Banker Money Quotes

About a third of the motel was painted a sandy beige, with a tide line of rain revealing the original color: faded green, the color of old money.

When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.

When bankers get together for dinner, they discuss Art. When artists get together for dinner, they discuss Money

The big bankers of the world, who practise the terrorism of money, are more powerful than kings and field marshals, even more than the Pope of Rome himself. They never dirty their hands. They kill no-one: they limit themselves to applauding the show.

Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending

Do you understand what I'm saying?" shouted Moist. "You can't just go around killing people!" "Why Not? You Do." The golem lowered his arm. "What?" snapped Moist. "I do not! Who told you that?" "I Worked It Out. You Have Killed Two Point Three Three Eight People," said the golem calmly. "I have never laid a finger on anyone in my life, Mr Pump. I may be–– all the things you know I am, but I am not a killer! I have never so much as drawn a sword!" "No, You Have Not. But You Have Stolen, Embezzled, Defrauded And Swindled Without Discrimination, Mr Lipvig. You Have Ruined Businesses And Destroyed Jobs. When Banks Fail, It Is Seldom Bankers Who Starve. Your Actions Have Taken Money From Those Who Had Little Enough To Begin With. In A Myriad Small Ways You Have Hastened The Deaths Of Many. You Do Not Know Them. You Did Not See Them Bleed. But You Snatched Bread From Their Mouths And Tore Clothes From Their Backs. For Sport, Mr Lipvig. For Sport. For The Joy Of The Game.

Let's say I will rip your life apart. Me and my banker friends." How can he explain that to him? The world is not run from where he thinks. Not from border fortresses, not even from Whitehall. The world is run from Antwerp, from Florence, from places he has never imagined; from Lisbon, from where the ships with sails of silk drift west and are burned up in the sun. Not from the castle walls, but from counting houses, not be the call of the bugle, but by the click of the abacus, not by the grate and click of the mechanism of the gun but by the scrape of the pen on the page of the promissory note that pays for the gun and the gunsmith and the powder and shot.

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.

Who lacks sex speaks about sex, hungry talks about food, a person who has no money - about money, and our oligarchs and bankers talk about morality

When a destitute mother starts earning an income, her dreams of success invariably center around her children. A woman's second priority is the household. She wants to buy utensils, build a stronger roof, or find a bed for herself and her family. A man has an entirely different set of priorities. When a destitute father earns extra income, he focuses more attention on himself. Thus money entering a household through a woman brings more benefits to the family as a whole.

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 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.

Reality is a state of mind. To the banker, the money in his ledger book is all very real, though he doesn't actually see it or touch it. But to the Brahma, it simply doesn't exist the way the air and the earth, pain and loss do. To him, the banker's reality is folly. To the banker, the Brahma's ideas are as inconsequential as dust.

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.

In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.

It is easier to make money from money than it is to make money from business. Don't take the acumen of bankers as any guide for business, all they know is money.

when you’re born with the blessing of the right name, connections, and money, you’ll use it. Damon Torrance, son of a media mogul. Kai Mori, son of an influential socialite and banker. William Grayson III, grandson of Senator Grayson. And Michael Crist, son of a real estate developer.

Investment bankers make money for a living.

The bankers and financiers are badly overplaying their hands, again, and people are starting to catch on to the scam. Real wealth is tangible things produced with tangible effort. Loans made out of thin-air 'money' require no effort and are entirely ephemeral. But if those loans are used to acquire real ownership of real assets, then something has been exchanged for nothing and one party is getting screwed.

It’s taboo,” he said. “When they ask you why you want to be an investment banker, you’re supposed to talk about the challenges, and the thrill of doing deals, and the excitement of working with such high-calibre people, but never, ever mention money.

You aren’t wealthy until you have something money can’t buy. —Garth Brooks

The printing presses of the state treasuries cranked out reams of paper currency- showing wise kinds and blissful martyrs- while bankers wept and peasants starved.

The old folk from Indiana and Iowa and Illinois, from Boston and Kansas City and Des Moines, they sold their homes and their stores, and they came here by train and by automobile to the land of sunshine, to die in the sun, with just enough money to live until the sun killed them, tore themselves out by the roots in their last days, deserted the smug prosperity of Kansas City and Chicago and Peoria to find a place in the sun. And when they got here they found that other and greater thieves had already taken possession, that even the sun belonged to the others; Smith and Jones and Parker, druggist, banker, baker, dust of Chicago and Cincinnati and Cleveland on their shoes, doomed to die in the sun, a few dollars in the bank, enough to subscribe to the Los Angeles Times, enough to keep alive the illusion that this was paradise, that their little papier-mâché homes were castles.

Eventually 400,000 Germans were sterilized, and the Vatican did not issue a Pastoral Letter against it for another decade, only after the tide of the war had begun to turn against the Nazis).23,I

In a historic 1933 accord, the Vatican was the first sovereign state to sign a bilateral treaty with Adolf Hitler’s Third Reich. The Nazis promised to protect Catholics inside Germany in return for the church endorsing Hitler’s government.

The bankers might not have said it in so many words, but gradually their strategy emerged: Target families who were already in a little trouble, lend them more money, get them entangled in high fees and astronomical interest rates, and then block the doors to the bankruptcy exit if they really got in over their heads.

This left Musk searching for an industry that had tons of money and inefficiencies that he and the Internet could exploit. Musk began thinking back to his time as an intern at the Bank of Nova Scotia. His big takeaway from that job, that bankers are rich and dumb, now had the feel of a massive opportunity.

A report that studied death certificates from the mid-1980s concluded that “The death rate of priests from AIDS is at least four times that of the general population.

The power and the growth of power of our financial oligarchs comes from wielding the savings and quick capital of others.

If Congress has the right under the constitution to issue paper money, it was given them to be used by themselves, not to be delegated to individuals or corporations.

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.

Also unfortunately, Congress is far too busy asking if baseball players are really as strong as they seem and trying to choke bankers with wads of cash to grant more funds to such trifling matters as the avoidance of space bullets, so they won't give NASA the money

Obviously, there’s no way of making money that doesn’t hurt somebody somewhere, but there are degrees of scale and immediacy. A merchant prince or a banker or a wealthy landowner isn’t generally required to take responsibility for the people he cheats, screws and starves; society couldn’t function if that were the case.

That second man has his own way of looking at things; asks himself which debt must I pay first, the debt to the rich, or the debt to the poor? the debt of money, or the debt of thought to mankind, of genius to nature? For you, O broker! there is no other principle but arithmetic. For me, commerce is of trivial import; love, faith, truth of character, the aspiration of man, these are sacred; nor can I detach one duty, like you, from all other duties, and concentrate my forces mechanically on the payment of moneys. Let me live onward; you shall find that, though slower, the progress of my character will liquidate all these debts without injustice to higher claims. If a man should dedicate himself to the payment of notes, would not this be injustice? Does he owe no debt but money? And are all claims on him to be postponed to a landlord's or a banker's?

There is a defined gulf Between credit and character If you doubt this, ask any banker; He will advise that character is nice But it is not collateral.

But sporadic evidence indicates how great are the possibilities of accumulation when one has the use of “other people’s money.

Mussolini’s insistence on public morality, belief in the inferior role of women, and the ban on contraception and abortion made the fascists palatable to the church.85

The way to make money is to buy when blood is running in the street. John D. Rockefeller

When once a banker has entered the Board – whatever may have been the occasion – his grip proves tenacious and his influence usually supreme; for he controls the supply of new money.

The same year as the Perón visit, American counterintelligence concluded that the Vatican as an institution—not merely as a group of scattered, rogue clerics—was helping high-ranking Nazis escape justice.94

When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.

The world was run by its bankers. The world was run by its investor class. The world was run by its manufacturers. The history of human destiny was money, the men who controlled it, and nothing more. Money, a measure of humiliation, was the only thing that mattered.

Be the change, you seek from society

Success is not a summit to climb, It is an equilibrium where work and life are balanced

You aren't defined by your Qualification, Profession or Possession, but Character

Have you met a banker, who is not interested in money? He loves the game, not the cash! You should bet on him.

It is not the practice of the Holy See to disclose information on the religious discipline of members of the clergy or religious according to canon law.

Such affiliations tend as a cover and conduit for secret arrangements and understandings in restriction of competition through the agency of the banking house thus situated.

God does not play dice, bankers do.

When a banker jumps out of a window, jump after him - that's where the money is

And a popular priest, Father Dyonisy Juricev, wrote in a leading newspaper that it was no longer a sin to kill Serbs or Jews so long as they were at least seven years old.

The bankers got the free use of the money a part of the time, the brokers another part: the officials made money, and the brokers received a fat commission.

The belief that the main task in life is obtaining freedom from the tyranny of ‘social fictions’. Money is the most important social fiction; one escapes its tyranny by acquiring it.

The friend who saved up to invest in a fund and saw her money dissolve like sugar on the tongues of bankers who barely got a scolding from the SEC. The life we’d been promised was a scam,

In return, the Vatican gave Hitler the formal endorsement he wanted. Article 16 of the Reichskonkordat required German bishops and cardinals to swear an oath of loyalty to the Third Reich.

Perhaps it is one secret of their power that, having studied the fluctuations of prices, they (bankers) know that history is inflationary, and that money is the last thing a wise man will hoard.

I'm as big as snob as they come, but money is a terrible barometer of a person's worth. The standard I used is what a person is choosing to do with his life. So for me a struggling musician (someone dedicated to their craft, not some slacker) is much better than some lame investment banker. And the fact that she lied seemed like she was ashamed. She dismissed my anger as if I were overreacting.

A supplementary 180-page U.S. government report issued that spring (June 2, 1998) provided more evidence that neutral countries, including the Vatican, had profited by hiding Nazi gold in their central banks.50

If you're not too busy making money for The Bankers for FREE, would you mind if I used your body to power BearPaw Duck And Meme Farm? As far as batteries go, you're the second most interesting one I've ever met.

