Borrowing People Money Quotes

People who want to make a million borrow a million first

All the same, I should like it all plain and clear," said he obstinately, putting on his business manner (usually reserved for people who tried to borrow money off him), and doing his best to appear wise and prudent and professional and live up to Gandalf's recommendation. "Also I should like to know about risks, out-of-pocket expenses, time required and remuneration, and so forth"--by which he meant: "What am I going to get out of it ? and am I going to come back alive?

The Western States nervous under the beginning change. Texas and Oklahoma, Kansas and Arkansas, New Mexico, Arizona, California. A single family moved from the land. Pa borrowed money from the bank, and now the bank wants the land. The land company--that's the bank when it has land --wants tractors, not families on the land. Is a tractor bad? Is the power that turns the long furrows wrong? If this tractor were ours it would be good--not mine, but ours. If our tractor turned the long furrows of our land, it would be good. Not my land, but ours. We could love that tractor then as we have loved this land when it was ours. But the tractor does two things--it turns the land and turns us off the land. There is little difference between this tractor and a tank. The people are driven, intimidated, hurt by both. We must think about this. One man, one family driven from the land; this rusty car creaking along the highway to the west. I lost my land, a single tractor took my land. I am alone and bewildered. And in the night one family camps in a ditch and another family pulls in and the tents come out. The two men squat on their hams and the women and children listen. Here is the node, you who hate change and fear revolution. Keep these two squatting men apart; make them hate, fear, suspect each other. Here is the anlarge of the thing you fear. This is the zygote. For here "I lost my land" is changed; a cell is split and from its splitting grows the thing you hate--"We lost our land." The danger is here, for two men are not as lonely and perplexed as one. And from this first "we" there grows a still more dangerous thing: "I have a little food" plus "I have none." If from this problem the sum is "We have a little food," the thing is on its way, the movement has direction. Only a little multiplication now, and this land, this tractor are ours. The two men squatting in a ditch, the little fire, the side- meat stewing in a single pot, the silent, stone-eyed women; behind, the children listening with their souls to words their minds do not understand. The night draws down. The baby has a cold. Here, take this blanket. It's wool. It was my mother's blanket--take it for the baby. This is the thing to bomb. This is the beginning--from "I" to "we." If you who own the things people must have could understand this, you might preserve yourself. If you could separate causes from results, if you could know Paine, Marx, Jefferson, Lenin, were results, not causes, you might survive. But that you cannot know. For the quality of owning freezes you forever into "I," and cuts you off forever from the "we." The Western States are nervous under the begining change. Need is the stimulus to concept, concept to action. A half-million people moving over the country; a million more restive, ready to move; ten million more feeling the first nervousness. And tractors turning the multiple furrows in the vacant land.

To pay for my father's funeral I borrowed money from people he already owed money to. One called him a nobody. No, I said, he was a failure. You can't remember a nobody's name, that's why they're called nobodies. Failures are unforgettable.

...the poor get poorer, the rich get richer, and the real class divide is between those who can borrow money and those who can’t. Because no matter how much money anyone earns, they still lie awake at the end of the month worrying about money. Everyone looks at what their neighbors have and wonders, ‘How can they afford that?’ because everyone is living beyond their means. So not even really rich people ever feel really rich, because in the end the only thing you can buy is a more expensive version of something you’ve already got. With borrowed money.

And a mortgage used to be something you were expected to repay. But now that every other middle-income family has a mortgage for an amount they couldn't possibly save up in their lifetimes, then the bank isn't lending money anymore. It's offering financing. And then homes are no longer homes. They're investments. ...It means that the poor get poorer, the rich get richer, and the real class divide is between those who can borrow money and those who can't. Because no matter how much money anyone earns, they still lie awake at the end of the month worrying about money. Everyone looks at what their neighbors have and wonders, "How can they afford that?" because everyone is living beyond their means. So not even really rich people ever feel really rich, because in the end the only thing you can buy is a more expensive version of something you've already got. With borrowed money.

It is usually impossible for a large body of people to support themselves indefinitely by borrowing money, although a few people enjoy a great success at it for a time.

I had learnt at the outset not to carry on public work with borrowed money. One could rely on people’s promises in most matters except in respect of money.

Little girls are the nicest things that can happen to people. They are born with a bit of angel-shine about them, and though it wears thin sometimes, there is always enough left to lasso your heart—even when they are sitting in the mud, or crying temperamental tears, or parading up the street in Mother’s best clothes. A little girl can be sweeter (and badder) oftener than anyone else in the world. She can jitter around, and stomp, and make funny noises that frazzle your nerves, yet just when you open your mouth, she stands there demure with that special look in her eyes. A girl is Innocence playing in the mud, Beauty standing on its head, and Motherhood dragging a doll by the foot. God borrows from many creatures to make a little girl. He uses the song of a bird, the squeal of a pig, the stubbornness of a mule, the antics of a monkey, the spryness of a grasshopper, the curiosity of a cat, the speed of a gazelle, the slyness of a fox, the softness of a kitten, and to top it all off He adds the mysterious mind of a woman. A little girl likes new shoes, party dresses, small animals, first grade, noisemakers, the girl next door, dolls, make-believe, dancing lessons, ice cream, kitchens, coloring books, make-up, cans of water, going visiting, tea parties, and one boy. She doesn’t care so much for visitors, boys in general, large dogs, hand-me-downs, straight chairs, vegetables, snowsuits, or staying in the front yard. She is loudest when you are thinking, the prettiest when she has provoked you, the busiest at bedtime, the quietest when you want to show her off, and the most flirtatious when she absolutely must not get the best of you again. Who else can cause you more grief, joy, irritation, satisfaction, embarrassment, and genuine delight than this combination of Eve, Salome, and Florence Nightingale. She can muss up your home, your hair, and your dignity—spend your money, your time, and your patience—and just when your temper is ready to crack, her sunshine peeks through and you’ve lost again. Yes, she is a nerve-wracking nuisance, just a noisy bundle of mischief. But when your dreams tumble down and the world is a mess—when it seems you are pretty much of a fool after all—she can make you a king when she climbs on your knee and whispers, "I love you best of all!

