penury, rob those who have entrusted their money to him, without losing the consideration of his friends. ...Ministers have rationalized religion. They have destroyed its mystical basis. But they do not succeed in attracting modern men. In their half-empty churches they vainly preach a weak morality. They are content with the part of policemen, helping in the interest of the wealthy to preserve the framework of present society. Or, like politicians, they flatter the appetites of the crowd.

As praetor, Cicero was expected to take in promising pupils from good families to study law with him, and in May, after the Senate recess, a new young intern of sixteen joined his chambers. This was Marcus Caelius Rufus from Interamnia, the son of a wealthy banker and prominent election official of the Velina tribe. Cicero agreed, largely as a political favor, to supervise the boy’s training

Recently China’s economy reached US$23.12 trillion in gross domestic product (the total value of goods produced and services provided in one country in a year). As the Chinese economy continues to rebalance from investment and manufacturing to consumption and services, bankers and officials around the world will be monitoring China for a soft or hard landing from 30 years of explosive growth.

The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbor with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets.

The black magic of banking destabilizes market societies. It massively amplifies wealth creation during the good times and wealth destruction during the bad times, constantly skewing the distribution of power and money. But to be fair, bankers are just that: massive amplifiers. The root causes of market society’s fundamental instability lie elsewhere, buried deeply in the weird nature of two peculiar commodities: human labour and money.

WhatsApp forwards about love and kindness. I wonder if on a Sunday morning all these enthusiastic do-gooders could send out truly helpful things like ‘11 cures for a hangover’ or ‘How to clean puke stains from your dress’. I have no such luck; all I get are strange messages like ‘Little memories can last for years’. Very useful when you are trying hard to forget all the embarrassing things you did the night before. Do I really need messages saying, ‘A little hug can wipe out a big tear’ or ‘Friendship is a rainbow’? There is also a message saying, ‘God blues you’, which I am trying to guess could mean that either God wants to bless me, rule me or make a blue movie with me. Has it ever happened that a murderer just before committing his crime gets a message stating, ‘Life is about loving’, and stops in his tracks, or a banker reads ‘No greater sin than cheating’, and quits his job? So, what do these messages really do? I think they allow lazy people to think that they are doing a good deed in the easiest possible manner by sending these daft bits of information out into the universe. Go out there! Sweep a pavement, plant a tree, feed a stray dog. Do something, anything; rather than just using your fingers to tap three keys and destroy 600 people’s brain cells in one shot. 11 a.m.: This is turning out to be a hectic day. The

Say Joe what’s the dope about this war business?” “I guess they are in for it this time. . . . I’ve known it was coming ever since the Agadir incident.” “Jez I like to see somebody wallop the pants off England after the way they wont give home rule to Ireland.” “We’d have to help em. . . . Any way I dont see how this can last long. The men who control international finance wont allow it. After all it’s the banker who holds the purse strings.” “We wouldn’t come to the help of England, no sir, not after the way they acted in Ireland and in the Revolution and in the Civil War. . . . ” “Joey you’re getting all choked up with that history you’re reading up in the public library every night. . . . You follow the stock quotations and keep on your toes and dont let em fool you with all this newspaper talk about strikes and upheavals and socialism. . . . I’d like to see you make good Joey. . . . Well I guess I’d better be going.

It turned out that our choices of everything from food to mates result not from some mysterious free will, but rather from billions of neurons calculating probabilities within a split second. Vaunted ‘human intuition’ is in reality ‘pattern recognition’. Good drivers, bankers and lawyers don’t have magical intuitions about traffic, investment or negotiation – rather, by recognising recurring patterns, they spot and try to avoid careless pedestrians, inept borrowers and dishonest crooks.

It turned out that our choices of everything from food to mates result not from some mysterious free will, but rather from billions of neurons calculating probabilities within a split second. Vaunted ‘human intuition’ is in reality ‘pattern recognition’.3 Good drivers, bankers and lawyers don’t have magical intuitions about traffic, investment or negotiation – rather, by recognising recurring patterns, they spot and try to avoid careless pedestrians, inept borrowers and dishonest crooks.

When do you wish to go?” “Early to-morrow morning, sir.” “Well, you must have some money; you can’t travel without money, and I daresay you have not much: I have given you no salary yet. How much have you in the world, Jane?” he asked, smiling. I drew out my purse; a meagre thing it was. “Five shillings, sir.” He took the purse, poured the hoard into his palm, and chuckled over it as if its scantiness amused him. Soon he produced his pocket-book: “Here,” said he, offering me a note; it was fifty pounds, and he owed me but fifteen. I told him I had no change. “I don’t want change; you know that. Take your wages.” I declined accepting more than was my due. He scowled at first; then, as if recollecting something, he said— “Right, right! Better not give you all now: you would, perhaps, stay away three months if you had fifty pounds. There are ten; is it not plenty?” “Yes, sir, but now you owe me five.” “Come back for it, then; I am your banker for forty pounds.” “Mr. Rochester, I may as well mention another matter of business to you while I have the opportunity.” “Matter of business? I am curious to hear it.” “You have as good as informed me, sir, that you are going shortly to be married?” “Yes; what then?” “In that case, sir, Adèle ought to go to school: I am sure you will perceive the necessity of it.” “To get her out of my bride’s way, who might otherwise walk over her rather too emphatically? There’s sense in the suggestion; not a doubt of it. Adèle, as you say, must go to school; and you, of course, must march straight to—the devil?” “I hope not, sir; but I must seek another situation somewhere.” “In course!” he exclaimed, with a twang of voice and a distortion of features equally fantastic and ludicrous. He looked at me some minutes. “And old Madam Reed, or the Misses, her daughters, will be solicited by you to seek a place, I suppose?” “No, sir; I am not on such terms with my relatives as would justify me in asking favours of them—but I shall advertise.

Lord Henry laughed. “The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbour with the possession of those virtues that are likely to be a benefit to us. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets. I mean everything that I have said. I have the greatest contempt for optimism.

