Bond Prices Quotes

A woman spent about ten minutes looking around the shop, then told me that she was a retired librarian. I suspect she thought that this was some sort of a bond between us. Not so. On the whole, booksellers dislike librarians. To realise a good price for a book, it has to be in decent condition, and there is nothing librarians like more than taking a perfectly good book and covering it with stamps and stickers before – and with no sense of irony – putting a plastic sleeve over the dust jacket to protect it from the public. The final ignominy for a book that has been in the dubious care of a public library is for the front free endpaper to be ripped out and a ‘DISCARD’ stamp whacked firmly onto the title page, before it is finally made available for members of the public to buy in a sale. The value of a book that has been through the library system is usually less than a quarter of one that has not.

Two phoenixes, born of fire, rising from the ashes of the past. The wheel of fate is turning and the Dragon is poised to strike. But blood of the deceiver may change the course of destiny. Beware the man with the painted smile who lingers close to your side. Turn the scorned. Free the enslaved. Fear the bonded men. Many will fall for one to ascend. Suffer the curse. The hunter will pay the price. Do not repeat the mistakes of the past. Keep the broken promise. Mend the rift. All that hides in the shadows is not dark. Blood will out. Seal your fate. Choose your destiny.

Sometimes, if you have faith in people they'll surprise you. Mom and Dad taught me that. Risk is the price of believing most people want to be good.

it is easier to deal with the devil you know, the price of avoiding primal separation and death anxiety is a partial suicide resolution in which one gives up on life. Peace is purchased at the cost of avoiding spontaneous feelings and encouraging a process of emotional anaesthesia—a trade-off in which primal anxieties are ameliorated by sacrificing the zest for life.

What would it be like to feel so attached, so intrinsically bonded, so protective of one’s own best connection with time and the ages, of generations past and future, of another human life, of their time?

When interest rates rise, bond prices fall. When interest rates fall, bond prices rise. In either case, if you hold a bond to the end of its term you will, barring default, get exactly what you paid for it.

Charles had tried to open the pond and called up for wolf to defeat the black magic and hadn't been able to. Brother Wolf had panicked because Charles had somehow mess up their bond—and then Anna threatened to leave them and Charles had panicked, too. If she hadn't allowed them to make love to her, to reestablish they're claim, things might have gotten... interesting, in the same way that a grizzly attack is interesting. Because neither he nor Brother Wolf was capable of letting her go. It had been a revelation. The bottom line was that he was selfish creature, Charles decided more cheerfully than he'd been about anything in a long time. He guided Anna around a hole in the ground with a subtle push of his hand on her hip. She probably had seen the hole, but it please him to take care of her in such a small way. He was willing to pay any price to keep safe...any price except for losing her.

On Lightlark and beyond, love had a price. Falling deeply and truly in love meant forming a bond that gave a beloved complete access to one’s abilities. They could do whatever they wished with it. Wield it, reject it. Even steal it.

FRIEND Only when you have walked with me through the valley of hardship... When you have fought beside me against an evil foe... When you have cried with me through a painful heartache... When you have laughed with me at life joyous moments... When you have held my hand in silent sorrow at my loss... When you have trusted me in spite of your doubts,,, When you have believed in me when I lacked confidence to believe in my self... When you have defended my honor against lying tongues... When you have prayed for me when I was temped to go wrong... When you have stood with me as others walked away... Then and only then can you call me friend. For then you truly know ME. Then you will have paid the price of sisterhood/brotherhood. Then you will have forged a bond that will transcend time and live beyond life. Then you will truly be called a FRIEND who sticks closer than a brother... © 2013 From the book Meditations From my Garden by Stella Payton

Where will it all end? In the destruction of all other command for the benefit of one alone - that of the state. In each man's absolute freedom from every family and social authority, a freedom the price of which is complete submission to the state. In the complete equality as between themselves of all citizens, paid for by their equal abasement before the power of their absolute master - the state. In the disappearance of every constraint which does not emanate from the state, and in the denial of every pre-eminence which is not approved by the state. In a word, it ends in the atomization of society, and in the rupture of every private tie linking man and man, whose only bond is now their common bondage to the state. The extremes of individualism and socialism meet: that was their predestined course.

It is not the dead rather the ones who lives through war have seen the dreadful end of the war, you might have been victorious, unwounded but deep within you, you carry the mark of the war, you carry the memories of war, the time you have spend with your comrades, the times when you had to dug in to foxholes to avoid shelling, the times when you hate to see your comrade down on the ground, feeling of despair, atrocities of the war, missing families, home. They live through hell and often the most wounded, they live with the guilt, despair, of being in the war, they may be happy but deep down they are a different person. Not everyone is a hero. You live with the moments, time when you were unsuccessful, when your actions would have helped your comrades, when your actions get your comrades killed, you live with regret, joyous in the victory can never help you forget the time you have spent. You are victorious for the people you have lost, the decisions you have made, the courage you have shown but being victorious in the war has a price to pay, irrevocable. You can't take a memory back from a person, even if you lose your memory your imagination haunts you as deep down your sub conscious mind you know who you are, who you were. Close you eyes and you can very well see your past, you cant change your past, time you have spent, you live through all and hence you are a hero not for the glorious war for the times you have faced. Decoration with medals is not going to give your life back. the more you know, more experiences doesn't make it easy rather make its worse. Arms and ammunition kills you once and free you from the misery but the experiences of war kills you everyday, makes you cherish the times everyday through the life. You may forgot that you cant walk anymore, you may forget you cant use your right hand, you may forgot the scars on your face but you can never forgot war. Life without war is never easy and only the ones how survived through it can understand. Soldiers are taught to fight but the actual combat starts after war which you are not even trained for. You rely on your weapon, leaders, comrades, god, luck in the war but here you rely on your self to beat the horrors,they have seen hell, heaven, they have felt the mixed emotions of hope, despair, courage, victory, defeat, scared.

Morgan then formed the U.S. Steel Corporation, combining Carnegie’s corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive. And so it went, in industry after industry—shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the “welfare state.

When interest rates rise, bond prices fall. When interest rates fall, bond prices rise. In either case, if you hold a bond to the end of its term you will, barring default, get exactly what you paid for it. Stage 6 As you’ve likely guessed, the length of the term of a bond is our third risk factor and it also helps determine the interest rate paid.

Cruelty links all three primitives [pleasure, pain, and desire]: Spinoza defines it as the desire to inflict pain on someone we love or pity. Financial speaking, cruelty is analogous to a convertible bond whose debt and equity depend on three economic underliers: the stock price, the level of interest rates, and the credit worthiness of the company's debt.

While our book may not recreate the lasting bond you had with your childhood doll, we find some comfort in knowing it's priced more competitively.

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 motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.

One of the reasons wars go on is because of the price both sides have paid in blood. After a while, even if the original reason no longer matters, you keep on fighting because you don’t want all those deaths to be in vain.

Investors who focus on currencies, bonds, and stock markets generally assume a normal distribution of price changes: values jiggle up and down, but extreme moves are unusual. Of course, extreme moves are possible, as financial crashes show. But between 1985 and 2015, the S&P 500 stock index budged less than 3 percent from its starting point on 7,663 out of 7,817 days; in other words, for fully 98 percent of the time, the market is remarkably stable.