Buying an apartment is completely out of the question, the bank said, because who’d lend money to someone without money? You only lend money to people who don’t really need to borrow money. So where are you to live, you might ask.

Companies should not gamble with leverage. Companies shouldn't gamble on borrowed money. If a company is going to borrow and leverage other peoples money, it should be going toward something profitable, stable and safe. Executives can't predict the future with any certainty, but they can do their research and due diligence. And they can be methodical and strategic as opposed to reckless.

The fun-raising adjunct to many church bazaars is commonly known as a carnival, which used to mean the celebration of the flesh; now a carnival is okay because the money goes to the church so that it can preach against the temptations of the Devil! It will be said that these things are only pagan devices and ceremonies- that the Christians borrowed them. True, but the Pagans reveled in the delights of the flesh, and were condemned by the very same people who celebrate their rituals, but call them by different names.

TB, malaria, diarrhoea, and dysentery affect many in Palamau. But the cure for almost all ills here is the saline drip. In remote areas, quacks mesmerise people with the drip. Even malaria patients are subjected to it. Many villagers believe that paani chadaana (infusion of water) is a mighty cure. So they borrow money to pay the doctor for the miracle.

Yes! And isn't that the root of every despicable action? Not selfishness, but precisely the absence of a self. Look at them. The man who cheats and lies, but preserves a respectable front. He knows himself to be dishonest, but others think he's honest and he derives his self-respect from that, second-hand. The man who takes credit for an achievement which is not his own. He knows himself to be mediocre, but he's great in the eyes of others. The frustrated wretch who professes love for the inferior and clings to those less endowed, in order to establish his own superiority by comparison. The man whose sole aim is to make money. Now I don't see anything evil in a desire to make money. But money is only a means to some end. If a man wants it for a personal purpose--to invest in his industry, to create, to study, to travel, to enjoy luxury--he's completely moral. But the men who place money first go much beyond that. Personal luxury is a limited endeavor. What they want is ostentation: to show, to stun, to entertain, to impress others. They're second-handers. Look at our so-called cultural endeavors. A lecturer who spouts some borrowed rehash of nothing at all that means nothing at all to him--and the people who listen and don't give a damn, but sit there in order to tell their friends that they have attended a lecture by a famous name. All second-handers.

On Rachel's show for November 7, 2012: We're not going to have a supreme court that will overturn Roe versus Wade. There will be no more Antonio Scalias and Samuel Aleatos added to this court. We're not going to repeal health reform. Nobody is going to kill medicare and make old people in this generation or any other generation fight it out on the open market to try to get health insurance. We are not going to do that. We are not going to give a 20% tax cut to millionaires and billionaires and expect programs like food stamps and kid's insurance to cover the cost of that tax cut. We'll not make you clear it with your boss if you want to get birth control under the insurance plan that you're on. We are not going to redefine rape. We are not going to amend the United States constitution to stop gay people from getting married. We are not going to double Guantanamo. We are not eliminating the Department of Energy or the Department of Education or Housing at the federal level. We are not going to spend $2 trillion on the military that the military does not want. We are not scaling back on student loans because the country's new plan is that you should borrow money from your parents. We are not vetoing the Dream Act. We are not self-deporting. We are not letting Detroit go bankrupt. We are not starting a trade war with China on Inauguration Day in January. We are not going to have, as a president, a man who once led a mob of friends to run down a scared, gay kid, to hold him down and forcibly cut his hair off with a pair of scissors while that kid cried and screamed for help and there was no apology, not ever. We are not going to have a Secretary of State John Bolton. We are not bringing Dick Cheney back. We are not going to have a foreign policy shop stocked with architects of the Iraq War. We are not going to do it. We had the chance to do that if we wanted to do that, as a country. and we said no, last night, loudly.

Lovers of luxury have always been among us. They usually self-collate into a confederacy of upper-crust who are lured by exciting distractions that borrow their time, rarely giving it back. Instead of loving people and using money, Gogs love money and use people. (1Joh 2:16) Michael Ben Zehabe, Ruth: a woman’s guide to husband material, pg 6

Instructions for Dad. I don't want to go into a fridge at an undertaker's. I want you to keep me at home until the funeral. Please can someone sit with me in case I got lonely? I promise not to scare you. I want to be buried in my butterfly dress, my lilac bra and knicker set and my black zip boots (all still in the suitcase that I packed for Sicily). I also want to wear the bracelet Adam gave me. Don't put make-up on me. It looks stupid on dead people. I do NOT want to be cremated. Cremations pollute the atmosphere with dioxins,k hydrochloric acid, hydrofluoric acid, sulphur dioxide and carbon dioxide. They also have those spooky curtains in crematoriums. I want a biodegradable willow coffin and a woodland burial. The people at the Natural Death Centre helped me pick a site not for from where we live, and they'll help you with all the arrangements. I want a native tree planted on or near my grave. I'd like an oak, but I don't mind a sweet chestnut or even a willow. I want a wooden plaque with my name on. I want wild plants and flowers growing on my grave. I want the service to be simple. Tell Zoey to bring Lauren (if she's born by then). Invite Philippa and her husband Andy (if he wants to come), also James from the hospital (though he might be busy). I don't want anyone who doesn't know my saying anything about me. THe Natural Death Centre people will stay with you, but should also stay out of it. I want the people I love to get up and speak about me, and even if you cry it'll be OK. I want you to say honest things. Say I was a monster if you like, say how I made you all run around after me. If you can think of anything good, say that too! Write it down first, because apparently people often forget what they mean to say at funerals. Don't under any circumstances read that poem by Auden. It's been done to death (ha, ha) and it's too sad. Get someone to read Sonnet 12 by Shakespeare. Music- "Blackbird" by the Beatles. "Plainsong" by The Cure. "Live Like You Were Dying" by Tim McGraw. "All the Trees of the Field Will Clap Their Hands" by Sufian Stevens. There may not be time for all of them, but make sure you play the last one. Zoey helped me choose them and she's got them all on her iPod (it's got speakers if you need to borrow it). Afterwards, go to a pub for lunch. I've got £260 in my savings account and I really want you to use it for that. Really, I mean it-lunch is on me. Make sure you have pudding-sticky toffee, chocolate fudge cake, ice-cream sundae, something really bad for you. Get drunk too if you like (but don't scare Cal). Spend all the money. And after that, when days have gone by, keep an eye out for me. I might write on the steam in the mirror when you're having a bath, or play with the leaves on the apple tree when you're out in the garden. I might slip into a dream. Visit my grave when you can, but don't kick yourself if you can't, or if you move house and it's suddenly too far away. It looks pretty there in the summer (check out the website). You could bring a picnic and sit with me. I'd like that. OK. That's it. I love you. Tessa xxx

