Banking System Quotes

I can believe things that are true and things that aren't true and I can believe things where nobody knows if they're true or not. I can believe in Santa Claus and the Easter Bunny and the Beatles and Marilyn Monroe and Elvis and Mister Ed. Listen - I believe that people are perfectable, that knowledge is infinite, that the world is run by secret banking cartels and is visited by aliens on a regular basis, nice ones that look like wrinkled lemurs and bad ones who mutilate cattle and want our water and our women. I believe that the future sucks and I believe that the future rocks and I believe that one day White Buffalo Woman is going to come back and kick everyone's ass. I believe that all men are just overgrown boys with deep problems communicating and that the decline in good sex in America is coincident with the decline in drive-in movie theaters from state to state. I believe that all politicians are unprincipled crooks and I still believe that they are better than the alternative. I believe that California is going to sink into the sea when the big one comes, while Florida is going to dissolve into madness and alligators and toxic waste. I believe that antibacterial soap is destroying our resistance to dirt and disease so that one day we'll all be wiped out by the common cold like martians in War of the Worlds. I believe that the greatest poets of the last century were Edith Sitwell and Don Marquis, that jade is dried dragon sperm, and that thousands of years ago in a former life I was a one-armed Siberian shaman. I believe that mankind's destiny lies in the stars. I believe that candy really did taste better when I was a kid, that it's aerodynamically impossible for a bumble bee to fly, that light is a wave and a particle, that there's a cat in a box somewhere who's alive and dead at the same time (although if they don't ever open the box to feed it it'll eventually just be two different kinds of dead), and that there are stars in the universe billions of years older than the universe itself. I believe in a personal god who cares about me and worries and oversees everything I do. I believe in an impersonal god who set the universe in motion and went off to hang with her girlfriends and doesn't even know that I'm alive. I believe in an empty and godless universe of causal chaos, background noise, and sheer blind luck. I believe that anyone who says sex is overrated just hasn't done it properly. I believe that anyone who claims to know what's going on will lie about the little things too. I believe in absolute honesty and sensible social lies. I believe in a woman's right to choose, a baby's right to live, that while all human life is sacred there's nothing wrong with the death penalty if you can trust the legal system implicitly, and that no one but a moron would ever trust the legal system. I believe that life is a game, that life is a cruel joke, and that life is what happens when you're alive and that you might as well lie back and enjoy it.

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Cyberspace. A consensual hallucination experienced daily by billions of legitimate operators, in every nation, by children being taught mathematical concepts... A graphic representation of data abstracted from banks of every computer in the human system. Unthinkable complexity. Lines of light ranged in the nonspace of the mind, clusters and constellations of data. Like city lights, receding...

Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable.

A guilty system recognizes no innocents.

A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank.

There was something comforting about having a vast hydrogen furnace burning millions of tons of material a second at the centre of a solar system. It was cheery.

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.

The rich run a global system that allows them to accumulate capital and pay the lowest possible price for labour. The freedom that results applies only to them. The many simply have to work harder, in conditions that grow ever more insecure, to enrich the few. Democratic politics, which purports to enrich the many, is actually in the pocket of those bankers, media barons and other moguls who run and own everything.

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

A cynic had defined aid as simply the system by which poor white people in rich countries gave money to rich black people in poor countries to put into Swiss bank accounts.

Usury is the cancer of the world, which only the surgeon's knife of fascism can cut out of the life of the nations.

A healthy Banking system is one of the vital parts of a nation's foundation.

under the gold standard, a free banking system stands as the protector of an economy's stability and balanced growth... The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation

Note another element of Switzerland: it is perhaps the most successful country in history, yet it has traditionally had a very low level of university education compared to the rest of the rich nations. Its system, even in banking during my days, was based on apprenticeship models, nearly vocational rather than the theoretical ones. In other words, on techne (crafts and know how), not episteme (book knowledge, know what).

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.

What businesses need from a bank is significantly different from what individuals need from a bank.

Banks are nothing but old fashioned money lenders. They encourage you to borrow, to get in debt, and when you can't pay back the loan they take your home away. At least a money lender only breaks your legs.

Banking is transforming. What a bank will be in 2030 is going to be significantly different from what a bank has been for the past few hundred years.

He walked straight out of college into the waiting arms of the Navy. They gave him an intelligence test. The first question on the math part had to do with boats on a river: Port Smith is 100 miles upstream of Port Jones. The river flows at 5 miles per hour. The boat goes through water at 10 miles per hour. How long does it take to go from Port Smith to Port Jones? How long to come back? Lawrence immediately saw that it was a trick question. You would have to be some kind of idiot to make the facile assumption that the current would add or subtract 5 miles per hour to or from the speed of the boat. Clearly, 5 miles per hour was nothing more than the average speed. The current would be faster in the middle of the river and slower at the banks. More complicated variations could be expected at bends in the river. Basically it was a question of hydrodynamics, which could be tackled using certain well-known systems of differential equations. Lawrence dove into the problem, rapidly (or so he thought) covering both sides of ten sheets of paper with calculations. Along the way, he realized that one of his assumptions, in combination with the simplified Navier Stokes equations, had led him into an exploration of a particularly interesting family of partial differential equations. Before he knew it, he had proved a new theorem. If that didn't prove his intelligence, what would? Then the time bell rang and the papers were collected. Lawrence managed to hang onto his scratch paper. He took it back to his dorm, typed it up, and mailed it to one of the more approachable math professors at Princeton, who promptly arranged for it to be published in a Parisian mathematics journal. Lawrence received two free, freshly printed copies of the journal a few months later, in San Diego, California, during mail call on board a large ship called the U.S.S. Nevada. The ship had a band, and the Navy had given Lawrence the job of playing the glockenspiel in it, because their testing procedures had proven that he was not intelligent enough to do anything else.

and was taken to the Forward Docks and a big, brightly lit hangar, where the Psychopath Class ex-Rapid Offensive Unit Frank Exchange of Views was waiting for her. Ulver laughed. 'It looks,' she snorted, 'like a dildo!' 'That's appropriate,' Churt Lyne said. 'Armed, it can fuck solar systems.

There’s this tendency for people to see any fight against the system as a fight for progress. As if the people before them couldn’t possibly have gotten anything right. If you’re using bombs instead of words, that means you’re banking on people giving you what you want out of fear instead of reason. That’s never a good sign.

Banks are to the economy what the heart is to the human body. They cycle necessary capital through the whole, and they are barely noticed until pressure, necessity, or crises.

The Crusaders lead to the Knights Templar; the Knights Templar lead to the Masons; and the Masons lead to the Shriners, a secret society that controls world government, toys with our banking system, and single-handedly keeps the fez industry afloat.

In the pursuit of greater equality in our education system, from K to PhD, technology access, print literacies, and verbal skill all collide as requirements for even basic participation in an information-based, technology-dependent economy and society.

Savers have to be punished so debtors can be saved. Why? Because if debtors are rescued, that makes it possible for more debts to be issued in the future. And why is that important? Because the banking system needs ever more loans in order to survive.

I think decentralized finance and traditional banking are going to experience a kind of hybridization within the next few decades; a blending together that results in something greater than the sum of its parts.

if we behaved like banks we woluld be charged with fraud

You were born free like water. But then you were directed into a canal (belief system). At some point of life, you must break away from the canal and find your own banks, your own truths.

