Bond Money Quotes

Trout, incidentally, had written a book about a money tree. It had twenty-dollar bills for leaves. Its flowers were government bonds. Its fruit was diamonds. It attracted human beings who killed each other around the roots and made very good fertilizer.

If money is the bond binding me to human life, binding society to me, connecting me with nature and man, is not money the bond of all bonds? Can it not dissolve and bind all ties? Is it not, therefore, also the universal agent of separation?

On books and friends I spend my money; For stones and bricks I haven't any.

Unfortunately most ways of making big money take a long time. By the time one has made the money one is too old to enjoy it.

Before a man's forty, girls cost nothing. After that you have to pay money, or tell a story. Of the two, it's the story that hurts most. Anyway I'm not forty yet.

We live and work in a world that carries preoccupations about money, but what does the soul care about such things?

Choose love as your priority: Establish the rule at home that money is only secondary and that love reigns supreme. Don’t allow money to get in the way of your relationship. Rejoice over sufficient resources, while making the lack of it an occasion for deeper bonding.

Though I may accumulate a great deal of riches in this world, it is only my wealth of knowledge, talents, and emotional bonds that I keep when I leave.

Money often costs too much.’ —Ralph Waldo Emerson

Your on the planet too. Why should James Bond have all the action, fun, money, and resort hotel living.

I don’t own any stocks or bonds. All my money is tied up in debt.

You know, we may fuck for money, but that doesn’t make us dicks

People who will not turn a shovel full of dirt on the project nor contribute a pound of material, will collect more money from the United States than will the People who supply all the material and do all the work. This is the terrible thing about interest ...But here is the point: If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. Whereas the currency, the honest sort provided by the Constitution pays nobody but those who contribute in some useful way. It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People. If the currency issued by the People were no good, then the bonds would be no good, either. It is a terrible situation when the Government, to insure the National Wealth, must go in debt and submit to ruinous interest charges at the hands of men who control the fictitious value of gold.

Trout, incidentally, had written a book about a money tree. It had twenty-dollar bills for leaves. Its flowers were government bonds. Its fruit was diamonds. It attracted human beings who killed each other around the roots and made very good fertilizer. So it goes.

I should spend the money quickly, Commander Bond.

Next, Cohn repeated what everyone was saying: Interest rates were going to go up over the foreseeable future. I agree, Trump said. “We should just go borrow a lot of money right now, hold it, and then sell it and make money.” Cohn was astounded at Trump’s lack of basic understanding. He tried to explain. If you as the federal government borrow money through issuing bonds, you are increasing the U.S. deficit. What do you mean? Trump asked. Just run the presses—print money.

Because the state uses violence to achieve its ends, and there is no rational end to the use of violence, states grow until they destroy civilized interactions through the corruption of money, contracts, honesty, family and self-reliance. No state in history has ever been contained. It’s only taken a little more than a century for the US – founded on the idea of limited government, to break the bonds of the constitution, institute the income tax, take control of the money supply and the educational system and begin its catastrophic expansion.

Let's stop kidding ourselves that Greek debt is the Euro's key problem. With Greece gone, who's next ?

Why?” I kept on asking myself. “Why? Who is this boy and why?” I knew that white men bonded colored boys out of jail for a few hundred dollars and worked them until they had gotten all their money back two and three times over. But I was trying to figure out why Marshall Hebert would do this when he already had more people than he needed. Now I knew. This little old lady had the finger on him, too.

Because the lenders sold many—though not all—of the loans they made to other investors, in the form of mortgage bonds, the industry was also fraught with moral hazard. “It was a fast-buck business,” says Jacobs. “Any business where you can sell a product and make money without having to worry how the product performs is going to attract sleazy people.

Although the court recognizes his right to insist on his bond - to claim his pound of flesh - the law also prohibits him from shedding Antonio’s blood.

Had Volcker never pushed through his radical change in policy, the world would be many bond traders and one memoir the poorer.

Money often costs too much.

Bonds are in our portfolio to provide a deflation hedge. Deflation is one of the two big macro risks to your money. Inflation is the other and we hedge against that with our stocks.

It will be hard to dispel the myth that spending big money on advertising is the path to electoral victory, but we do know that if people organize, we can go up against big money and win.

...I realized that my father, of all these men, was the most obstinate, helplessly bonded to his better instincts and their excessive demands. I only then understood that he had quit his job not merely because he was fearful of what awaited us down the line should we agree like the others to be relocated, but because, for better or worse, when he was bullied by superior forces that he deemed corrupt it was his nature not to yield--in this instance, to resist either running away to Canada, as my mother urged our doing, or bowing to a government directive that was patently unjust. There were two types of strong men: those like Uncle Monty And Abe Steinheim, remorseless about their making money, and those like my father, ruthlessly obedient to their idea of fair play.

On these things he spent all his money and it was his ambition to have as little as possible in his banking account when he was killed, as, when he was depressed, he knew he would be, before the statutory age of forty-five.

I visualized my grief if the stock market went way up and I wasn’t in it—or if it went way down and I was completely in it. My intention was to minimize my future regret. So I split my contributions 50/50 between bonds and equities.

I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter,’ he told the Wall Street Journal. ‘But now I want to come back as the bond market. You can intimidate everybody.

A credit default swap was confusing mainly because it wasn’t really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For instance, you might pay $200,000 a year to buy a ten-year credit default swap on $100 million in General Electric bonds. The most you could lose was $2 million: $200,000 a year for ten years. The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing. It was a zero-sum bet: If you made $100 million, the guy who had sold you the credit default swap lost $100 million. It was also an asymmetric bet, like laying down money on a number in roulette. The most you could lose were the chips you put on the table; but if your number came up you made thirty, forty, even fifty times your money.