God’s Bankers cuts through the masses of misinformation to present an unvarnished account of the quest for money and power in the Roman Catholic Church. No embellishment is needed. That real tale is shocking enough.

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.

The essence of finance is time travel,” the banker-turned-writer Matt Levine wrote. “Saving is about moving resources from the present into the future; financing is about moving resources from the future back into the present.

But as the Pujo Committee finds “the so-called control of life insurance companies by policy-holders through mutualization is a farce” and “its only result is to keep in office a self-constituted, self-perpetuating management.

Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back." Sir Josiah Stamp, former President, Bank of England

Size, we are told, is not a crime. But size may, at least, become noxious by reason of the means through which it was attained or the uses to which it is put. — Louis Brandeis, Other People’s Money: And How the Bankers Use It, 1913

John Paul was a bystander as the American church quietly approved an aggressive new legal strategy that included, as The Washington Post uncovered, “hiring high-powered law firms and private detectives to examine the personal lives of the church’s accusers, fighting to keep documents secret and engaging in new tactics to minimize settlements.”65

Benedict’s resignation was a selfless act since he had come to realize he was not capable of leading the modern church and making the tough decisions that were needed. “It wasn’t one thing, but a whole combination of them,” concluded Paolo Rodari, Il Foglio’s veteran Vatican reporter. Vatileaks, said Rodari, “was a constant drumbeat on the Pope.”33

Back in those less complicated times, there were lots of industries that operated more or less by rote: the old banker’s motto, for instance, was “3-6-3”: take money in at 3 percent, lend it out at 6 percent, and be on the golf course by 3 P.M.

The great masses, who have never been, in the history of mankind, more subject to hypnotic suggestion than they are right now, have become the puppets of the "public opinion" that is engineered by the newspapers in the service, it need hardly be emphasized, of the reigning powers of finance. What is printed in the morning editions of the big city newspapers is the opinion of nine out of ten readers by nightfall. The United States of America, whose more rapid "progress" enables us to predict the future on a daily basis, has pulled far ahead of the pack when it comes to standardizing thought, work, entertainment, etc. Thus, the United States in 1917 went to war against Germany in sincere indignation because the newspapers had told them that Prussian "militarism" was rioting in devilish atrocities as it attempted to conquer the world. Of course, these transparent lies were published in the daily rags because the ruling lords of Mammon knew that American intervention in Europe would fatten their coffers. Thus, whereas the Americans thought that they were fighting for such high-minded slogans as "liberty" and "justice," they were actually fighting to stuff the money bags of the big bankers. These "free citizens" are, in fact, mere marionettes; their freedom is imaginary, and a brief glance at American work-methods and leisure-time entertainments is enough to prove conclusively that l’homme machine is not merely imminent: it is already the American reality.

In World War II, Pius XII’s silence helped protect a complex web of interlocking business interests with the Third Reich, relationships that yielded significant profits for the Vatican. In some cases they are dealings the Church has denied to this day.

In some circumstances, a focus on extrinsic rewards (money) can actually diminish effort. Most (or at least many) teachers enter their profession not because of the money but because of their love for children and their dedication to teaching. The best teachers could have earned far higher incomes if they had gone to banking. It is almost insulting to assume that they are not doing what they can to help their students learn, and that by paying them an extra $500 or $1,500, they would exert greater effort. Indeed, incentive pay can be corrosive: it reminds teachers of how bad their pay is, and those who are led thereby to focus on money may be induced to find a better paying job, leaving behind only those for whom teaching is the only alternative. (Of course, if teachers perceive themselves to be badly paid, that will undermine morale, and that will have adverse incentive effects)

Everyone left London just shaking their heads in disbelief,” recalled Elan Steinberg, the World Jewish Congress’s representative. “Two hundred tons of gold from the pro-Nazi Croatian government found its way to the Vatican. Here they were, one of the world’s great moral institutions, and they refused to tell us what their view was, much less to lift a finger to help recover any looted assets. It was terribly disappointing.”44

Two days after he had appointed the special oversight commission, sixty-one-year-old Monsignor Nunzio Scarano, an APSA senior accountant, was arrested. Prosecutors charged he was the mastermind in helping friends avoid taxes on $26.2 million, some of it cash flown to Italy on a private jet from Switzerland.

Wars not only make nations; they make bankers.

Lenders want to have peace of mind when it comes to getting their money back plus profit – collateral is one thing that gives that peace of mind.

When time is not in your favor, be in favor of time

Hard work beats talent, when talent doesn’t work hard

Umpteen words only shows your Solitude

All bankers assume your money is theirs to play with.

Human beings are much more complex than just being instruments for making money.

Bordoni and his wife fled to Venezuela, where he used some of the stolen money to buy a $3 million home and citizenship.103

Play, don’t pray” was the mantra for some, who according to the insiders included dinner parties of clerics and male prostitutes that ended in nights of drugs and sex.

 Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.

bankers love to lend money they haven’t got to their creditors so that the creditors can pay back what they don’t really owe,

When bankers get together for dinner, they discuss Art. When artists get together for dinner, they discuss money. — Oscar Wilde

Her name is Penny. That's another way to be called worthless. She can thank inflation and Central Bankers.

When you gain, they (banks) gain. When you lose, they’re indifferent.

You Have Ruined Businesses And Destroyed Jobs. When Banks Fail, It Is Seldom Bankers Who Starve. Your Actions Have Taken Money From Those Who Had Little Enough To Begin With. In A Myriad Small Ways You Have Hastened The Deaths Of Many. You Did Not Know Them. You Did Not See Them Bleed. But You Snatched Bread From Their Mouths And Tore Clothes From Their Backs.

To him, bankers were neither noble or Masters of the Universe. They were just businesspeople doing a job, pushing money around the economy as efficiently and effectively as they could.

the gold standard was incapable of preventing the sort of financial booms and busts that were, and continue to be, such a feature of the economic landscape. These bubbles and crises seem to be deep-rooted in human nature and inherent to the capitalist system. By one count there have been sixty different crises since the early seventeenth century—the first documented bank panic can, however, be dated to A.D. 33 when the Emperor Tiberius had to inject one million gold pieces of public money into the Roman financial system to keep it from collapsing.

The money changers sat on benches on a busy bridge over the Grand Canal, so they were called banchieri, which translates as “bench-sitters,” and which is the root of our words banker and bank.

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

Money is to an economy as nutrition is to the human body. When central bankers ignore that relationship by providing more capital that functionally needed, they debase everything capitalism stands for.

They became the directing power in the life insurance companies, and other corporate reservoirs of the people’s savings-the buyers of bonds and stocks. They became the directing power also in banks and trust companies-the depositaries of the quick capital of the country-the life blood of business, with which they and others carried on their operations. Thus four distinct functions, each essential to business, and each exercised, originally, by a distinct set of men, became united in the investment banker. It is to this union of business functions that the existence of the Money Trust is mainly due.[1]

bankers steal money for the same reason that heroin addicts do. They've been put in a position where they cannot get the money they need by honest means. In an egalitarian society that happens a lot less.

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?

If any of the numbers people were arrested, Willard and Mariah Redd carried the money to set them free. Being arrested with policy slips or other numbers paraphernalia was a misdemeanour with a fine of $50.

The statement of Mr. Justice Holmes of the Supreme Court of the United States, in the Oklahoma Bank case, is significant: “We cannot say that the public interests to which we have adverted, and others, are not sufficient to warrant the State in taking the whole business of banking under its control. On the contrary we are of opinion that it may go on from regulation to prohibition except upon such conditions as it may prescribe.

The emancipation of women was destined to follow that of the slaves and the glorification of people without a caste and without traditions, namely, the pariah. In a society that no longer understands the figure of the ascetic and of the warrior; in which the hands of the latest aristocrats seem better fit to hold tennis rackets or shakers for cocktail mixes than swords or scepters; in which the archetype of the virile man is represented by a boxer or by a movie star if not by the dull wimp represented by the intellectual, the college professor, the narcissistic puppet of the artist, or the busy and dirty money-making banker and the politician—in such a society it was only a matter of time before women rose up and claimed for themselves a 'personality' and a 'freedom' according to the anarchist and individualist meaning usually associated with these words.

In a lot of ways it is easier to do things on a large scale. It is easier to build a skyscraper in Manhattan than it is to buy a bungalow in the Bronx. For one thing, it takes just as much time to close a big deal as it does to close a small deal. You will endure as much stress and aggravation; you will have all the same headaches and problems. It is easier to finance a big deal. Bankers would much rather lend money for a big project than for a small one. They are more comfortable investing money in a big prestigious building than they are a rundown house in a bad section of town. If you succeed with the big project, you stand to gain a lot more money.

Berry’s investigation was a searing indictment of how church officials in Louisiana buried reports of sexual abuse of minors and did their best to pay off victims to keep them silent. By the time his story ran, the tiny Lafayette diocese in which Gauthe had committed his crimes was deeply in the red from $4.2 million in confidential settlements to the families of nine victims, and $114 million in pending claims in another eleven lawsuits.

When Ali Agca, a Turk, shot Pope John Paul II in 1981, both the target and the would-be killer were well within Vatican territory,” wrote George Armstrong, the respected Rome correspondent for London’s Guardian. “The Vatican was happy to have him arrested, tried and sentenced in Italy, and under Italian law, and his life sentence will be at the expense of the Italian taxpayer. The Vatican becomes another country only when it chooses to be.

David Rockefeller and Zbigniew Brzezinski found Jimmy Carter to be their ideal candidate. They helped him win the nomination and the presidency. To accomplish this purpose, they mobilized the money power of the Wall Street bankers, the intellectual influence of the academic community – which is subservient to the wealth of the great tax-free foundations – and the media controllers represented in the membership of the CFR and the Trilateral.