On Earth one of the things that a large proportion of the locals is most proud of is this wonderful economic system which, with a sureness and certainty so comprehensive one could almost imagine the process bears some relation to their limited and limiting notions of either thermodynamics or God, all food, comfort, energy, shelter, space, fuel and sustenance gravitates naturally and easily away from those who need it most and towards those who need it least. Indeed, those on the receiving end of such largesse are often harmed unto death by its arrival, though the effects may take years and generations to manifest themselves.

the Occupy Wall Street Movement, as a reaction to the global debt crisis. Again, as is characteristic of Left-wing analysis, the vague demands are for a ‘redistribution of wealth’, through taxation or confiscation, with little or no thought given to the workings of the global banking system.

The battle between bankers and traders is the closest thing to class warfare on Wall Street. Investment banking was esteemed as an art, while trading was more like a sport, something that required skill, but not necessarily brains or creativity.

Jernau Gurgeh,” the machine said, making a sighing noise, “a guilty system recognizes no innocents. As with any power apparatus which thinks everybody’s either for it or against it, we’re against it. You would be too, if you thought about it. The very way you think places you among its enemies. This might not be your fault, because every society imposes some of its values on those raised within it, but the point is that some societies try to maximize that effect, and some try to minimize it. You come from one of the latter and you’re being asked to explain yourself to one of the former. Prevarication will be more difficult than you might imagine; neutrality is probably impossible. You cannot choose not to have the politics you do; they are not some separate set of entities somehow detachable from the rest of your being; they are a function of your existence. I know that and they know that; you had better accept it.” Gurgeh thought about this. “Can I lie?

Cyberspace. A consensual hallucination experienced daily by billions of legitimate operators, in every nation, by children being taught mathematical concepts . . . A graphic representation of data abstracted from the banks of every computer in the human system.

one thing that empires are not about is the efficient use of resources and the spread of happiness; both are typically accomplished despite the economic short-circuiting—corruption and favoritism, mostly—endemic to the system.

We always thought the robot apocalypse would be fleets of killer drones and war mecha the size of apartment blocks and terminators with red eyes. Not a row of mechanised checkouts in the local Extra and the alco station; online banking; self-driving taxis; an automated triage system in the hospital. One by one, the bots came and replaced us.

Make no mistake. The greatest destroyer of ecology. The greatest source of waste, depletion and pollution. The greatest purveyor of violence, war, crime, poverty, animal abuse and inhumanity. The greatest generator of personal and social neurosis, mental disorders, depression, anxiety. Not to mention the greatest source of social paralysis, stopping us from moving into new methodologies for personal health, global sustainability and progress on this planet, is not some corrupt government or legislation. Not some rogue corporation or banking cartel. Not some flaw of human nature and not some secret cabal that controls the world. It is the socioeconomic system itself at its very foundation.

We live in a two-tiered legal system, one where poor people are harassed, arrested, and jailed for absurd infractions, such as selling loose cigarettes—which led to Eric Garner being choked to death by the New York City police in 2014—while crimes of appalling magnitude by the oligarchs and corporations, from oil spills to bank fraud in the hundreds of billions of dollars, which wiped out 40 percent of the world’s wealth,41 are dealt with through tepid administrative controls, symbolic fines, and civil enforcement that give these wealthy perpetrators immunity from criminal prosecution.

The purpose of a centralized financial system or any other system, is not to exploit people, but to ensure stability in the society.

The social organs are constituted so as to enable them to develop harmoniously in the grand air of liberty. Away, then, with quacks and organizers! Away with their rings, and their chains, and their hooks, and their pincers! Away with their artificial methods! Away with their social laboratories, their governmental whims, their centralization, their tariffs, their universities, their State religions, their inflationary or monopolizing banks, their limitations, their restrictions, their moralizations, and their equalization by taxation! And now, after having vainly inflicted upon the social body so many systems, let them end where they ought to have begun — reject all systems, and try of liberty — liberty, which is an act of faith in God and in His work

Humanity was heaved back to the paper age in half a second. Life-support systems spat out bolts of energy and died. Precious manuscripts were lost. Banks collapsed as all financial records for the past fifty years were completely wiped out. Planes fell from the sky, the Graum II space station drifted off into space, and defense satellites that were not supposed to exist stopped existing. People took to the streets, shouting into their dead cell phones as if volume could reactivate them. Looting spread across countries like a computer virus while actual computer viruses died with their hosts, and credit cards became mere rectangles of plastic. Parliaments were stormed worldwide as citizens blamed their governments for this series of inexplicable catastrophes. Gouts of fire and foul blurts of actual brimstone emerged from cracks in the earth. These were mostly from ruptured pipes, but people took up a cry of Armageddon. Chaos reigned, and the survivalists eagerly unwrapped the kidskin from their crossbows.

We don't want to admit that we do not stand alone, that we always rely on something that transcends us, some system of ideas and powers in which we are embedded and which support us. This power is not always obvious. It need not be overtly a god or openly a stronger person, but it can be the power of an all-absorbing activity, a passion, a dedication to a game, a way of life, that like a comfortable web keeps a person buoyed up and ignorant of himself, of the fact that he does not rest on his own center. All of us are driven to be supported in a self-forgetful way, ignorant of what energies we really draw on, of the kind of lie we have fashioned in order to live securely and serenely. Augustine was a master analyst of this, as were Kierkegaard, Scheler, and Tillich in our day. They saw that man could strut and boast all he wanted, but that he really drew his "courage to be" from a god, a string of sexual conquests, a Big Brother, a flag, the proletariat, and the fetish of money and the size of a bank balance.

It’s unimaginable that a major bank or even a social media outfit would hire outsiders for systems-level work. In the context of the US government, however, restructuring your intelligence agencies so that your most sensitive systems were being run by somebody who didn’t really work for you was what passed for innovation.

The Matrix has its roots in primitive arcade games,' said the voice-over, 'in early graphics programs and military experimentation with cranial jacks.' On the Sony, a two-dimensional space war faded behind a forest of mathematically generated ferns, demonstrating the spatial possibilities of logarithmic spirals; cold blue military footage burned through, lab animals wired into test systems, helmets feeding into fire control circuits of tanks and war planes. 'Cyberspace. A consensual hallucination experienced daily by billions of legitimate operators, in every nation, by children being taught mathematical concepts... A graphic representation of data abstracted from the banks of every computer in the human system. Unthinkable complexity. Lines of light ranged in the nonspace of the mind, clusters and constellations of data. Like city lights, receding...

We have left behind the rosy agrarian rhetoric and slaveholding reality of Jeffersonian democracy and reside in the bustling world of trade, industry, stock markets, and banks that Hamilton envisioned. (Hamilton’s staunch abolitionism formed an integral feature of this economic vision.) He has also emerged as the uncontested visionary in anticipating the shape and powers of the federal government. At a time when Jefferson and Madison celebrated legislative power as the purest expression of the popular will, Hamilton argued for a dynamic executive branch and an independent judiciary, along with a professional military, a central bank, and an advanced financial system. Today, we are indisputably the heirs to Hamilton’s America, and to repudiate his legacy is, in many ways, to repudiate the modern world.

That’s the thing about the collapse of civilization, Blake. It never happens according to plan – there’s no slavering horde of zombies. No actinic flash of thermonuclear war. No Earth-shuddering asteroid. The end comes in unforeseen ways; the stock market collapses, and then the banks, and then there is no food in the supermarkets, or the communications system goes down completely and inevitably, and previously amiable co-workers find themselves wrestling over the last remaining cookie that someone brought in before all the madness began.