How baffling you are, oh Church, and yet how I love you! How you have made me suffer, and yet how much I owe you! I would like to see you destroyed, and yet I need your presence. You have given me so much scandal and yet you have made me understand what sanctity is. I have seen nothing in the world more devoted to obscurity, more compromised, more false, and yet I have touched nothing more pure, more generous, more beautiful. How often I have wanted to shut the doors of my soul in your face, and how often I have prayed to die in the safety of your arms. No, I cannot free myself from you, because I am you, though not completely. And besides, where would I go? Would I establish another? I would not be able to establish it without the same faults, for they are the same faults I carry in me. And if I did establish another, it would be my Church, not the Church of Christ. I am old enough to know that I am no better than anyone else. …) The Church has the power to make me holy but it is made up, from the first to the last, only of sinners. And what sinners! It has the omnipotent and invincible power to renew the Miracle of the Eucharist, but is made up of men who are stumbling in the dark, who fight every day against the temptation of losing their faith. It brings a message of pure transparency but it is incarnated in slime, such is the substance of the world. It speaks of the sweetness of its Master, of its non-violence, but there was a time in history when it sent out its armies to disembowel the infidels and torture the heretics. It proclaims the message of evangelical poverty, and yet it does nothing but look for money and alliances with the powerful. Those who dream of something different from this are wasting their time and have to rethink it all. And this proves that they do not understand humanity. Because this is humanity, made visible by the Church, with all its flaws and its invincible courage, with the Faith that Christ has given it and with the love that Christ showers on it. When I was young, I did not understand why Jesus chose Peter as his successor, the first Pope, even though he abandoned Him. Now I am no longer surprised and I understand that by founding his church on the tomb of a traitor(…)He was warning each of us to remain humble, by making us aware of our fragility. (…) And what are bricks worth anyway? What matters is the promise of Christ, what matters is the cement that unites the bricks, which is the Holy Spirit. Only the Holy Spirit is capable of building the church with such poorly moulded bricks as are we. And that is where the mystery lies. This mixture of good and bad, of greatness and misery, of holiness and sin that makes up the church…this in reality am I .(…) The deep bond between God and His Church, is an intimate part of each one of us. (…)To each of us God says, as he says to his Church, “And I will betroth you to me forever” (Hosea 2,21). But at the same time he reminds us of reality: 'Your lewdness is like rust. I have tried to remove it in vain. There is so much that not even a flame will take it away' (Ezechiel 24, 12). But then there is even something more beautiful. The Holy Spirit who is Love, sees us as holy, immaculate, beautiful under our guises of thieves and adulterers. (…) It’s as if evil cannot touch the deepest part of mankind. He re-establishes our virginity no matter how many times we have prostituted our bodies, spirits and hearts. In this, God is truly God, the only one who can ‘make everything new again’. It is not so important that He will renew heaven and earth. What is most important is that He will renew our hearts. This is Christ’s work. This is the divine Spirit of the Church.

Before Volcker’s speech, bonds had been conservative investments, into which investors put their savings when they didn’t fancy a gamble in the stock market. After Volcker’s speech, bonds became objects of speculation, a means of creating wealth rather than merely storing it.

Then, the most crowning insolence of all -- he was virtually blackjacked into paying for his own ammunition, clothing, and food by being made to buy Liberty Bonds. Most soldiers got no money at all on pay days.   We made them buy Liberty Bonds at $100 and then we bought them back -- when they came back from the war and couldn't find work -- at $84 and $86. And the soldiers bought about $2,000,000,000 worth of these bonds!   Yes,

In the conditions of this “New World Order,” a crucial part of the contemporary world economy is a criminal economy, in which the excess profits are accumulated not by the production of material comforts, but by drug-traffic, arms trafficking, and human trafficking, including prostitution. The contemporary world economy is an economy of the global organized criminality whose eminently form is the modern capitalist state. The contemporary world economy is an economy not of the real commodity production, but an economy of the jobbery; this is expressed directly in supply and demand of the capital of the speculation, i.e., in the fictitious capital trade, in the antagonistic games with share capital in the stock exchange. Just Wall Street’s stock exchange, i.e., the world speculative capital market, is the contemporary tremendous pump for inflation of the balloons of the world economic crises, the last one of which began in 2007. The aggregate amount of the bonds on the world market, as many economists know, is over one hundred trillion US dollars! Without taking in mind the derivatives! If including those, the aggregate amount is several times more! This is an enormous balloon as inflated as a red giant star! And when added to this amount the world market of the shares, the passing each other between real and fictitious capital grows to cosmic dimensions! This cosmic balloon will burst very soon! That means the most destructive capitalist crisis in human history lies just round the corner, the global economic apocalypse is just forthcoming! This ruin will be due to the stock exchange antagonistic games, the stock exchange that is, as a matter of fact, a gambling house! Because the securities and shares’ trading is sheer gambling! This becomes clear by the direct proportionality between risk and profitability, the more risk—the more profitability, and vice versa! However, this is gambling in which the stakes are not simply money, but millions and billions of human fates. So, this is a destroying-the-civilization-world crime economy!

Banks, credit unions, and non-bank private lenders are common corporate lenders. But when you’re leading a company, it’s important to think carefully about which of these will be the right partner for your lending needs. Having the right lender may be as important as obtaining the right amount of money.

In 1973, Jan Erik Olsson walked into a small bank in Stockholm, Sweden, brandishing a gun, wounding a police officer, and taking three women and one man hostage. During negotiations, Olsson demanded money, a getaway vehicle, and that his friend Clark Olofsson, a man with a long criminal history, be brought to the bank. The police allowed Olofsson to join his friend and together they held the four hostages captive in a bank vault for six days. During their captivity, the hostages at times were attached to snare traps around their necks, likely to kill them in the event that the police attempted to storm the bank. The hostages grew increasingly afraid and hostile toward the authorities trying to win their release and even actively resisted various rescue attempts. Afterward they refused to testify against their captors, and several continued to stay in contact with the hostage takers, who were sent to prison. Their resistance to outside help and their loyalty toward their captors was puzzling, and psychologists began to study the phenomenon in this and other hostage situations. The expression of positive feelings toward the captor and negative feelings toward those on the outside trying to win their release became known as Stockholm syndrome.

Having money didn’t buy happiness, it bought a social standard to fit into, drug and alcohol abuse, and child neglect.

shall have to write some raunchy stuff if I’m going to make much money.

it was unthinkable to sell land, was to sell communal privileges or commute labor services and bonds of serfdom for a money rent.

Instead, he takes those coupons from his low-return bond and—if inclined to reinvest—looks for the highest return with safety currently available.  Good money is not thrown after bad.

But money doesn’t work in the sense that labor or tangible capital expends effort to produce commodities. Credit is debt, and debt extracts interest. Financial salesmen who promise investors, “Make your money work for you” actually mean that society should work for the creditors — and that means for the banks that create credit. The effect is to turn the economic surplus into a flow of interest payments, diverting revenue from tangible capital investment. As the economy’s reproductive powers are dried up, the financialization process is kept going by easing credit terms and lending — not to produce more goods and services, but to bid up prices for the real estate, stocks and bonds being pledged as collateral for larger and larger loans.

The relationship between the people and their money in California is such that you can pluck almost any city at random and enter a crisis. San Jose has the highest per capita income of any city in the United States, after New York. It has the highest credit rating of any city in California with a population over 250,000. It is one of the few cities in America with a triple-A rating from Moody’s and Standard & Poor’s, but only because its bondholders have the power to compel the city to levy a tax on property owners to pay off the bonds. The city itself is not all that far from being bankrupt.

It’s actually totally badass to go from your twenties to your thirties. There are so many awesome things that happen to you! Like deeply bonding with your yoga pants, developing a burning passion for expensive cheese, having real, actual orgasms (!), not giving two shits what other people think, figuring out the things you actually like to spend time and money doing, and embracing giant underwear.

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]

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?

(Olivia) “What is all of this, your James Bond room?” “You could say that. It’s my backup.” He opened cabinets, took out a pill bottle and downed a Percocet. “In here I have weapons, computers, transportation, medical supplies, money and anything else I might need for my survival. Things we’ll need to complete this job.” Olivia ran her fingers across several of the weapons on the counter and shelf. “Where’s your toothbrush radio and exploding briefcase?

Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss—the recognition that they are not beasts of burden, born to carry the weight of your misery—that you must offer them values, not wounds—that the common bond among men is not the exchange of suffering, but the exchange of goods.

The problem with fiat is that simply maintaining the wealth you already own requires significant active management and expert decision-making. You need to develop expertise in portfolio allocation, risk management, stock and bond valuation, real estate markets, credit markets, global macro trends, national and international monetary policy, commodity markets, geopolitics, and many other arcane and highly specialized fields in order to make informed investment decisions that allow you to maintain the wealth you already earned. You effectively need to earn your money twice with fiat, once when you work for it, and once when you invest it to beat inflation. The simple gold coin saved you from all of this before fiat.

mortgage bonds, the industry was also fraught with moral hazard. “It was a fast-buck business,” says Jacobs. “Any business where you can sell a product and make money without having to worry how the product performs is going to attract sleazy people.

It was a measure of how much money people were making in the bond market that the magazine Institutional Investor was about to create a hot list of people who worked in it, called The 20 Rising Stars of Fixed Income. It was a measure of how much money people

Trout, incidentally, had written a book about a money tree. It had twenty-dollar bills for leaves. Its flowers were government bonds. Its fruit was diamonds. It attracted human beings who killed each other around the roots and made very good fertilizer. So it goes.

The key to true wealth is putting your money to work for you. Practically speaking, that means spending money on income-producing assets that will supply cash and continue to grow in value over time. The most common assets used to build wealth include: • Stocks • Bonds • Real estate

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn’t ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn’t know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG—American International Group, Inc.

The less transparent the market and the more complicated the securities, the more money the trading desks at big Wall Street firms can make from the argument. The constant argument over the value of the shares of some major publicly traded company has very little value, as both buyer and seller can see the fair price of the stock on the ticker, and the broker’s commission has been driven down by competition. The argument over the value of credit default swaps on subprime mortgage bonds—a complex security whose value was derived from that of another complex security—could be a gold mine.

The human ripples of pain are still heartbreaking when made visible to us now. Our friend Agnolo the Fat wrote: “Father abandoned child, wife husband, one brother another; for this illness seemed to strike through the breath and sight. And so they died. And none could be found to bury the dead for money or friendship. Members of a household brought their dead to a ditch as best they could, without priest, without divine offices.” The essence of that account is of an epidemic destroying the very bonds of human society. When was the last time the developed world experienced such a rapid descent into a microbial hell? And if parents abandoning children wasn’t destabilizing enough, other support elements in society were shattered by the justifiable fear of the pestilence. The natural human inclination to seek companionship and support from one’s neighbors was short-circuited. No one wanted to catch whatever was killing everybody. In an era when people congregating together was so much more important than it is in our modern, so-called connected world, people kept their distance from one another, creating one of the silent tragedies of this plague: that they had to suffer virtually alone.

he didn’t think much of the ticket. He examined carefully the piece of green cardboard which he held in his paw. “It doesn’t seem much to get for eighty pence,” he said. After all the lovely whirring and clanking noises the ticket machine had made, it did seem disappointing. He’d expected much more for his money.

These guys are the world’s biggest welfare queens, after all—suck up government money in military contracts, use it to issue bonds, get the government to pass laws that make your bonds into safer bets, then go after even bigger and better laws. I’m guessing they never spend a penny if they can get Uncle Sucker to foot the bill.

Don’t worry about me,” he said. “The little limp means nothing. People my age limp. A limp is a natural thing at a certain age. Forget the cough. It’s healthy to cough. You move the stuff around. The stuff can’t harm you as long as it doesn’t settle in one spot and stay there for years. So the cough’s all right. So is the insomnia. The insomnia’s all right. What do I gain by sleeping? You reach an age when every minute of sleep is one less minute to do useful things. To cough or limp. Never mind the women. The women are all right. We rent a cassette and have some sex. It pumps blood to the heart. Forget the cigarettes. I like to tell myself I’m getting away with something. Let the Mormons quit smoking. They’ll die of something just as bad. The money’s no problem. I’m all set incomewise. Zero pensions, zero savings, zero stocks and bonds. So you don’t have to worry about that. That’s all taken care of. Never mind the teeth. The teeth are all right. The looser they are, the more you can wobble them with your tongue. It gives the tongue something to do. Don’t worry about the shakes. Everybody gets the shakes now and then. It’s only the left hand anyway. The way to enjoy the shakes is pretend it’s somebody else’s hand. Never mind the sudden and unexplained weight loss. There’s no point eating what you can’t see. Don’t worry about the eyes. The eyes can’t get any worse than they are now. Forget the mind completely. The mind goes before the body. That’s the way it’s supposed to be. So don’t worry about the mind. The mind is all right. Worry about the car. The steering’s all awry. The brakes were recalled three times. The hood shoots up on pothole terrain.” Deadpan.

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

Another view of the Constitution was put forward early in the twentieth century by the historian Charles Beard (arousing anger and indignation, including a denunciatory editorial in the New York Times). He wrote in his book An Economic Interpretation of the Constitution: Inasmuch as the primary object of a government, beyond the mere repression of physical violence, is the making of the rules which determine the property relations of members of society, the dominant classes whose rights are thus to be determined must perforce obtain from the government such rules as are consonant with the larger interests necessary to the continuance of their economic processes, or they must themselves control the organs of government. In short, Beard said, the rich must, in their own interest, either control the government directly or control the laws by which government operates. Beard applied this general idea to the Constitution, by studying the economic backgrounds and political ideas of the fifty-five men who gathered in Philadelphia in 1787 to draw up the Constitution. He found that a majority of them were lawyers by profession, that most of them were men of wealth, in land, slaves, manufacturing, or shipping, that half of them had money loaned out at interest, and that forty of the fifty-five held government bonds, according to the records of the Treasury Department. Thus, Beard found that most of the makers of the Constitution had some direct economic interest in establishing a strong federal government: the manufacturers needed protective tariffs; the moneylenders wanted to stop the use of paper money to pay off debts; the land speculators wanted protection as they invaded Indian lands; slaveowners needed federal security against slave revolts and runaways; bondholders wanted a government able to raise money by nationwide taxation, to pay off those bonds. Four groups, Beard noted, were not represented in the Constitutional Convention: slaves, indentured servants, women, men without property. And so the Constitution did not reflect the interests of those groups. He wanted to make it clear that he did not think the Constitution was written merely to benefit the Founding Fathers personally, although one could not ignore the $150,000 fortune of Benjamin Franklin, the connections of Alexander Hamilton to wealthy interests through his father-in-law and brother-in-law, the great slave plantations of James Madison, the enormous landholdings of George Washington. Rather, it was to benefit the groups the Founders represented, the “economic interests they understood and felt in concrete, definite form through their own personal experience.

Isn't Glen an accountant? We're all frugal." These days, by necessity. "You might be frugal, but Glen is cheap. For Valentine's Day, he actually suggested that we go to a card shop, exchange cards in the aisle, then put them back because he didn't see the use in spending the money!" "Okay, that's cheap." Libby huffed. "I swear, if he cuts up my Bloomingdale's card, I'll cut off his pecker.