Every child older than six knew the fork, and knew what the good guys did here, and what the bad guys did here. The fork was a familiar one in folk tales the world over, and the good guys and the bad guys, whether in chaps, breechclouts, serapes, leopardskins, or banker’s gray pinstripes, all separated here. Bad guys turned informer. Good guys didn’t—no matter when, no matter what. Kroner cleared his throat. “I said, ‘who’s their leader, Paul?’ ” “I am,” said Paul. “And I wish to God I were a better one.

Even as a former Banker I can see that the Blockchain and Ethereum are challenging the role of traditional banks. I think at some point, traditional banks will become irrelevant and ultimately non existent. Instead, the global standard of how people manage finances will be centered around the blockchain and apps built on Ethereum. Because of this, people and businesses will experience much more financial freedom. And that’s a good thing. So let these big banks collapse - something far better is going to replace them.

A prison is perhaps the easiest place to see the power of bad incentives. And yet in many walks of life, we find otherwise normal men and women caught in the same trap and busily making the world much less good than it could be. Elected officials ignore long-term problems because they must pander to the short-term interests of voters. People working for insurance companies rely on technicalities to deny desperately ill patients the care they need. CEOs and investment bankers run extraordinary risks—both for their businesses and for the economy as a whole—because they reap the rewards of success without suffering the penalties of failure. District attorneys continue to prosecute people they know to be innocent because their careers depend on winning cases. Our government fights a war on drugs that creates the very problem of black-market profits and violence that it pretends to solve. We need systems that are wiser than we are. We need institutions and cultural norms that make us more honest and ethical than we tend to be. The project of building them is distinct from—and, in my view, even more important than—an individual’s refining his personal ethical code.

The reason we all like to think so well of others is that we are all afraid for ourselves. The basis of optimism is sheer terror. We think that we are generous because we credit our neighbor with those virtues that are likely to benefit ourselves. We praise the banker that we may overdraw our account, and find good qualities in the highwayman in the hope that he may spare our pockets. I mean everything that I have said. I have the greatest contempt for optimism. And as for a spoiled life, no life is spoiled but one whose growth is arrested. If you want to mar a nature, you have merely to reform it.

The moment American bankers stop lending dollars to Argentina, the country is unable to refinance its mountain of dollar debt. Again, Greece is similar. Even though it has the same currency as Germany, the euro, the chronic Greek trade deficit with Germany translates into a constant flow of loaned euros from Germany to Greece so that the Greeks can keep buying more and more German goods. The slightest interruption in the flow of new loans from the surplus country to the deficit country causes the whole house of cards to collapse. This is when the IMF steps in. Its personnel fly into Buenos Aires or Athens, take black limousines to the finance minister’s office and state their terms: we shall lend you the missing dollars or euros on condition that you impoverish your people and sell the family silver to our mates, the oligarchs of this country and the world. Or words to that effect. That’s when TV screens fill with images of angry, and often hungry, demonstrators in Buenos Aires or Athens. Time and again history has shown that the periodic economic recessions that result from trade imbalances poison the deficit country’s democracy, incite contempt for its people in the surplus country, which then prompts xenophobia in the deficit country. Simply put, sustained trade deficits – and surpluses, their mirror image – never end well.

Twenty years ago, I saw a shooter, went by the name Kid Crossdraw, I believe, though everyone just called her ‘The Kid.’ ” Tracy stopped. The Banker smiled and continued. “I saw her in Olympia. Best shooter I ever saw, until today. Never saw her again after that, though. She had a father and a sister that were pretty good too. You wouldn’t happen to have heard of her, would you?” “I have,” Tracy said. “But you’re mistaken.” “What about?” “She’s still the best shooter.” The Banker played with an end of his mustache. “I’d love to see it. Do you know where she might be competing next?” “I do,” Tracy said. “But you’re going to have to wait a bit. She’s shooting at higher targets now.

Cockroaches are survivors. Turn on the lights and you will see a scattering of casino hosts in three thousand dollar bespoken suits, corporate fruit flies in empty suits, lawyer-class slime on their way to the courthouse to go shopping for other people's money, bankers shilling bad loans by bundling them together with good ones and sending them down the financial pipeline knowing that they stand protected by the political scum from every level of government who have risen to breathtaking heights of mediocrity, tossing a couple of bucks from the public till to the obedient myrmidons in exchange for their votes. While decaying empire crumble, cockroaches multiply among the ruins. - Bonjour Amigos

No profession, trade, or calling, is overcrowded in the upper story. Wherever you find the most honest and intelligent merchant or banker, or the best lawyer, the best doctor, the best clergyman, the best shoemaker, carpenter, or anything else, that man is most sought for, and has always enough to do. As a nation, Americans are too superficial—they are striving to get rich quickly, and do not generally do their business as substantially and thoroughly as they should, but whoever excels all others in his own line, if his habits are good and his integrity undoubted, cannot fail to secure abundant patronage and the wealth that naturally follows. Let your motto then always be "Excelsior," for by living up to it there is no such word as fail

I believe now that there’s real fear of what happens once The Narrative blows up—because once we’ve ripped the rich to shreds, what we’re left with is a whole bunch of broke people wondering where the hell their money went, without even a soothing fairy tale to help them get to sleep at night. People in the financial community who actually worked in that world, the traders and the bankers themselves who joked with me about “those motherfuckers,” did not have these illusions. You’re not going to be good at making money if you need there to be a halo around the moneymaking process. The only people who really clung to those illusions were the financial commentators, right up to the point where those illusions became completely unsustainable.

When the great Greek cry breaks into the Latin of the Mass, as old as Christianity itself, it may surprise some to learn that there are a good many people in church who really do say kyrie eleison and mean exactly what they say. But anyhow, they mean what they say rather more than a man who begins a letter with "Dear Sir" means what he says. "Dear" is emphatically a dead word; in that place it has ceased to have any meaning. It is exactly what the Protestants would allege of Popish rites and forms; it is done rapidly, ritually, and without any memory even of the meaning of the rite. When Mr. Jones the solicitor uses it to Mr. Brown the banker, he does not mean that the banker is dear to him, or that his heart is filled with Christian love, even so much as the heart of some poor ignorant Papist listening to the Mass.