Investment Owner’s Contract I, _____________ ___________________, hereby state that I am an investor who is seeking to accumulate wealth for many years into the future. I know that there will be many times when I will be tempted to invest in stocks or bonds because they have gone (or “are going”) up in price, and other times when I will be tempted to sell my investments because they have gone (or “are going”) down. I hereby declare my refusal to let a herd of strangers make my financial decisions for me. I further make a solemn commitment never to invest because the stock market has gone up, and never to sell because it has gone down. Instead, I will invest $______.00 per month, every month, through an automatic investment plan or “dollar-cost averaging program,” into the following mutual fund(s) or diversified portfolio(s): _________________________________, _________________________________, _________________________________. I will also invest additional amounts whenever I can afford to spare the cash (and can afford to lose it in the short run). I hereby declare that I will hold each of these investments continually through at least the following date (which must be a minimum of 10 years after the date of this contact): _________________ _____, 20__. The only exceptions allowed under the terms of this contract are a sudden, pressing need for cash, like a health-care emergency or the loss of my job, or a planned expenditure like a housing down payment or a tuition bill. I am, by signing below, stating my intention not only to abide by the terms of this contract, but to re-read this document whenever I am tempted to sell any of my investments. This contract is valid only when signed by at least one witness, and must be kept in a safe place that is easily accessible for future reference.

As a matter of fact, what investment can we find which offers real fixity or certainty of income? ... As every reader of this book will clearly see, the man or woman who invests in bonds is speculating in the general level of prices, or the purchasing power of money

As the bonds were all priced off the Moody’s rating, the most overpriced bonds were the bonds that had been most ineptly rated. And the bonds that had been most ineptly rated were the bonds that Wall Street firms had tricked the rating agencies into rating most ineptly.

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.

One man’s real estate crisis is another’s opportunity. All markets work in this way, providing investors with cash the chance to buy—stocks, bonds, real estate, and commodities—when prices are depressed. This reality is devoid of emotional weight and is the basic truth that keeps capitalist economies working.

I had always considered it an admirable thing to break away from security and respectability. Of course, it is easier for a man to do this. A man can look after himself, he can do without neighbours and the approval of the local society. A woman, I reasoned, would do anything for love provided it was not at the price of security; for a woman loves security as much as a man loves independence.

It is within your power to release yourself from mortal bonds. To be free of them.” “What? I don’t need to worry about the cold?” “Nope.” “Right.” She stuffed icy hands into the pockets of her jeans. “And apple strudel?” “Mind over matter.” A reluctant smile found her face. “Well, we’ve already established that you can breathe for me.” “Don’t underestimate yourself.” Daniel smiled back briefly. “This has to do more with you than me. Try it: Tell yourself that you are not cold, not hungry, not tired.” “All right.” Luce sighed. “I am not…” She’d started to mumble, disbelieving, but then she caught Daniel’s eye. Daniel, who believed she could do things she never thought she was capable of, who believed that her will meant the difference between having the halo and letting it slip away. She was holding it in her hands. Proof. Now he was telling her she had mortal needs only because she thought she did. She decided to give this crazy idea a try. She straightened her shoulders. She projected the words into the misty dusk. “I, Lucinda Price, am not cold, not hungry, not tired.” The wind blew, and the clock tower in the distance struck five-and something lifted off her so that she didn’t feel depleted anymore. She felt rested, equipped for whatever the night called for, determined to succeed. “Nice touch, Lucinda Price,” Daniel said. “Five senses transcended at five o’clock.” She reached for his wing, wrapped herself in it, let its warmth spread through her. This time, the weight of his wing welcomed her into a powerful new dimension. “I can do this.” Daniel’s lips brushed the top of her head. “I know.

Oli, I want you more than I’ve ever wanted anything in my life… except for how badly I want you to be safe. I want you as strong as we can get you, even if that means your bond starts eating every soul it comes across. Does that make me as bad as my father and the rest of the Resistance? Maybe. Maybe, but that’s the price I’ll happily pay. The road to hell for me is paved with everything I would do for you, and that list never fucking ends.

The writer's craft, explained! I have stood on the shores of imagination, gazing at a sea of dreams. It is a lonely place, for not many can stand on that shifting sand and call it home. I can see others who also weave a web of dreams and will share them. We are called storytellers and we alone have that gift that feed the needs of the many. We are a strange family, united in our separate talents and bonded by our willingness to share. The price we pay, is a dependence on others, reaching out to listen to our stories. WE must never forget our need for the herd or they will forget us! There is no savage punishment for such as we, than to be easily forgotten! This is our greatest fear and all of us share that terror. So write brothers and sisters, write and bare your souls without fear. If you are good enough, they will listen and they will remember you. Its all we can ask!

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 triple-A tranches all traded at one price, the triple-B tranches all traded at another, even though there were important differences from one triple-B tranche to another. As the bonds were all priced off the Moody’s rating, the most overpriced bonds were the bonds that had been most ineptly rated. And the bonds that had been most ineptly rated were the bonds that Wall Street firms had tricked the rating agencies into rating most ineptly. “I cannot fucking believe this is allowed,” said Eisman.

But what do I remember and value most? For me, it is the camaraderie, and the friendships--and of course Trucker, who is still one of my best friends on the planet. Some bonds are unbreakable. I will never forget the long yomps, the specialist training, and of course a particular mountain in the Brecon Beacons. But above all, I feel a quiet pride that for the rest of my days I can look myself in the mirror and know that once upon a time I was good enough. Good enough to call myself a member of the SAS. Some things don’t have a price tag.

Nominal assets are subject to a substantial inflation risk: if you invest 10,000 euros in a checking or savings account or a nonindexed government or corporate bond, that investment is still worth 10,000 euros ten years later, even if consumer prices have doubled in the meantime. In that case, we say that the real value of the investment has fallen by half: you can buy only half as much in goods and services as you could have bought with the initial investment, so that your return after ten years is −50 percent, which may or may not have been compensated by the interest you earned in the interim.

One example of a high-tech company that submits to a Graham type of analysis is Amazon.com. Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing.

Financial deregulation, easy credit and regulatory neglect combined with the degradation of our value system to create a religion of money and of power. The achievement of infinite wealth and fame became the ultimate standard, to be achieved at any price. The junk-bond peddlers and the raiders, the speculators and the savings-and-loan hustlers with their legions of consultants, their lobbyists and their friendly politicians, turned this country into a vast casino. Crimes were committed, crimes against the entire nation. These crimes will cost hundreds of billions of dollars. They have also undermined confidence in a system that was built up over generations. The nation will need a lengthy recovery from this madness.

The subprime market tapped a segment of the American public that did not typically have anything to do with Wall Street: the tranche between the fifth and the twenty-ninth percentile in their credit ratings. That is, the lenders were making loans to people who were less creditworthy than 71 percent of the population. Which of these poor Americans were likely to jump which way with their finances? How much did their home prices need to fall for their loans to blow up? Which mortgage originators were the most corrupt? Which Wall Street firms were creating the most dishonest mortgage bonds? What kind of people, in which parts of the country, exhibited the highest degree of financial irresponsibility? The default rate in Georgia was five times higher than that in Florida, even though the two states had the same unemployment rate. Why? Indiana had a 25 percent default rate; California, only 5 percent, even though Californians were, on the face of it, far less fiscally responsible. Why? Vinny and Danny flew down to Miami, where they wandered around empty neighborhoods built with subprime loans, and saw with their own eyes how bad things were. “They’d

For years the financial services have been making stock-market forecasts without anyone taking this activity very seriously. Like everyone else in the field they are sometimes right and sometimes wrong. Wherever possible they hedge their opinions so as to avoid the risk of being proved completely wrong. (There is a well-developed art of Delphic phrasing that adjusts itself successfully to whatever the future brings.) In our view—perhaps a prejudiced one—this segment of their work has no real significance except for the light it throws on human nature in the securities markets. Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied. Their interpretations and forecasts of business conditions, of course, are much more authoritative and informing. These are an important part of the great body of economic intelligence which is spread continuously among buyers and sellers of securities and tends to create fairly rational prices for stocks and bonds under most circumstances. Undoubtedly the material published by the financial services adds to the store of information available and fortifies the investment judgment of their clients.