Apple raised $17 billion in a bond offering in 2013. Not to invest in new products or business lines, but to pay a dividend to stockholders. The company is awash with cash, but much of that money is overseas, and there would be a tax charge if it were repatriated to the USA. For many other companies, the tax-favoured status of debt relative to equity encourages financial engineering. Most large multinational companies have corporate and financial structures of mind-blowing complexity. The mechanics of these arrangements, which are mainly directed at tax avoidance or regulatory arbitrage, are understood by only a handful of specialists. Much of the securities issuance undertaken by Goldman Sachs was not ‘helping companies to grow’ but represented financial engineering of the kind undertaken at Apple. What

And then the newspaper girl held up her hand. “Mr. Trout—” she said, “if I win, can I take my sister, too?” “Hell no,” said Kilgore Trout. “You think money grows on trees?” *** Trout, incidentally, had written a book about a money tree. It had twenty-dollar bills for leaves. Its flowers were government bonds. Its fruit was diamonds. It attracted human beings who killed each other around the roots and made very good fertilizer.

He was about to pocket a list of local sanitariums when he heard "Traitor," and saw Mickey and Herman Gerstein standing a few feet away. Cohen with a clean shot, but a half dozen witnesses spoiling his chance. Buzz said, "I suppose this means my guard gig's kaput. Huh, Mick?" The man looked hurt as much as he looked mad. "Goyishe shitheel traitor. Cocksucker. Communist. How much money did I give you? How much money did I set up for you that you should do me like you did?" Buzz said, "Too much, Mick." "That is no smart answer, you fuck. You should beg. You should beg that I don't do you slow." "Would it help?" "No." "There you go, boss." Mickey said, "Herman, leave this room"; Gerstein exited. The typers kept typing and the clerks kept clerking. Buzz gave the little hump's cage a rattle. "No hard feelin's, huh?" Mickey said, "I will make you a deal, because when I say "deal," it is always to trust. Right?" "Trust" and "deal" were the man's bond-it was why he went with him instead of Siegel or Dragna. "Sure, Mick." "Send Audrey back to me and I will not hurt a hair on her head and I will not do you slow. Do you trust my word?" "Yes." "Do you trust I'll get you?" "You're the oddson favorite, boss." "Then be smart and do it." "No deal. Take care, Jewboy. I'll miss you. I really will.

The sudden introduction of these magic mortgage bonds into the marketplace pushed most every major institutional investor in the world to suddenly become consumed with the desire to lend money to American home borrowers, even if they didn’t know to whom exactly they were lending or how exactly these borrowers were qualifying for their home loans. As a result of this lunatic process, houses in middle- and lower-income neighborhoods from Fresno to the Jersey Shore became jammed full of new home borrowers, millions and millions of them, who in many cases were not equal to the task of making their monthly payments. The situation was tenable so long as housing prices kept rising and these teeming new populations of home borrowers could keep their heads above water, selling or refinancing their way out of trouble if need be. But the instant the arrow began tilting downward, this rapidly expanding death-balloon of phony real estate value inevitably had to—and did—explode.

The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.

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.

What should he be like, this lost man? A romantic, a man with a dream, a man with brown skin and blue eyes, living in a hut on a snowy mountain top, chopping wood and catching fish and swimming in cold mountain streams; a rough, free man with a kind heart and a shaggy beard, a man who owed allegiance to no one, who gave a damn for money and politics, and cities and civilizations, who was his own master, who lived at one with nature knowing no fear. But that was not Major Roberts—that was the man I wanted to be. He was not a Frenchman or an Englishman, he was me, a dream of myself.

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

And you,” continued he, “you have in your camp some Obi, I hear — some impostor like this Romaine the Prophet. I well know that having to lead an army composed of so many heterogeneous materials, a common bond is necessary; but can it be found no where save in ferocious fanaticism and ridiculous superstition? Believe me, Biassou, the white men are not so cruel as we are. I have seen many planters protect the lives of their slaves. I am not ignorant that in some cases it was not the life of a man, but a sum of money that they desired to save; but at any rate their interest gave them the appearance of a virtue.

In the real world of globalised finance, where investment portfolios for the major centres are combined, where the markets (stock, bond, money, real estate, government securities, forex and commodities) tick almost round-the-clock from Tokyo Monday morning to New York Friday 5 pm, via London, Frankfurt, etc, in between (and the digital books are passed at the appropriate times), tracking such practices as “round tripping” – discovering the real footprints – is going to be exceedingly difficult. It would be better to focus on tracing the footprints of the black incomes where they are generated, i e, in India itself.

We get out of life what we bring to it. There is not a dream which may not come true if we have the energy which determines our own fate. We can always get what we want if we will it intensely enough... So few people succeed greatly because so few people conceive a great end, working towards it without giving up. We all know that the man who works steadily for money gets rich; the man who works day and night for fame or power reaches his goal. And those who work deeper, more spiritual achievements will find them too. It may come when we no longer have any use of it, but if we have been willing it long enough, it will come!

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

I have a loan of three yen from Kiyo, which I have not yet returned, although five years have passed. Do not think I cannot pay it back, but I will not, for the noble Kiyo will never dream of being paid back; she never lends me money in prospect of my greater income. On my part too, it would be a sin to think of returning it, as it would indicate that the tie binding us is based on duty and not upon affection. The more I think of such a thing, the greater pain would it give Kiyo, for it might mean that I doubted the purity of her mind. It is true the debt has not been paid back, but it is not because I considered it nothing, but because I think her a part of my own flesh and blood.

To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except the voluntary choice of the man who is willing to trade you his effort in return. Money permits you to obtain for your goods and your labor that which they are worth to the men who buy them, but no more. Money permits no deals except those to mutual benefit by the unforced judgment of the traders. Money demands of you the recognition that men must work for their own benefit, not for their own injury, for their gain, not their loss—the recognition that they are not beasts of burden, born to carry the weight of your misery—that you must offer them values, not wounds—that the common bond among men is not the exchange of suffering, but the exchange of goods. Money demands that you sell, not your weakness to men’s stupidity, but your talent to their reason; it demands that you buy, not the shoddiest they offer, but the best that your money can find. And when men live by trade—with reason, not force, as their final arbiter—it is the best product that wins, the best performance, the man of best judgment and highest ability—and the degree of a man’s productiveness is the degree of his reward. This is the code of existence whose tool and symbol is money. Is this what you consider evil?