God has given to men all that is necessary for them to accomplish their destinies. He has provided a social form as well as a human form. And these social organs of humans are so constituted that they will develop themselves harmoniously in the clean air of liberty. Away, then, with the quacks and organizers! Away with their rings, chains, hooks and pincers! Away with their artificial systems! Away with the whims of governmental administrators, their socialized projects, their centralization, their tariffs, their government schools, their state religions, their free credit, their bank monopolies, their regulations, their restrictions, their equalization by taxation, and their pious moralizations! And, now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works.

Blockchain itself is not dangerous, but if we start using decentralized blockchain as a complete substitute for our traditional transaction methods, then I am afraid, it would destroy the very human foundation of our financial system.

If all bank loans were paid, no one would have a bank deposit, and there would not be a dollar of currency or coin 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 monetary system. When one gets a complete grasp upon this picture, the tragic absurdity of our helpless position is almost incredible–but there it is.

Time is a random thing. It is the thing that makes us older. Humans use it to organize the world. They have invented a system to try to make order from randomness. The other humans, all of them but me, live their lives by hours and minutes and days and seconds, but those things are nothing. The universe would laugh at our attempts to organize it, if it could be bothered to notice them. Time is the thing that makes our bodies shrivel and decay. That is why people are scared of it.

For out of this modern civilization economic royalists carved new dynasties. New kingdoms were built upon concentration of control over material things. Through new uses of corporations, banks and securities, new machinery of industry and agriculture, of labor and capital—all undreamed of by the fathers—the whole structure of modern life was impressed into this royal service. There was no place among this royalty for our many thousands of small business men and merchants who sought to make a worthy use of the American system of initiative and profit. They were no more free than the worker or the farmer. Even honest and progressive-minded men of wealth, aware of their obligation to their generation, could never know just where they fitted into this dynastic scheme of things. It was natural and perhaps human that the privileged princes of these new economic dynasties, thirsting for power, reached out for control over Government itself. They created a new despotism and wrapped it in the robes of legal sanction. In its service new mercenaries sought to regiment the people, their labor, and their property.

We’re going to discuss only four or five different problems the Earth has, though there are multiple different scenarios going on. If any one of these scenarios were to break down, all life on the planet would eventually die. And at the moment, they’re all about to break down — it’s just a matter of which one breaks down first. And whenever one system goes, then all the rest of them will go eventually, and that’s it, there won’t be any more human life. It will be over with, and we’ll end up just like Mars or the dinosaurs. A few years ago, around the turn of this century, there were thirty million species of life forms on Earth — thirty million different species of life. In 1993 there were about fifteen million. It took billions of years to create these life forms, and in less than a blink of an eye, a mere hundred years, half of the life on this dear Earth is dead. Around thirty species a minute are now becoming extinct somewhere. If you were to watch this planet from space, it would appear to be dying very, very rapidly. Yet we’re going on as though nothing’s happening and everything’s great. We’re sticking money in the bank and driving our cars and just wiggling right on. Yet from an honest point of view, we have a real life-and-death problem going on here on Earth, and few people seem to be really serious about it.

We’re told by this system that you are the car you drive or the size of your house or the number in your bank account. We’re taught from an early age by advertising agencies that we’re only as good as the wealth we have. It isn’t true. We’re not their slaves. We’re people. We’re not numbers on a spreadsheet. We aren’t disposable if we don’t make enough. This is our country, not theirs.

Cyberspace. A consensual hallucination experienced daily by billions of legitimate operators, in every nation, by children being taught mathematical concepts . . . A graphic representation of data abstracted from the banks of every computer in the human system. Unthinkable complexity. Lines of light ranged in the nonspace of the mind, clusters and constellations of data. Like city lights, receding. . . .

She was everywhere. She was screaming in her tortured body. She was watching from cameras in every room. She was the false weather system and the storage devices. She was the gate keeper, throwing six shirts over her swan-brothers necks...opening six doors for her brothers to step through as young men, though their bodies were long gone, used up by the organ banks of the upper castes. A Lamentation of Swans

They're on a cusp; a highly heterogeneous but highly connected--and stressedly connected--civilization. I'm not sure that one approach could encompass the needs of their different systems. The particular stage of communication they're at, combining rapidity and selectivity, usually with something added to the signal and almost always with something missed out, means that what passes for truth often has to travel at the speed of failing memories, changing attitudes, and new generations. Even when this form of handicap is recognized all they ever try to do, as a rule, is codify it, tidy it up. Their attempts of filter become part of the noise, and they seem unable to bring any more thought to bear on the matter than that which leads them to try and simplify what can only be understood by coming to terms with its complexity.

Nature likes to overinsure itself. Layers of redundancy are the central risk management property of natural systems. We humans have two kidneys (this may even include accountants), extra spare parts, and extra capacity in many, many things (say, lungs, neural system, arterial apparatus), while human design tends to be spare and inversely redundant, so to speak—we have a historical track record of engaging in debt, which is the opposite of redundancy (fifty thousand in extra cash in the bank or, better, under the mattress, is redundancy; owing the bank an equivalent amount, that is, debt, is the opposite of redundancy). Redundancy is ambiguous because it seems like a waste if nothing unusual happens. Except that something unusual happens—usually.

So, your Socially Intelligent and altruistic behaviour doesn’t just benefit your friends and colleagues; you benefit too. If you leave people on a high note, you leave yourself on that same high note! You thus feed your own memory banks with wonderful and uplifting memories, as well as boosting your own resistance to stress, illness and disease. BUT REMEMBER: The opposite is also true … If you leave your friends, lovers and colleagues on antagonistic and unpleasant notes, you help them to flood their own bodies with poisons that leave them physically unbalanced, their immune systems weakened, and their memories fouled. And you do the same to yourself! The choice is yours …

Now I don't know much about finances, but I do know not to trust these smooth-faced wolves in sheep’s clothing. We trust these confidence tricksters because they know best, right? They'll be able to advise us, won't they? Yeah, they know best all right. They throw legal dust in our eyes, always keeping something back and dressing up their untruths with promises and alluring pound-note signs. But all the time they're making a killing out of us. A FUCKING KILLING!

Beyond the queues, the vacancy screens listed jobs in a multitude of languages. Invariably, they were low-paid and short-term dead-ends. Nearby, people in headphones sat at a bank of machines: the blind and the illiterate force-fed with ‘opportunities’ by soothing machine voices. On the far wall, in large print, a poster declared: BEGGARS CANNOT BE CHOOSERS.

In the United States I saw how the market liberates the individual and allows people to be free to make personal choices. But the biggest drawback was that the market always pushes things to the side of the powerful. I thought the poor should be able to take advantage of the system in order to improve their lot. Grameen is a private-sector self-help bank, and as its members gain personal wealth they acquire water-pumps, latrines, housing, education, access to health care, and so on. Another way to achieve this is to let abusiness earn profit that is then txed by the government, and the tax can be used to provide services to the poor. But in practice it never works that way. In real life, taxes only pay for a government bureaucracy that collects the tax and provides little or nothing to the poor. And since most government bureaucracies are not profit motivated, they have little incentive to increase their efficiency. In fact, they have a disincentive: governments often cannot cut social services without a public outcry, so the behemoth continues, blind and inefficient, year after year.