People tolerate taxes for a while because they have previously accumulated wealth. As the tax burden grows and productivity falls, tax revenue falls and the only answer seems to be higher taxes. If the people can no longer tolerate higher taxes, government merely borrows and creates new money, and then the inflation tax is paid with higher prices. The whole process destabilizes the political system and eventually becomes a threat to civilized progress.

A man who asks for your time but doesn't value it, will one day ask for your money and won't return it.

Some take pains to be biblical, but many [Christian financial teachers, writers, investment counselors, and seminar leaders] simply parrot their secular colleagues. Other than beginning and ending with prayer, mentioning Christ, and sprinkling in some Bible verses, there's no fundamental difference. They reinforce people's materialist attitudes and lifestyles. They suggest a variety of profitable plans in which people can spend or stockpile the bulk of their resources. In short, to borrow a term from Jesus, some Christian financial experts are helping people to be the most successful 'rich fools' they can be.

mortgage The word literally means “dead pledge,” and if it were called that maybe more people would think twice about getting one. It is a classic example of a financial entity that would scare people off if they thought more clearly about what it is: a highly leveraged form of long-term borrowing with regular demands for cash payment against an illiquid asset that is known to be even more illiquid in difficult times.

If you would know the value of money, go and try to borrow some; for he that goes a borrowing goes a sorrowing, as Poor Richard says; and indeed so does he that lends to such people, when he goes to get it in again.

And the irony is that the war purchases are recorded as a positive for economic growth and the GDP. Though the war spending is an economic negative and provides no improvement in the people’s standard of living, the government statisticians brag about an upward blip in the GDP. Besides, these bills are paid for by borrowing and printing money, thus increasing future debt obligations and causing higher prices for the next generation.

My concern with democracy is highly specific. It begins in observing the remarkable fact that, while democracy means a government accountable to the electorate, our rulers now make us accountable to them. Most Western governments hate me smoking, or eating the wrong kind of food, or hunting foxes, or drinking too much, and these are merely the surface disapprovals, the ones that provoke legislation or public campaigns. We also borrow too much money for our personal pleasures, and many of us are very bad parents. Ministers of state have been known to instruct us in elementary matters, such as the importance of reading stories to our children. Again, many of us have unsound views about people of other races, cultures, or religions, and the distribution of our friends does not always correspond, as governments think that it ought, to the cultural diversity of our society. We must face up to the grim fact that the rulers we elect are losing patience with us. No philosopher can contemplate this interesting situation without beginning to reflect on what it can mean. The gap between political realities and their public face is so great that the term “paradox” tends to crop up from sentence to sentence. Our rulers are theoretically “our” representatives, but they are busy turning us into the instruments of the projects they keep dreaming up. The business of governments, one might think, is to supply the framework of law within which we may pursue happiness on our own account. Instead, we are constantly being summoned to reform ourselves. Debt, intemperance, and incompetence in rearing our children are no doubt regrettable, but they are vices, and left alone, they will soon lead to the pain that corrects. Life is a better teacher of virtue than politicians, and most sensible governments in the past left moral faults to the churches. But democratic citizenship in the twenty-first century means receiving a stream of improving “messages” from politicians. Some may forgive these intrusions because they are so well intentioned. Who would defend prejudice, debt, or excessive drinking? The point, however, is that our rulers have no business telling us how to live. They are tiresome enough in their exercise of authority—they are intolerable when they mount the pulpit. Nor should we be in any doubt that nationalizing the moral life is the first step towards totalitarianism. We might perhaps be more tolerant of rulers turning preachers if they were moral giants. But what citizen looks at the government today thinking how wise and virtuous it is? Public respect for politicians has long been declining, even as the population at large has been seduced into demanding political solutions to social problems. To demand help from officials we rather despise argues for a notable lack of logic in the demos. The statesmen of eras past have been replaced by a set of barely competent social workers eager to take over the risks of our everyday life. The electorates of earlier times would have responded to politicians seeking to bribe us with such promises with derision. Today, the demos votes for them.

I have always discouraged people not to borrow money from the bank especially if they want to start a business, but rather to borrow money from the bank to boost up an already existing business after assessing demand and supply.

The fact that so many young men and women enter the teaching profession shows that there are still some people willing to scrape along on comparatively little money for the pleasure of following an occupation in which they delight.

There’s pressure to recycle, pay higher taxes, not travel on planes, avoid products manufactured by enslaved children, stop borrowing money we can’t pay back, stop lending money to people who won’t pay it back, and abstain from tuna.