My father was a constable and died while performing his duty. My brother-in-law and partner died while performing his duty. I saw the effects those deaths had on my mother and sister, and I cannot, in good conscience, do that to a woman I . . .” Her spirits sank as he trailed off. “What a shame, Detective. I suppose that such a woman would then marry a factory worker, or other laborer, or a man in any one of a number of dangerous professions. Or perhaps a banker, who is accidently trampled in the street by a runaway carriage. Or a farmer who contracts consumption at the village autumn fete and succumbs to it weeks later.” She shook her head and pulled back. He released her, remaining silent, watching her. She shrugged, stuffing the pen and notebook into her reticule. “We are all going to die someday, and what a pity it would be to lose the possibility for happy opportunities because of fear.

I don’t know much about his birth, but I believe it was as good as Maxwell’s. He was not ignorant, or a fool; — whereas I rather think Maxwell was a fool. Grindley had made his own way in the world, but Maxwell would certainly not have made himself a banker if his father had not been a banker before him; nor could the bank have gone on and prospered had there not been partners there who were better men of business than our friend. Grindley knew that he had a better intellect than Maxwell; and yet he allowed Maxwell to snub him, and he toadied Maxwell in return. It was not on the score of riding that Maxwell claimed and held his superiority, for Grindley did not want pluck, and every one knew that Maxwell had lived freely and that his nerves were not what they had been. I think it had come from the outward look of the men, from the form of each, from the gait and visage which in one was good and in the other insignificant. The nature of such dominion of man over man is very singular, but this is certain that when once obtained in manhood it may be easily held.

Banks were once an extremely valuable part of the economy and did a lot of good in advancing civilization. Banks played a pivotal role in financing big projects like roads, bridges, factories, stadiums, etc. Banks were to the economy what the heart is to the human body. But that has ended. Traditional banks have become extra toxic entities in the economy. It’s partially the fault of excessive government regulations that have made everything dysfunctional and it’s partially the fault of greedy bankers putting profits above customers and shareholders above society... But nonetheless, banks today offer very little benefit to their clients. They pay barely anything in interest. They offer barely anything in growth. They move money too slowly. They’re too restrictive. They’re selling the same boring products and services they did a hundred years ago. And they have too much power over peoples accounts. Soon, the many new companies and applications that emerge on the Ethereum infrastructure will eliminate the need for traditional banks and eliminate their value proposition by providing people with superior value. Everything from growth to asset management to lending can be done even better on the Ethereum infrastructure by anyone.

A Conversation with the Author What was your inspiration for The 7½ Deaths of Evelyn Hardcastle? Inspiration is a flash-of-lightning kind of word. What happens to me is more like sediment building. I love time travel, Agatha Christie, and the eighties classic Quantum Leap, and over time a book emerged from that beautiful quagmire. Truthfully, having the idea was the easy part, keeping track of all the moving parts was the difficulty. Which character was the most interesting to write, and in which host do you feel Aiden truly flourishes? Lord Cecil Ravencourt, by miles. He occupies the section of the book where the character has to grapple with the time travel elements, the body swapping elements, and the murder itself. I wanted my most intelligent character for that task, but I thought it would be great to hamper him in some way, as well. Interestingly, I wanted to make him really loathsome—which is why he’s a banker. And yet, for some reason, I ended up quite liking him, and feeding a few laudable qualities into his personality. I think Derby ended up getting a double dose of loathsome instead. Other than that, it’s just really nice seeing the evolution of his relationship with Cunningham. Is there a moral lesson to Aiden’s story or any conclusion you hope the reader walks away with as they turn the final page? Don’t be a dick! Kind, funny, intelligent, and generous people are behind every good thing that’s ever happened to me. Everybody else you just have to put up with. Like dandruff. Or sunburn. Don’t be sunburn, people. In one hundred years, do you believe there will be something similar to Blackheath, and would you support such a system? Yes, and not exactly. Our prison system is barbaric, but some people deserve it. That’s the tricky part of pinning your flag to the left or right of the moral spectrum. I think the current system is unsustainable, and I think personality adjustment and mental prisons are dangerous, achievable technology somebody will abuse. They could also solve a lot of problems. Would you trust your government with it? I suppose that’s the question. The book is so contained, and we don’t get to see the place that Aiden is escaping to! Did you map that out, and is there anything you can share about the society beyond Blackheath’s walls? It’s autocratic, technologically advanced, but they still haven’t overcome our human weaknesses. You can get everywhere in an hour, but television’s still overrun with reality shows, basically. Imagine the society that could create something as hateful as Annabelle Caulker.

What’s it about?” Danny seemed authentically curious. “The night. It’s got its own set of rules.” “Day’s got rules too.” “Oh, I know,” Joe said, “but I don’t like them.” They stared through the mesh at each other for a long time. “I don’t understand,” Danny said softly. “I know you don’t,” Joe said. “You, you buy into all this stuff about good guys and bad guys in the world. A loan shark breaks a guy’s leg for not paying his debt, a banker throws a guy out of his home for the same reason, and you think there’s a difference, like the banker’s just doing his job but the loan shark’s a criminal. I like the loan shark because he doesn’t pretend to be anything else, and I think the banker should be sitting where I’m sitting right now. I’m not going to live some life where I pay my fucking taxes and fetch the boss a lemonade at the company picnic and buy life insurance. Get older, get fatter, so I can join a men’s club in Back Bay, smoke cigars with a bunch of assholes in a back room somewhere, talk about my squash game and my kid’s grades. Die at my desk, and they’ll already have scraped my name off the office door before the dirt’s hit the coffin.” “But that’s life,” Danny said. “That’s a life. You want to play by their rules? Go ahead. But I say their rules are bullshit. I say there are no rules but the ones a man makes for himself.