Mother always put money away for any poor relatives who visited us from distant villages. It was she, by her concern for the poor and the disadvantaged, who helped me discover my interest in economics and social reform. Mother

One of my greatest fears is family decline.There’s an old Chinese saying that “prosperity can never last for three generations.” I’ll bet that if someone with empirical skills conducted a longitudinal survey about intergenerational performance, they’d find a remarkably common pattern among Chinese immigrants fortunate enough to have come to the United States as graduate students or skilled workers over the last fifty years. The pattern would go something like this: • The immigrant generation (like my parents) is the hardest-working. Many will have started off in the United States almost penniless, but they will work nonstop until they become successful engineers, scientists, doctors, academics, or businesspeople. As parents, they will be extremely strict and rabidly thrifty. (“Don’t throw out those leftovers! Why are you using so much dishwasher liquid?You don’t need a beauty salon—I can cut your hair even nicer.”) They will invest in real estate. They will not drink much. Everything they do and earn will go toward their children’s education and future. • The next generation (mine), the first to be born in America, will typically be high-achieving. They will usually play the piano and/or violin.They will attend an Ivy League or Top Ten university. They will tend to be professionals—lawyers, doctors, bankers, television anchors—and surpass their parents in income, but that’s partly because they started off with more money and because their parents invested so much in them. They will be less frugal than their parents. They will enjoy cocktails. If they are female, they will often marry a white person. Whether male or female, they will not be as strict with their children as their parents were with them. • The next generation (Sophia and Lulu’s) is the one I spend nights lying awake worrying about. Because of the hard work of their parents and grandparents, this generation will be born into the great comforts of the upper middle class. Even as children they will own many hardcover books (an almost criminal luxury from the point of view of immigrant parents). They will have wealthy friends who get paid for B-pluses.They may or may not attend private schools, but in either case they will expect expensive, brand-name clothes. Finally and most problematically, they will feel that they have individual rights guaranteed by the U.S. Constitution and therefore be much more likely to disobey their parents and ignore career advice. In short, all factors point to this generation

In Bangladesh, if a woman, even a rich woman, wants to borrow money from a bank, the manager will ask her, ‘Did you discuss this with your husband?’ And if she answers, ‘Yes,’ the manager will say, ‘Is he supportive of your proposal?’ If the answer is still, ‘Yes,’ he will say, ‘Would you please bring your husband along so that we can discuss it with him?’ But no manager would ever ask a prospective male borrower whether he has discussed the idea of a loan

It took the OSS nearly two years after the IOR’s formation before it stumbled across intelligence that Hitler’s Reichsbank was transferring money to the Vatican and disguising its origin by using a Swiss bank as an intermediary.62

I do not have money to invest nor i have studied finance to be an investment banker but i would like to be an investor in the society; by investing my love care and compassion in my children i think there will be a bank of bankable people

The thing that is least perceived about wealth is that all pleasure in money ends at the point where economy becomes unnecessary. The man who can buy anything he covets, without any consultation with his banker, values nothing that he buys.

The options also were a way of shifting enormous risk from Renaissance to the banks. Because the lenders technically owned the underlying securities in the basket-options transactions, the most Medallion could lose in the event of a sudden collapse was the premium it had paid for the options and the collateral held by the banks. That amounted to several hundred million dollars. By contrast, the banks faced billions of dollars of potential losses if Medallion were to experience deep troubles. In the words of a banker involved in the lending arrangement, the options allowed Medallion to “ring-fence” its stock portfolios, protecting other parts of the firm, including Laufer’s still-thriving futures trading, and ensuring Renaissance’s survival in the event something unforeseen took place. One staffer was so shocked by the terms of the financing that he shifted most of his life savings into Medallion, realizing the most he could lose was about 20 percent of his money.

Active people are usually deficient in the higher activity, I mean individual activity. They are active as officials, merchants, scholars, that is as a species, but not as quite distinct separate and single individuals; in this respect they are idle. It is the misfortune of the active that their activity is almost always a little senseless. For instance, we must not ask the money-making banker the reason of his restless activity, it is foolish. The active roll as the stone rolls, according to the stupidity of mechanics. All mankind is divided, as it was at all times and is still, into slaves and freemen; for whoever has not two-thirds of his day for himself is a slave, be he otherwise whatever he likes, statesman, merchant, official, or scholar.

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.

Main deficiency of active people. Active men are usually lacking in higher activity-I mean individual activity. They are active as officials, businessmen, scholars, that is, as generic beings, but not as quite particular, single and unique men. In this respect they are lazy. It is the misfortune of active men that their activity is almost always a bit irrational. For example, one must not inquire of the money-gathering banker what the purpose for his restless activity is: it is irrational. Active people roll like a stone, conforming to the stupidity of mechanics. Today as always, men fall into two groups: slaves and free men. Whoever does not have two-thirds of his day for himself, is a slave, whatever he may be: a statesman, a businessman, an official, or a scholar.

the Zurich Axioms are about the world of money, and that is a world of human events. Human events absolutely cannot be predicted, by any method, by anybody. One of the traps money-world prophets fall into is that they forget they are dealing with human behavior.

You can’t go to the bank and deposit likes, views, retweets, viral explosions, social media conversations, or brand recognition. Bankers are extremely narrow-minded. They won’t even accept vegetables grown in your backyard garden or bitcoin. They want real money.

To make any kind of gain in life – a gain of wealth, personal stature, whatever you define as “gain” – you must place some of your material and/or emotional capital at risk. You must make a commitment of money, time, love, something. That is the law of the universe.

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.

There was a guy with extra millions in the bank. And he spent all his free time, all his energy, spending his money. His cars, his houses, his vacations. Just like the rich bankers here in Luxembourg, whose business was making money and whose passion was spending it.

I can tell you that I have taken all the names I have found in the newspapers and looked them up myself. I didn’t find a single one of these names. This Mafia boss, this politician, Osama bin Laden. None of them have accounts here, nor are they delegates to accounts.

Ratzinger was afraid to intervene on a deadlocked Roman Curia, with reformers on one side, and the money changers on the other,” wrote author Gianluigi Nuzzi. “So he decided to create a clean slate by bowing out and paving the way for the election of a strong Pope.”34

FOR THE VOICELESS by El Niño Salvaje I speak for the ones who cannot speak, for the voiceless. I raise my voice and wave my arms and shout for the ones you do not see, perhaps cannot see, for the invisible. For the poor, the powerless, the disenfranchised; for the victims of this so-called “war on drugs,” for the eighty thousand murdered by the narcos, by the police, by the military, by the government, by the purchasers of drugs and the sellers of guns, by the investors in gleaming towers who have parlayed their “new money” into hotels, resorts, shopping malls, and suburban developments. I speak for the tortured, burned, and flayed by the narcos, beaten and raped by the soldiers, electrocuted and half-drowned by the police. I speak for the orphans, twenty thousand of them, for the children who have lost both or one parent, whose lives will never be the same. I speak for the dead children, shot in crossfires, murdered alongside their parents, ripped from their mothers’ wombs. I speak for the people enslaved, forced to labor on the narcos’ ranches, forced to fight. I speak for the mass of others ground down by an economic system that cares more for profit than for people. I speak for the people who tried to tell the truth, who tried to tell the story, who tried to show you what you have been doing and what you have done. But you silenced them and blinded them so that they could not tell you, could not show you. I speak for them, but I speak to you—the rich, the powerful, the politicians, the comandantes, the generals. I speak to Los Pinos and the Chamber of Deputies, I speak to the White House and Congress, I speak to AFI and the DEA, I speak to the bankers, and the ranchers and the oil barons and the capitalists and the narco drug lords and I say— You are the same. You are all the cartel. And you are guilty. You are guilty of murder, you are guilty of torture, you are guilty of rape, of kidnapping, of slavery, of oppression, but mostly I say that you are guilty of indifference. You do not see the people that you grind under your heel. You do not see their pain, you do not hear their cries, they are voiceless and invisible to you and they are the victims of this war that you perpetuate to keep yourselves above them. This is not a war on drugs. This is a war on the poor. This is a war on the poor and the powerless, the voiceless and the invisible, that you would just as soon be swept from your streets like the trash that blows around your ankles and soils your shoes. Congratulations. You’ve done it. You’ve performed a cleansing. A limpieza. The country is safe now for your shopping malls and suburban tracts, the invisible are safely out of sight, the voiceless silent as they should be. I speak these last words, and now you will kill me for it. I only ask that you bury me in the fosa común—the common grave—with the faceless and the nameless, without a headstone. I would rather be with them than you. And I am voiceless now, and invisible.

It is not by means of a metaphor that a banking or stock-market transaction, a claim, a coupon, a credit, is able to arouse people who are not necessarily bankers. And what about the effects of money that grows, money that produces more money? There are socioeconomic "complexes" that are also veritable complexes of the unconscious, and that communicate a voluptuous wave from the top to the bottom of their hierarchy (the military-industrial complex). And ideology, Oedipus, and the phallus have nothing to do with this, because they depend on it rather than being its impetus. For it is a matter of flows, of stocks, of breaks in and fluctuations of flows; desire is present wherever something flows and runs, carrying along with it interested subjects—but also drunken or slumbering subjects—toward lethal destinations.

Here in Rome, “men live for something else beside money and systems, the voice of noble sentiment is understood.” She had found in Italy “a sphere much more natural to me than what the old puritans or the modern bankers have made” in America, the now stagnant and degraded “new” world.

It is an obvious fact that the banks and big monopolies are now dependent on the state for their survival. As soon as they were in difficulties, the same people who used to insist that the state must play no role in the economy, ran to the government with their hands out, demanding huge sums of money. And the government immediately gave them a blank cheque. Trillions of pounds of public money has been handed over to the banks, totalling some $14 trillion. But the crisis continues to deepen. All that has been achieved in the last four years is to transform what was a black hole in the finances of the banks into a black hole in public finances. In order to save the bankers, everybody is expected to sacrifice, but for the bankers and capitalists no sacrifices are demanded. They pay themselves lavish bonuses with the money of the taxpayer. This is Robin Hood in reverse.

It is the misfortune of active men that their activity is almost always a bit irrational. For example, one must not inquire of the money-gathering banker what the purpose for his restless activity is: it is irrational. Active people roll like a stone, conforming to the stupidity of mechanics.