It’s not easy to feel good about yourself when you are constantly being told you’re rubbish and/or part of the problem. That’s often the situation for people working in the public sector, whether these be nurses, civil servants or teachers. The static metrics used to measure the contribution of the public sector, and the influence of Public Choice theory on making governments more ‘efficient’, has convinced many civil-sector workers they are second-best. It’s enough to depress any bureaucrat and induce him or her to get up, leave and join the private sector, where there is often more money to be made. So public actors are forced to emulate private ones, with their almost exclusive interest in projects with fast paybacks. After all, price determines value. You, the civil servant, won’t dare to propose that your agency could take charge, bring a helpful long-term perspective to a problem, consider all sides of an issue (not just profitability), spend the necessary funds (borrow if required) and – whisper it softly – add public value. You leave the big ideas to the private sector which you are told to simply ‘facilitate’ and enable. And when Apple or whichever private company makes billions of dollars for shareholders and many millions for top executives, you probably won’t think that these gains actually come largely from leveraging the work done by others – whether these be government agencies, not-for-profit institutions, or achievements fought for by civil society organizations including trade unions that have been critical for fighting for workers’ training programmes.

People think of banks as money warehouses, and if you take a loan from the bank, you’re basically borrowing someone else’s money, or money that actually exists. Not true. When you take out a loan, most of that money is created out of thin air, and lent to you with interest.

This is how power works. The ones at the top make use of ideals, beliefs and money to entice those below them to give up their lives. People want to find some lofty reason for existence, or else to lead a quiet life. You’d need to give them a big incentive for them to willingly enslave themselves. If

Everyone looks at what their neighbors have and wonders, ‘How can they afford that?’ because everyone is living beyond their means. So not even really rich people ever feel really rich, because in the end the only thing you can buy is a more expensive version of something you’ve already got. With borrowed money.

Grandpa’s farm had belonged to our people ever since there had been a farm in that place, or people to own a farm. Grandpa’s father had left it to Grandpa and his other sons and daughters. But Grandpa had borrowed money and bought their shares. He had to have it whole hog or none, root hog or die, or he wouldn’t have it at all.

The coach passed by many buildings of this sort, which would no doubt be little palaces to the occupants, who had escaped from Cockbill Street and Pigsty Hill and all the other neighbourhoods where people still dreamed that they could ‘better themselves’, an achievement that might be attained, oh happy day, when they had ‘a little place of their own’. It was an inspiring dream, if you didn’t look too deeply into words like mortgage and repayments and repossession and bankruptcy, and the lower middle classes of Ankh-Morpork, who saw themselves as being trodden on by the class above and illegally robbed by the one below, lined up with borrowed money to purchase, by instalments, their own little Oi Dong

no matter how much money anyone earns, they still lie awake at the end of the month worrying about money. Everyone looks at what their neighbors have and wonders, ‘How can they afford that?’ because everyone is living beyond their means. So not even really rich people ever feel really rich, because in the end the only thing you can buy is a more expensive version of something you’ve already got. With borrowed money.

The fund-raising adjunct to many church bazaars is commonly known as a carnival, which used to mean the celebration of the flesh; now a carnival is okay because the money goes to the church so that it can preach against the temptations of the Devil! It will be said that these things are only pagan devices and ceremonies - that the Christians borrowed them. True, but the Pagans revelled in the delights of the flesh, and were condemned by the very same people who celebrate their rituals, but call them by different names.

It matters whether the government blows tens of billions of dollars on tax loopholes for billionaires or whether that same money is used to lower costs for students who have to borrow money to go to college. It matters whether Wall Street can pocket billions of dollars by cheating people on mortgages and tricking them on credit cards or if there’s a cop on the beat to keep them honest. It matters whether the minimum wage is set so low that a full-time worker still lives in poverty or if minimum wage also means a livable wage. When

In the 1930s, the Nazis borrowed the frugal image of the one-pot meal, putting it to ideological use. In 1933, Hitler’s government announced that Germans should put aside one Sunday, from October to March, to eat a one-pot meal: Eintopf. The idea was that people would save enough money in this way to donate whatever was saved to the poor. Cookbooks were hastily rewritten to take account of the new policy. One recipe collection listed no fewer than sixty-nine Eintopfs, including macaroni, goulash, Irish stew, Serbian rice soup, numerous cabbagey medleys, and Old German potato soup.

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

Here are my simple rules for identifying market tops and bottoms: 1. Market tops are relatively easy to recognize. Buyers generally become overconfident and almost always believe “this time is different.” It’s usually not. 2. There’s always a surplus of relatively cheap debt capital to finance acquisitions and investments in a hot market. In some cases, lenders won’t even charge cash interest, and they often relax or suspend typical loan restrictions as well. Leverage levels escalate compared to historical averages, with borrowing sometimes reaching as high as ten times or more compared to equity. Buyers will start accepting overoptimistic accounting adjustments and financial forecasts to justify taking on high levels of debt. Unfortunately most of these forecasts tend not to materialize once the economy starts decelerating or declining. 3. Another indicator that a market is peaking is the number of people you know who start getting rich. The number of investors claiming outperformance grows with the market. Loose credit conditions and a rising tide can make it easy for individuals without any particular strategy or process to make money “accidentally.” But making money in strong markets can be short-lived. Smart investors perform well through a combination of self-discipline and sound risk assessment, even when market conditions reverse.

The Animal Farm is a well written book in comprehensive english. George Orwell compares the communist Russian political system trying to make a point that that system was using people that didn't have a critical mind. What Orwell didn't see is that this attitude can be found in all the political systems where is no supervising and rotation of work.We see corruption in every country.Specialy in countries that are ruled by capitalism systems like Britain and America.I can't say that communism system was bad because people had free education and housing and they didn't have to borrow money from the bank. I believe that Orwell has been sarcastic and he was serving his country not the human race.

Having renounced his native land, Sanger adopted no other. He roved about from one European capital to another, never settling anywhere for long, driven forwards by his strange, restless fancy. Usually he quartered himself upon his friends, who were accustomed to endure a great deal from him. He would stay with them for weeks, composing third acts in their spare bedrooms, producing operas which always failed financially, falling in love with their wives, conducting their symphonies, and borrowing money from hem. His preposterous family generally accompanied him. Few people could recollect quite how many children Sanger was supposed to have got, but there always seemed to be a good many and they were most shockingly brought up.