To understand how commodity money emerges, we return in more detail to the easy money trap we first introduced in Chapter 1, and begin by differentiating between a good's market demand (demand for consuming or holding the good for its own sake) and its monetary demand (demand for a good as a medium of exchange and store of value). Any time a person chooses a good as a store of value, she is effectively increasing the demand for it beyond the regular market demand, which will cause its price to rise. For example, market demand for copper in its various industrial uses is around 20 million tons per year, at a price of around $5,000 per ton, and a total market valued around $100 billion. Imagine a billionaire deciding he would like to store $10 billion of his wealth in copper. As his bankers run around trying to buy 10% of annual global copper production, they would inevitably cause the price of copper to increase. Initially, this sounds like a vindication of the billionaire's monetary strategy: the asset he decided to buy has already appreciated before he has even completed his purchase. Surely, he reasons, this appreciation will cause more people to buy more copper as a store of value, bringing the price up even more. But even if more people join him in monetizing copper, our hypothetical copper-obsessed billionaire is in trouble. The rising price makes copper a lucrative business for workers and capital across the world. The quantity of copper under the earth is beyond our ability to even measure, let alone extract through mining, so practically speaking, the only binding restraint on how much copper can be produced is how much labor and capital is dedicated to the job.

In their ongoing war against evil capitalists, some vengeful Democrats have their eyes on banks, which they blame for making millions of loans that resulted in foreclosures and the 2008 financial crisis. Never mind that it was progressives who forced the government to make these loans to low-income borrowers with poor credit ratings through the Community Reinvestment Act and anti-discrimination laws. They promoted minority home ownership without regard to the owners’ ability to repay, and the result was catastrophic. But being a leftist means never having to say you’re sorry—just pass a misguided policy and blame everyone else when it predictably fails. Democratic Rep. Maxine Waters, emboldened by Democrats recapturing control of the House, issued a stern warning to bankers before the 2019 session began. “I have not forgotten” that “you foreclosed on our houses,” she said, and “had us sign on the line for junk and for mess that we could not afford. I’m going to do to you what you did to us.”62 How’s that for good governance—using her newfound power as incoming chairwoman of the House Financial Services Committee to punish bank executives for the disaster she and her fellow Democrats caused? Waters is also targeting corporations for allegedly excluding minorities and women from executive positions. Forming a new subcommittee on diversity and inclusion, she immediately held a hearing to discuss the importance of examining the systematic exclusion of women, people of color, persons with disabilities, gays, veterans, and other disadvantaged groups.63 Why concentrate on policies to stimulate economic growth and improve people’s standards of living when you can employ identity politics to demonize your opponents?

After turning their backs on working-class issues, traditionally one of the core concerns of left parties, Democrats stood by while right-wing demagoguery took root and thrived. Then, after the people absorbed a fifty-year blizzard of fake populist propaganda, Democrats turned against the idea of “the people” altogether.17 America was founded with the phrase “We the People,” but William Galston, co-inventor of the concept of the Learning Class, urges us to get over our obsession with popular sovereignty. As he writes in Anti-Pluralism, his 2018 attack on populism, “We should set aside this narrow and complacent conviction; there are viable alternatives to the people as sources of legitimacy.”18 There certainly are. In the pages of this book, we have seen anti-populists explain that they deserve to rule because they are better educated, or wealthier, or more rational, or harder working. The contemporary culture of constant moral scolding is in perfect accordance with this way of thinking; it is a new iteration of the old elitist fantasy. The liberal establishment I am describing in this chapter is anti-populist not merely because it dislikes Donald Trump—who is in no way a genuine populist—but because it is populism’s opposite in nearly every particular. Its political ambition for the people is not to bring them together in a reform movement but to scold them, to shame them, and to teach them to defer to their superiors. It doesn’t seek to punish Wall Street or Silicon Valley; indeed, the same bunch that now rebukes and cancels and blacklists could not find a way to punish elite bankers after the global financial crisis back in 2009. This liberalism desires to merge with these institutions of private privilege, to enlist their power for what it imagines to be “good.

Variations on a tired, old theme Here’s another example of addict manipulation that plagues parents. The phone rings. It’s the addict. He says he has a job. You’re thrilled. But you’re also apprehensive. Because you know he hasn’t simply called to tell you good news. That kind of thing just doesn’t happen. Then comes the zinger you knew would be coming. The request. He says everybody at this company wears business suits and ties, none of which he has. He says if you can’t wire him $1800 right away, he won’t be able to take the job. The implications are clear. Suddenly, you’ve become the deciding factor as to whether or not the addict will be able to take the job. Have a future. Have a life. You’ve got that old, familiar sick feeling in the pit of your stomach. This is not the child you gladly would have financed in any way possible to get him started in life. This is the child who has been strung out on drugs for years and has shown absolutely no interest in such things as having a conventional job. He has also, if you remember correctly, come to you quite a few times with variations on this same tired, old story. One variation called for a car so he could get to work. (Why is it that addicts are always being offered jobs in the middle of nowhere that can’t be reached by public transportation?) Another variation called for the money to purchase a round-trip airline ticket to interview for a job three thousand miles away. Being presented with what amounts to a no-choice request, the question is: Are you going to contribute in what you know is probably another scam, or are you going to say sorry and hang up? To step out of the role of banker/victim/rescuer, you have to quit the job of banker/victim/rescuer. You have to change the coda. You have to forget all the stipulations there are to being a parent. You have to harden your heart and tell yourself parenthood no longer applies to you—not while your child is addicted. Not an easy thing to do. P.S. You know in your heart there is no job starting on Monday. But even if there is, it’s hardly your responsibility if the addict goes well dressed, badly dressed, or undressed. Facing the unfaceable: The situation may never change In summary, you had a child and that child became an addict. Your love for the child didn’t vanish. But you’ve had to wean yourself away from the person your child has become through his or her drugs and/ or alcohol abuse. Your journey with the addicted child has led you through various stages of pain, grief, and despair and into new phases of strength, acceptance, and healing. There’s a good chance that you might not be as healthy-minded as you are today had it not been for the tribulations with the addict. But you’ll never know. The one thing you do know is that you wouldn’t volunteer to go through it again, even with all the awareness you’ve gained. You would never have sacrificed your child just so that you could become a better, stronger person. But this is the way it has turned out. You’re doing okay with it, almost twenty-four hours a day. It’s just the odd few minutes that are hard to get through, like the ones in the middle of the night when you awaken to find that the grief hasn’t really gone away—it’s just under smart, new management. Or when you’re walking along a street or in a mall and you see someone who reminds you of your addicted child, but isn’t a substance abuser, and you feel that void in your heart. You ache for what might have been with your child, the happy life, the fulfilled career. And you ache for the events that never took place—the high school graduation, the engagement party, the wedding, the grandkids. These are the celebrations of life that you’ll probably never get to enjoy. Although you never know. DON’T LET    YOUR KIDS  KILL  YOU  A Guide for Parents of Drug and Alcohol Addicted Children PART 2