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.

You can have no idea what it feels like to live in an ordinary woman’s skin. From the moment a girl is born she is tutored by her mother on what she may and may not do. The list of what she is allowed to do keeps on shrinking as she grows older—cover your head, lower your neck, conceal your breasts, hide your ankles, don’t go to the river alone, don’t step out in the evening, don’t laugh loudly, don’t ask questions, don’t expect answers … Then she marries and it only gets worse. A mother-in-law takes over to enforce the rules. Wake up first, sleep last. Cook feasts, eat leftovers. Feed sons, starve daughters. And when finally she grows older and the baton passes on to her, she starts battering the next generation with it, having seen nothing else in her life!’ ‘So are you saying women oppress women?’ I was surprised that her tirade was directed at mothers and mothers-in-law rather than at men. ‘Yes, precisely. Why blame the men alone? Why will they try to change an existing order in which they get a bonded slave to cook their food, wash their clothes, clean their homes, warm their beds, look after their aging parents and bear them children? But what reason do women have? Why do they fall all over themselves to tyrannise other women? Women can rescue each other. Women can refuse to starve, scare and suppress their daughters. They can be friends and comrades with their daughters-in-law. Women can look out for the safety of their house maids and farm labourers. Women can insist that other women be treated with respect and dignity. But for that they first need to stop feeling helpless and scared themselves. They need to stop needing a man to protect them. The price of that protection is just too high.

Since I did Selection all those years ago, not much has really changed. The MOD (Ministry of Defence) website still states that 21 SAS soldiers need the following character traits: “Physically and mentally robust. Self-confident. Self-disciplined. Able to work alone. Able to assimilate information and new skills.” It makes me smile now to read those words. As Selection had progressed, those traits had been stamped into my being, and then during the three years I served with my squadron they became molded into my psyche. They are the same qualities I still value today. The details of the jobs I did once I passed Selection aren’t for sharing publicly, but they included some of the most extraordinary training that any man can be lucky enough to receive. I went on to be trained in demolitions, air and maritime insertions, foreign weapons, jungle survival, trauma medicine, Arabic, signals, high-speed and evasive driving, winter warfare, as well as “escape and evasion” survival for behind enemy lines. I went through an even more in-depth capture initiation program as part of becoming a combat-survival instructor, which was much longer and more intense than the hell we endured on Selection. We became proficient in covert night parachuting and unarmed combat, among many other skills--and along the way we had a whole host of misadventures. But what do I remember and value most? For me, it is the camaraderie, and the friendships--and of course Trucker, who is still one of my best friends on the planet. Some bonds are unbreakable. I will never forget the long yomps, the specialist training, and of course a particular mountain in the Brecon Beacons. But above all, I feel a quiet pride that for the rest of my days I can look myself in the mirror and know that once upon a time I was good enough. Good enough to call myself a member of the SAS. Some things don’t have a price tag.

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.

Joseph protested: “But who has said that the King Messiah must be a second Authority, God forbid! The Messiah is sent to us, to Israel, to restore the Kingdom of Israel.” “Not the Kingdom of Israel alone, but the Kingdom of God for the whole world,” cried Saul, fervently. “Touching this point, I am utterly at one with the preacher. On this he spoke like one moved by the divine spirit, and I have never heard one who brought out more clearly the fullness of the meaning of the Messiah. It may indeed be that he crowned him with too much authority, making him almost the equal of God. Yet I say that if he had not applied these words to him that was hanged, if he, the preacher, had not claimed Yeshua of Nazareth to be the Messiah, he would be my best-beloved brother.” “Of whom dost thou speak, Saul?” “Of him, of the preacher who gave us the burning vision of the Day of Judgment, and of the coming of the Messiah,” answered Saul, his voice vibrant with warmth. “Do you, too, believe that the King of Messiah is, God forbid, a second Authority?” “I believe with perfect faith that he stands between us and God, and that all the Authorities have been relinquished into the hand of the King Messiah, to loosen the bonds of all that are bound, and to loosen the bonds of the world, and of all worlds, for all time,” answered Saul. “No, no,” argued bar Naba, “the King Messiah comes only for Israel, to restore the kingdom, as the Prophets have told us in the name of God.” “It is only the little of faith who await such a Messiah. And that Messiah is not worth the price we have paid with our waiting.” “But why can we not be like all the other peoples?” asked bar Naba. “But are we like the other peoples? Have we not been beaten and smitten and humiliated daily for the Messiah’s sake? Have we not denied ourselves the joys of this world, and still for his sake?” “But I am weary of carrying the burden of the world; I am weary of being the scapegoat for the sins of others. Is not Israel worthy of being an end unto himself?” “But I ask you, what is Israel if only an end unto itself? If it is a worm under the feet of the nations?  Israel is the light of the world, the guiding star of mankind. It is not asked whether it wills this or not. Israel has been elected to this end, as the Messiah was chosen before the creation of the world. Israel was elected to bear like a beast of burden, the yoke of the Torah, until God will send it a redeemer. And then will the redeemer bind the nations as the reaper binds the sheaves. He will bring them into the granary, under the wings of his glory. Israel will be the guiding star of heaven, the pillar of fire which goes before the whole world on the path of redemption. For such a mission no price of suffering is too high. Bar

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

New German conglomerates built mainly on the seizure of Jewish-owned companies sold bonds on the international market to raise capital to Aryanize still more companies at fire-sale prices.

Credit” is the third-person singular conjugation of the present tense of the Latin verb credere, “to believe.” It’s the most exceptional and interesting thing in the financial world. Similar leaps of belief underlie every human transaction in life: Your wife might cheat on you, but you hope otherwise. The online store you paid may not ship you your goods, but you trust otherwise. Credit derivatives are just the explicit encapsulations of such beliefs, in financial and contractual form, for corporate entities. Unlike other financial securities, such as shares of IBM stock or oil futures, a credit derivative is not even some theoretical value of a tangible good. It’s the perceived value of a complete intangible, the perception of the probability of meeting some future obligation. People often asked me in the early days of my tech career how I had gone from Wall Street to ads technology. Such a person almost certainly knew nothing about either industry, or the answer would have been obvious. I did the same thing the whole time: putting a price on a human’s perception, be it of a General Motors bond or a pair of shoes coveted on Zappos. It’s the same difference either way; only the scale of the money pile changes.

We know many among ourselves who have given themselves up to bonds, in order that they might ransom others. Many, too, have surrendered themselves to slavery, that with the price which they received for themselves, they might provide food for others.