It is in this line of thinking that Dr. King’s “poverty of the spirit” really hits home. That a person can have a billion dollars in the bank and walk around as though that excess is OK in the midst of the vast suffering around him is an exceptional state of ethical and empathic impoverishment. But instead of looking at billionaires as a manifestation of both our problematic social system and disturbed human psychology, the public is lured into cultural violence, idolizing billionaires as heroes and beacons of success.

Cyberspace. A consensual hallucination experienced daily by billions of legitimate operators, in every nation, by children being taught mathematical concepts . . . A graphic representation of data abstracted from the banks of every computer in the human system. Unthinkable complexity. Lines of light ranged in the nonspace of the mind, clusters and constellations of data. Like city lights, receding. . 

In the days when money was backed by its face value in silver or gold, there were limits to how much wealth could flow around the world. Today, it's virtual money that the bank lends into existence on a computer screen. "And unless the economy continually expands, there is no new flow of money to pay back that money, plus interest." . . . "As it stands now, if banks start loaning money more slowly than they collect debts, the quantity of money in the economy goes down, and it's impossible to pay back debts. So we get defaults on houses . . . our economy plunges into misery and unemployment. Under our current monetary system, the only alternative to that is endless growth. So one absolute thing we have to change is the whole nature of the monetary system. . . . we deny banks the right to create money." . . . There's a challenge with that solution, he admits. "You're trying to take the right to create wealth away from some of the wealthiest people on the planet.

The United States thus achieved what no earlier imperial system had put in place: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus via the IMF and World Bank, while the Treasury bill standard obliged the payments-surplus nations of Europe and East Asia to extend forced loans to the U.S. Government. Against dollar-deficit regions the United States continued to apply the classical economic leverage that Europe and Japan were not able to use against it. Debtor economies were forced to impose economic austerity to block their own industrialization and agricultural modernization. Their designated role was to export raw materials and provide low-priced labor whose wages were denominated in depreciating currencies. Against dollar-surplus nations the United States was learning to apply a new, unprecedented form of coercion. It dared the rest of the world to call its bluff and plunge the international economy into monetary crisis. That is what would have happened if creditor nations had not channeled their surplus savings to the United States by buying its Government securities.

The accepted version of history is that the Federal Reserve was created to stabilize our economy. One of the most widely-used textbooks on this subject says: "It sprang from the panic of 1907, with its alarming epidemic of bank failures: the country was fed up once and for all with the anarchy of unstable private banking."23 Even the most naive student must sense a grave contradiction between this cherished view and the System's actual performance. Since its inception, it has presided over the crashes of 1921 and 1929; the Great Depression of '29 to '39; recessions in '53, '57, '69, '75, and '81; a stock market "Black Monday" in '87; and a 1000% inflation which has destroyed 90% of the dollar's purchasing power.24

Many people who struggle to find stable employment also contend with things like intergenerational poverty and/or trauma, cycles of abuse, mental illness, systemic discrimination, disability or neurological disorders. Not only are these all chronically stressful and traumatic circumstances, they have all been linked to a high incidence of impaired executive function. Welfare systems are not built to be easy for people who are anxious about using the phone, or people who mix up dates. They are not designed for people who are bad at keeping time, filling out forms, or people who can’t easily access all the relevant bank, residential and employment details from the past five years, if they thought to keep that information at all. Welfare systems don’t accommodate for transience because welfare systems are not built to be accessible, they are built to be temples of administrative doom, because, apparently, welfare is a treasure that must be protected.

The negative focus on single black motherhood is also not about helping black communities. If it were, those who rail against unmarried mothers would spend at least equal time calling for affordable family planning and reproductive health care, universal access to good child care, improved urban school systems, a higher minimum wage, and college education that doesn't break the banks of average people. And they would admit that the welfare-queen image is a distortion and a distraction.

The president, the secretary of state, the businessman, the preacher, the vendor, the spies, the clients and managers—all walking around Wall Street like chickens with their heads cut off—rushing to escape bankruptcy—plotting to melt down the Statue of Liberty—to press more copper pennies—to breed more headless chickens—to put more feathers in their caps—medals, diplomas, stock certificates, honorary doctorates—eggs and eggs of headless chickens—multitaskers—system hackers—who never know where they’re heading--northward, backward, eastward, forward, and never homeward—(where is home)—home is in the head—(but the head is cut off)—and the nest is full of banking forms and Easter eggs with coins inside. Beheaded chickens, how do you breed chickens with their heads cut off? By teaching them how to bankrupt creativity.

First of all, historically, markets simply did not emerge as some autonomous domain of freedom independent of, and opposed to, state authorities. Exactly the opposite is the case. Historically, markets are generally either a side effects of government operations, especially military operations, or were directly created by government policy. This has been true at least since the invention of coinage, which was first created and promulgated as a means of provisioning soldiers; for most of Eurasian history, ordinary people used informal credit arrangements and physical money, gold, silver, bronze, and the kind of impersonal markets they made possible remained mainly an adjunct to the mobilization of legions, sacking of cities, extraction of tribute, and disposing of loot. Modern central banking systems were likewise first created to finance wars. So there's one initial problem with the conventional history. There's another even more dramatic one. While the idea that the market is somehow opposed to and independent of government has been used at least since the nineteenth century to justify laissez faire economic policies designed to lessen the role of government, they never actually have that effect. English liberalism, for instance, did not lead to a reduction of state bureaucracy, but the exact opposite: an endlessly ballooning array of legal clerks, registrars, inspectors, notaries, and police officials who made the liberal dream of a world of free contract between autonomous individuals possible. It turned out that maintaining a free market economy required a thousand times more paperwork than a Louis XIV-style absolutist monarchy. (p. 8-9)

His mind filled with visions of a decadent kleptocracy in rapid decline, abetted by both political parties. America's masses, fed on processed poison bought with a food stamp swipe card. Low-skill workers, structurally unable to ever contribute again and too dumb to know their old jobs weren't coming back. The banks in Gotham leaching the last drops of wealth out of the country. Corporations unrestrained by any notion of national interest. The system of property law in shambles. The world drowning in debt.

Harper’s brow furrowed. “Why are you even asking me questions? I know you did your research on me.” “I did,” he admitted unrepentantly. “I learned a lot about you. For instance, I learned that you’re responsible for the breakdown of an ex-boyfriend’s bank account—” “Allegedly.” “—that you hacked a human police database and messed up their filing system when your friend was unjustly arrested—” “Hearsay.” “—that you beat up a male demon who hurt your cousin—” “I have an alibi for that.” “—and that you infected an old teacher’s computer with a virus that caused clips of gay porn to pop up on his screen every thirty seconds.” “Closet gays do the strangest things when the pressure gets too much.

Naturalness?’ I said, loudly. ‘This lot’ll tell you anything is natural; they’ll tell you greed and hate and jealousy and paranoia and unthinking religious awe and fear of God and hating anybody who’s another colour or thinks different is natural. Hating blacks or hating whites or hating women or hating men or hating gays; that’s natural. Dog-eat-dog, looking out for number one, no lame ducks . . . Shit, they’re so convinced about what’s natural it’s the more sophisticated ones that’ll tell you suffering and evil are natural and necessary because otherwise you can’t have pleasure and goodness. They’ll tell you any one of their rotten stupid systems is the natural and right one, the one true way; what’s natural to them is whatever they can use to fight their own grimy corner and fuck everybody else. They’re no more natural than us than an amoeba is more natural than them just because it’s cruder.