a young Goldman Sachs banker named Joseph Park was sitting in his apartment, frustrated at the effort required to get access to entertainment. Why should he trek all the way to Blockbuster to rent a movie? He should just be able to open a website, pick out a movie, and have it delivered to his door. Despite raising around $250 million, Kozmo, the company Park founded, went bankrupt in 2001. His biggest mistake was making a brash promise for one-hour delivery of virtually anything, and investing in building national operations to support growth that never happened. One study of over three thousand startups indicates that roughly three out of every four fail because of premature scaling—making investments that the market isn’t yet ready to support. Had Park proceeded more slowly, he might have noticed that with the current technology available, one-hour delivery was an impractical and low-margin business. There was, however, a tremendous demand for online movie rentals. Netflix was just then getting off the ground, and Kozmo might have been able to compete in the area of mail-order rentals and then online movie streaming. Later, he might have been able to capitalize on technological changes that made it possible for Instacart to build a logistics operation that made one-hour grocery delivery scalable and profitable. Since the market is more defined when settlers enter, they can focus on providing superior quality instead of deliberating about what to offer in the first place. “Wouldn’t you rather be second or third and see how the guy in first did, and then . . . improve it?” Malcolm Gladwell asked in an interview. “When ideas get really complicated, and when the world gets complicated, it’s foolish to think the person who’s first can work it all out,” Gladwell remarked. “Most good things, it takes a long time to figure them out.”* Second, there’s reason to believe that the kinds of people who choose to be late movers may be better suited to succeed. Risk seekers are drawn to being first, and they’re prone to making impulsive decisions. Meanwhile, more risk-averse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering. In a study of software startups, strategy researchers Elizabeth Pontikes and William Barnett find that when entrepreneurs rush to follow the crowd into hyped markets, their startups are less likely to survive and grow. When entrepreneurs wait for the market to cool down, they have higher odds of success: “Nonconformists . . . that buck the trend are most likely to stay in the market, receive funding, and ultimately go public.” Third, along with being less recklessly ambitious, settlers can improve upon competitors’ technology to make products better. When you’re the first to market, you have to make all the mistakes yourself. Meanwhile, settlers can watch and learn from your errors. “Moving first is a tactic, not a goal,” Peter Thiel writes in Zero to One; “being the first mover doesn’t do you any good if someone else comes along and unseats you.” Fourth, whereas pioneers tend to get stuck in their early offerings, settlers can observe market changes and shifting consumer tastes and adjust accordingly. In a study of the U.S. automobile industry over nearly a century, pioneers had lower survival rates because they struggled to establish legitimacy, developed routines that didn’t fit the market, and became obsolete as consumer needs clarified. Settlers also have the luxury of waiting for the market to be ready. When Warby Parker launched, e-commerce companies had been thriving for more than a decade, though other companies had tried selling glasses online with little success. “There’s no way it would have worked before,” Neil Blumenthal tells me. “We had to wait for Amazon, Zappos, and Blue Nile to get people comfortable buying products they typically wouldn’t order online.

When a country’s economy is in trouble—when it has a balance of trade deficit, for instance, and when its debts are mounting—and when the currency, therefore, is declining in value because everybody can see that the economy is bad, politicians, throughout history, have found a way of making things worse with the imposition of exchange controls. They run to the press and they say, “Listen, all you God-fearing Americans, Germans, Russians, whatever you are, we have a temporary problem in the financial market and it is caused by these evil speculators who are driving down the value of our currency—there is nothing wrong with our currency, we are a strong country with a sound economy, and if it were not for these speculators everything would be OK.” Diverting attention away from the real cause of the problem, which is their own mismanagement of the economy, politicians look to three crowds of people to blame for the regrettable situation. After the speculators come bankers and foreigners. Nobody likes bankers anyway, not even in good times; in bad times, everybody likes them less, because everybody sees them as rich and growing richer off the bad turn of events. Foreigners as a target are equally safe, because foreigners cannot vote. They do not have a say-so in national affairs, and remember, their food smells bad. Politicians will even blame journalists: if reporters did not write about our tanking economy, our economy would not be tanking. So we are going to enact this temporary measure, they say. To stem the scourge of a declining currency, we are going to make it impossible, or at least difficult, for people to take their money out of the country—it will not affect most of you because you do not travel or otherwise spend cash overseas. (See Chapter 9 and the Bernanke delusion.) Then they introduce serious exchange controls. They are always “temporary,” yet they always go on for years and years. Like anything else spawned by the government, once they are in place, a bureaucracy grows up around them. A constituency now arises whose sole purpose is to defend exchange controls and thereby assure their longevity. And they are always disastrous for a country. The free flow of capital stops. Money is trapped inside your country. And the country stops being as competitive as it once was.