We don’t start our lives in a state of independence and then face the challenge of creating some sort of relationship or bond with others. But when we are supposed to argue for the importance of a society we almost always start here: with an autonomous individual, and then we enumerate the reasons why he should create dependencies and relationships. – It’ll be easier to produce food. – It’ll be easier to defend ourselves against wild animals. – It will make him happier. – He can get help when he is sick. – He will live longer. There are many advantages to having other people around. As if we had ever had any other choice. The process is actually the opposite. We are born into other people’s demands and expectations. To be a child is to be almost completely dependent on others. We have never known anything else. Totally at the mercy of their hopes, demands, love, neuroses, traumas, disappointments and unrealized lives. To take care of a child is in a way to constantly be meeting the needs of another, and from this intimacy, the child must learn, step by step, to become more independent. As the feminist theorist Virginia Held has pointed out: the natural human state is to be enveloped by our dependency on others. The challenge is to break out of this and find one’s own identity. Carve out more and more space for one’s self. From within a context of other people, relationships and the world they bring, you set out to find what’s you. Those who take care of the child must themselves be able to support a separate identity. Not be swallowed by constant engagement or to be enticed into finding all of their value by being so completely needed by someone else. Managing to do this and to keep the relationships of mutual dependency healthy is the challenge that shapes most lives and societies. Every day and every hour. So many of the mental and emotional wounds that characterize our lives are created here. And perhaps it’s not strange that we are drawn to fantasies about things being different. Fantasies about being alone. Floating in an empty space with just an umbilical cord connecting us to our surroundings. That economic man doesn’t match up to reality is one thing. We’ve known that for years. What’s interesting is that we so dearly want him to align with reality. Apparently we want to be like him. We want his selfsufficiency, his reason and the predictable universe that he inhabits. Most of all, we seem to be prepared to pay a high price for it.

Crucially, most of the existing Harrah’s debt did not have to be refinanced. Because it was not secured by any collateral, suddenly Harrah’s could issue senior debt backed by the company’s assets. It would do so in the LBO deal, pushing $4.5 billion of existing debt to the bottom of the totem pole in a $25 billion debt stack. This was cruel. Those existing unsecured bonds crashed in price as they were last in line to be repaid. But the maneuver allowed Apollo and TPG to issue new debt more cheaply. And it illustrated one of the key legal principles that would echo through this case: Debtholders’ relationship with the company remains strictly contractual. Any rights they have must be bargained for and embedded in documents. The management and board of a company, in contrast, have fiduciary duties which dictate that they maximize shareholder value.

If subaltern voices are to be made visible in a fashion that parts ways with the cultural Left’s humanist playbook of empathetic imaginings, a new revolutionary grammar is needed. Indeed such a grammar requires constructing new bonds of solidarity, based not on common enemies or goals but, as just underlined, loss and peril. It is shared trauma (exploitation, dispossession, alienation, oppression) that enables political groups to forge alliances, but as chapter 4 emphasized, universal emancipation also means giving up a degree of privilege/enjoyment, especially on the part of the included. It is the curbing of enjoyment, after all, that underlies a politics of egalitarian justice, since the point is not to aspire to the lifestyle of the privileged, but to reconfigure the system to minimize “privilege” (i.e., social inequalities). This is particularly the case in our current environmental crisis, which increasingly demands making do without new wealth creation (e.g., public transit instead of personal automobiles, computers using recycled rather than new materials, etc.). As Eisenstein and McGowan state, everyone “claims to want solidarity, but few want to pay the price for it. It does not require hatred of an enemy or the willingness to kill for the collective but the self-inflicted violence of the rupture. The solidarity that forms in the rupture is a solidarity without ground because the bond that exists is nothing but the shared absence of ground” (2012, 94). Without self-violence, without the will to unplug from the system and its rewards, critique will only ever be the semblance of critique, reform without transformation.

Adjusting supply up and down contractually defines a bonding curve: the price relationship between the token supply and a corresponding asset used to purchase the tokens. In most implementations, investors sell back to the curve using the same price relationship.

To reiterate, in the upwave, debt is increased and financial wealth and obligations rise relative to tangible wealth to the point that these promises to pay in the future (i.e., the values of cash, bonds, and stocks) can’t be met. This causes “run on the bank”-type debt problems to emerge, which leads to the printing of money to try to relieve the problems of debt defaults and falling stock market prices, which leads to the devaluation of money and in turn to financial wealth going down relative to real wealth, until the real (inflation-adjusted) value of financial assets returns to being low relative to tangible wealth. Then the cycle begins again.

The last and perhaps most interesting class of stablecoins are non-collateralized. Not backed by any underlying asset and using algorithmic expansion and supply contraction to shift the price to the peg, they often employ a seigniorage model where the token holders in the platform receive the increase in supply when demand increases. When demand decreases and the price slips below the peg, these platforms issue bonds of some form, which entitle the holder to future expansionary supply before the token holders receive their share.

By choosing to remain boys they did not have to undergo the pain of severing the too-tight bonds with mothers who had smothered them with unconditional care. They could just find women to care for them in the same way that their moms had. When women failed to be like Mom, they acted out. Initially, as a young militant feminist, I was thrilled to find a man who was not into being the patriarch. And even the task of dragging him kicking and screaming into adulthood seemed worthwhile. In the end I believed I would have an equal partner, love between peers. But the price I paid for wanting him to become an adult was that he traded in his boyish playfulness and became the macho man I had never wanted to be with. I was the target of his aggression, blamed for cajoling him into leaving boyhood behind, and blamed for his fears that he was not up to the task of being a man. By the time our relationship ended, I had blossomed into a fully self-actualized feminist woman but I had almost lost my faith in the transformative power of love. My heart was broken. I left the relationship fearful that our culture was not yet ready to affirm mutual love between free women and free men.

Namely, the Indians had access to a valuable interior commodity that commanded high prices in Europe: beaver skins. Universally desired by the wealthy in their target markets, beaver skins quickly became the commercial link between New England and the Old World. At the same time, the transatlantic trade created symbiotic economic bonds between the Native Americans and the early colonists. Rather than becoming alarmed at sharing territory, as the colonists seemed ill equipped to venture inland, the Indians looked at the English settlements as trading posts. Adept at hunting beaver over the ages as part of their own winter clothing, the Native Americans had a competitive advantage in procuring a valuable commodity that the colonists were willing to trade for. Tracking the remote beaver in distant ponds and rivers was a labor-intensive task that the colonists left to experts.

Two Phoenixes, born of fire, rising from the ashes of the past. The wheel of fate is turning, and the Dragon is poised to strike. But blood of the deceiver may change the course of destiny. Beware the man with the painted smile who lingers close to your side. Turn the scorned. Free the enslaved. Fear the Bonded men. Many will fall for one to ascend. Suffer the curse. The hunter will pay the price. Do not repeat the mistakes of the past. Keep the broken promise. Mend the rift. All that hides in the shadows is not dark. Blood will out. Seal your fate. Choose your destiny. I

MMT recognizes that finance is not a limited resource. It is manufactured and created in the act of spending. In the modern world, the exclusive monopoly to issue the currency endows governments with unparalleled spending power. For MMT, that the issuer can spend without technical constraints is a rather trivial observation. What MMT stresses is that taxes and borrowing cannot pre-fund the issuer of the currency, as the currency must be provided before it can be used for tax collections or bond purchases. The substantive question for MMT then is how to deploy this spending power for achieving the two central macroeconomic goals: full employment and price stability.