Over the years I have read many, many books about the future, my ‘we’re all doomed’ books, as Connie liked to call them. ‘All the books you read are either about how grim the past was or how gruesome the future will be. It might not be that way, Douglas. Things might turn out all right.’ But these were well-researched, plausible studies, their conclusions highly persuasive, and I could become quite voluble on the subject. Take, for instance, the fate of the middle-class, into which Albie and I were born and to which Connie now belongs, albeit with some protest. In book after book I read that the middle-class are doomed. Globalisation and technology have already cut a swathe through previously secure professions, and 3D printing technology will soon wipe out the last of the manufacturing industries. The internet won’t replace those jobs, and what place for the middle-classes if twelve people can run a giant corporation? I’m no communist firebrand, but even the most rabid free-marketeer would concede that market-forces capitalism, instead of spreading wealth and security throughout the population, has grotesquely magnified the gulf between rich and poor, forcing a global workforce into dangerous, unregulated, insecure low-paid labour while rewarding only a tiny elite of businessmen and technocrats. So-called ‘secure’ professions seem less and less so; first it was the miners and the ship- and steel-workers, soon it will be the bank clerks, the librarians, the teachers, the shop-owners, the supermarket check-out staff. The scientists might survive if it’s the right type of science, but where do all the taxi-drivers in the world go when the taxis drive themselves? How do they feed their children or heat their homes and what happens when frustration turns to anger? Throw in terrorism, the seemingly insoluble problem of religious fundamentalism, the rise of the extreme right-wing, under-employed youth and the under-pensioned elderly, fragile and corrupt banking systems, the inadequacy of the health and care systems to cope with vast numbers of the sick and old, the environmental repercussions of unprecedented factory-farming, the battle for finite resources of food, water, gas and oil, the changing course of the Gulf Stream, destruction of the biosphere and the statistical probability of a global pandemic, and there really is no reason why anyone should sleep soundly ever again. By the time Albie is my age I will be long gone, or, best-case scenario, barricaded into my living module with enough rations to see out my days. But outside, I imagine vast, unregulated factories where workers count themselves lucky to toil through eighteen-hour days for less than a living wage before pulling on their gas masks to fight their way through the unemployed masses who are bartering with the mutated chickens and old tin-cans that they use for currency, those lucky workers returning to tiny, overcrowded shacks in a vast megalopolis where a tree is never seen, the air is thick with police drones, where car-bomb explosions, typhoons and freak hailstorms are so commonplace as to barely be remarked upon. Meanwhile, in literally gilded towers miles above the carcinogenic smog, the privileged 1 per cent of businessmen, celebrities and entrepreneurs look down through bullet-proof windows, accept cocktails in strange glasses from the robot waiters hovering nearby and laugh their tinkling laughs and somewhere, down there in that hellish, stewing mess of violence, poverty and desperation, is my son, Albie Petersen, a wandering minstrel with his guitar and his keen interest in photography, still refusing to wear a decent coat.

The way to overcome oligarchy is for the rest of us to join together and win America back. This will require a multiracial, multiethnic coalition of working-class, poor, and middle-class Americans fighting for democracy and against concentrated power and privilege, determined to rid politics of big money, end corporate welfare and crony capitalism, bust up monopolies, stop voter suppression, and strengthen the countervailing power of labor unions, employee-owned corporations, worker cooperatives, state and local banks, and grassroots politics. This agenda is neither right nor left. It is the bedrock for everything else America must do.

Almost every developing species had a creation myth buried somewhere in its past, even if by the time they’d become space-faring it was no more than a quaint and dusty irrelevance (though, granted, some were downright embarrassing). Talking utter drivel about thunderclouds having sex with the sun, lonely old sadists inventing something to amuse themselves with, a big fish spawning the stars, planets, moons and your own ever-so-special People – or whatever other nonsense had wandered into the most likely feverish mind of the enthusiast who had come up with the idea in the first place – at least showed you were interested in trying to provide an explanation for the world around you, and so was generally held to be a promising first step towards coming up with the belief system that provably worked and genuinely did produce miracles: reason, science and technology.

Mr Bankes expected her to answer. And she was about to say something criticizing Mrs Ramsay, how she was alarming, too, in her way, high-handed, or words to that effect, when Mr Bankes made it entirely unnecessary for her to speak by his rapture. For such it was considering his age, turned sixty, and his cleanliness and his impersonality, and the white scientific coat which seemed to clothe him. For him to gaze as Lily saw him gazing at Mrs Ramsay was a rapture, equivalent, Lily felt, to the loves of dozens of young men (and perhaps Mrs Ramsay had never excited the loves of dozens of young men). It was love, she thought, pretending to move her canvas, distilled and filtered; love that never attempted to clutch its object; but, like the love which mathematicians bear their symbols, or poets their phrases, was meant to be spread over the world and become part of the human gain. So it was indeed. The world by all means should have shared it, could Mr Bankes have said why that woman pleased him so; why the sight of her reading a fairy tale to her boy had upon him precisely the same effect as the solution of a scientific problem, so that he rested in contemplation of it, and felt, as he felt when he had proved something absolute about the digestive system of plants, that barbarity was tamed, the reign of chaos subdued.

New Rule: Republicans must stop pitting the American people against the government. Last week, we heard a speech from Republican leader Bobby Jindal--and he began it with the story that every immigrant tells about going to an American grocery store for the first time and being overwhelmed with the "endless variety on the shelves." And this was just a 7-Eleven--wait till he sees a Safeway. The thing is, that "endless variety"exists only because Americans pay taxes to a government, which maintains roads, irrigates fields, oversees the electrical grid, and everything else that enables the modern American supermarket to carry forty-seven varieties of frozen breakfast pastry.Of course, it's easy to tear government down--Ronald Reagan used to say the nine most terrifying words in the Englishlanguage were "I'm from the government and I'm here to help." But that was before "I'm Sarah Palin, now show me the launch codes."The stimulus package was attacked as typical "tax and spend"--like repairing bridges is left-wing stuff. "There the liberals go again, always wanting to get across the river." Folks, the people are the government--the first responders who put out fires--that's your government. The ranger who shoos pedophiles out of the park restroom, the postman who delivers your porn.How stupid is it when people say, "That's all we need: the federal government telling Detroit how to make cars or Wells Fargo how to run a bank. You want them to look like the post office?"You mean the place that takes a note that's in my hand in L.A. on Monday and gives it to my sister in New Jersey on Wednesday, for 44 cents? Let me be the first to say, I would be thrilled if America's health-care system was anywhere near as functional as the post office.Truth is, recent years have made me much more wary of government stepping aside and letting unregulated private enterprise run things it plainly is too greedy to trust with. Like Wall Street. Like rebuilding Iraq.Like the way Republicans always frame the health-care debate by saying, "Health-care decisions should be made by doctors and patients, not government bureaucrats," leaving out the fact that health-care decisions aren't made by doctors, patients, or bureaucrats; they're made by insurance companies. Which are a lot like hospital gowns--chances are your gas isn't covered.

There was indeed a caste system in Maycomb, but to my mind it worked this way: the older citizens, the present generation of people who had lived side by side for years and years, were utterly predictable to one another: they took for granted attitudes, character shadings, even gestures, as having been repeated in each generation and refined by time. Thus the dicta No Crawford Minds His Own Business, Every Third Merriweather Is Morbid, The Truth Is Not in the Delafields, All the Bufords Walk Like That, were simply guides to daily living: never take a check from a Delafield without a discreet call to the bank; Miss Maudie Atkinson’s shoulder stoops because she was a Buford; if Mrs. Grace Merriweather sips gin out of Lydia E. Pinkham bottles it’s nothing unusual—her mother did the same.