So tell me, Ray, what are the percentages you would put in stocks? What percentage in gold? and so on."... "First, he said, we need 30% in stocks (for instance, the S&P 500 or other indexes for further diversification in this basket)... "Then you need long-term government bonds. Fifteen percent in intermediate term [seven- to ten-year Treasuries] and forty percent in long-term bonds [20- to 25-year Treasuries]."... He rounded out the portfolio with 7.5% in gold and 7.5% in commodities... Lastly, the portfolio must be rebalanced. Meaning, when one segment does well, you must sell a portion and reallocate back to the original allocation. This should be done at least annually, and, if done properly, can actually increase tax efficiency. p390

Fiat-money! Let the State 'create' money, and make the poor rich, and free them from the bonds of the capitalists! How foolish to forego the opportunity of making everybody rich, and consequently happy, that the State's right to create money gives it! How wrong to forego it simply because this would run counter to the interests of the rich! How wicked of the economists to assert that it is not within the power of the State to create wealth by means of the printing press!- You statesmen want to build railways, and complain of the low state of the exchequer? Well, then, do not beg loans from the capitalists and anxiously calculate whether your railways will bring in enough to enable you to pay interest and amortization on your debt. Create money, and help yourselves.

Tommy and I put on a radio play to entertain everyone while they unpacked their cookies. It was about a girl who saves up money for a prom dress, but at the last minute she says, "It's only clothes," and buys war bonds instead. The play was a big success, and my whole school pledged to buy war bonds, which should have made me happy. But it gave me a queer feeling; it's easy to write propaganda when everyone agrees with you. Do you understand? I think I'd rather bake cookies; it feels more honest. Your friend, Lulu Sammy looked down at me. "A girl after your own heart!" he said. "In my experience it is a rare female who can say, 'It's only clothes,' and when the war came, you discovered who you really were. Women changed. Children grew up overnight. I wonder what happened to this one.

The bonds of dependence, far from loosening, have tightened again. But alongside force there is no longer authority, alongside obedience, no longer recognition, alongside rank, no longer superiority. The master is no longer such because he is master, but because he is one who has more money, because he is one who, even though he does not see at all beyond the small horizon of ordinary human life, dominates the material conditions of life; by means of which it is even possible for him to subdue or to oppress those whose breadth of thought is immeasurably more powerful than his own: the possibility of the most despicable fraud and the most awful slavery. The power of and the tie of dependence, depersonalised and mechanised, have become capital and machine. Thus, it is no paradox: only today can we speak seriously of true slavery.

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

And yes, many of us became fathers to fully understand what it means to be a father. Albert Einstein once said: "Every man is a genius but if you judge a fish by its ability to climb trees, it will spend the rest of its life believing that its stupid." To the men who never let other people’s metrics of success become the yardstick with which they measure theirs. It is no coincidence that we are diagrammatically represented by a circle with an arrow on the edge that points out. To all of us who may not always be "there" so that we can always "be there", To every hunter, every fighter, every missionary, To every planter and tiller of a garden of eden, To every warrior, conqueror of territories, every man always going out so he can bring something home. To every provider and protector of his family. Every defender of his domain and representative of God in the lives of his dependants. To every man that choose character over caliber, Every Major General, Lord of the Rings, Lion of the Tribe of his house. To every correcter with a shout, Every tough and tender 9-ribbed carrier of his cross. For every skill, strength, qualification and effort that we put into building meaningful relationships with our women, bonds with our children, and shield through tough times. For every ‘crave’ for success without substituting values. For the unconditional love, unflinching sacrifice, and diehard determination to go places our parents never imagined for themselves. To those who happily lead, as though money, fame and power didn’t exist. To those who stand tall and sit straight, Who understand that it doesn't take a 6-figure to be a Father figure. Happy Father's Day to every man who understands the responsibility and deserves the title. *Happy Father's Day to You and Me.*

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.

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

From Sister by ROSAMUND LUPTON    The rain hammered down onto your coffin, pitter-patter; ‘Pitter-patter, pitter-patter, I hear raindrops’; I was five and singing it to you, just born. Your coffin reached the bottom of the monstrous hole. And a part of me went down into the muddy earth with you and lay down next to you and died with you. Then Mum stepped forwards and took a wooden spoon from her coat pocket. She loosened her fingers and it fell on top of your coffin. Your magic wand. And I threw the emails I sign ‘lol’. And the title of older sister. And the nickname Bee. Not grand or important to anyone else, I thought, this bond that we had. Small things. Tiny things. You knew that I didn’t make words out of my alphabetti spaghetti but I gave you my vowels so you could make more words out of yours. I knew that your favourite colour used to be purple but then became bright yellow; (‘Ochre’s the arty word, Bee’) and you knew mine was orange, until I discovered that taupe was more sophisticated and you teased me for that. You knew that my first whimsy china animal was a cat (you lent me 50p of your pocket money to buy it) and that I once took all my clothes out of my school trunk and hurled them around the room and that was the only time I had something close to a tantrum. I knew that when you were five you climbed into bed with me every night for a year. I threw everything we had together - the strong roots and stems and leaves and beautiful soft blossoms of sisterhood - into the earth with you. And I was left standing on the edge, so diminished by the loss, that I thought I could no longer be there. All I was allowed to keep for myself was missing you. Which is what? The tears that pricked the inside of my face, the emotion catching at the top of my throat, the cavity in my chest that was larger than I am. Was that all I had now? Nothing else from twenty-one years of loving you. Was the feeling that all is right with the world, my world, because you were its foundations, formed in childhood and with me grown into adulthood - was that to be replaced by nothing? The ghastliness of nothing. Because I was nobody’s sister now. I saw Dad had been given a handful of earth. But as he held out his hand above your coffin he couldn’t unprise his fingers. Instead, he put his hand into his pocket, letting the earth fall there and not onto you. He watched as Father Peter threw the first clod of earth instead and broke apart, splintering with the pain of it. I went to him and took his earth-stained hand in mine, the earth gritty between our soft palms. He looked at me with love. A selfish person can still love someone else, can’t they? Even when they’ve hurt them and let them down. I, of all people, should understand that. Mum was silent as they put earth over your coffin. An explosion in space makes no sound at all.

Oh, it's a good story, as a story,' returned that gentleman; 'as good a thing of its kind as need be. This Mr Dorrit (his name is Dorrit) had incurred a responsibility to us, ages before the fairy came out of the Bank and gave him his fortune, under a bond he had signed for the performance of a contract which was not at all performed. He was a partner in a house in some large way—spirits, or buttons, or wine, or blacking, or oatmeal, or woollen, or pork, or hooks and eyes, or iron, or treacle, or shoes, or something or other that was wanted for troops, or seamen, or somebody—and the house burst, and we being among the creditors, detainees were lodged on the part of the Crown in a scientific manner, and all the rest Of it. When the fairy had appeared and he wanted to pay us off, Egad we had got into such an exemplary state of checking and counter-checking, signing and counter-signing, that it was six months before we knew how to take the money, or how to give a receipt for it. It was a triumph of public business,' said this handsome young Barnacle, laughing heartily, 'You never saw such a lot of forms in your life. "Why," the attorney said to me one day, "if I wanted this office to give me two or three thousand pounds instead of take it, I couldn't have more trouble about it." "You are right, old fellow," I told him, "and in future you'll know that we have something to do here."' The pleasant young Barnacle finished by once more laughing heartily. He was a very easy, pleasant fellow indeed, and his manners were exceedingly winning. Mr Tite Barnacle's view of the business was of a less airy character. He took it ill that Mr Dorrit had troubled the Department by wanting to pay the money, and considered it a grossly informal thing to do after so many years. But Mr Tite Barnacle was a buttoned-up man, and consequently a weighty one. All buttoned-up men are weighty. All buttoned-up men are believed in. Whether or no the reserved and never-exercised power of unbuttoning, fascinates mankind;