Once completely freed, the bankers very quickly ran their institutions off the cliff, taking much of the global economy with them. Not only did they create and sell a huge amount of junk, but they turned the financial system into a gigantic casino, one in which they played mainly with other people’s money.

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.

Traders at other banks, many of which had outposts in the twin towers, realized that their first instincts had not been to fret about their colleagues’ well-being or the geopolitical implications of the attack, but instead to hunt for profitable trading opportunities. Then again, didn’t money make the world go round?

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 then thunder out of town on big motorcycles after raping the banker's daughter.

We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it.

The small group of Benedict supporters gathered that night were not simply upset at money matters gone awry. There was, as they discussed that evening, something that made most of them squirm. They had seen the proof of what one called a “gay lobby.” The common bond for the gay clerics at the highest positions of the Curia was that they had abandoned their celibacy vows. The problem, the small group agreed, was that they often used sex as a carrot for advancement to ambitious up-and-coming clerics. It was deplorable, they concluded, that a fast career track was within reach for any cleric willing to submit to the Vatican’s equivalent of a casting couch.2,II

The “banker’s way” meant that you were not fit for acting, not able to channel passion, not sensitive to the subtleties of human nature. In other words, you were a creature of the material world and therefore neither welcomed nor suited to this life, where money was regarded with disdain and personal sacrifice was the order of the day.

The Rothschilds have been closely involved with the global elite since the inception of this group. The oldest known Rothschild went by the name of Uri Feibesch who lived in the early sixteenth century. His great great great grandson was Moses Bauer, who lived in the early eighteenth century. A well-known ancestor of this banking family was Mayer Amschel Bauer, an asset manager in Frankfurt am Main. Among other things he represented the money and assets of sovereign Wilhelm von Hessen. He became very rich, because he attended to the conveyance of the capital that belonged to this sovereign during the French Revolution. Mayer Amschel Bauer chose, without exception, women from very influential families that belonged to the global elite, for his sons. In the same way, his daughters married prominent bankers who also belonged to the global elite. All these families acted in the same way as the royal families: they married amongst themselves. Bauer’s sons were known as the “five Frankfurter”: they became bankers of five European countries.

What is the attraction of central bankers to issuing their own digital currencies? The answer lies in wider access to second-layer money. Recall that the Federal Reserve issues two types of money, wholesale reserves for private sector banks and retail cash for people. In order to provide monetary stimulus, the Fed issues reserves and hopes that private sector banks will use those reserves to circulate third-layer deposits into the economy by lending money. With a CBDC, the Fed could issue second-layer money directly to people in the form of digital helicopter money; the phrase “helicopter money” comes from Milton Friedman, who in 1969 provided the imagery of dropping cash out of a helicopter in order to stimulate economic demand.

Italian reporters uncovered evidence that the Vatican had invested in Istituto Farmacologico Serono, a pharmaceutical company that made birth control pills, as well as Udine, a military weapons manufacturer (there were also unconfirmed newspaper reports of church money in gunmaker Beretta, a Monte Carlo casino, and a printing firm that published pornographic magazines).

with zero fillings, revealed by the so-so joke—“Have you heard the news about Schrödinger’s Cat? It died today; wait—it didn’t, did, didn’t, did …”; high-volume discourse on who’s the best Bond; on Gilmour and Waters and Syd; on hyperreality; dollar-pound parity; Sartre, Bart Simpson, Barthes’s myths; “Make mine a double”; George Michael’s stubble; “Like, music expired with the Smiths”; urbane and entitled, for the most part, my peers; their eyes, hopes, and futures all starry; fetal think-tankers, judges, and bankers in statu pupillari; they’re sprung from the loins of the global elite (or they damn well soon will be); power and money, like Pooh Bear and honey, stick fast—I don’t knock it, it’s me; and speaking of loins, “Has anyone told

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.

To honour his bills of exchange, Badoer had at least four accounts with local bankers in Constantinople, where banking was organised along the same lines as on the Rialto: a bank’s primary function was not to lend money, but to transfer the funds of its depositors, who personally presented themselves to authorise the transfer of money to creditor accounts in different cities.

A Catholic family had hidden a Jewish boy from the Nazis, and had learned that the Germans had murdered the child’s parents. They brought the youngster to Wojtyla and asked him to baptize the child. In contrast to Pope Pius IX and his abductions and forced baptisms of two Jewish boys, Wojtyla refused. The boy should be raised Jewish in the tradition of his parents, Wojtyla told the parents.

Democracy—here and in Britain and France, it hasn't been so universal a sniveling slavery as Naziism in Germany, such an imagination-hating, pharisaic materialism as Russia—even if it has produced industrialists like you, Frank, and bankers like you, R. C., and given you altogether too much power and money. On the whole, with scandalous exceptions, Democracy's given the ordinary worker more dignity than he ever had.

It was at that moment that Markisha decided to apply for CalWORKs. She’d rented a room in an apartment she shared with a barber in her neighborhood, and she needed some help paying for it. CalWORKs meant three hundred dollars a month, plus food stamps. So she went to the local welfare office—a “Family Resource Center,” known as an FRC—and walked inside. She was barely sober, emotionally a wreck, literally penniless, and her entire ambition in life was to keep and maintain a room and a half in a rundown section of west San Diego without having to sell her body to pay the rent. This is the kind of person at whom the weight of the state’s financial fraud prosecution apparatus tends to be trained in America. Markisha entered the financial fraud patrol zone when she walked through those doors at the FRC. For three hundred dollars a month, she was about to become more heavily scrutinized by the state than any twelve Wall Street bankers put together. The amounts of money spent in these kinds of welfare programs are very small, but the levels of political capital involved are mountainous. You can always score political points banging on black welfare moms on meth. And the bureaucracy she was about to enter reflects that intense, bitterly contemptuous interest.

Ruth enjoys teaching summer school. The students are always keen, often they are older people who have always dreamt of being archaeologists, merchant bankers inspired by Time Team, old ladies with a surprisingly detailed knowledge of Bronze Age burial customs. There are usually lots of foreigners too, because the university needs the money: Americans with complicated dietary needs, earnest Chinese students, casually elegant Italians.

Castillo Lara believed it might not be possible to demolish the parallel IOR without making the Vatican Bank crash in on itself. At every turn, he adeptly blocked Caloia’s efforts to make the bank more transparent.66 Some reformers meanwhile suspected that the cardinal was more than just an obstacle to reform. They thought the powerful APSA boss was the source of press leaks that made it appear that it was Caloia’s team that had failed to rein in the bank’s questionable activities.67

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

The bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take away from them the power to create money and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.

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.

The dark, uncontrolled, primordial part of a person informs them that they are alive. Living free entails accepting a slew of wildness. All wild animals act by instinct. Human instinct and intuitive thought allow us to gain insights and new beliefs, which human rationalization confirms. Logic and intuition work well together, if both sources of mental visualization are drawn from when most apropos. Planning carefully should never replace the spirit for improvisation. Acting recklessly is no substitute for measured evaluation. Nonetheless, a dash of craziness makes most people more endearing than the calculating banker whose ledger driven life causes them to see life in terms of money pouches. Letting go of all conceptions of what is, and dreaming what could be, is a form of delusion. Knowing the difference between fantasy and reality does not mean that a person should disdain imaginative acts. I need to recognize when it is time to stop woolgathering and come back down to reality and work in the pebbly bedrock of the here and now.

The U.S. Conference of Catholic Bishops had authorized the study.92 It concluded that 95 percent of American dioceses had at least one complaint of a sexual assault by a priest against a minor (the authors did not count incidents before 1950).93 During the five-plus decades, 4,392 priests had been accused of abusing 10,667 children, a figure that in some years was as high as 10 percent of all priests.94 At least 143 were serial molesters who carried out their attacks in multiple dioceses.95 Four out of five victims were minor boys.96

In 2009, Benedict faced a firestorm after he lifted the excommunication of Richard Williamson, a British bishop based in Buenos Aires.61 Bertone, who oversaw Williamson’s vetting, had apparently not even Googled him. If he had, he would have discovered an interview the bishop gave only three days before to Swedish television, in which he said about the Holocaust: “I believe that the historical evidence is hugely against six million Jews having been deliberately gassed in gas chambers as a deliberate policy of Adolf Hitler. I believe there were no gas chambers.

The Buried Bishop’s a gridlocked scrum, an all-you-can-eat of youth: ‘Stephen Hawking and the Dalai Lama, right; they posit a unified truth’; short denim skirts, Gap and Next shirts, Kurt Cobain cardigans, black Levi’s; ‘Did you see that oversexed pig by the loos, undressing me with his eyes?’; that song by the Pogues and Kirsty MacColl booms in my diaphragm and knees; ‘Like, my only charity shop bargains were headlice, scabies, and fleas’; a fug of hairspray, sweat and Lynx, Chanel No. 5, and smoke; well-tended teeth with zero fillings, revealed by the so-so joke — ‘Have you heard the news about Schrodinger’s Cat? It died today; wait — it didn’t, did, didn’t, did…’; high-volume discourse on who’s the best Bond … Sartre, Bart Simpson, Barthes’s myths; ‘Make mine a double’; George Michael’s stubble; ‘Like, music expired with the Smiths’; and futures all starry; fetal think-tankers, judges, and bankers…power and money, like Pooh Bear and honey, stick fast — I don’t knock it, it’s me; and speaking of loins, ‘Has anyone told you you look like Demi Moore from Ghost?’; roses are red and violets are blue, I’ve a surplus of butter and Ness is warm toast.

Democracy—here and in Britain and France, it hasn’t been so universal a sniveling slavery as Naziism in Germany, such an imagination-hating, pharisaic materialism as Russia—even if it has produced industrialists like you, Frank, and bankers like you, R.C., and given you altogether too much power and money. On the whole, with scandalous exceptions, Democracy’s given the ordinary worker more dignity than he ever had. That may be menaced now by Windrip—all the Windrips. All right! Maybe we’ll have to fight paternal dictatorship with a little sound patricide—fight machine guns with machine guns.