When foreign military spending [bombing Korea and Vietnam] forced the U.S. balance of payments into deficit and drove the United States off gold in 1971, central banks were left without the traditional asset used to settle payments imbalances. The alternative by default was to invest their subsequent payments inflows in U.S. Treasury bonds, as if these still were “as good as gold.” Central banks have been holding some $4 trillion of these bonds in their international reserves for the past few years — and these loans have financed most of the U.S. Government’s domestic budget deficits for over three decades. Given the fact that about half of U.S. Government discretionary spending is for military operations — including more than 750 foreign military bases and increasingly expensive operations in the oil-producing and transporting countries — the international financial system is organized in a way that finances the Pentagon, along with U.S. buyouts of foreign assets expected to yield much more than the Treasury bonds that foreign central banks hold.

The first people to get the new money are the counterfeiters, which they use to buy various goods and services. The second receivers of the new money are the retailers who sell those goods to the counterfeiters. And on and on the new money ripples out through the system, going from one pocket or till to another. As it does so, there is an immediate redistribution effect. For first the counterfeiters, then the retailers, etc. have new money and monetary income they use to bid up goods and services, increasing their demand and raising the prices of the goods that they purchase. But as prices of goods begin to rise in response to the higher quantity of money, those who haven't yet received the new money find the prices of the goods they buy have gone up, while their own selling prices or incomes have not risen. In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all.

The split has widened because the right has moved right, not because the left has moved left. Republican presidents Eisenhower, Nixon, and Ford all supported the Equal Rights Amendment. In 1960, the GOP platform embraced "free collective bargaining" between management and labor. REpublicans boasted of "extending the minimum wage to several million more workers" and "strengthening the unemployment insurance system and extension of its benefits." Under Dwight Eisenhower, top earners were taxed at 91 percent; in 2015, it was 40 percent. Planned Parenthood has come under serious attack from nearly all Republican presidential candidates running in 2016. Yet a founder of the organization was Peggy Goldwater, wife of the 1968 conservative Republican candidate for president Barry Goldwater. General Eisenhower called for massive invenstment in infrastructure, and now nearly all congressional Republicans see such a thing as frightening government overreach. Ronald Reagan raised the national debt and favored gun control, and now the Republican state legislature of Texas authorizes citizens to "open carry" loaded guns into churches and banks. Conservatives of yesterday seem moderate or liberal today.

No governments in modern history save Apartheid South Africa and Nazi Germany have segregated as well as the United States has, with precision and under the color of law. (And even then, both the Third Reich and the Afrikaner government looked to America’s laws to create their systems.) U.S. government financing required home developers and landlords to put racially restrictive covenants (agreements to sell only to white people) in their housing contracts. And as we’ve already seen, the federal government supported housing segregation through redlining and other banking practices, the result of which was that the two investments that created the housing market that has been a cornerstone of building wealth in American families, the thirty-year mortgage and the federal government’s willingness to guarantee banks’ issuance of those loans, were made on a whites-only basis and under conditions of segregation.

The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalistic fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the worlds central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence co-operative politicians by subsequent economic rewards in the business world.” Carroll Quigley

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

In a mass society where obtaining credit is as easy as it is, there’s probably no way to efficiently collect on delinquent accounts by writing real affidavits, filing legitimate, error-free lawsuits, and serving legitimate summonses in each and every individual case. Without the shortcuts, it doesn’t work. So techniques like robo-signing and sewer service are essential to the profitability of the business. Plenty of people—consumers and merchants both—are probably glad that so much credit is available, but they don’t realize that systematic fraud is part of what makes it available. Legally, there’s absolutely no difference between a woman on welfare who falsely declares that her boyfriend no longer lives in the home and a bank that uses a robo-signer to cook up a document swearing that he has kept regular records of your credit card account. But morally and politically, they’re worlds apart. When the state brings a fraud case against a welfare mom, it brings it with disgust, with rage, because in addition to committing the legal crime, she’s committed the political crime of being needy and an eyesore. Banks commit the legal crime of fraud wholesale; they do so out in the open, have entire departments committed to it, and have employees who’ve spent years literally doing nothing but commit, over and over again, the same legal crime that some welfare mothers go to jail for doing once. But they’re not charged, because there’s no political crime. The system is not disgusted by the organized, mechanized search for profit. It’s more like it’s impressed by it.

my purpose here is to scrutinize the tacit Democratic boast about always being better than those crazy Republicans. In truth, what Bill Clinton accomplished were things that no Republican could have done. Thanks to our two-party system, Democratic politicians carry a brand identity that inhibits them in some ways but allows them remarkable latitude in others. They are forever seen as weaklings in the face of the country’s enemies, for example; but on basic economic questions they are trusted to do the right thing for average people. That a Democrat might be the one to pick apart the safety net is a violation of this basic brand identity, but by the very structure of the system it is extremely difficult to hold the party accountable for such a deed. This, in turn, is why only a Democrat was able to do that job and get away with it. Only a Democrat was capable of getting bank deregulation passed; only a Democrat could have rammed NAFTA through Congress; and only a Democrat would be capable of privatizing Social Security, as George W. Bush found out in 2005. “It’s kind of the Nixon-goes-to-China theory,” the conservative Democrat Charles Stenholm told the historian Steven Gillon on this last subject. “It takes a Democrat to do some of the hard choices in social programs.”19

Look.” I pointed. “Shin-Tethys as a whole maintains a positive trade surplus with the rest of the system. A third of the local nations don’t export directly, but there’s a lot of internal, intramural trade between the tribes—the main six exporters account for eighty-two percent of the uranium and fifty-seven percent of the rare earths. What comes in is, well, lots of skilled labor, finished high-tech assemblies, anything that needs microgravity or vacuum or very high temperatures or an anaerobic environment. In other words, it’s your typical pattern for an energy-exporting planet, with the added twist that because it’s very damp, a lot of planetary surface activities—smelting metals, manufacturing ceramics—are expensive to perform locally. The only interesting thing is how little slow money is going into their economic system. As for banking corruption, there’s the usual, but no more than the usual. Around one government per decade—out of nearly five hundred, mind—gets into bad trouble one way or another. But the system is self-stabilizing: What usually happens is that a consortium of their trading partners and main creditors get together and mount a hostile takeover—I believe they call it a “war”—and place the defaulter under administration until it digs itself out of the hole.