I went over to where Jack was with some guy who, had he been in a suit instead of a soft, flowing peasant shirt and trousers, would have been the archetypal uptight businessman. “This is unacceptable! Do you have any idea how many people depend on me? How much money I’m losing every minute I’m here?” Jack’s eyes had glazed over, vague and unfocused as he nodded slowly. “Mmm hmmm,” he kept repeating, almost like he was humming. “Hey,” I said. “Everything okay?” Jack gave me a desperate look. “No, everything is not okay!” Uptight Businessman shouted at me. “Great! I need to borrow Jack, then.” I grabbed Jack’s arm and pulled him away. “Thanks. Have I mentioned lately how glad I am you didn’t die?” “Yes. But feel free to keep it up.

In country after country where local moneys were abolished in favor of interest-bearing central currency, people fell into poverty, health declined, and society deteriorated12 by all measures. Even the plague can be traced to the collapse of the marketplace of the late Middle Ages and the shift toward extractive currencies and urban wage labor. The new scheme instead favored bigger players, such as chartered monopolies, which had better access to capital than regular little businesses and more means of paying back the interest. When monarchs and their favored merchants founded the first corporations, the idea that they would be obligated to grow didn’t look like such a problem. They had their nations’ governments and armies on their side—usually as direct investors in their projects. For the Dutch East India Company to grow was as simple as sending a few warships to a new region of the world, taking the land, and enslaving its people. If this sounds a bit like the borrowing advantages enjoyed today by companies like Walmart and Amazon, that’s because it’s essentially the same money system in operation, favoring the same sorts of players. Yet however powerful the favored corporations may appear, they are really just the engines through which the larger money system extracts value from everyone’s economic activity. Even megacorporations are like competing apps on a universally accepted, barely acknowledged smartphone operating system. Their own survival is utterly dependent on their ability to grow capital for their debtors and investors.

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

OK, if you are like most people, your list of the most valuable things includes your spouse, children, friends, health, money, and of course, time. Highly successful people have a similar list—but they rank time as the most important item of all. Shouldn’t health be number one? You can be healthy, and then get sick, and then regain your health. How about money? You can lose all your money, and then you can make it all back. Friends? Friends are important, and yet, how many friends did you have back in college that you no longer keep in touch with? Or even people who were guests at your wedding, and that was the last day you ever saw them? Yes, friends are prized, yet we lose them and make new ones all the time. Yes, your spouse means the world to you. And 50 percent of married people get a divorce, and many divorced people get a new husband or wife that is suddenly the love of their life. But time… You can never lose time and get it back again. You can’t spend time and go earn more of it. You can’t buy it, rent it, or borrow it. Time

I have had so many Dwellings, Nat, that I know these Streets as well as a strowling Beggar: I was born in this Nest of Death and Contagion and now, as they say, I have learned to feather it. When first I was with Sir Chris. I found lodgings in Phenix Street off Hogg Lane, close by St Giles and Tottenham Fields, and then in later times I was lodged at the corner of Queen Street and Thames Street, next to the Blew Posts in Cheapside. (It is still there, said Nat stirring up from his Seat, I have passed it!) In the time before the Fire, Nat, most of the buildings in London were made of timber and plaister, and stones were so cheap that a man might have a cart-load of them for six-pence or seven-pence; but now, like the Aegyptians, we are all for Stone. (And Nat broke in, I am for Stone!) The common sort of People gawp at the prodigious Rate of Building and exclaim to each other London is now another City or that House was not there Yesterday or the Situacion of the Streets is quite Changd (I contemn them when they say such things! Nat adds). But this Capital City of the World of Affliction is still the Capitol of Darknesse, or the Dungeon of Man's Desires: still in the Centre are no proper Streets nor Houses but a Wilderness of dirty rotten Sheds, allways tumbling or takeing Fire, with winding crooked passages, lakes of Mire and rills of stinking Mud, as befits the smokey grove of Moloch. (I have heard of that Gentleman, says Nat all a quiver). It is true that in what we call the Out-parts there are numberless ranges of new Buildings: in my old Black-Eagle Street, Nat, tenements have been rais'd and where my Mother and Father stared without understanding at their Destroyer (Death! he cryed) new-built Chambers swarm with life. But what a Chaos and Confusion is there: meer fields of Grass give way to crooked Passages and quiet Lanes to smoking Factors, and these new Houses, commonly built by the London workmen, are often burning and frequently tumbling down (I saw one, says he, I saw one tumbling!). Thus London grows more Monstrous, Straggling and out of all Shape: in this Hive of Noise and Ignorance, Nat, we are tyed to the World as to a sensible Carcasse and as we cross the stinking Body we call out What News? or What's a clock? And thus do I pass my Days a stranger to mankind. I'll not be a Stander-by, but you will not see me pass among them in the World. (You will disquiet your self, Master, says Nat coming towards me). And what a World is it, of Tricking and Bartering, Buying and Selling, Borrowing and Lending, Paying and Receiving; when I walk among the Piss and Sir-reverence of the Streets I hear, Money makes the old Wife trot, Money makes the Mare to go (and Nat adds, What Words won't do, Gold will). What is their God but shineing Dirt and to sing its Devotions come the Westminster-Hall-whores, the Charing-cross whores, the Whitehall whores, the Channel-row whores, the Strand whores, the Fleet Street whores, the Temple-bar whores; and they are followed in the same Catch by the Riband weavers, the Silver-lace makers, the Upholsterers, the Cabinet-makers, Watermen, Carmen, Porters, Plaisterers, Lightemen, Footmen, Shopkeepers, Journey-men... and my Voice grew faint through the Curtain of my Pain.