The great irony of 2008 was that our belief in a system of accounting, a belief woven so deeply inside our collective psyche that we’re not even aware of it, made us vulnerable to fraud. Even when done honestly, accounting is sometimes little more than an educated guess. Modern accounting, especially at the big, international banks, has become so convoluted that it is virtually useless. In a comprehensive dissection in 2014, the Bloomberg columnist Matt Levine explained how a bank’s balance sheet is almost impossibly opaque. The “value” of a large portion of the assets on that balance sheet, he noted, is simply based on guesses made by the bank about the collectability of the loans they make, or of the bonds they hold, and the prices that they might fetch on the market, all measured against the offsetting and equally fuzzy valuation of their liabilities and obligations. If a guess is off by even 1 percent, it can turn a quarterly profit into a loss. Guessing whether a bank is actually profitable is like a pop quiz. “I submit to you that there is no answer to the quiz,” he wrote. “It is not possible for a human to know whether Bank of America made money or lost money last quarter.” A bank’s balance sheet, he said, is essentially a series of “reasonable guesses about valuation.” Make the wrong guesses, as Lehman and other troubled banks did, and you end up out of business.

Ach, I should’ve taken potions instead,” Thundar whispered. Khalik glanced at him. “Do you even have any interest in potions? I’ve heard it’s quite difficult.” “Yeah, but at least I’d have big-brain over here to teach me.” He nodded to Alex. Alex extended his hand toward the minotaur and tapped his empty palm. “You want the material conveyed? Then I got to be paid.” “We went through life and death together.” Thundar held up his charm-necklace. “That makes us bonded.” “We are bonded.” Alex smiled. “But bonds can be strengthened for the low, low price of—” “You’re a terrible friend.” “But I’d be a rich friend.

the data was plotted on mathematical diagrams that I invented. These revealed favorable situations and let me quickly specify the appropriate trades. Each day’s closing prices for a convertible and its stock were plotted as a color-coded dot on that particular convertible’s diagram. The diagrams were prepared with curves that were drawn by a computer from my formula and showed the “fair price” of the convertible. The beauty of this was that I could immediately see from the picture whether we had a profitable trading opportunity. If the dot representing the data was above the curve it meant the convertible was overpriced, leading to a possible hedge: Short the convertible, buy the stock. A data point close to or on the curve indicated the price was fair, which meant liquidate an existing position, do not enter a new one. Below the curve meant buy the convertible, short the stock. The distance of the dot from the curve showed me how much profit was available. If we thought it met our target, we tried to put on the trade the next day. The slope of the curve near the data point on my diagram gave me the hedge ratio, which is the number of shares of common stock to use versus each convertible bond, share of preferred, warrant, or option.

Duration” tells you how risky a bond is. The greater the duration, the greater the risk. For example, a ten-year bond has greater duration—and greater risk—than a one-year bond. That’s it. Mathematically, of course, duration is more complicated than this. It’s the length of time until you receive the average present value-weighted cash flow, and is itself a derivative (in calculus terms), of the partial differential equation that describes the price behavior of a bond.

As there can be no causeless wealth, so there can be no causeless love or any sort of causeless emotion. An emotion is a response to a fact of reality, an estimate dictated by your standards. To love is to value. The man who tells you that it is possible to value without values, to love those whom you appraise as worthless, is the man who tells you that it is possible to grow rich by consuming without producing and that paper money is as valuable as gold. “Observe that he does not expect you to feel a causeless fear. When his kind get into power, they are expert at contriving means of terror, at giving you ample cause to feel the fear by which they desire to rule you. But when it comes to love, the highest of emotions, you permit them to shriek at you accusingly that you are a moral delinquent if you’re incapable of feeling causeless love. When a man feels fear without reason, you call him to the attention of a psychiatrist; you are not so careful to protect the meaning, the nature and the dignity of love. “Love is the expression of one’s values, the greatest reward you can earn for the moral qualities you have achieved in your character and person, the emotional price paid by one man for the joy he receives from the virtues of another. Your morality demands that you divorce your love from values and hand it down to any vagrant; not as response to his worth, but as response to his need, not as reward, but as alms, not as a payment for virtues, but as a blank check on vices. Your morality tells you that the purpose of love is to set you free of the bonds of morality, that love is superior to moral judgment; that true love transcends, forgives and survives every manner of evil in its object, and the greater the love the greater the depravity it permits to the loved. To love a man for his virtues is paltry and human, it tells you; to love him for his flaws is divine. To love those who are worthy of it is self-interest; to love the unworthy is sacrifice. You owe your love to those who don’t deserve it, and the less they deserve it, the more love you owe them—the more loathsome the object, the nobler your love—the more unfastidious your love, the greater the virtue—and if you can bring your soul to the state of a dump heap that welcomes anything on equal terms, if you can cease to value moral values, you have achieved the state of moral perfection.

Love is the expression of one’s values, the greatest reward you can earn for the moral qualities you have achieved in your character and person, the emotional price paid by one man for the joy he receives from the virtues of another. Your morality demands that you divorce your love from values and hand it down to any vagrant; not as response to his worth, but as response to his need, not as reward, but as alms, not as a payment for virtues, but as a blank check on vices. Your morality tells you that the purpose of love is to set you free of the bonds of morality, that love is superior to moral judgment; that true love transcends, forgives and survives every manner of evil in its object, and the greater the love the greater the depravity it permits to the loved. To love a man for his virtues is paltry and human, it tells you; to love him for his flaws is divine. To love those who are worthy of it is self-interest; to love the unworthy is sacrifice. You owe your love to those who don’t deserve it, and the less they deserve it, the more love you owe them—the more loathsome the object, the nobler your love—the more unfastidious your love, the greater the virtue—and if you can bring your soul to the state of a dump heap that welcomes anything on equal terms, if you can cease to value moral values, you have achieved the state of moral perfection. “Such is your morality of sacrifice and such are the twin ideals it offers: to refashion the life of your body in the image of a human stockyard, and the life of your spirit in the image of a dump. “Such was your goal—and you’ve reached it. Why do you now moan complaints about man’s impotence and the futility of human aspirations? Because you were unable to prosper by seeking destruction? Because you were unable to find joy by worshipping pain? Because you were unable to live by holding death as your standard of value? “The degree of your ability to live was the degree to which you broke your moral code, yet you believe that those who preach it are friends of humanity, you damn yourself and dare not question their motives or their goals. Take a look at them now, when you face your last choice—and if you choose to perish, do so with full knowledge of how cheaply so small an enemy has claimed your life.

However, a small flaw developed in this market that had dire consequences years later. No one added the coupon accrued interest to their Repo transactions. Coupon accrued interest is the interest that accrues on a bond between semi-annual coupon payment dates. Basically, a bond accrues a little bit of interest each day. The value of a bond increases each day by that small amount of one day’s worth of coupon interest. In the 1950s Repo market, in order to keep things simple, Repo transactions were priced with just the principal amount of the trade. The bond’s Repo price was calculated by simply multiplying the bond’s par amount by the market price. No one added on the accrued interest. Picture this: It’s the 1950s and you don’t have a mainframe computer, calculator, or even a phone that makes basic calculations. Yes, there were hand calculations and tables that the back-office used to calculate yields and bond prices, but can you imagine how long that takes? At the time, it made back-office work just a lot easier by leaving the coupon accrued interest off of the trade. This had dire consequences down the road.

Overall, it was a pretty good trading strategy. He made money in two out of three possible scenarios. If bond prices went down, he made a lot of money. If the market stayed the same, he earned free interest on the cash. If the Treasury market rallied, he risked a pretty big loss. And guess what? Between February 1982 and May 1982, the Treasury market reversed its decline and started to rally. This was the one chance in three that he wasn’t hoping for. When the May 15, 1982, coupon interest payments were due on a Monday, Drysdale was wiped out and didn’t have enough money to make the payments. That Sunday evening, Heuwetter called Drysdale's clearing bank, Chase Manhattan, and informed them that "we may have a problem" meeting the $160 million interest payment due the next day. Could Chase possibly lend Drysdale $200 million to tide them over? What he didn’t tell them was that, yes, the market rally had wiped them out, but the problem was even worse than that. Drysdale had conducted its Repo trading mostly through Chase's Securities Lending Department.