I HAD TO GO to America for a while to give some talks. Going to America always does me good. It’s where I’m from, after all. There’s baseball on the TV, people are friendly and upbeat, they don’t obsess about the weather except when there is weather worth obsessing about, you can have all the ice cubes you want. Above all, visiting America gives me perspective. Consider two small experiences I had upon arriving at a hotel in downtown Austin, Texas. When I checked in, the clerk needed to record my details, naturally enough, and asked for my home address. Our house doesn’t have a street number, just a name, and I have found in the past that that is more deviance than an American computer can sometimes cope with, so I gave our London address. The girl typed in the building number and street name, then said: “City?” I replied: “London.” “Can you spell that please?” I looked at her and saw that she wasn’t joking. “L-O-N-D-O-N,” I said. “Country?” “England.” “Can you spell that?” I spelled England. She typed for a moment and said: “The computer won’t accept England. Is that a real country?” I assured her it was. “Try Britain,” I suggested. I spelled that, too—twice (we got the wrong number of T’s the first time)—and the computer wouldn’t take that either. So I suggested Great Britain, United Kingdom, UK, and GB, but those were all rejected, too. I couldn’t think of anything else to suggest. “It’ll take France,” the girl said after a minute. “I beg your pardon?” “You can have ‘London, France.’ ” “Seriously?” She nodded. “Well, why not?” So she typed “London, France,” and the system was happy. I finished the check-in process and went with my bag and plastic room key to a bank of elevators a few paces away. When the elevator arrived, a young woman was in it already, which I thought a little strange because the elevator had come from one of the upper floors and now we were going back up there again. About five seconds into the ascent, she said to me in a suddenly alert tone: “Excuse me, was that the lobby back there?” “That big room with a check-in desk and revolving doors to the street? Why, yes, it was.” “Shoot,” she said and looked chagrined. Now I am not for a moment suggesting that these incidents typify Austin, Texas, or America generally or anything like that. But it did get me to thinking that our problems are more serious than I had supposed. When functioning adults can’t identify London, England, or a hotel lobby, I think it is time to be concerned. This is clearly a global problem and it’s spreading. I am not at all sure how we should tackle such a crisis, but on the basis of what we know so far, I would suggest, as a start, quarantining Texas.

Although Manmohan Singh, the helmsman, got the credit, it was Rao who took the tough and aggressive decisions and provided the energy and political support. He was shrewd and knew how to deal with dissent. The manner in which he pushed through the industrial policy in the cabinet is an example. At the same time, the reforms would not have happened without Manmohan Singh. To the extent that there was one, he created the road map. In a brilliant move, he set up a set of committees—bank reform under Narsimhan, tax reform under Chelliah, and insurance reform under Malhotra—and they provided crucial intellectual sustenance and legitimacy for reform measures in these areas. It needed Manmohan Singh to come and change the nation’s mind-set to growth. But Manmohan Singh is a reticent man and cautious by nature. On his own, without Rao’s constant support, he would not have done it. The new trade policy would not have come about as speedily without Chidambaram. Varma was a terror as the head of the steering committee and he provided the momentum for the implementation of the reforms for two years. He knew the system well, and he played it in favor of the reforms. Varma’s crucial contributions, I believe, have not been understood or appreciated. In the end, all three—Manmohan Singh, Chidambaram, and Varma—derived their strength from Narasimha Rao.

Socialists, charity workers, carers, people who volunteer to help others; they're all - and he's quite convinced about this - they're all in reality mean-spirited bastards, either self-deceiving bastards or - for their own filthy left-wing reasons - deliberately trying to destroy the self-esteem of normal, healthily ambitious people like him. Because if only everybody looked after their own interests everything would be fine, see? Level playing field, with everybody nakedly ambitious and selfish; everybody knows where they are. If some people aren't totally selfish, or, even worse, 'pretend' not to be selfish, then it messes up the whole system. It makes it more unfair, not fairer, the way they'd claim. He calls people like that do-gooders, and they make him angry. I think he would actually prefer do-badders, which is a pretty fucked up attitude when you think about it. He feels quite strongly about them. Never misses an opportunity to complain that they're liars and frauds. Frankly, Ade, altogether, it makes him sound like - and I firmly believe he actually is - a complete cunt.

The air, soil and water cumulatively degrade; the climates and oceans destabilize; species become extinct at a spasm rate across continents; pollution cycles and volumes increase to endanger life-systems at all levels in cascade effects; a rising half of the world is destitute as inequality multiplies; the global food system produces more and more disabling and contaminated junk food without nutritional value; non-contagious diseases multiply to the world’s biggest killer with only symptom cures; the vocational future of the next generation collapses across the world while their bank debts rise; the global financial system has ceased to function for productive investment in life-goods; collective-interest agencies of governments and unions are stripped while for-profit state subsidies multiply; police state laws and methods advance while belligerent wars for corporate resources increase; the media are corporate ad vehicles and the academy is increasingly reduced to corporate functions; public sectors and services are non-stop defunded and privatized as tax evasion and transnational corporate funding and service by governments rise at the same time at every level.

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

A prohibition on the hoarding or possession of gold was integral to the plan to devalue the dollar against gold and get people spending again. Against this background, FDR issued Executive Order 6102 on April 5, 1933, one of the most extraordinary executive orders in U.S. history. The blunt language over the signature of Franklin Delano Roosevelt speaks for itself: I, Franklin D. Roosevelt . . . declare that [a] national emergency still continues to exist and . . . do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the . . . United States by individuals, partnerships, associations and corporations.... All persons are hereby required to deliver, on or before May 1, 1933, to a Federal reserve bank . . . or to any member of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them.... Whoever willfully violates any provision of this Executive Order . . . may be fined not more than $10,000 or . . . may be imprisoned for not more than ten years. The people of the United States were being ordered to surrender their gold to the government and were offered paper money at the exchange rate of $20.67 per ounce. Some relatively minor exceptions were made for dentists, jewelers and others who made “legitimate and customary” use of gold in their industry or art. Citizens were allowed to keep $100 worth of gold, about five ounces at 1933 prices, and gold in the form of rare coins. The $10,000 fine proposed in 1933 for those who continued to hoard gold in violation of the president’s order is equivalent to over $165,000 in today’s money, an extraordinarily large statutory fine. Roosevelt followed up with a

What remains of the labours of the ‘new philosophers’ who have been enlightening us – or, in other words, deadening our minds – for 30 years now? What really remains of the great ideological machinery of freedom, human rights, the West and its values? It all comes down to a simple negative statement that is as bald as it is flat and as naked as the day it was born: socialisms, which were the communist Idea’s only concrete forms, failed completely in the twentieth century. Even they have had to revert to capitalism and non-egalitarian dogma. That failure of the Idea leaves us with no choice, given the complex of the capitalist organization of production and the state parliamentary system. Like it or not, we have to consent to it for lack of choice. And that is why we now have to save the banks rather than confiscate them, hand out billions to the rich and give nothing to the poor, set nationals against workers of foreign origin whenever possible, and, in a word, keep tight controls on all forms of poverty in order to ensure the survival of the powerful. No choice, I tell you! As our ideologues admit, it is not as though relying on the greed of a few crooks and unbridled private property to run the state and the economy was the absolute Good. But it is the only possible way forward. In his anarchist vision, Stirner described man, or the personal agent of History, as ‘the Ego and his own’. Nowadays, it is ‘Property as ego’. Which