As the Harvard Gazette summarized in 2017: Close relationships, more than money or fame, are what keep people happy throughout their lives. . . . Those ties protect people from life’s discontents, help to delay mental and physical decline, and are better predictors of long and happy lives than social class, IQ, or even genes. That finding proved true across the board among both the Harvard men and the inner-city participants.[7] Men who’d had warm childhood relationships with their parents earned more as adults than men whose parent-child bonds were more strained. They were also happier and less likely to suffer dementia in old age. People with strong marriages suffered less physical pain and emotional distress over the course of their lives. Individuals’ close friendships were more accurate predictors of healthy aging than their cholesterol levels. Social support and connections to a community helped insulate people against disease and depression. Meanwhile, loneliness and disconnection, in some cases, were fatal.

Restrictionism, however, demands positive sacrifices from the national exchequer when it is carried out by the withdrawal of notes from circulation (say through the issue of interest-bearing bonds or through taxation) and their cancellation. The unpopularity of restrictionism has other causes as well. Attempts to raise the objective exchange-value of money, in the circumstances that have existed, have necessarily been limited either to single States or to a few States and at the best have had only a very small prospect of simultaneous realization throughout the whole world. Now as soon as a single country or a few countries go over to a money with a rising purchasing power, while the other countries retain a money with a falling or stationary exchange-value, or one which although it may be rising in value is not rising to the same extent, then, as has been demonstrated above, the conditions of international trade are modified. In the country whose money is rising in value, exportation becomes more difficult and importation easier.

unfairness can take many forms. It can take the form of the inheritance of property—bonds and stocks, houses, factories; it can also take the form of the inheritance of talent—musical ability, strength, mathematical genius. The inheritance of property can be interfered with more readily than the inheritance of talent. But from an ethical point of view, is there any difference between the two? Yet many people resent the inheritance of property but not the inheritance of talent. Look at the same issue from the point of view of the parent. If you want to assure your child a higher income in life, you can do so in various ways. You can buy him (or her) an education that will equip him to pursue an occupation yielding a high income; or you can set him up in a business that will yield a higher income than he could earn as a salaried employee; or you can leave him property, the income from which will enable him to live better. Is there any ethical difference among these three ways of using your property? Or again, if the state leaves you any money to spend over and above taxes, should the state permit you to spend it on riotous living but not to leave it to your children?

THE GLOBE | Unlocking the Wealth in Rural Markets Mamta Kapur, Sanjay Dawar, and Vineet R. Ahuja | 151 words In India and other large emerging economies, rural markets hold great promise for boosting corporate earnings. Companies that sell in the countryside, however, face poor infrastructure, widely dispersed customers, and other challenges. To better understand the obstacles and how to overcome them, the authors—researchers with Accenture—conducted extensive surveys and interviews with Indian business leaders in multiple industries. Their three-year study revealed several successful strategies for increasing revenues and profits in rural markets: Start with a good distribution plan. The most effective approaches are multipronged—for example, adding extra layers to existing networks and engaging local partners to create new ones. Mine data to identify prospective customers. Combining site visits, market surveys, and GIS mapping can help companies discover new buyers. Forge tight bonds with channel partners. It pays to spend time and money helping distributors and retailers improve their operations. Create durable ties with customers. Companies can build loyalty by addressing customers’ welfare and winning the trust of community leaders.

Those who govern on behalf of the rich have an incentive to persuade us we are alone in our struggle for survival, and that any attempts to solve our problems collectively – through trade unions, protest movements or even the mutual obligations of society – are illegitimate or even immoral. The strategy of political leaders such as Thatcher and Reagan was to atomize and rule. Neoliberalism leads us to believe that relying on others is a sign of weakness, that we all are, or should be, ‘self-made’ men and women. But even the briefest glance at social outcomes shows that this cannot possibly be true. If wealth were the inevitable result of hard work and enterprise, every woman in Africa would be a millionaire. The claims that the ultra-rich make for themselves – that they are possessed of unique intelligence or creativity or drive – are examples of the ‘self-attribution fallacy’.10 This means crediting yourself with outcomes for which you were not responsible. The same applies to the belief in personal failure that assails all too many at the bottom of the economic hierarchy today. From birth, this system of belief has been drummed into our heads: by government propaganda, by the billionaire media, through our educational system, by the boastful claims of the oligarchs and entrepreneurs we’re induced to worship. The doctrine has religious, quasi-Calvinist qualities: in the Kingdom of the Invisible Hand, the deserving and the undeserving are revealed through the grace bestowed upon them by the god of money. Any policy or protest that seeks to disrupt the formation of a ‘natural order’ of rich and poor is an unwarranted stay upon the divine will of the market. In school we’re taught to compete and are rewarded accordingly, yet our great social and environmental predicaments demand the opposite – the skill we most urgently need to learn is cooperation. We are set apart, and we suffer for it. A series of scientific papers suggest that social pain is processed11 by the same neural circuits as physical pain.12 This might explain why, in many languages, it is hard to describe the impact of breaking social bonds without the terms we use to denote physical pain and injury: ‘I was stung by his words’; ‘It was a massive blow’; ‘I was cut to the quick’; ‘It broke my heart’; ‘I was mortified’. In both humans and other social mammals, social contact reduces physical pain.13 This is why we hug our children when they hurt themselves: affection is a powerful analgesic.14 Opioids relieve both physical agony and the distress of separation. Perhaps this explains the link between social isolation and drug addiction.

In the wake of the Cognitive Revolution, gossip helped Homo sapiens to form larger and more stable bands. But even gossip has its limits. Sociological research has shown that the maximum ‘natural’ size of a group bonded by gossip is about 150 individuals. Most people can neither intimately know, nor gossip effectively about, more than 150 human beings. Even today, a critical threshold in human organisations falls somewhere around this magic number. Below this threshold, communities, businesses, social networks and military units can maintain themselves based mainly on intimate acquaintance and rumour-mongering. There is no need for formal ranks, titles and law books to keep order. 3A platoon of thirty soldiers or even a company of a hundred soldiers can function well on the basis of intimate relations, with a minimum of formal discipline. A well-respected sergeant can become ‘king of the company’ and exercise authority even over commissioned officers. A small family business can survive and flourish without a board of directors, a CEO or an accounting department. But once the threshold of 150 individuals is crossed, things can no longer work that way. You cannot run a division with thousands of soldiers the same way you run a platoon. Successful family businesses usually face a crisis when they grow larger and hire more personnel. If they cannot reinvent themselves, they go bust. How did Homo sapiens manage to cross this critical threshold, eventually founding cities comprising tens of thousands of inhabitants and empires ruling hundreds of millions? The secret was probably the appearance of fiction. Large numbers of strangers can cooperate successfully by believing in common myths. Any large-scale human cooperation – whether a modern state, a medieval church, an ancient city or an archaic tribe – is rooted in common myths that exist only in people’s collective imagination. Churches are rooted in common religious myths. Two Catholics who have never met can nevertheless go together on crusade or pool funds to build a hospital because they both believe that God was incarnated in human flesh and allowed Himself to be crucified to redeem our sins. States are rooted in common national myths. Two Serbs who have never met might risk their lives to save one another because both believe in the existence of the Serbian nation, the Serbian homeland and the Serbian flag. Judicial systems are rooted in common legal myths. Two lawyers who have never met can nevertheless combine efforts to defend a complete stranger because they both believe in the existence of laws, justice, human rights – and the money paid out in fees.