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

Anna Chapman was born Anna Vasil’yevna Kushchyenko, in Volgograd, formally Stalingrad, Russia, an important Russian industrial city. During the Battle of Stalingrad in World War II, the city became famous for its resistance against the German Army. As a matter of personal history, I had an uncle, by marriage that was killed in this battle. Many historians consider the battle of Stalingrad the largest and bloodiest battle in the history of warfare. Anna earned her master's degree in economics in Moscow. Her father at the time was employed by the Soviet embassy in Nairobi, Kenya, where he allegedly was a senior KGB agent. After her marriage to Alex Chapman, Anna became a British subject and held a British passport. For a time Alex and Anna lived in London where among other places, she worked for Barclays Bank. In 2009 Anna Chapman left her husband and London, and moved to New York City, living at 20 Exchange Place, in the Wall Street area of downtown Manhattan. In 2009, after a slow start, she enlarged her real-estate business, having as many as 50 employees. Chapman, using her real name worked in the Russian “Illegals Program,” a group of sleeper agents, when an undercover FBI agent, in a New York coffee shop, offered to get her a fake passport, which she accepted. On her father’s advice she handed the passport over to the NYPD, however it still led to her arrest. Ten Russian agents including Anna Chapman were arrested, after having been observed for years, on charges which included money laundering and suspicion of spying for Russia. This led to the largest prisoner swap between the United States and Russia since 1986. On July 8, 2010 the swap was completed at the Vienna International Airport. Five days later the British Home Office revoked Anna’s citizenship preventing her return to England. In December of 2010 Anna Chapman reappeared when she was appointed to the public council of the Young Guard of United Russia, where she was involved in the education of young people. The following month Chapman began hosting a weekly TV show in Russia called Secrets of the World and in June of 2011 she was appointed as editor of Venture Business News magazine. In 2012, the FBI released information that Anna Chapman attempted to snare a senior member of President Barack Obama's cabinet, in what was termed a “Honey Trap.” After the 2008 financial meltdown, sources suggest that Anna may have targeted the dapper Peter Orzag, who was divorced in 2006 and served as Special Assistant to the President, for Economic Policy. Between 2007 and 2010 he was involved in the drafting of the federal budget for the Obama Administration and may have been an appealing target to the FSB, the Russian Intelligence Agency. During Orzag’s time as a federal employee, he frequently came to New York City, where associating with Anna could have been a natural fit, considering her financial and economics background. Coincidently, Orzag resigned from his federal position the same month that Chapman was arrested. Following this, Orzag took a job at Citigroup as Vice President of Global Banking. In 2009, he fathered a child with his former girlfriend, Claire Milonas, the daughter of Greek shipping executive, Spiros Milonas, chairman and President of Ionian Management Inc. In September of 2010, Orzag married Bianna Golodryga, the popular news and finance anchor at Yahoo and a contributor to MSNBC's Morning Joe. She also had co-anchored the weekend edition of ABC's Good Morning America. Not surprisingly Bianna was born in in Moldova, Soviet Union, and in 1980, her family moved to Houston, Texas. She graduated from the University of Texas at Austin, with a degree in Russian/East European & Eurasian studies and has a minor in economics. They have two children. Yes, she is fluent in Russian! Presently Orszag is a banker and economist, and a Vice Chairman of investment banking and Managing Director at Lazard.

Several great men living in the last of the nineteenth and first of the twentieth century saw the splitting up of personality which was occurring. Henrik Ibsen in literature realized what was happening, Paul Cézanne in art, and Sigmund Freud in the science of human nature. Each of these men proclaimed that we must find a new unity for our lives. Ibsen showed in his play A Doll’s House that if the husband simply goes off to business, keeping his work and his family in different compartments like a good nineteenth-century banker, and treats his wife as a doll, the house will collapse. Cézanne attacked the artificial and sentimental art of the nineteenth century and showed that art must deal with the honest realities of life, and that beauty has more to do with integrity than with prettiness. Freud pointed out that if people repress their emotions and try to act as if sex and anger did not exist, they end up neurotic. And he worked out a new technique for bringing out the deeper, unconscious, “irrational” levels in personality which had been suppressed, thus helping the person to become a thinking-feeling-willing unity.

For longer-term savings, people turned to other physical goods, even when they had no need for them. A 1923 report from Augsburg shows individual Germans buying six bicycles, seven or eight sewing machines, two motorcycles, all as means of savings. Pianos were also popular,

Indeed, the distribution of wealth is too important an issue to be left to economists, sociologists, historians, and philosophers. It is of interest to everyone, and that is a good thing. The concrete, physical reality of inequality is visible to the naked eye and naturally inspires sharp but contradictory political judgments. Peasant and noble, worker and factory owner, waiter and banker: each has his or her own unique vantage point and sees important aspects of how other people live and what relations of power and domination exist between social groups, and these observations shape each person’s judgment of what is and is not just. Hence there will always be a fundamentally subjective and psychological dimension to inequality, which inevitably gives rise to political conflict that no purportedly scientific analysis can alleviate. Democracy will never be supplanted by a republic of experts—and that is a very good thing.

On the day it was announced that Boesky was going down, I was negotiating with USX lawyers about the terms of a possible agreement that would give Carl the opportunity to have access to USX’s financial information,” Steve Jacobs recalls. “This presumably would facilitate Carl’s ability to make a bid because Drexel needed the information. But when the announcement came about Boesky, you knew the transaction was not going to fly.”   In the past, Icahn had succeeded in intimidating his adversaries by convincing them that he had the resources to make good on his threats. In most cases, that meant buying stock until he controlled or appeared capable of controlling the companies he attacked. But once Drexel was laid low and the pipeline of takeover capital had run dry, Icahn’s options were limited. In a critical transition, USX’s lawyers and investment bankers started treating Icahn as a major stockholder rather than as a raider capable of acquiring the business.