Frank Baum’s book the Wonderful Wizard of Oz, which appeared in 1990, is widely recognized to be a parable for the Populist campaign of William Jennings Bryan, who twice ran for president on the Free Silver platform- vowing to replace the gold standard with a bimetallic system that would allow the free creation of silver money alongside gold. As with the Greenbackers, one of the main constituencies for the movement was debtors: particularly, Midwestern farm families such as Dorothy’s, who had been facing a massive wave of foreclosures during the severe recession of the 1890s. According to the Populist reading, the Wicked Witches of the East and West represent the East and West Coast bankers (promoters of and benefactors from the tight money supply), the Scarecrow represented the farmers (who didn’t have the brains to avoid the debt trap), the Tin Woodsman was the industrial proletariat (who didn’t have the heart to act in solidarity with the farmers), the Cowardly Lion represented the political class (who didn’t have the courage to intervene). The yellow brick road, silver slippers, emerald city, and hapless Wizard presumably speak for themselves. “Oz” is of course the standard abbreviation for “ounce.

But this was not a bailout. Greece was never bailed out. Nor were the rest of Europe’s swine—or PIIGS as Portugal, Ireland, Italy, Greece and Spain became collectively branded. Greece’s bailout, then Ireland’s, then Portugal’s, then Spain’s were rescue packages for, primarily, French and German banks. In bending its rules to rescue the PIIGS’s private banks (with the issue of the aforementioned IOUs), the ECB had given Chancellor Merkel and France’s President Nicolas Sarkozy some respite from having to go back to their parliaments for more taxpayers’ money for French and German bankers. But much more was now needed.

Why do these people crave fame? Why do any of us? Well, I’d argue it’s not about money. If it were our tabloids would be devoted to the lives and times of bankers. I think we all want to leave a legacy. We want to be remembered. We want to be Great.... In short, Alexander [the Great] was Great because others decided he was Great, because they chose to admire and emulate him. ... We made Alexander Great, just as today we make people great when we admire them and try to emulate them. History has traditionally been in the business of finding and celebrating great men, and only occasionally great women, but this obsession with Greatness is troubling to me. It wrongly implies, first, history is made primarily by men and secondly, that history is made primarily by celebrated people, which of course makes us all want to be celebrities. Thankfully we’ve left behind the idea that the best way to become an icon is to butcher people and conquer a lot of land, but the ideals that we’ve embraced instead aren’t necessarily worth celebrating either. All of which is to say we decide what to worship and what to care about and what to pay attention to. We decide whether to care about [so-called ‘celebrities’]. Alexander couldn’t make history in a vacuum, and neither can anyone else.

Let me ask you three questions,” he said. “And then you’ll see it my way. Question One: What’s the worst thing that you have ever done to someone? It’s okay. You don’t have to confess it out loud. Question Two: What’s the worst criminal act that has ever been committed against you? Question Three: Which of the two was the most damaging for the victim?” The worst criminal act that has ever been committed against me was burglary. How damaging was it? Hardly damaging at all. I felt theoretically violated at the idea of a stranger wandering through my house. But I got the insurance money. I was mugged one time. I was eighteen. The man who mugged me was an alcoholic. He saw me coming out of a supermarket. “Give me your alcohol,” he yelled. He punched me in the face, grabbed my groceries, and ran away. There wasn’t any alcohol in my bag. I was upset for a few weeks, but it passed. And what was the worst thing I had ever done to someone? It was a terrible thing. It was devastating for them. It wasn’t against the law. Clive’s point was that the criminal justice system is supposed to repair harm, but most prisoners—young, black—have been incarcerated for acts far less emotionally damaging than the injuries we noncriminals perpetrate upon one another all the time—bad husbands, bad wives, ruthless bosses, bullies, bankers.

Power itself is founded largely on disgust. The whole of advertising, the whole of political discourse, is a public insult to the intelligence, to reason - but an insult in which we collaborate, abjectly subscribing to a silent interaction. The day of hidden persuasion is over: those who govern us now resort unapologetically to arm-twisting pure and simple. The prototype here was a banker got up like a vampire, saying, 'I am after you for your money' . A decade has already gone by since this kind of obscenity was introduced, with the government's blessing, into our social mores. At the time we thought the ad feeble because of its aggressive vulgarity. In point of fact it was a prophetic commercial, full of intimations of the future shape of social relationships, because it operated, precisely, in terms of disgust, avidity and rape. The same goes for pornographic and food advertising, which are also powered by shamelessness and lust, by a strategic logic of violation and anxiety. Nowadays you can seduce a woman with the words, 'I am interested in your cunt' . The same kind of crassness has triumphed in the realm of art, whose mounds of trivia may be reduced to a single pronouncement of the type, 'What we want from you is stupidity and bad taste' . And the fact is that we do succumb to this mass extortion, with its subtle infusion of guilt. It is true in a sense that nothing really disgusts us any more. In our eclectic culture, which embraces the debris of all others in a promiscuous confusion, nothing is unacceptable. But for this very reason disgust is nevertheless on the increase - the desire to spew out this promiscuity, this indifference to everything no matter how bad, this viscous adherence of opposites. To the extent that this happens, what is on the increase is disgust over the lack of disgust. An allergic temptation to reject everything en bloc: to refuse all the gentle brainwashing, the soft-sold overfeeding, the tolerance, the pressure to embrace synergy and consensus.

He had not been there since his first interview with Bulstrode in the morning, having been found at the Hospital by the banker's messenger; and for the first time he was returning to his home without the vision of any expedient in the background which left him a hope of raising money enough to deliver him from the coming destitution of everything which made his married life tolerable—everything which saved him and Rosamond from that bare isolation in which they would be forced to recognize how little of a comfort they could be to each other. It was more bearable to do without tenderness for himself than to see that his own tenderness could make no amends for the lack of other things to her.

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

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in iniquity and born in sin. Bankers own the Earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough money to buy it back again. Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this would be a better and happier world to live in. But if you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit.

In a society that no longer understands the figure of the ascetic and of the warrior; in which the hands of the latest aristocrats seem better fit to hold tennis rackets or shakers for cocktail mixes than swords or scepters; in which the archetype of the virile man is represented by the boxer or by a movie star if not by the dull wimp represented by the intellectual, the college professor, the narcissistic puppet of the artist, or the busy and dirty money-making banker and the politician – in such a society it was only a matter of time before women rose up and claimed for themselves a “personality” and a “freedom” according to the anarchist and individualist meaning usually associated with those words.

The flat tire that threw Julio into a temporary panic and the divorce that almost killed Jim don’t act directly as physical causes producing a physical effect—as, for instance, one billiard ball hitting another and making it carom in a predictable direction. The outside event appears in consciousness purely as information, without necessarily having a positive or negative value attached to it. It is the self that interprets that raw information in the context of its own interests, and determines whether it is harmful or not. For instance, if Julio had had more money or some credit, his problem would have been perfectly innocuous. If in the past he had invested more psychic energy in making friends on the job, the flat tire would not have created panic, because he could have always asked one of his co-workers to give him a ride for a few days. And if he had had a stronger sense of self-confidence, the temporary setback would not have affected him as much because he would have trusted his ability to overcome it eventually. Similarly, if Jim had been more independent, the divorce would not have affected him as deeply. But at his age his goals must have still been bound up too closely with those of his mother and father, so that the split between them also split his sense of self. Had he had closer friends or a longer record of goals successfully achieved, his self would have had the strength to maintain its integrity. He was lucky that after the breakdown his parents realized the predicament and sought help for themselves and their son, reestablishing a stable enough relationship with Jim to allow him to go on with the task of building a sturdy self. Every piece of information we process gets evaluated for its bearing on the self. Does it threaten our goals, does it support them, or is it neutral? News of the fall of the stock market will upset the banker, but it might reinforce the sense of self of the political activist. A new piece of information will either create disorder in consciousness, by getting us all worked up to face the threat, or it will reinforce our goals, thereby freeing up psychic energy.

In exchange for some wide-ranging modifications demanded by the socialist government to the church’s 1929 concordat, Italy agreed to underwrite the remainder of the $406 million settlement.53 The changes to the concordat would have once been unthinkable. The church dropped its insistence that Roman Catholicism be the state religion. Moving forward, the state had to confirm church-annulled marriages. Parents were given the right to opt their children out of formerly mandatory religious education classes. And Rome was no longer considered a “sacred city,” a classification that had allowed the Vatican to keep out strip clubs and the porn industry. Italy even managed to get the church to relinquish control of the Jewish catacombs. “The new concordat is another example of the diminishing hold of the Roman Catholic church in civil life in Italy,” noted The New York Times.54 In return, Italy instituted an“eight-per-thousand” tax, in which 0.8 percent of the income tax paid by ordinary Italians was distributed to one of twelve religious organizations recognized by the state. During its early years, nearly 90 percent of the tax went to the Catholic Church (by 2010, the church received less than 50 percent as the tax was more equitably distributed). Not only did the tax relieve Italy of its responsibility for the $135 million annual subsidy it paid for the country’s 35,000 priests, it meant the church had a steady and reliable source of much needed income.55

I determined absolutely that never would I join a company in which finance came before the work or in which bankers or financiers had a part. And further that, if there were no way to get started in the kind of business that I thought could be managed in the interest of the public, then I simply would not get started at all. For my own short experience, together with what I saw going on around me, was quite enough proof that business as a mere money-making game was not worth giving much thought to and was distinctly no place for a man who wanted to accomplish anything. Also it did not seem to me to be the way to make money. I have yet to have it demonstrated that it is the way. For the only foundation of real business is service.

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

This all sounds pretty ominous, but you haven’t seen anything yet. You must add the “multiplier effect” of bank lending practices. Practically no one is aware that, when you make a deposit of $1,000 at your favorite bank, they can now lend out $10,000 as a result of your deposit. It is called the “fractional reserve lending system,” that is, they are creating money out of thin air. (My own description of what they are doing is the world’s largest con game). It is all predicated on the theory that “everyone is not going to withdraw their money at the same time.” For a complete treatise on what is going on in banking I suggest, no, I beg you to read The Case Against The Fed, by Murray Rothbard. You can get it at the Ludwig von Mises Institute located in Auburn, AL.