It’s importance, however, is bigger than that. Treasury securities are the risk-free yield curve for all of the financial markets. That’s right, the yields of Treasury Bills, Notes, and Bonds from overnight to 30 years make up a yield curve that is used to price all other fixed-income securities. The Treasury market is the reference rate for interest rates. Treasurys are a tool for pricing corporate bonds, municipal bonds, emerging market bonds, federal agencies, mortgage-backed securities, and other dollar assets. On top of that, they’re also a tool for speculation and hedging risk.

Treasury Bills are the shortest securities, and they’re discount securities[8]. The Treasury regularly issues 1 Month, 2 Month, 3 Month, 6 Month, and Year Bills. Treasury Notes are securities that were originally issued with maturities between 2 years and 10 years. Currently, the Treasury issues 2 Year Notes, 3 Year Notes, 5 Year Notes, 7 Year Notes, and 10 Year Notes. In the past, there was a 4 Year Note, but it was discontinued. Treasury Bonds[9] are securities originally issued with maturities of either 20 or 30 years. Treasury securities are issued on a very regular schedule. Auction schedules are announced by the Treasury and don’t change very often. Keeping Treasury securities regular and predictable helps keeps the market liquid, and therefore reduces funding costs, in theory, for the government. On top of that, large liquid Treasury issues are good for the financial markets. Just remember, large and liquid is certainly better than small and illiquid! Small issues can experience price distortions, so the Treasury will make adjustments in their debt sales to keep the market liquid, running smoothly and predictably.

But three flaws still existed. There was no regulation. With all the growth in the market, there were no calls to regulate Repo financing, securities dealers, or government bonds. The securities rules set up in the 1930s mainly targeted individual investors, the stock market, and banks. For years, there was never an outcry to regulate the government bond market. Large, sophisticated investors buying and selling AAA-rated, risk free, government bonds was not high on the to-do list. And free markets were much more a rallying cry in the 1980s than it is today. Then, and this is a big one, it was still market convention to price Repo transactions without including the coupon accrued interest. Accrued interest was basically just ignored by the Repo market. Third, there was uncertainty in terms of the legal status of Repo. What happened if a Repo counterparty went bankrupt or became insolvent? Was Repo a secured loan or a sale with an agreement to repurchase? No one really knew and it was never tested. Even the bankruptcy court was unsure whether a Repo was a collateralized loan or a sale and buy-back.

David Heuwetter was the head trader at Drysdale Government Securities and had a great trading idea. It was really more of a scheme to take advantage of the difference in the market convention between outright Treasury purchases and Repo trades. Still at this time, when someone bought and sold a U.S. Treasury outright, the securities settled with the coupon accrued interest added to the purchase price. That is, when you bought a U.S. Treasury, you had to pay for the amount of interest which had already accrued on the security since the last coupon payment date. When interest rates were low, the accrued interest was small, even negligible. However, in the early 1980s, interest rates shot up above 10%, which meant there was a lot of interest accruing on bonds each day.  Heuwetter realized he could short-sell U.S. Treasurys outright and deliver the securities to the buyer and receive the price plus the accrued interest. Then, when he borrowed the securities in the Repo market, he only had to pay the purchase price. He was getting the full use of the accrued interest on the bonds at no cost.

Auto towing is about more than hooking a car up to a towing truck, with Towing Spring Pros its about making sure that every car on the road gets to where they’re going. Towing Spring Pros has been a part of the Spring community and proudly they have helped to build up the services provided for Spring drivers. Establishing their honest pricing policy and making sure they are fully licensed and bonded, Towing Spring has put their best foot forward in making a name for the auto-towing services in Spring! Whether you need emergency towing services or roadside assistance their 24/7 dispatch service will get them to your side. Give is a call (832) 919-8783 and get the best towing & roadside help in Spring, TX and nearby areas.

It was eat or be eaten, which meant we couldn’t forget about them for a second. The human nervous system developed as an early-warning animal detection device, scanning 24/7 for any hint of an approaching heartbeat. Animals were simultaneously our dearest friends and our deadliest enemies, and after 300,000 years, you don’t just end a bond like that without paying a price. When we close ourselves off from the natural world, Wilson was convinced, we’re messing with forces we don’t understand. We’re changing our address with no idea where we’re going.

Ah, you want the tale of Anaxantis. I see. Of Anaxantis of the House of Tanahkos, Prince of Ximerion. You want wisdom and hot blood all in one. You like your tales strong and bitter. You want to hear about the downfall of a prince. You want to know how royal blood came to flow so low. I can tell you that tale, but not in one evening. And every evening you must pay my price anew. I know shorter tales.

A bond price, for example, will grow with accrued interest between two coupon cuttings. That growth in its value is not income but increase of capital. Only when the coupon is detached does the bond render, or give off, a service, and so yield income. The income consists in the event of such off-giving, the yielding or separation, to use the language of the United States Supreme Court. If the coupon thus given off is reinvested in another bond, that event is outgo, and offsets the simultaneous income realized from the first bond. There is then no net income from the group but only growth of capital. If the final large payment of the principal is commonly thought of not as income (which it is if not reinvested) but as capital it is because it is usually and normally so reinvested.

Society means a community of ideas; without shared ideas on politics, morals, and ethics no society can exist. Each one of us has ideas about what is good and what is evil; they cannot be kept private from the society in which we live. If men and women try to create a society in which there is no fundamental agreement about good and evil they will fail; if having based it upon a common set of core values, they surrender those values, it will disintegrate. For society is not something that can be kept together physically; it is held by the invisible but fragile bonds of common beliefs and values. … A common morality is part of the bondage of a good society, and that bondage is part of the price of society which mankind must pay.

They bought blocks of bonds priced from 80 to 82 cents on the dollar, paying for them in bank notes worth half their face value!

An interest rate is the cost of borrowing or the price paid for the rental of funds (usually expressed as a percentage of the rental of $100 per year). Many types of interest rates are found in the economy—mortgage interest rates, car loan rates, and interest rates on many different types of bonds.

To fit into the Golden Straitjacket a country must either adopt, or be seen as moving toward, the following golden rules: making the private sector the primary engine of its economic growth, maintaining a low rate of inflation and price stability, shrinking the size of its state bureaucracy, maintaining as close to a balanced budget as possible, if not a surplus, eliminating and lowering tariffs on imported goods, removing restrictions on foreign investment, getting rid of quotas and domestic monopolies, increasing exports, privatizing state-owned industries and utilities, deregulating capital markets, making its currency convertible, opening its industries, stock and bond markets to direct foreign ownership and investment, deregulating its economy to promote as much domestic competition as possible, eliminating government corruption, subsidies and kickbacks as much as possible, opening its banking and telecommunications systems to private ownership and competition and allowing its citizens to choose from an array of competing pension options and foreign-run pension and mutual funds. When you stitch all of these pieces together you have the Golden Straitjacket. . . . As your country puts on the Golden Straitjacket, two things tend to happen: your economy grows and your politics shrinks. That is, on the economic front the Golden Straitjacket usually fosters more growth and higher average incomes—through more trade, foreign investment, privatization and more efficient use of resources under the pressure of global competition. But on the political front, the Golden Straitjacket narrows the political and economic policy choices of those in power to relatively tight parameters. . . . Governments—be they led by Democrats or Republicans, Conservatives or Labourites, Gaullists or Socialists, Christian Democrats or Social Democrats—that deviate too far from the core rules will see their investors stampede away, interest rates rise and stock market valuations fall.36

Churchill made a point about the power of government: A National or Municipal Beef Trust, with the United States Treasury at its back, might indeed give more regular employment at higher wages to its servants, and might sell cleaner food to its customers—at a price. But if evil systems corrupt good men, it is no less true that base men will dishonor any system, and while no bond of duty more exacting than that of material recompense regulates the relations of man and man, while no motion more lofty than that of self-interest animates the exertions of every class, and no hope beyond the limits of this fleeting world lights the struggles of humanity, the most admirable systems will merely succeed in transferring, under different forms and pretexts, the burden of toil, misery, and injustice from one set of human shoulders to another.