You, you buy into all this stuff about good guys and bad guys in the world. A loan shark breaks a guy's leg for not paying his debt, a banker throws a guy out of his home for the same reason, and you think there's a difference, like the banker's just doing his job but the loan shark's a criminal. I like the loan shark better because he doesn't pretend to be anything else, and I think the banker should be where I am sitting right now. I'm not going to live some life where I pay my fucking taxes and fetch the boss a lemonade at the company picnic and buy life insurance. Get older, get fatter, so I can join a men's club in Back Bay, smoke cigars with a bunch of assholes in a back room somewhere, talk about my squash game and my kid's grades. Die at my desk, and they'll already have scraped my name off the office door before the dirt's hit the coffin.

That was how for years, all through that quarter of the continent, they had fought, fled, beckoned, resumed. . . . If you took a map and tried to follow them over it, zigzagging town to town, back and forth, it might not have been that easy to account for, even if you recalled how wild, how much better than "wild" it'd been not all that many years ago, out here, even with the workdays that had you longing for the comforts of territorial prison, yes hard as that, when whatever was going to become yours—your land, your stock, your family, your name, no matter, however much or little you had, you earned it, with never no second thoughts as to just killing somebody, if it even looked like they might want to take it. Maybe a dog catching their scent coming down the wind, or the way some trailhand might be wearing his waterproof, that could be enough—didn't matter, with everything brand new and the soldiering so hard, waking up each day never knowing how you'd end it, cashing 'em in being usually never too distant from your thoughts, when any ailment, or animal wild or broke, or a bullet from any direction might be enough to propel you into the beyond . . . why clearly every lick of work you could get in would have that same mortal fear invested into it—Karl Marx and them, well and good, but that's what folk had for Capital, back in early times out here—not tools on credit, nor seed money courtesy of some banker, just their own common fund of fear that came with no more than a look across the day arising. It put a shade onto things that parlor life would just never touch, so whenever she or Reef pulled up and got out, when it wasn't, mind, simple getting away in a hurry, it was that one of them had heard about a place, some place, one more next-to-last place, that hadn't been taken in yet, where you could go live for a time on the edge of that old day-to-day question, at least till the Saturday nights got quiet enough to hear the bell of the town clock ring you the hours before some Sunday it'd be too dreary to want to sober up for. . . . So in time you had this population of kind of roving ambassadors from places like that that were still free, who wherever they came to rest would be a little sovereign piece of that faraway territory, and they'd have sanctuary about the size of their shadow.

Minor details—like pennies—add up. A good banker isn’t careless with pennies; a good leader isn’t sloppy about details.

Men like Crawford mistrusted Keynes because his views were unconfused. Throughout his life Keynes produced unimpeachable facts and figures, clear analyses, direct solutions and trenchant practical advice all based on the nitty-gritty of his subject, which were discounted by officials, politicians and bankers who dismissed him as academic, theoretical, quixotic, impractical. To them his clarity seemed too good to be true.

A focus on top line revenues tends to be great for stakeholders such as employees, suppliers and bankers, but rarely for minority shareholders. Sticking to what you’re good at is often a good tenet.

Although in 2005 compact discs still represented over 98 percent of the market for legal album sales, Morris had no loyalty to the format. In May of that year, Vivendi Universal announced it was spinning off its CD manufacturing and distribution business into a calcified corporate shell called the Entertainment Distribution Company. Included in EDC’s assets were several massive warehouses and two large-scale compact disc manufacturing plants: one in Hanover, Germany, and one in Kings Mountain, North Carolina. Universal would still manufacture all its CDs at the plants, but now this would be an arms-length transaction that allowed them to watch the superannuation of optical media from a comfortable distance. It was one of the oldest moves in the corporate finance playbook: divest yourself of underperforming assets while holding on to the good stuff. EDC was a classic “stub company,” a dogshit collection of low-growth, capital-intensive factory equipment that was rapidly going obsolete. In other words, EDC was a drag on A that added little to B. Let the investment bankers figure out who wanted it—Universal had gone digital, and the death rattle of the compact disc had grown loud enough for even Doug Morris to hear. The CD was the past; the iPod was the future. People loved these stupid things. You could hardly go outside without getting run over by some dumb jogger rocking white headphones and a clip-on Shuffle. Apple stores were generating more sales per square foot than any business in the history of retail. The wrapped-up box with a sleek wafer-sized Nano inside was the most popular gift in the history of Christmas. Apple had created the most ubiquitous gadget in the history of stuff.

Perhaps the most famous, if flawed, oracle of the Federal Reserve, former chairman Alan Greenspan, knew that money was something that not only central bankers could create. In a speech in 1996, just as the Cypherpunks were pushing forward with their experiments, Greenspan said that he imagined that the technological revolution could bring back the potential for private money and that it might actually be a good thing: “We could envisage proposals in the near future for issuers of electronic payment obligations, such as stored-value cards or ‘digital cash,’ to set up specialized issuing corporations with strong balance sheets and public credit ratings.

Most rich nations use their foreign aid budget mainly to employ their own people and to sell their own goods, with poverty reduction as an afterthought. The 25 percent that is spent in Bangladesh usually goes straight to a tiny elite of local suppliers, contractors, consultants, and experts. Much of this money is used by these elites to buy foreign-made consumer goods, which is of no help to our country’s economy or workforce.

Tapicers were primarily makers of tapestries, which had to be of regulation size – either 4 ells long by 2 ells wide, or 3 ells by one and a half ells, an ell being about 45 inches. They also produced ‘bankers’ – cushions to pad those hard medieval benches – and chalon, a thick fabric much used for blankets and coverlets. Tapicers, like weavers, were bound to use only ‘good wool of England and of Spain’, and never to blend the two together.