To the untrained eye, the Wall Street people who rode from the Connecticut suburbs to Grand Central were an undifferentiated mass, but within that mass Danny noted many small and important distinctions. If they were on their BlackBerrys, they were probably hedge fund guys, checking their profits and losses in the Asian markets. If they slept on the train they were probably sell-side people—brokers, who had no skin in the game. Anyone carrying a briefcase or a bag was probably not employed on the sell side, as the only reason you’d carry a bag was to haul around brokerage research, and the brokers didn’t read their own reports—at least not in their spare time. Anyone carrying a copy of the New York Times was probably a lawyer or a back-office person or someone who worked in the financial markets without actually being in the markets. Their clothes told you a lot, too. The guys who ran money dressed as if they were going to a Yankees game. Their financial performance was supposed to be all that mattered about them, and so it caused suspicion if they dressed too well. If you saw a buy-side guy in a suit, it usually meant that he was in trouble, or scheduled to meet with someone who had given him money, or both. Beyond that, it was hard to tell much about a buy-side person from what he was wearing. The sell side, on the other hand, might as well have been wearing their business cards: The guy in the blazer and khakis was a broker at a second-tier firm; the guy in the three-thousand-dollar suit and the hair just so was an investment banker at J.P. Morgan or someplace like that. Danny could guess where people worked by where they sat on the train. The Goldman Sachs, Deutsche Bank, and Merrill Lynch people, who were headed downtown, edged to the front—though when Danny thought about it, few Goldman people actually rode the train anymore. They all had private cars. Hedge fund guys such as himself worked uptown and so exited Grand Central to the north, where taxis appeared haphazardly and out of nowhere to meet them, like farm trout rising to corn kernels. The Lehman and Bear Stearns people used to head for the same exit as he did, but they were done. One reason why, on September 18, 2008, there weren’t nearly as many people on the northeast corner of Forty-seventh Street and Madison Avenue at 6:40 in the morning as there had been on September 18, 2007.

Late that autumn a Venezuelan attorney, Alberto Jaime Berti, cooperated with Italian magistrates in return for immunity from prosecution on charges that the IOR was at the center of laundering several hundred million dollars through Swiss and Panamanian banks on behalf of a handful of senior Opus Dei officials.72 The Italian media reported that Berti fingered De Bonis as his Vatican Bank connection and produced dozens of documents with the monsignor’s signature. Prosecutors believed that De Bonis had the key to a safe deposit box at Geneva’s Banque de Paris et des Pays-Bas. It was in that box, said Berti, that a cache of documents laid out exactly how the IOR laundered the money. De Bonis, cloaked by immunity in his Knights of Malta position, denied even knowing Berti.73 The prosecutors, unable to move against him, had to stand down.

If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defects remedied very soon.”   Robert H Hemphill, credit manager of Federal Reserve Bank of Atlanta, 1934

It was nothing short of a coup. Imagine getting the world's richest capitalist states to print money that alllows you to build a new type of capital stock. Imagine this type of capital stock comes with the inbuilt superpower to get billions of people to reproduce it on your behalf for free. Imagine further that this capital, funded by state monies and reproduced by citizens free labor, intensifies your power to extract surplus value from proletarians who are working for shrinking wages under worsening conditions--but also from capitalists forced to remove their wares from traditional markets and to sell them via your cloud capital. You wouldn't even need to laugh all the way to the bank since you would be much wiser to keep your stupendous gains stowed in some digital wallet with your cloud capital empire rather than in an account with a pathetic banker

Hitler, then, as his future Reichsbank president and Minister of Economics says, was beginning to see the men in Germany who had the money, and he was telling them more or less what they wanted to hear. The party needed large sums to finance election campaigns, pay the bill for its widespread and intensified propaganda, meet the payroll of hundreds of full-time officials and maintain the private armies of the S.A. and the S.S., which by the end of 1930 numbered more than 100,000 men—a larger force than the Reichswehr. The businessmen and the bankers were not the only financial sources—the, party raised sizable sums from dues, assessments, collections and the sale of party newspapers, books and periodicals—but they were the largest. And the more money they gave the Nazis, the less they would have for the other conservative parties which they had been supporting hitherto.

The failure of the Crusades intensified anti-Jewish persecutions in Europe. Banned from owning land or joining trading companies, forced to wear special clothing, Jews were often involved in moneylending, supposedly taboo for Christians. Kings borrowed money from them, and so protected them, but whenever society was strained, by recession or plague, they were attacked. In 1144, after a boy was murdered in Norwich, England, Jews were accused of killing Christian children to make Passover matzoh, unleashing the ‘blood libel’ which in various forms – but always featuring a conspiracy of Jews to harm non-Jews – reverberates down to the twenty-first century. It spread: in 1171, it hit Blois, France, where thirty-three Jews (seventeen women) were burned alive. In the failed state of England, where Henry III struggled to maintain royal power in the face of endemic noble revolt, both king and rebels borrowed from a wealthy banker, David of Oxford. After David’s death, his widow Licoricia of Winchester, the richest non-noble in England, lent to both sides, partly funding the building of Westminster Abbey. But her murder in 1277 showed the perils of being a prominent Jew. In 1290, Henry’s son Edward I expelled the Jews from England. Yet in 1264 Bolesław, duke of Poland, had granted the Statute of Kalisz which gave Jews the right to trade and worship freely and banned the blood libel, legislating against Christian conspiracy theories and denunciations: ‘Accusing Jews of drinking Christian blood is expressly prohibited,’ declared the Statute. ‘If, despite this, a Jew should be accused of murdering a Christian child, such charge must be sustained by testimony of three Christians and three Jews.’ Poland would be a Jewish sanctuary for many centuries.

So much of what my generation had been promised disintegrated at our touch. Consider the friend, a painter of seascapes, who dreamed of affording waterfront property. On the day the levees broke, the Gulf flooded her studio and painted her walls with costly oils. Consider the friend who worked for six years at a company he hated on the promise of a sabbatical, only to be let go. The friend who complained about family reunions and lost every relative over the age of fifty to a virus. The friend who saved up to invest in a fund and saw her money dissolve like sugar on the tongues of bankers who barely got a scolding from the SEC. The life we'd been promised was a scam, the world a scam, the whole goddamn play a scam and there seemed nothing to do but burn it down as rioters did in Paris, New York, Nairobi—and then creep back through the embers because what other choice did we have?

An existence devoted to reading would have been his ultimate fulfillment, but it had not been given to him. He would have had to choose that path much earlier, to have known what he wanted to do...To have had a life plan. At first it had been interested to be recognized as a promising young banker, to climb the hierarchy, to have responsibilities and to earn a lot of money. Up until the day he had started to feel, dimly at first, then more and more clearly, that the man he had become was the absolute opposite of what he really was. Although the dichotomy weighed heavily on him, for a while the money he was earning was compensation enough, but then it could no longer make up for it. The gap between his ideal and his reality was too great. The weight turned into an anguish that was succeeded by the intolerable idea that he was wasting his life --or even that he had already wasted it.

Sadly, we were going to have to flee. We’d need to find somewhere new, and soon, and that would mean paying for our own security. I went back to my notebooks, started contacting security firms again. Meg and I sat down to work out exactly how much security we could afford, and how much house. Exactly then, while we were revising our budget, word came down: Pa was cutting me off. I recognized the absurdity, a man in his mid-thirties being financially cut off by his father. But Pa wasn’t merely my father, he was my boss, my banker, my comptroller, keeper of the purse strings throughout my adult life. Cutting me off therefore meant firing me, without redundancy pay, and casting me into the void after a lifetime of service. More, after a lifetime of rendering me otherwise unemployable. I felt fatted for the slaughter. Suckled like a veal calf. I’d never asked to be financially dependent on Pa. I’d been forced into this surreal state, this unending Truman Show in which I almost never carried money, never owned a car, never carried a house key, never once ordered anything online, never received a single box from Amazon, almost never traveled on the Underground. (Once, at Eton, on a theater trip.) Sponge, the papers called me. But there’s a big difference between being a sponge and being prohibited from learning independence. After decades of being rigorously and systematically infantilized, I was now abruptly abandoned, and mocked for being immature? For not standing on my own two feet? The question of how to pay for a home and security kept Meg and me awake at nights. We could always spend some of my inheritance from Mummy, we said, but that felt like a last resort. We saw that money as belonging to Archie. And his sibling. It was then that we learned Meg was pregnant.

From the moneyless economics of the classical school there evolved modern, orthodox macroeconomics: the science of monetary society taught in universities and deployed by central banks. From the practitioners’ economics of Bagehot, meanwhile, there evolved the academic discipline of finance—the tools of the trade taught in business schools, used by bankers and bond traders. One was an intellectual framework for understanding the economy without money, banks, and finance. The other was a framework for understanding money, banks, and finance, without the rest of the economy. The result of this intellectual apartheid was that when in 2008 a crisis in the financial sector caused the biggest macroeconomic crash in history, and when the economy failed to recover afterwards because the banking sector was broken, neither modern macroeconomics nor modern finance could make head nor tail of it.