Phase I – The absolute destruction of the heathen world. Phase II – Muslims will inherit the earth and everything in it.  Upon what, in the Quran, is this plan for world conquest based? “Those who reject Islam must be killed. If they turn back (from Islam), take (hold of) them and kill them wherever you find them…” (Surah 4:89) “So, when you meet those who disbelieve, smite (their) necks till when you have killed and wounded many of them, then bind a bond firmly (on them, as captives).” Surah 47:4

In response to current events, people often reach for historical analogies, and this occasion was no exception. The trick is to choose the right analogy. In August 2007, the analogies that came to mind—both inside and outside the Fed—were October 1987, when the Dow Jones industrial average had plummeted nearly 23 percent in a single day, and August 1998, when the Dow had fallen 11.5 percent over three days after Russia defaulted on its foreign debts. With help from the Fed, markets had rebounded each time with little evident damage to the economy. Not everyone viewed these interventions as successful, though. In fact, some viewed the Fed’s actions in the fall of 1998—three quarter-point reductions in the federal funds rate—as an overreaction that helped fuel the growing dot-com bubble. Others derided what they perceived to be a tendency of the Fed to respond too strongly to price declines in stocks and other financial assets, which they dubbed the “Greenspan put.” (A put is an options contract that protects the buyer against loss if the price of a stock or other security declines.) Newspaper opinion columns in August 2007 were rife with speculation that Helicopter Ben would provide a similar put soon. In arguing against Fed intervention, many commentators asserted that investors had grown complacent and needed to be taught a lesson. The cure to the current mess, this line of thinking went, was a repricing of risk, meaning a painful reduction in asset prices—from stocks to bonds to mortgage-linked securities. “Credit panics are never pretty, but their virtue is that they restore some fear and humility to the marketplace,” the Wall Street Journal had editorialized, in arguing for no rate cut at the August 7 FOMC meeting.

The reporting of the size is tiered up to $10m for investment grade debt, and $5m for junk bonds. But if an asset manager sells a $100m chunk of bonds to an investment bank at a discount due to the big size, that becomes the new market price, making it difficult for the bank to gradually sell down the position at a profit — discouraging it from playing the traditional market-making role. The industry is keen to help unclog corporate bond trading by introducing a one-day delay to publishing bigger trades on Trace.

The key point is that, in principle, interest income is the change in price associated with the passage of time. Capital gains and losses are the changes in price related to changes in value—for bonds that means a change in the yield. We'll see in Chapter 4 when we get into bond taxation how well these economic principles hold up in practice.

Andrew Hall may be positioning himself now for the next coming boom cycle, but the market will need more than the predictions of some good traders to turn around. One thing that absolutely must happen is a real and measurable leveling off of production here in the U.S. Early in the bust phase for shale, with crude prices, budgets, and rig counts collapsing, I was of the opinion that indeed, production cuts would come a whole lot sooner than either the EIA or most of the bank analysts believed was possible. But I’ve been impressed by the free flow of capital that has come in to the markets looking to ‘save’ shale oil companies from their excesses, and slowing what I thought would be a violent progression of bond defaults and outright bankruptcies. In a recent note on the state of E+P, Morgan Stanley also noted the trend, when one of its analysts, Evan Calio, wrote: “Secondary offerings have been positively received by investors as a means to shore up balance sheets and pre-fund drilling programs in light of falling crude prices. Secondary offerings remain a logical way to delever [a financial term meaning to reduce debt], but also has the potential to extend the trough rather than hasten its arrival.” (emphasis mine). In other words, there is too much money still chasing oil for a quick weeding out of the weaklings. We might see a longer period of ‘survivability’ before the real wall hits.

Before wrapping up this chapter, let us look at one of the deadly scams in the Indian primary market history. There was company named ‘MS shoes east’. Shares of this company traded in Rs 150-200 range throughout the year 1994. But towards December 1994 it spurted to Rs 500 without any justifiable rationale behind the raise. Its promoter Pavan Sachedeva and his broker artificially manipulated the stock price to this level.   By February 1995, the company devised an expansion plan for an estimated expense Rs 700 crores. It proposed to raise around Rs 428 crores by means of Fully convertible bonds. These bonds were to be sold at Rs 199 each through public issue. The idea was to provoke people to subscribe the issue with a hope of converting this bond of Rs 199 to a share of Rs 500.   Well, his brokers was constantly buying the stocks from the open market to maintain the price at that high level. But the situation had already worsened. He had bought too much and had too little money at hand that he could not pay the stock exchange for all the purchases he made. BSE could not give money to the sellers of that security. Things turned out to be serious. You may find it hard to believe  - the BSE was shut down for three consecutive days without any business.   Before this drama came to light, FCD ('Fully Convertible Debenture) public issue was a big success and it almost stole the show. Delighted by the overwhelming response from the investing community, MS Shoes had announced to close the public issues few days before the stipulated time. The world came to know that the cruel plan of manipulating the stock price was only to push the bond issue successfully. Even the authorities woke up to the problem. The company was issued a notice. And also it allowed the investors to take back their FCD application. Almost all the investors took back. Even the underwriter refused to buy the unsold portion of the issue because the company had voluntarily announced to close the issue before the end date. The ruling was in favor the underwriter. Sachedeva declared himself to be innocent. MS shoes office resembled a mourning house with  deserted look.   There was one Sachedeva who came to light. There were and probably still are more of them out there.

Need to bail out of Jail? Call Dennis Blackwell Bail Bonds at (719) 390-3930 24/7 and get the best price on bail bonds gauranteed. The best Bail Bonds Company, serving Colorado Springs, Co for over 22 years.