Colonial Policy and Practice: A Comparative Study of Burma and Netherlands India by J. S. Furnivall Quoting page 85-87: Lower Burma when first occupied … was a vast deltaic plain of swamp and jungle, with a secure rainfall; when the opening of the canal created a market for rice, this wide expanse of land was rapidly reclaimed by small cultivators … Formerly, the villager in Lower Burma, like peasants in general, cultivated primarily for home consumption, and it has always been the express policy of the Government to encourage peasant proprietorship. Land in the delta was abundant … The opening of the canal provided a certain and profitable market for as much rice as people could grow. … men from Upper Burma crowded down to join in the scramble for land. In two or three years a labourer could save out of his wages enough money to buy cattle and make a start on a modest scale as a landowner. … The land had to be cleared rapidly and hired labour was needed to fell the heavy jungle. In these circumstances newly reclaimed land did not pay the cost of cultivation, and there was a general demand for capital. Burmans, however, lacked the necessary funds, and had no access to capital. They did not know English or English banking methods, and English bankers knew nothing of Burmans or cultivation. … in the ports there were Indian moneylenders of the chettyar caste, amply provided with capital and long accustomed to dealing with European banks in India. About 1880 they began to send out agents into the villages, and supplied the people with all the necessary capital, usually at reasonable rates and, with some qualifications, on sound business principles. … now the chettyars readily supplied the cultivators with all the money that they needed, and with more than all they needed. On business principles the money lender preferred large transactions, and would advance not merely what the cultivator might require but as much as the security would stand. Naturally, the cultivator took all that he could get, and spent the surplus on imported goods. The working of economic forces pressed money on the cultivator; to his own discomfiture, but to the profit of the moneylenders, of European exporters who could ensure supplies by giving out advances, of European importers whose cotton goods and other wares the cultivator could purchase with the surplus of his borrowings, and of the banks which financed the whole economic structure. But at the first reverse, with any failure of the crop, the death of cattle, the illness of the cultivator, or a fall of prices, due either to fluctuations in world prices or to manipulation of the market by the merchants, the cultivator was sold up, and the land passed to the moneylender, who found some other thrifty labourer to take it, leaving part of the purchase price on mortgage, and with two or three years the process was repeated. … As time went on, the purchasers came more and more to be men who looked to making a livelihood from rent, or who wished to make certain of supplies of paddy for their business. … Others also, merchants and shopkeepers, bought land, because they had no other investment for their profits. These trading classes were mainly townsfolk, and for the most part Indians or Chinese. Thus, there was a steady growth of absentee ownership, with the land passing into the hands of foreigners. Usually, however, as soon as one cultivator went bankrupt, his land was taken over by another cultivator, who in turn lost with two or three years his land and cattle and all that he had saved. [By the 1930s] it appeared that practically half the land in Lower Burma was owned by absentees, and in the chief rice-producing districts from two-thirds to nearly three-quarters. … The policy of conserving a peasant proprietary was of no avail against the hard reality of economic forces…

To Build a Robust Pipeline . . . •​Don’t wait for bankers to knock on your door with potential deals. Instead, scour the market proactively. •​Seek out businesses that have great positions in good, high-growth industries. •​Look for bolt-on acquisitions as well as companies in good industries adjacent to yours. •​Not all perceived adjacencies are the same. If the adjacency is too far removed from your existing business, you will lose your shirt. •​Make identifying targets a day-to-day priority. •​Be patient. Nurture long-term relationships with potential acquisitions.

But few gain sufficient experience in Wall Street to command sucess until they reach that period of life in which they have one foot in the grave. When this time comes these old veterans of the Street usually spend long intervals of repose at their comfortable homes, and in times of panic, which recur sometimes oftener than once a year, these old fellows will be seen in Wall Street, hobbling down on their canes to their brokers' office. Then they always buy good stocks to the extent of their bank balances, which have been permitted to accumulate for just such an emergency. The panic usually rages until enough of these cash purchases of stock is made to afford a big "rake in." When the panic has spent its force, these old fellows, who have been resting judiciously on their oars in expectation of the inevitable event, which usually returns with the regularity of the seasons, quickly realize, deposit their profits with their bankers, or the overplus thereof, after purchasing more real estate that is on the upgrade, for permanent investment, and retire for another season to the quietude of their splendid homes and the bosoms of their happy families. If young men had only the patience to watch the speculative signs of the times, as manifested in the periodical egress of these old prophetic speculators from their shells of security, they would make more money at these intervals than by following up the slippery "tips" of the professional "pointers" of the Stock Exchange all the year round, and they would feel no necessity for hanging at the coat tails, around the hotels, of those specious frauds, who pretend to be deep in the councils of the big operations and of all the new "pools" in process of formation. I say to the young speculators, therefore, watch the ominous visits to the Street of these old men. They are as certain to be seen on the eve of a panic as spiders creeping stealthily and noiselessly from their cobwebs just before rain.

Like most derivatives salesmen, I was an avid gambler and more attracted to FID than IBD. Fortunately, I wouldn’t have to make a choice. The firm had placed the derivatives group at the intersection of these two core business—and for good reasons. Derivatives were making the firm a lot of money, and the derivatives salesmen needed and deserved as much access and support as they could get. DPG had the benefit of direct ties to both the old-boy network of the investment bankers and the risk-taking expertise of the salesmen and traders. For convenience, DPG was centrally located just off the fourth-floor elevators on prime real estate, near the center of Morgan Stanley’s massive bond trading floor.

You may now be wondering, If bankers know that the state will come to their rescue in their time of need, what incentive do they have to limit the loans they dish out during the good times? Wouldn’t a better solution be for the state to rescue the banks – so that people’s savings and the economy’s payment system are preserved – but not to rescue the bankers themselves? Why not send them home penniless as a warning to any other banker who is tempted to do the same? Unfortunately, this obvious solution crashes on the shoals of harsh reality. More often than not, the politicians in charge of government are elected with the help of large contributions from those same bankers. Too often, the politicians need the bankers every bit as much as the bankers need them.

Papa always included me in the same activities as my brothers, from Alpine hikes to carpentry. But Franklin women are meant to use their intellectual gifts for the betterment of mankind through charity, governmental positions, good works, and of course, a suitable marriage. Not a salaried position. After all, we needn’t undertake paid labor to support ourselves; trusts take care of that, as do our male family members who work in financial firms, bankers all.