He didn’t speak exclusively on the stimulus bill at all these engagements, but the topic of that bill, and of government spending generally, was never far away at any of them. Why was he so deeply opposed to it? The idea behind the stimulus was to pump large amounts of cash into the economy in order to ignite consumer spending and, in turn, growth. The governor thought that idea was foolish for many reasons, but the two that led him to oppose the policy with all his energy were these: the cash was borrowed, and most of it would pass from the federal government to state governments. He understood the culture and habits of government well enough to know that that federal money wouldn’t be used to spur economic growth but to balance state budgets. Maybe it was a good idea to help states shore up their budgets and maybe it wasn’t, but that wasn’t the justification given for the stimulus, and in any case it would have no effect on economic growth. And he understood that, when the stimulus failed to achieve its purpose, people would remember that it was he who had inveighed against it with greater fervor than anybody else.

This happens because data scientists all too often lose sight of the folks on the receiving end of the transaction. They certainly understand that a data-crunching program is bound to misinterpret people a certain percentage of “he time, putting them in the wrong groups and denying them a job or a chance at their dream house. But as a rule, the people running the WMDs don’t dwell on those errors. Their feedback is money, which is also their incentive. Their systems are engineered to gobble up more data and fine-tune their analytics so that more money will pour in. Investors, of course, feast on these returns and shower WMD companies with more money. And the victims? Well, an internal data scientist might say, no statistical system can be perfect. Those folks are collateral damage. And often, like Sarah Wysocki, they are deemed unworthy and expendable. Big Data has plenty of evangelists, but I’m not one of them. This book will focus sharply in the other direction, on the damage inflicted by WMDs and the injustice they perpetuate. We will explore harmful examples that affect people at critical life moments: going to college, borrowing money, getting sentenced to prison, or finding and holding a job. All of these life domains are increasingly controlled by secret models wielding arbitrary punishments.

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

A striking example from the history of writing is the origin of the syllabary devised in Arkansas around 1820 by a Cherokee Indian named Sequoyah, for writing the Cherokee language. Sequoyah observed that white people made marks on paper, and that they derived great advantage by using those marks to record and repeat lengthy speeches. However, the detailed operations of those marks remained a mystery to him, since (like most Cherokees before 1820) Sequoyah was illiterate and could neither speak nor read English. Because he was a blacksmith, Sequoyah began by devising an accounting system to help him keep track of his customers’ debts. He drew a picture of each customer; then he drew circles and lines of various sizes to represent the amount of money owed. Around 1810, Sequoyah decided to go on to design a system for writing the Cherokee language. He again began by drawing pictures, but gave them up as too complicated and too artistically demanding. He next started to invent separate signs for each word, and again became dissatisfied when he had coined thousands of signs and still needed more. Finally, Sequoyah realized that words were made up of modest numbers of different sound bites that recurred in many different words—what we would call syllables. He initially devised 200 syllabic signs and gradually reduced them to 85, most of them for combinations of one consonant and one vowel. As one source of the signs themselves, Sequoyah practiced copying the letters from an English spelling book given to him by a schoolteacher. About two dozen of his Cherokee syllabic signs were taken directly from those letters, though of course with completely changed meanings, since Sequoyah did not know the English meanings. For example, he chose the shapes D, R, b, h to represent the Cherokee syllables a, e, si, and ni, respectively, while the shape of the numeral 4 was borrowed for the syllable se. He coined other signs by modifying English letters, such as designing the signs , , and to represent the syllables yu, sa, and na, respectively. Still other signs were entirely of his creation, such as , , and for ho, li, and nu, respectively. Sequoyah’s syllabary is widely admired by professional linguists for its good fit to Cherokee sounds, and for the ease with which it can be learned. Within a short time, the Cherokees achieved almost 100 percent literacy in the syllabary, bought a printing press, had Sequoyah’s signs cast as type, and began printing books and newspapers. Cherokee writing remains one of the best-attested examples of a script that arose through idea diffusion. We know that Sequoyah received paper and other writing materials, the idea of a writing system, the idea of using separate marks, and the forms of several dozen marks. Since, however, he could neither read nor write English, he acquired no details or even principles from the existing scripts around him. Surrounded by alphabets he could not understand, he instead independently reinvented a syllabary, unaware that the Minoans of Crete had already invented another syllabary 3,500 years previously.

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.

Peugeot belongs to a particular genre of legal fictions called ‘limited liability companies’. The idea behind such companies is among humanity’s most ingenious inventions. Homo sapiens lived for untold millennia without them. During most of recorded history property could be owned only by flesh-and-blood humans, the kind that stood on two legs and had big brains. If in thirteenth-century France Jean set up a wagon-manufacturing workshop, he himself was the business. If a wagon he’d made broke down a week after purchase, the disgruntled buyer would have sued Jean personally. If Jean had borrowed 1,000 gold coins to set up his workshop and the business failed, he would have had to repay the loan by selling his private property – his house, his cow, his land. He might even have had to sell his children into servitude. If he couldn’t cover the debt, he could be thrown in prison by the state or enslaved by his creditors. He was fully liable, without limit, for all obligations incurred by his workshop. If you had lived back then, you would probably have thought twice before you opened an enterprise of your own. And indeed this legal situation discouraged entrepreneurship. People were afraid to start new businesses and take economic risks. It hardly seemed worth taking the chance that their families could end up utterly destitute. This is why people began collectively to imagine the existence of limited liability companies. Such companies were legally independent of the people who set them up, or invested money in them, or managed them. Over the last few centuries such companies have become the main players in the economic arena, and we have grown so used to them that we forget they exist only in our imagination.