Hamilton argued that the security of liberty and property were inseparable and that governments should honor their debts because contracts formed the basis of public and private morality: “States, like individuals, who observe their engagements are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct.”The proper handling of government debt would permit America to borrow at affordable interest rates and would also act as a tonic to the economy. Used as loan collateral, government bonds could function as money—and it was the scarcity of money, Hamilton observed, that had crippled the economy and resulted in severe deflation in the value of land. America was a young country rich in opportunity. It lacked only liquid capital, and government debt could supply that gaping deficiency. The secret of managing government debt was to fund it properly by setting aside revenues at regular intervals to service interest and pay off principal. Hamilton refuted charges that his funding scheme would feed speculation. Quite the contrary: if investors knew for sure that government bonds would be paid off, the prices would not fluctuate wildly, depriving speculators of opportunities to exploit. What mattered was that people trusted the government to make good on repayment: “In nothing are appearances of greater moment than in whatever regards credit. Opinion is the soul of it and this is affected by appearances as well as realities.” Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.

When Robert Livingston, one of the American plenipotentiaries, asked the French negotiators precisely where the Purchase territories extended north-westwards, since very few Europeans, let alone cartographers, had ever set foot there, he was told that they included whatever France had bought off Spain in 1800, but beyond that they simply didn’t know. ‘If an obscurity did not already exist,’ Napoleon advised, ‘it would perhaps be a good policy to put one there.’98 The deal was done after nearly three weeks of tough haggling in Paris with Livingston and his fellow negotiator James Monroe, all conducted against the backdrop of the deteriorating situation over Amiens, and was concluded only days before the resumption of war. The financing was arranged via the Anglo-Dutch merchant banks Barings Brothers and Hopes, which in effect bought Louisiana from France and sold it on to the United States for $11.25 million of 6 per cent American bonds, meaning that the American government did not have to provide the capital immediately.99 As a result, Barings were paying Napoleon 2 million francs a month even when Britain was at war with France. When the prime minister, Henry Addington, asked the bank to cease the remittances Barings agreed, but Hopes, based on the continent, continued to pay and were backed by Barings – so Napoleon got his money and Barings and Hopes made nearly $3 million from the deal. ‘We have lived long,’ said Livingston when the deal was concluded, ‘but this is the noblest work of our whole lives. The treaty which we have just signed has not been obtained by art or dictated by force; equally advantageous to the two contracting parties, it will change vast solitudes into flourishing districts. From this day the United States take their place among the powers of first rank.

These senators and representatives call themselves “leaders.” One of the primary principles of leadership is that a leader never asks or orders any follower to do what he or she would not do themselves. Such action requires the demonstration of the acknowledged traits of a leader among which are integrity, honesty, and courage, both physical and moral courage. They don’t have those traits nor are they willing to do what they ask and order. Just this proves we elect people who shouldn’t be leading the nation. When the great calamity and pain comes, it will have been earned and deserved. The piper always has to be paid at the end of the party. The party is about over. The bill is not far from coming due. Everybody always wants the guilty identified. The culprits are we the people, primarily the baby boom generation, which allowed their vote to be bought with entitlements at the expense of their children, who are now stuck with the national debt bill that grows by the second and cannot be paid off. These follow-on citizens—I call them the screwed generation—are doomed to lifelong grief and crushing debt unless they take the only other course available to them, which is to repudiate that debt by simply printing up $20 trillion, calling in all federal bills, bonds, and notes for payoff, and then changing from the green dollar to say a red dollar, making the exchange rate 100 or 1000 green dollars for 1 red dollar or even more to get to zero debt. Certainly this will create a great international crisis. But that crisis is coming anyhow. In fact it is here already. The U.S. has no choice but to eventually default on that debt. This at least will be a controlled default rather than an uncontrolled collapse. At present it is out of control. Congress hasn’t come up with a budget in 3 years. That’s because there is no way at this point to create a viable budget that will balance and not just be a written document verifying that we cannot legitimately pay our bills and that we are on an ever-descending course into greater and greater debt. A true, honest budget would but verify that we are a bankrupt nation. We are repeating history, the history we failed to learn from. The history of Rome. Our TV and video games are the equivalent distractions of the Coliseums and circus of Rome. Our printing and borrowing of money to cover our deficit spending is the same as the mixing and devaluation of the gold Roman sisteri with copper. Our dysfunctional and ineffectual Congress is as was the Roman Senate. Our Presidential executive orders the same as the dictatorial edicts of Caesar. Our open borders and multi-millions of illegal alien non-citizens the same as the influx of the Germanic and Gallic tribes. It is as if we were intentionally following the course written in The History of the Decline and Fall of the Roman Empire. The military actions, now 11 years in length, of Iraq and Afghanistan are repeats of the Vietnam fiasco and the RussianAfghan incursion. Our creep toward socialism is no different and will bring the same implosion as socialism did in the U.S.S.R. One should recognize that the repeated application of failed solutions to the same problem is one of the clinical definitions of insanity. * * * I am old, ill, physically used up now. I can’t have much time left in this life. I accept that. All born eventually die and with the life I’ve lived, I probably should have been dead decades ago. Fate has allowed me to screw the world out of a lot of years. I do have one regret: the future holds great challenge. I would like to see that challenge met and overcome and this nation restored to what our founding fathers envisioned. I’d like to be a part of that. Yeah. “I’d like to do it again.” THE END PHOTOS Daniel Hill 1954 – 15

We began the show by asking: Who did more for the world, Michael Milken or Mother Teresa? This seems like a no-brainer. Milken is the greedy junk-bond king. One year, his firm paid him $550 million. Then he went to jail for breaking securities laws. Mother Teresa is the nun who spent her lifetime helping the poor and died without a penny. Her good deeds live on even after her death; several thousand sisters now continue the charities she began. At first glance, of course Mother Teresa did more for the world. But it's not so simple. Milken's selfish pursuit of profit helped a lot of people, too. Think about it: By pioneering a new way for companies to raise money, Milken created millions of jobs. The ignorant media sneered at 'junk bonds', but Milken's innovative use of them meant exciting new ideas flourished. We now make calls on a national cellular network established by a company called McCaw Cellular, which Milken financed. And our calls are cheaper because Milken's junk bonds financed MCI. CEO Bill McGowan simply couldn't get the money anywhere else. Without Milken, MCI wouldn't have grown from 11 to 50,000 employees. CNN's 24-hour news and Ted Turner's other left-wing ventures were made possible by Milken's 'junk'. The world's biggest toy company, Mattel, the cosmetics company Revlon, and the supermarket giant Safeway were among many rescued from bankruptcy by Milken's junk bonds. He financed more than 3,000 companies, including what are now Barnes & Noble, AOL Time Warner, Comcast, Mellon Bank, Occidental Petroleum, Jeep Eagle, Calvin Klein, Hasbro, Days Inn, 7-Eleven, and Computer Associates. Millions of people have productive employment today because of Michael Milken. (Millions of jobs is hard to believe, and when 'Greed' aired, I just said he created thousands of jobs; but later I met Milken, and he was annoyed with me because he claimed he'd created millions of jobs. I asked him to document that, to name the companies and the jobs, and he did.)