I can believe things that are true and I can believe things that aren’t true and I can believe things where nobody knows if they’re true or not. I can believe in Santa Claus and the Easter Bunny and Marilyn Monroe and the Beatles and Elvis and Mister Ed. Listen—I believe that people are perfectible, that knowledge is infinite, that the world is run by secret banking cartels and is visited by aliens on a regular basis, nice ones that look like wrinkledy lemurs and bad ones who mutilate cattle and want our water and our women. I believe that the future sucks and I believe that the future rocks and I believe that one day White Buffalo Woman is going to come back and kick everyone’s ass. I believe that all men are just overgrown boys with deep problems communicating and that the decline in good sex in America is coincident with the decline in drive-in movie theatres from state to state. I believe that all politicians are unprincipled crooks and I still believe that they are better than the alternative. I believe that California is going to sink into the sea when the big one comes, while Florida is going to dissolve into madness and alligators and toxic waste. I believe that antibacterial soap is destroying our resistance to dirt and disease so that one day we’ll all be wiped out by the common cold like the Martians in War of the Worlds. I believe that the greatest poets of the last century were Edith Sitwell and Don Marquis, that jade is dried dragon sperm, and that thousands of years ago in a former life I was a one-armed Siberian shaman. I believe that mankind’s destiny lies in the stars. I believe that candy really did taste better when I was a kid, that it’s aerodynamically impossible for a bumblebee to fly, that light is a wave and a particle, that there’s a cat in a box somewhere who’s alive and dead at the same time (although if they don’t ever open the box to feed it it’ll eventually just be two different kinds of dead), and that there are stars in the universe billions of years older than the universe itself. I believe in a personal god who cares about me and worries and oversees everything I do. I believe in an impersonal god who set the universe in motion and went off to hang with her girlfriends and doesn’t even know that I’m alive. I believe in an empty and godless universe of causal chaos, background noise and sheer blind luck. I believe that anyone who says that sex is overrated just hasn’t done it properly. I believe that anyone who claims to know what’s going on will lie about the little things too. I believe in absolute honesty and sensible social lies. I believe in a woman’s right to choose, a baby’s right to live, that while all human life is sacred there’s nothing wrong with the death penalty if you can trust the legal system implicitly, and that no one but a moron would ever trust the legal system. I believe that life is a game, life is a cruel joke and that life is what happens when you’re alive and that you might as well lie back and enjoy it.

And under the cicadas, deeper down that the longest taproot, between and beneath the rounded black rocks and slanting slabs of sandstone in the earth, ground water is creeping. Ground water seeps and slides, across and down, across and down, leaking from here to there, minutely at a rate of a mile a year. What a tug of waters goes on! There are flings and pulls in every direction at every moment. The world is a wild wrestle under the grass; earth shall be moved. What else is going on right this minute while ground water creeps under my feet? The galaxy is careening in a slow, muffled widening. If a million solar systems are born every hour, then surely hundreds burst into being as I shift my weight to the other elbow. The sun’s surface is now exploding; other stars implode and vanish, heavy and black, out of sight. Meteorites are arcing to earth invisibly all day long. On the planet, the winds are blowing: the polar easterlies, the westerlies, the northeast and southeast trades. Somewhere, someone under full sail is becalmed, in the horse latitudes, in the doldrums; in the northland, a trapper is maddened, crazed, by the eerie scent of the chinook, the sweater, a wind that can melt two feet of snow in a day. The pampero blows, and the tramontane, and the Boro, sirocco, levanter, mistral. Lick a finger; feel the now. Spring is seeping north, towards me and away from me, at sixteen miles a day. Along estuary banks of tidal rivers all over the world, snails in black clusters like currants are gliding up and down the stems of reed and sedge, migrating every moment with the dip and swing of tides. Behind me, Tinker Mountain is eroding one thousandth of an inch a year. The sharks I saw are roving up and down the coast. If the sharks cease roving, if they still their twist and rest for a moment, they die. They need new water pushed into their gills; they need dance. Somewhere east of me, on another continent, it is sunset, and starlings in breathtaking bands are winding high in the sky to their evening roost. The mantis egg cases are tied to the mock-orange hedge; within each case, within each egg, cells elongate, narrow, and split; cells bubble and curve inward, align, harden or hollow or stretch. And where are you now?

Farmers in the South, West, and Midwest, however, were still building a major movement to escape from the control of banks and merchants lending them supplies at usurious rates; agricultural cooperatives—cooperative buying of supplies and machinery and marketing of produce—as well as cooperative stores, were the remedy to these conditions of virtual serfdom. While the movement was not dedicated to the formation of worker co-ops, in its own way it was at least as ambitious as the Knights of Labor had been. In the late 1880s and early 1890s it swept through southern and western states like a brushfire, even, in some places, bringing black and white farmers together in a unity of interest. Eventually this Farmers’ Alliance decided it had to enter politics in order to break the power of the banks; it formed a third party, the People’s Party, in 1892. The great depression of 1893 only spurred the movement on, and it won governorships in Kansas and Colorado. But in 1896 its leaders made a terrible strategic blunder in allying themselves with William Jennings Bryan of the Democratic party in his campaign for president. Bryan lost the election, and Populism lost its independent identity. The party fell apart; the Farmers’ Alliance collapsed; the movement died, and many of its cooperative associations disappeared. Thus, once again, the capitalists had managed to stomp out a threat to their rule.171 They were unable to get rid of all agricultural cooperatives, however, even with the help of the Sherman “Anti-Trust” Act of 1890.172 Nor, in fact, did big business desire to combat many of them, for instance the independent co-ops that coordinated buying and selling. Small farmers needed cooperatives in order to survive, whether their co-ops were independent or were affiliated with a movement like the Farmers’ Alliance or the Grange. The independent co-ops, moreover, were not necessarily opposed to the capitalist system, fitting into it quite well by cooperatively buying and selling, marketing, and reducing production costs. By 1921 there were 7374 agricultural co-ops, most of them in regional federations. According to the census of 1919, over 600,000 farmers were engaged in cooperative marketing or purchasing—and these figures did not include the many farmers who obtained insurance, irrigation, telephone, or other business services from cooperatives.173

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

Security is a big and serious deal, but it’s also largely a solved problem. That’s why the average person is quite willing to do their banking online and why nobody is afraid of entering their credit card number on Amazon. At 37signals, we’ve devised a simple security checklist all employees must follow: 1. All computers must use hard drive encryption, like the built-in FileVault feature in Apple’s OS X operating system. This ensures that a lost laptop is merely an inconvenience and an insurance claim, not a company-wide emergency and a scramble to change passwords and worry about what documents might be leaked. 2. Disable automatic login, require a password when waking from sleep, and set the computer to automatically lock after ten inactive minutes. 3. Turn on encryption for all sites you visit, especially critical services like Gmail. These days all sites use something called HTTPS or SSL. Look for the little lock icon in front of the Internet address. (We forced all 37signals products onto SSL a few years back to help with this.) 4. Make sure all smartphones and tablets use lock codes and can be wiped remotely. On the iPhone, you can do this through the “Find iPhone” application. This rule is easily forgotten as we tend to think of these tools as something for the home, but inevitably you’ll check your work email or log into Basecamp using your tablet. A smartphone or tablet needs to be treated with as much respect as your laptop. 5. Use a unique, generated, long-form password for each site you visit, kept by password-managing software, such as 1Password.§ We’re sorry to say, “secretmonkey” is not going to fool anyone. And even if you manage to remember UM6vDjwidQE9C28Z, it’s no good if it’s used on every site and one of them is hacked. (It happens all the time!) 6. Turn on two-factor authentication when using Gmail, so you can’t log in without having access to your cell phone for a login code (this means that someone who gets hold of your login and password also needs to get hold of your phone to login). And keep in mind: if your email security fails, all other online services will fail too, since an intruder can use the “password reset” from any other site to have a new password sent to the email account they now have access to. Creating security protocols and algorithms is the computer equivalent of rocket science, but taking advantage of them isn’t. Take the time to learn the basics and they’ll cease being scary voodoo that you can’t trust. These days, security for your devices is just simple good sense, like putting on your seat belt.