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

And spend they did. Money circulated faster and spread wider through its communities of use than at any other time in economic history.8 Workers labored fewer days and at higher wages than before or since; people ate four meals a day; women were taller in Europe than at any time until the 1970s; and the highest percentage on record of business profits went to preventative maintenance on equipment. It was a period of tremendous growth and wealth. Meanwhile, with no way of storing or growing value with this form of money over the long term, people made massive investments in architecture, particularly cathedrals, which they knew would attract pilgrims and tourists for years to come. This was their way of investing in the future, and the pre-Renaissance era of affluence became known as the Age of Cathedrals. The beauty of a flow-based economy is that it favors those who actively create value. The problem is that it disfavors those who are used to reaping passive rewards. Aristocratic landowning families had stayed rich for centuries simply by being rich in the first place. Peasants all worked the land in return for enough of their own harvest on which to subsist. Feudal lords did not participate in the peer-to-peer economy facilitated by local currencies, and by 1100 or so, most or the aristocracy’s wealth and power was receding. They were threatened by the rise of the merchant middle class and the growing bourgeois population, and had little way of participating in all the sideways trade. The wealthy needed a way to make money simply by having money. So, one by one, each of the early monarchies of Europe outlawed the kingdom’s local currencies and replaced them with a single central currency. Instead of growing their money in the fields, people would have to borrow money from the king’s treasury—at interest. If they wanted a medium through which to transact at the local marketplace, it meant becoming indebted to the aristocracy.

How is money created? An example: You buy a house or take out a mortgage on the excess value of your property. You want 200,000 Dollars. The following happens. The bank’s computer adds these virtual numbers - because that is what they are - to your bank account, and then you have to bleed for the next 30 years, WITH INTEREST. The bank attached a fictional number to your name and for 30 years you need to work to pay the money back. The bank didn’t build your house, nor did it pay for the materials. That was done by people like you and me. They too have to pay, because they also have a mortgage. And when you die, your kids will have to pay taxes on your estate. Often, they have to take out a mortgage of their own to do so[74]. Another example of how banks create money out of nothing: You go to the bank to lend 1,000 Dollars. One year later, you have to pay 1,100 Dollars back, including interest. The additional 100 Dollars come from fellow citizens, for instance in the form of wages or profit sharing. In other words, the extra 100 Dollars come from society. This can only happen when the total amount of money in circulation increases. That increase – inflation – is created when the bank creates more money. In other words: “Interest payments are a direct way to create money.” All the money that exists comes from the bank. This remarkable phenomenon has been described as follows by Mr. Robert Hemphill, Credit Manager of the Federal Reserve Bank in Atlanta: “If all the bank loans were paid, there would not be a dollar in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.”[75]

Still, when Harvard said I wasn’t eligible for financial aid, and another university offered me a full scholarship, I thought I should go there. My mother became furious and said I was always sabotaging myself. She was proud of being able to borrow money at a loss from her own retirement fund, and give it to Harvard. I felt proud of her, too. But I did not feel proud of myself. It made the college application process feel, in retrospect, somehow hurtful and insulting: all the essays and interviews and supplements and letters seemed to be about you, about your specialness—but actually it was all about shaking your parents down for money. — Harvard seemed really proud of its own attitude toward financial aid. You were always hearing about how “merit-based aid,” which was fine for other schools, didn’t work here, where everyone was so full of merit. When your parents paid full tuition, part of what they were paying for was the benefit you derived from being exposed to people who were more diverse than you. “My parents are paying for him to be here, so I can learn from him,” my friend Leora said once, about a homeschooled guy from Arkansas in her history section who started talking about how the Jews killed Jesus. Leora had been my best friend when we were little, and then we went to different middle schools and high schools, but now we were at college together. She already thought every single person on earth was anti-Semitic, so she definitely hadn’t learned anything from that guy. To me, the part of financial aid that made the least sense was that all the international students got full scholarships, regardless of how much money their parents had. The son of the prince of Nepal was in our class, and didn’t pay tuition. Ivan had once caused me pain by saying something deprecating about “people whose parents paid a hundred thousand dollars for them to be here.” Did he not know that my parents were paying a hundred thousand dollars for me to be there? The thought that really made me crazy was that my parents had paid for Ivan to be there. It was another experience they had paid for me to have.

IN T H E last twenty-five years I have had a lot of people staying with me and sometimes I am tempted to write an essay on guests. There are the guests who never shut a door after them and never turn out the light when they leave their room. There are the guests who throw themselves on their bed in muddy boots to have a nap after lunch, so that the counterpane has to be cleaned on their departure. There are the guests who smoke in bed and burn holes in your sheets. There are the guests who are on a regime and have to have special food cooked for them and there are the guests who wait till their glass is filled with a vintage claret and then say: "I won't have any, thank you." There are the guests who never put back a book in the place from which they took it and there are the guests who take away a volume from a set and never return it. There are the guests who borrow money from you when they are leaving and do not pay it back. There are the guests who can never be alone for a minute and there are the guests who are seized with a desire to talk the moment they see you glancing at a paper. There are the guests who, wherever they are, want to be somewhere else and there are the guests who want to be doing something from the time they get up in the morning till the time they go to bed at night. There are the guests who treat you as though they were SOME NOVELISTS I HAVE KNOWN 459 gauleiters in a conquered province. There are the guests who bring three weeks* laundry with them to have washed at your expense and there are the guests who send their clothes to the cleaners and leave you to pay the bill. There are the guests who telephone to London, Paris, Rome, Madrid and New York, and never think of inquiring how much it costs. There are the guests who take all they can get and offer nothing in return. There are also the guests who are happy just to be with you, who seek to please, who have resources of their own, who amuse you, whose conversation is delightful, whose interests are varied, who exhilarate and excite you, who in short give you far more than you can ever hope to give them and whose visits are only too brief.