Europe’s war against debtor countries was turning into class war, which always ends up being waged on the political battlefield. One financial analyst noted that the money raised for putting up islands and public buildings, ports and the water system for sale “will barely put a dint in Greece’s now-unpayable public debt.” Creditors simply hoped to take as much as they could, in the absence of public protests to stop the selloffs. That is why bankers resort to anti-democratic methods in opposing any political power independent of creditor interests. The aim is to centralize financial policy in the hands of “technocrats” drawn from the banking sector – not only Lucas Papademos in Greece, but also Mario Monti in Italy almost simultaneously (as described in the next chapter). The fear is that democratically elected officials will act “irresponsibly,” that is, in the interests of the economy at large rather than catering to the demands of banks and bondholders. The

Still, it became a big challenge to train our bank workers to overcome opposition from political and religious leaders without endangering their safety and that of the women they were serving. We tried a variety of techniques, and after a few years we learned that our staff members should quietly go about their business in one tiny corner of the village. If just a handful of desperate women make a leap of faith and join Grameen, everything changes. They get their money, start to earn additional income, and nothing terrible happens to them. Others begin to show interest. We find that borrowing groups form quickly after the initial period of resistance. When the ice finally breaks, women who originally said no to us begin to say, “Why not? I need money, too. In fact, I need the money more desperately than those who already joined. And I can make better use of it!” Gradually people come to accept us, and opposition dies off. But in every new village, it is a battle to begin. After

most people don’t understand. They think they are safe because they assume that other people share some of their values. They don’t – can’t – understand that some people – very few, but some – will kill them or steal from them or hurt them and cast them aside in order to get what they want. An executive wants a promotion to CEO, and in order to get it he or she has to cut a thousand jobs, destroy the livelihoods of a thousand families, push a city like Detroit into ruins. Is it justified? Is it fair that, on the back of that misery, one person gets a bigger pay packet? Gets even richer than they already are? Is it fair that bankers who produce nothing of value, who leech wealth from the rest of society, get to pay themselves tens of millions of pounds for doing so? Of course, it isn’t. But does anyone think they care about what is fair? You cannot deposit fairness in the bank. What they want is money, and they will do whatever they can, at whatever cost to other people, to get what they want.

Did you bring money with you, or shall we play for markers?" She flipped the stack of cards to the table with a professional twist of her wrist. "I don't play for less than a guinea a hand." His lips twitched. "The question is not if I have money. The question is, do you?" "I don't need funds, as I don't plan on losing," she said, her gaze mocking. For a moment, he thought he'd heard her incorrectly. Slowly, he said, "I beg your pardon, but are you saying you could beat me at a game of chance?" A dismissive smile rested on her lips. "Please, Dougal, let's speak frankly," she drawled softly. "Naturally, I expect to win; I was taught by a master." Dougal was entranced. He'd been challenged to many things before, but no one had so blatantly dismissed his chances of winning. "A giunea a hand?" "At least." "I didn't realize I'd need a note from my banker, or I'd have brought one with me." Her eyes sparkled with pure mischief, which inflamed him more. "If you've no money with you, then perhaps there are other things we can play for." The words hung in the room, as thick as the smoke that seeped from the fireplace. Like a blinding bolt of light from a storm-black sky, everything fell into place. This was why she and her minions had worked so hard to convince him that the house was worthless. If he thought it of low value, he'd be eager to wager the deed. Of all the devious plots! Yet Dougal found himself fighting a grin. He'd been feted and petted, fawned upon and sought out, but until now, no one had gone to such lengths to fleece him. Dugal couldn't look away from Sophia. He knew his own worth; women had paid attention to him for so long that he took it for granted. He'd dallied and toyed, taken and enjoyed. But never, in all of his years, had he so desired any woman as he did this one. The irony of it was that she desired him,too-but only for the contents of his pocket. Dougal didn't know whether to laugh or fume. He should be insulted, but instead he found himself watching her with new appreciation.

Nazarbayev had learned that Westerners could be just as adept as he was in turning money into power and power back into money. Some, like Dick Evans and Jonathan Aitken, went about it from positions at the top of business and government. Others had to wait until they had left office to monetise their access and influence. They had to get theirs from what they called ‘consultancy’. Blair was said to have made $1 million from Ivan Glasenberg’s Glencore for three hours spent talking the Qatari prime minister out of blocking its merger with a mining company. JP Morgan, the Wall Street bank that had won the financial crisis, retained him too, as did a Swiss insurance company, the government of Kuwait and Abu Dhabi’s investment fund. Some days he was a business consultant, others a philanthropist, or a governance guru, or a peacemaker. His money sat in a web of companies that almost rivalled the complexity and opacity Nazarbayev’s Swiss bankers had devised. By one estimate, less than a decade after he resigned as prime minister, his fortune stood at $90 million.

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

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.

Let’s assume for a moment that we are starting to write a novel using Fred’s goal of wanting desperately to be first to climb the mountain. The reader now forms his story question. But the story has to start someplace, and it has to show dynamic forward movement. Let’s further assume, then, that Fred comes up with a game plan for his quest. He decides that his first step must be to borrow sufficient money to equip his expedition. So he walks into the Ninth District Bank of Cincinnati, sits down with Mr. Greenback, the loan officer, and boldly states his goal, thus: “Mr. Greenback, I want to be first to climb the mountain. But I must have capital to fund my expedition. Therefore I am here to convince you that you should lend me $75,000.” At this point, the reader sees clearly that this short-term goal relates importantly to the long-term story goal and the story question. So just as he formed a story question, the reader now forms a scene question, which again is a rewording of the goal statement: “Will Fred get the loan?” Here is a note so important that I want to set it off typographically: The scene question cannot be some vague, philosophical one such as, “Are bankers nice?” or “What motivates people like Fred?” The question is specific, relates to a definite, immediate goal, and can be answered with a simple yes or no.

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

The boy shows talent. The overheard words still rankled. Boy! At twenty-four! He’d like to see that banker do a man’s work around a ranch. He’d have blisters on those smooth hands inside of two hours. Not to mention how he’d feel after a long day in the saddle. Elizabeth wouldn’t be happy with Livingston. He knew it. True, the man had money, a large house, and a purebred pedigree—all the things she probably wanted in a man. But it wouldn’t be enough. He had instincts about her in the same way he knew horses—what they needed, how to touch them. In the last week, there’d been times when she’d thawed and shown her feelings. He’d bet anything a special woman lurked beneath her proper Boston exterior. With Livingston, that woman would never emerge. He straightened and ground a fist into his palm. He couldn’t step back and let Livingston waltz away with her. It wouldn’t be right. He’d have to change. Force himself past his shyness. Force himself to open up. Nick wasn’t sure how he’d do it. Aside from what he’d learned from Miz Carter, he’d not had any training in proper society manners. Now, he’d seen for himself how different things were in the East. But something in Elizabeth had touched him, something that went beyond social barriers, and he knew she’d sensed it too. He might not have much wealth to offer, but there were other things he could do to make her happy, and he’d love her with all his heart.

During his time working for the head of strategy at the bank in the early 1990s, Musk had been asked to take a look at the company’s third-world debt portfolio. This pool of money went by the depressing name of “less-developed country debt,” and Bank of Nova Scotia had billions of dollars of it. Countries throughout South America and elsewhere had defaulted in the years prior, forcing the bank to write down some of its debt value. Musk’s boss wanted him to dig into the bank’s holdings as a learning experiment and try to determine how much the debt was actually worth. While pursuing this project, Musk stumbled upon what seemed like an obvious business opportunity. The United States had tried to help reduce the debt burden of a number of developing countries through so-called Brady bonds, in which the U.S. government basically backstopped the debt of countries like Brazil and Argentina. Musk noticed an arbitrage play. “I calculated the backstop value, and it was something like fifty cents on the dollar, while the actual debt was trading at twenty-five cents,” Musk said. “This was like the biggest opportunity ever, and nobody seemed to realize it.” Musk tried to remain cool and calm as he rang Goldman Sachs, one of the main traders in this market, and probed around about what he had seen. He inquired as to how much Brazilian debt might be available at the 25-cents price. “The guy said, ‘How much do you want?’ and I came up with some ridiculous number like ten billion dollars,” Musk said. When the trader confirmed that was doable, Musk hung up the phone. “I was thinking that they had to be fucking crazy because you could double your money. Everything was backed by Uncle Sam. It was a no-brainer.” Musk had spent the summer earning about fourteen dollars an hour and getting chewed out for using the executive coffee machine, among other status infractions, and figured his moment to shine and make a big bonus had arrived. He sprinted up to his boss’s office and pitched the opportunity of a lifetime. “You can make billions of dollars for free,” he said. His boss told Musk to write up a report, which soon got passed up to the bank’s CEO, who promptly rejected the proposal, saying the bank had been burned on Brazilian and Argentinian debt before and didn’t want to mess with it again. “I tried to tell them that’s not the point,” Musk said. “The point is that it’s fucking backed by Uncle Sam. It doesn’t matter what the South Americans do. You cannot lose unless you think the U.S. Treasury is going to default. But they still didn’t do it, and I was stunned. Later in life, as I competed against the banks, I would think back to this moment, and it gave me confidence. All the bankers did was copy what everyone else did. If everyone else ran off a bloody cliff, they’d run right off a cliff with them. If there was a giant pile of gold sitting in the middle of the room and nobody was picking it up, they wouldn’t pick it up, either.” In

Each generation identifies with a small group of people said to have lived lives exemplifying the vices and virtues of that generation. If one were to choose a trial lawyer whose life reflected the unique characteristics of America’s “Wild West” of a criminal justice system in the latter half of the Twentieth Century, that person likely would be my father. New York City of the 1960s until the turn of the 21st century was the world’s epicenter of organized and white-collar crime. During those four decades, the most feared mafia chiefs, assassins, counterfeiters, Orthodox Jewish money launderers, defrocked politicians of every stripe, and Arab bankers arriving in the dead of night in their private jets, sought the counsel of one man: my father, Jimmy La Rossa. Once a Kennedy-era prosecutor, Brooklyn-born Jimmy La Rossa became one of the greatest criminal trial lawyers of his day. He was the one man who knew where all of the bodies were buried, and everyone knew it. It seemed incomprehensible that Jimmy would one day just disappear from New York. Forever. After stealing my dying father from New York Presbyterian Hospital to a waiting Medevac jet, the La Rossa Boys, as we became known, spent the next five years in a place where few would look for two diehard New Yorkers: a coastal town in the South Bay of Los Angeles, aptly named Manhattan Beach. While I cooked him his favorite Italian dishes and kept him alive using the most advanced medical equipment and drugs, my father and I documented our notorious and cinematic life together as equal parts biography and memoir. This is our story.