And they had aall things common among them; therefore there were not rich and poor, bond and free, but they were all made free, and partakers of the heavenly bgift

My Everest story would be incomplete if I didn’t give final credit to the Sherpas who had risked their lives alongside us every day. Pasang and Ang-Sering still climb together as best friends, under the direction of their Sirdar boss--Kami. The Khumba Icefall specialist, Nima, still carries out his brave task in the jumbled ice maze at the foot of the mountain: repairing and fixing the route through. Babu Chiri, who so bravely helped Mick when he ran out of oxygen under the South Summit, was tragically killed in a crevasse in the Western Cwm several years later. He was a Sherpa of many years’ Everest experience, and was truly one of the mountain’s greats. It was a huge loss to the mountaineering fraternity. But if you play the odds long enough you will eventually lose. That is the harsh reality of high-altitude mountaineering. You can’t keep on top of the world forever. Geoffrey returned to the army, and Neil to his business. His toes never regained their feeling, but he avoided having them amputated. But as they say, Everest always charges some sort of a price, and in his own words--he got lucky. As for Mick, he describes his time on Everest well: “In the three months I was away, I was both happier than ever before, and more scared than I ever hope to be again.” Ha. That’s also high-altitude mountaineering for you. Thengba, my friend, with whom I spent so much time alone at camp two, was finally given a hearing aid by Henry. Now, for the first time, he can hear properly. Despite our different worlds, we shared a common bond with these wonderful Sherpa men--a friendship that was forged by an extraordinary mountain. Once, when the climber Julius Kugy was asked what sort of person a mountaineer should be, he replied: “Truthful, distinguished, and modest.” All these Sherpas epitomize this. I made the top with them, and because of their help, I owe them more than I can say. The great Everest writer Walt Unsworth, in his book Everest: The Mountaineering History, gives a vivid description of the characters of the men and women who pit their all on the mountain. I think it is bang on the money: But there are men for whom the unattainable has a special attraction. Usually they are not experts: their ambitions and fantasies are strong enough to brush aside the doubts which more cautious men might have. Determination and faith are their strongest weapons. At best such men are regarded as eccentric; at worst, mad… Three things they all had in common: faith in themselves, great determination, and endurance. If I had to sum up what happened on that journey for me, from the hospital bed to the summit of the world, I tend to think of it as a stumbling journey. Of losing my confidence and my strength--then refinding it. Of seeing my hope and my faith slip away--and then having them rekindled. Ultimately, if I had to pass on one message to my children it would be this: Fortune favors the brave. Most of the time.

This is a manifestation of mean aversion of bond returns. Mean aversion implies that once an asset’s return deviates from its long-run average, there is an increased chance that it will deviate further, rather than return to more normal levels. Mean aversion of bond returns is especially characteristic of hyperinflations, where price changes proceed at an accelerating pace, rendering paper assets worthless. But mean aversion is also present in the more moderate inflations that have impacted the United States and other developed economies. Once infla- tion begins to accelerate, the inflationary process becomes cumulative, and bondholders have virtually no chance of making up losses in their purchasing power. In contrast, stockholders who hold claims on real assets rarely suffer a permanent loss due to inflation.

By allowing for new shares to be issued at prices well below those that the Greek state had paid (during the injection of almost 40 billion euros into the banks), and at once banning the state from buying into these shares, the state’s shares lost value and its equity in the banks was diluted substantially. In short, the public was shortchanged, in ways not dissimilar to those that transpired in Ireland that very same week, when the Irish central bank was forced to unload the Irish government bonds it had received for its promissory notes. And what was the common thread between these fresh assaults on the Irish and the Greek people? Europe’s custodian of the euro, the defender of the monetary realm, the pursuer of Europe’s common interest: the European Central Bank.

Financial market data – specifically, movements in the prices of government bonds – strongly reinforce the impression that the war came as a surprise to the people who had the biggest incentive to anticipate it.

financial markets saw the war of 1914–18 coming, we should expect to see declines in bond prices or rises in bond yields (since the yield is essentially the interest paid on a bond divided by its market price).

When bond prices fall, interest rates soar, with painful consequences for all borrowers.

Buying a 100,000 yen bond keeps the capital sum safe while also providing regular payments to the saver. To be precise, the bond pays a fixed rate or ‘coupon’ of 1.5 per cent: 1,500 yen a year in the case of a 100,000 yen bond. But the market interest rate or current yield is calculated by dividing the coupon by the market price, which is currently 102,333 yen: 1,500 ÷ 102,333 = 1.47 per cent.

suppose they began to worry about the health of the Japanese currency, the yen, in which bonds are denominated and in which the interest is paid. In such circumstances, the price of the bond would drop as nervous investors sold off their holdings. Buyers would only be found at a price low enough to compensate them for the increased risk of a Japanese default or currency depreciation.

Despite the South’s military setbacks, they retained their value for most of the war for the simple reason that the price of the underlying security, cotton, was rising as a consequence of increased wartime demand. Indeed, the price of the bonds actually doubled between December 1863 and September 1864, despite the Confederate defeats at Gettysburg and Vicksburg, because the price of cotton was soaring.

the shortage of cotton also drove up the price and hence the value of the South’s cotton-backed bonds, making them an irresistibly attractive investment for key members of the British political elite.

Countries competing against one another in the same array of products and services is not covered by Ricardian trade theory.   Offshoring doesn’t fit the Ricardian or the competitive idea of free trade. In fact, offshoring is not trade.   Offshoring is the practice of a firm relocating its production of goods or services for its home market to a foreign country. When an American firm moves production offshore, US GDP declines by the amount of the offshored production, and foreign GDP increases by that amount. Employment and consumer income decline in the US and rise abroad. The US tax base shrinks, resulting in reductions in public services or in higher taxes or a switch from tax finance to bond finance and higher debt service cost.   When the offshored production comes back to the US to be marketed, the US trade deficit increases dollar for dollar. The trade deficit is financed by turning over to foreigners US assets and their future income streams. Profits, dividends, interest, capital gains, rents, and tolls from leased toll roads now flow from American pockets to foreign pockets, thus worsening the current account deficit as well.   Who benefits from these income losses suffered by Americans? Clearly, the beneficiary is the foreign country to which the production is moved. The other prominent beneficiaries are the shareholders and the executives of the companies that offshore production. The lower labor costs raise profits, the share price, and the “performance bonuses” of corporate management.   Offshoring’s proponents claim that the lost incomes from job losses are offset by benefits to consumers from lower prices. Allegedly, the harm done to those who lose their jobs is more than offset by the benefit consumers in general get from the alleged lower prices. Yet, proponents are unable to cite studies that support this claim. The claim is based on the unexamined assumption that offshoring is free trade and, thereby, mutually beneficial.   Proponents of jobs offshoring also claim that the Americans who are left unemployed soon find equal or better jobs. This claim is based on the assumption that the demand for labor ensures full employment, and that people whose jobs have been moved abroad can be retrained for new jobs that are equal to or better than the jobs that were lost.   This claim is false.

MRS BROWN STARED at Paddington in amazement. “Harold Price wants you to be an usher at his wedding?” she repeated. “Are you sure?

In sum, the most commonly used stock and bond market benchmark indexes cause economic harm, distort pricing information, and cause financial behaviours that are inimical with the EU’s aspirations for a competitive low carbon economy.

At the end of 2012, the yield on nominal bonds was about 2 percent. The only way that bonds could generate a 7.8 percent real return is if the consumer price index fell by nearly 6 percent per year over the next 30 years. Yet a deflation of this magnitude has never been sustained by any country in world history.

To understand what that means in commonsense terms, consider a person who plans to live off the income from $1 million invested in T-bills. Suppose he retires in a given year and converts his investments into an inflation-protected annuity with a return of 4% to 5%. He will receive an annual income of $40,000 to $50,000. But now suppose he retires a few years later, when the return on the annuity has dropped to 0.5%. His annual income will now be only $5,000. Yes, the $1 million principal amount was fully insured and protected, but you can see that he cannot possibly live on the amount he will now receive. T-bills preserve principal at all times, but the income received on them can vary enormously as return on the annuity goes up or down. Had the retiree bought instead a long-maturity U.S. Treasury bond with his $1 million, his spendable income would be secure for the life of the bond, even though the price of that bond would fluctuate substantially from day to day. The same holds true for annuities: Although their market value varies from day to day, the income from an annuity is secure throughout the retiree’s life.

No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).