She had only to call and Mary would come, bringing all her faith, her youth and her ardour. Yes, she had only to call, and yet—would she ever be cruel enough to call Mary? Her mind recoiled at that word; why cruel? She and Mary loved and needed each other. She could give the girl luxury, make her secure so that she need never fight for her living; she should have every comfort that money could buy. Mary was not strong enough to fight for her living. And then she, Stephen, was no longer a child to be frightened and humbled by this situation. There was many another exactly like her in this very city, in every city; and they did not all live out crucified lives, denying their bodies, stultifying their brains, becoming the victims of their own frustrations. On the contrary, they lived natural lives—lives that to them were perfectly natural. They had their passions like everyone else, and why not? They were surely entitled to their passions? They attracted too, that was the irony of it, she herself had attracted Mary Llewellyn—the girl was quite simply and openly in love. 'All my life I've been waiting for something...' Mary had said that, she had said: 'All my' life I've been waiting for something...I've been waiting for you.' Men—they were selfish, arrogant, possessive. What could they do for Mary Llewellyn? What could a man give that she could not? A child? But she would give Mary such a love as would be complete in itself without children. Mary would have no room in her heart, in her life, for a child, if she came to Stephen. All things they would be the one to the other, should they stand in that limitless relationship; father, mother, friend, and lover, all things—the amazing completeness of it; and Mary, the child, the friend, the beloved. With the terrible bonds of her dual nature, she could bind Mary fast, and the pain would be sweetness, so that the girl would cry out for that sweetness, hugging her chains always closer to her. The world would condemn but they would rejoice; glorious outcasts, unashamed, triumphant!

Was this luck, or was it more than that? Proving skill is difficult in venture investing because, as we have seen, it hinges on subjective judgment calls rather than objective or quantifiable metrics. If a distressed-debt hedge fund hires analysts and lawyers to scrutinize a bankrupt firm, it can learn precisely which bond is backed by which piece of collateral, and it can foresee how the bankruptcy judge is likely to rule; its profits are not lucky. Likewise, if an algorithmic hedge fund hires astrophysicists to look for patterns in markets, it may discover statistical signals that are reliably profitable. But when Perkins backed Tandem and Genentech, or when Valentine backed Atari, they could not muster the same certainty. They were investing in human founders with human combinations of brilliance and weakness. They were dealing with products and manufacturing processes that were untested and complex; they faced competitors whose behaviors could not be forecast; they were investing over long horizons. In consequence, quantifiable risks were multiplied by unquantifiable uncertainties; there were known unknowns and unknown unknowns; the bracing unpredictability of life could not be masked by neat financial models. Of course, in this environment, luck played its part. Kleiner Perkins lost money on six of the fourteen investments in its first fund. Its methods were not as fail-safe as Tandem’s computers. But Perkins and Valentine were not merely lucky. Just as Arthur Rock embraced methods and attitudes that put him ahead of ARD and the Small Business Investment Companies in the 1960s, so the leading figures of the 1970s had an edge over their competitors. Perkins and Valentine had been managers at leading Valley companies; they knew how to be hands-on; and their contributions to the success of their portfolio companies were obvious. It was Perkins who brought in the early consultants to eliminate the white-hot risks at Tandem, and Perkins who pressed Swanson to contract Genentech’s research out to existing laboratories. Similarly, it was Valentine who drove Atari to focus on Home Pong and to ally itself with Sears, and Valentine who arranged for Warner Communications to buy the company. Early risk elimination plus stage-by-stage financing worked wonders for all three companies. Skeptical observers have sometimes asked whether venture capitalists create innovation or whether they merely show up for it. In the case of Don Valentine and Tom Perkins, there was not much passive showing up. By force of character and intellect, they stamped their will on their portfolio companies.

Mowbray! Been a while since you bothered with the season. What brings you to town?” Lord Adrian Montfort, Earl of Mowbray, shifted his gaze from the couples whirling past on the dance floor and to the man who approached: the tall, fair, eminently good-looking Reginald Greville. He and Greville, his cousin, had once been the best of friends. However, time and distance had weakened the bond—with a little help from the war with France, Adrian thought bitterly. Ignoring Reginald’s question, he offered a somewhat rusty smile in greeting, then turned his gaze back to the men and women swinging elegantly about the dance floor. He replied instead, “Enjoying the season, Greville?” “Certainly, certainly. Fresh blood. Fresh faces.” “Fresh victims,” Mowbray said dryly, and Reginald laughed. “That too.” Reginald was well-known for his success in seducing young innocents. Only his title and money kept him from being forced out of town. Shaking his head, Adrian gave that rusty smile again. “I wonder you never tire of the chase, Reg. They all look sadly similar to me. I would swear these were the very same young women who were entering their first season the last time I attended…and the time before that, and the time before that.” His cousin smiled easily, but shook his head. “It has been ten years since you bothered to come to town, Adrian. Those women are all married and bearing fruit, or well on their way to spinsterhood.” “Different faces, same ladies,” Adrian said with a shrug. “Such cynicism!” Reg chided. “You sound old, old man.” “Older,” Adrian corrected. “Older and wiser.” “No. Just old,” Reg insisted with a laugh, his own gaze turning to the mass of people moving before them. “Besides, there are a couple of real lovelies this year. That blonde, for instance, or that brunette with Chalmsly.” “Hmmm.” Adrian looked the two women over. “Correct me if I’m wrong, but my guess is that the brunette—lovely as she is—doesn’t have a thought in her head. Rather like that Lady Penelope you seduced when last I was here.” Reg’s eyes widened in surprise at the observation. “And the blonde…” Adrian continued, his gaze raking the woman in question and taking in her calculating look. “Born of parents in trade, lots of money, and looking for a title to go with it. Rather like Lily Ainsley. Another of your conquests.” “Dead-on,” Reginald admitted, looking a bit incredulous. His gaze moved between the two women and then he gave a harsh laugh. “Now you have quite ruined it for me. I was considering favoring one or both of them with my attentions. But now you have made them quite boring.” -Reg & Adrian

How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.

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