Men are not content with a simple life: they are acquisitive, ambitious, competitive, and jealous; they soon tire of what they have, and pine for what they have not; and they seldom desire anything unless it belongs to others. The result is the encroachment of one group upon the territory of another, the rivalry of groups for the resources of the soil, and then war. Trade and finance develop, and bring new class-divisions. "Any ordinary city is in fact two cities, one the city of the poor, the other of the rich, each at war with the other; and in either division there are smaller ones - you would make a great mistake if you treated them as single states". A mercantile bourgeoisie arises, whose members seek social position through wealth and conspicuous consumption: "they will spend large sums of money on their wives". These changes in the distribution of wealth produce political changes: as the wealth of the merchant over-reaches that of the land-owner, aristocracy gives way to a plutocratic oligarchy - wealthy traders and bankers rule the state. Then statesmanship, which is the coordination of social forces and the adjustment of policy to growth, is replaced by politics, which is the strategy of parts and the lust of the spoils of office. Every form of government tends to perish by excess of its basic principle. Aristocracy ruins itself by limiting too narrowly the circle within which power is confined; oligarchy ruins itself by the incautious scramble for immediate wealth. In rather case the end is revolution. When revolution comes it may seem to arise from little causes and petty whims, but though it may spring from slight occasions it is the precipitate result of grave and accumulated wrongs; when a body is weakened by neglected ills, the merest exposure may bring serious disease. Then democracy comes: the poor overcome their opponents, slaughtering some and banishing the rest; and give to the people an equal share of freedom and power. But even democracy ruins itself by excess – of democracy. Its basic principle is the equal right of all to hold office and determine public policy. This is at first glance a delightful arrangement; it becomes disastrous because the people are not properly equipped by education to select the best rulers and the wisest courses. As to the people they have no understanding, and only repeat what their rulers are pleased to tell them; to get a doctrine accepted or rejected it is only necessary to have it praised or ridiculed in a popular play (a hit, no doubt, at Aristophanes, whose comedies attacked almost every new idea). Mob-rule is a rough sea for the ship of state to ride; every wind of oratory stirs up the waters and deflects the course. The upshot of such a democracy is tyranny or autocracy; the crowd so loves flattery, it is so “hungry for honey” that at last the wiliest and most unscrupulous flatterer, calling himself the “protected of the people” rises to supreme power. (Consider the history of Rome). The more Plato thinks of it, the more astounded he is at the folly of leaving to mob caprice and gullibility the selection of political officials – not to speak of leaving it to those shady and wealth-serving strategists who pull the oligarchic wires behind the democratic stage. Plato complains that whereas in simpler matters – like shoe-making – we think only a specially-trained person will server our purpose, in politics we presume that every one who knows how to get votes knows how to administer a city or a state.

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

BSI’s London office lay equidistant from the Bank of England and St Paul’s, bang in the centre of the City of London, the aorta of the global financial system. The unremarkable building stood on Cheapside, the City thoroughfare laid down by the Romans, where medieval merchants sold sheep’s feet and eels. The Stocks Market at its east end became known for the appalling stench of rotting fare. Around the corner was the Lord Mayor’s residence, the Mansion House. There Tony Blair had leavened a speech about unjust global trade with a reaffirmation that the City ‘creates much of the wealth on which this British nation depends’. From the start, the Swiss financiers who created Banco della Svizzera Italiana, or Swiss-Italian Bank, saw their task as helping money cross national borders. Construction of what was then the world’s longest tunnel, through the St Gotthard massif in the Alps, was under way. It would carry a railway to connect northern and southern Europe. When the work was completed, the Swiss president declared that ‘the world market is open’. The Italian-speaking Swiss city of Lugano lay on the new railway’s route. It was there that BSI’s founders opened a bank in 1873, to capitalise on the new trade route. They did well, expanding in Switzerland and sending bankers abroad. The bank came through one world war. In the second, BSI’s bankers did what many Swiss bankers did: they collaborated with the Nazis. At the same time, they did what they would start to do for their rich clients: they spun a story that reversed the truth. As Swiss bankers and their apologists told the tale, the reason that Switzerland made it a crime to violate bank secrecy was to help persecuted Jews protect their savings. In fact, the law was first drafted in 1932, the year before Hitler came to power. The impetus came not from altruism but self-interest. It was the Great Depression. Governments badly needed to collect taxes.

Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.

The Federal Reserve The Federal Reserve Bank was founded in 1913. Most people think that this bank is an American Federal Company. That is just as wrong as the conviction that the Bank of England belongs to the British Crown or to the whole of England. The Federal Reserve is in the hands of the Rothschilds and company. In his speech before the Senate, on December 15, 1987, Senator Jesse Helms said: “The principal instrument of the control over the American economy and money is the Federal Reserve System.” The Federal Reserve has a monopoly over the expenditure of the dollar as a world currency and determining the interest rate, and it disposes of a lot more monopolies. How does the Federal Reserve Bank operate? Suppose the United States government needs a couple of billion dollars for its expenses that cannot be paid with taxes income. At that moment it addresses the Federal Reserve Board. Then government bonds for the needed billion dollars are printed in the Bureau of Printing and Engraving. After these bonds are handed over to the bankers of the Federal Reserve, the board grants a loan to the government in the amount of the bond issue. The Federal Reserve draws interest from the government from the day the bonds are delivered. From that day on the government is allowed to draw checks against the Federal Reserve for the amount of the bonds. What are the consequences of this incredible transaction? The government simply saddles the people with a billion dollar debt to the Federal Reserve Bank, apart from the interest on interest that also has to be paid by “ordinary people”. What does the Federal Reserve have to say about “their” money? “Neither paper currency nor deposits have value as commodities. Intrinsically, a dollar bill is just a piece of paper, deposits merely book entries.”[76] When the Federal Reserve needs new, or more, currency to transact its business, it takes the bonds over to the United States Treasury for safekeeping and asks the Treasury Department for the billions of dollars of new currency it needs. The Bank is accommodated on condition that it will pay the printing bill. It only pays for the expenditure costs of the banknotes, which are no more than a mere 500 dollars for ink and paper!

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.

Since inflation results from economic strength, the efforts of central bankers to control it amount to trying to take some of the steam out of the economy. They can include reducing the money supply, raising interest rates and selling securities. When the private sector purchases securities from the central bank, money is taken out of circulation; this tends to reduce the demand for goods and thus discourages inflation. Central bankers who are strongly dedicated to keeping inflation under control are called “hawks.” They tend to do the things listed above sooner and to a greater extent. The problem, of course, is that actions of this kind are anti-stimulative. They can accomplish the goal of keeping inflation under control, but they also restrain the growth of the economy, with effects that can be less than beneficial. The issue is complicated by the fact that in the last few decades, many central banks have been given a second responsibility. In addition to controlling inflation, they are expected to support employment, and, of course, employment does better when the economy is stronger. So central banks encourage this through stimulative actions such as increasing the money supply, decreasing interest rates, and injecting liquidity into the economy by buying securities—as in the recent program of “quantitative easing.” Central bankers who focus strongly on encouraging employment and lean toward these actions are called “doves.

WHO’S ON YOUR TEAM? Rich dad surrounded himself with men and women who were specialists: attorneys, accountants, brokers, and bankers… and Kim and I have done the same. Today, our team of Advisors is among our greatest assets. What’s more important than money? An entrepreneur’s team… Who’s on yours?

In the UK, for example, 97 percent of money is created by commercial banks and its character takes the form of debt-based, interest-bearing loans. As for its intended use? In the 10 years running up to the 2008 financial crash, over 75 percent of those loans were granted for buying stocks or houses—so fuelling the house-price bubble—while a mere 13 percent went to small businesses engaged in productive enterprise.47 When such debt increases, a growing share of a nation’s income is siphoned off as payments to those with interest-earning investments and as profit for the banking sector, leaving less income available for spending on products and services made by people working in the productive economy. ‘Just as landlords were the archetypal rentiers of their agricultural societies,’ writes economist Michael Hudson, ‘so investors, financiers and bankers are in the largest rentier sector of today’s financialized economies.

Our elders had taught us well. First of all, you had to respect all living creatures — a category which did not include policemen, people connected with the government, bankers, loan sharks and all those who had the power of money in their hands and exploited ordinary people. Secondly, you had to believe in God and in his Son, Jesus Christ, and love and respect the other ways of believing in God which were different from our own. But the Church and religion must never be seen as a structure. My grandfather used to say that God didn’t create priests, but only free men; there were some good priests, and in such cases it was not sinful to go to the places where they carried out their activities, but it definitely was a sin to think that in the eyes of God priests had more power than other men. Lastly, we must not do to others what we wouldn’t want to be done to us; and if one day we were obliged to do it nonetheless, there must be a good reason.

You're leaving me?" St. Vincent asked, looking perturbed. "For how long?" "For good, actually." As St. Vincent absorbed the information, his pale blue eyes narrowed. "What will you do for money?" Relaxed in the face of his employer's displeasure, Cam shrugged. "I already have more money than anyone could spend in a lifetime." The viscount glanced heavenward. "Anyone who says such a thing obviously doesn't know the right places to shop." He sighed shortly. "So. If I'm to understand correctly, you intend to eschew civilization altogether and live as a savage?" "No, I intend to live as a Roma. There's a difference." "Rohan, you're a wealthy young bachelor with all the advantages of modern life. If you've got ennui, do what every other man of means does." Cam's brows lifted. "And that would be? "Gamble! Drink! Buy a horse! Take a mistress! For God's sake, have a little imagination. Can you think of no better option than to throw it all away and live like a primitive, thereby inconveniencing me in the process? How the devil am I to replace you?" "No one's irreplaceable." "You are. No other man in London can do what you do. You're a walking account book, you've got eyes in the back of your head, you've got the tact of a diplomat, the mind of a banker, the fists of a boxer, and you can put down a fight in a matter of seconds. I'd need to hire at least a half-dozen men to your job." "I don't have the mind of a banker," Cam said indignantly. "After all your investment coups, you can't deny? "That wasn't on purpose!" A scowl spread across Cam's face. "It was my good-luck curse.