Between 2003 and 2008, Iceland’s three main banks, Glitnir, Kaupthing and Landsbanki, borrowed over $140 billion, a figure equal to ten times the country’s GDP, dwarfing its central bank’s $2.5 billion reserves. A handful of entrepreneurs, egged on by their then government, embarked on an unprecedented international spending binge, buying everything from Danish department stores to West Ham Football Club, while a sizeable proportion of the rest of the adult population enthusiastically embraced the kind of cockamamie financial strategies usually only mooted in Nigerian spam emails – taking out loans in Japanese Yen, for example, or mortgaging their houses in Swiss francs. One minute the Icelanders were up to their waists in fish guts, the next they they were weighing up the options lists on their new Porsche Cayennes. The tales of un-Nordic excess are legion: Elton John was flown in to sing one song at a birthday party; private jets were booked like they were taxis; people thought nothing of spending £5,000 on bottles of single malt whisky, or £100,000 on hunting weekends in the English countryside. The chief executive of the London arm of Kaupthing hired the Natural History Museum for a party, with Tom Jones providing the entertainment, and, by all accounts, Reykjavik’s actual snow was augmented by a blizzard of the Colombian variety. The collapse of Lehman Brothers in late 2008 exposed Iceland’s debts which, at one point, were said to be around 850 per cent of GDP (compared with the US’s 350 per cent), and set off a chain reaction which resulted in the krona plummeting to almost half its value. By this stage Iceland’s banks were lending money to their own shareholders so that they could buy shares in . . . those very same Icelandic banks. I am no Paul Krugman, but even I can see that this was hardly a sustainable business model. The government didn’t have the money to cover its banks’ debts. It was forced to withdraw the krona from currency markets and accept loans totalling £4 billion from the IMF, and from other countries. Even the little Faroe Islands forked out £33 million, which must have been especially humiliating for the Icelanders. Interest rates peaked at 18 per cent. The stock market dropped 77 per cent; inflation hit 20 per cent; and the krona dropped 80 per cent. Depending who you listen to, the country’s total debt ended up somewhere between £13 billion and £63 billion, or, to put it another way, anything from £38,000 to £210,000 for each and every Icelander.

If Dualism is true, then the bad Power must be a being who likes badness for its own sake. But in reality we have no experience of anyone liking badness just because it is bad. The nearest we can get to it is in cruelty. But in real life people are cruel for one of two reasons— either because they are sadists, that is, because they have a sexual perversion which makes cruelty a cause of sensual pleasure to them, or else for the sake of something they are going to get out of it—money, or power, or safety. But pleasure, money, power, and safety are all, as far as they go, good things. The badness consists in pursuing them by the wrong method, or in the wrong way, or too much. I do not mean, of course, that the people who do this are not desperately wicked. I do mean thatwickedness, when you examine it, turns out to be the pursuit of some good in the wrong way. You can be good for the mere sake of goodness: you cannot be bad for the mere sake of badness. You can do a kind action when you are not feeling kind and when it gives you no pleasure, simply because kindness is right; but no one ever did a cruel action simply because cruelty is wrong—only because cruelty was pleasant or useful to him. In other words badness cannot succeed even in being bad in the same way in which goodness is good. Goodness is, so to speak, itself: badness is only spoiledgoodness. And there must be something good first before it can be spoiled. We called sadism a sexual perversion; but you must first have the idea of a normal sexuality before you can talk of its being perverted; and you can see which is the perversion, because you can explain the perverted from the normal, and cannot explain the normal from the perverted.It follows that this Bad Power, who is supposed to be on an equal footing with the Good Power, and to love badness in the same way as the Good Power loves goodness, is a mere bogy. In order to be bad he must have good things to want and then to pursue in the wrong way: he must have impulses which were originally good in order to be able to pervert them. But if he is bad he cannot supply himself either with good things to desire or with good impulses to pervert. He must be getting both from the Good Power. And if so, then he is not independent. He is part of the Good Power's world: he was made either by the Good Power or by some power above them both. Therefore he must be getting them from the Good Power: even to be bad he must borrow or steal from his opponent. And do you now begin to see why Christianity has always said that the devil is a fallen angel? That is not a mere story for the children. It is a real recognition of the fact that evil is a parasite, not an original thing. The powers which enable evil to carry on are powers given it by goodness. All the things which enable a bad man to be effectively bad are in themselves good things—resolution, cleverness, good looks, existence itself. That is why Dualism, in a strict sense, will not work.

If Dualism is true, then the bad Power must be a being who likes badness for its own sake. But in reality we have no experience of anyone liking badness just because it is bad. The nearest we can get to it is in cruelty. But in real life people are cruel for one of two reasons— either because they are sadists, that is, because they have a sexual perversion which makes cruelty a cause of sensual pleasure to them, or else for the sake of something they are going to get out of it—money, or power, or safety. But pleasure, money, power, and safety are all, as far as they go, good things. The badness consists in pursuing them by the wrong method, or in the wrong way, or too much. I do not mean, of course, that the people who do this are not desperately wicked. I do mean thatwickedness, when you examine it, turns out to be the pursuit of some good in the wrong way. You can be good for the mere sake of goodness: you cannot be bad for the mere sake of badness. You can do a kind action when you are not feeling kind and when it gives you no pleasure, simply because kindness is right; but no one ever did a cruel action simply because cruelty is wrong—only because cruelty was pleasant or useful to him. In other words badness cannot succeed even in being bad in the same way in which goodness is good. Goodness is, so to speak, itself: badness is only spoiledgoodness. And there must be something good first before it can be spoiled. We called sadism a sexual perversion; but you must first have the idea of a normal sexuality before you can talk of its being perverted; and you can see which is the perversion, because you can explain the perverted from the normal, and cannot explain the normal from the perverted.It follows that this Bad Power, who is supposed to be on an equal footing with the Good Power, and to love badness in the same way as the Good Power loves goodness, is a mere bogy. In order to be bad he must have good things to want and then to pursue in the wrong way: he must have impulses which were originally good in order to be able to pervert them. But if he is bad he cannot supply himself either with good things to desire or with good impulses to pervert. He must be getting both from the Good Power. And if so, then he is not independent. He is part of the Good Power's world: he was made either by the Good Power or by some power above them both. Therefore he must be getting them from the Good Power: even to be bad he must borrow or steal from his opponent. And do you now begin to see why Christianity has always said that the devil is a fallen angel? That is not a mere story for the children. It is a real recognition of the fact that evil is a parasite, not an original thing. The powers which enable evil to carry on are powers given it by goodness. All the things which enable a bad man to be effectively bad are in themselves good things—resolution, cleverness, good looks, existence itself. That is why Dualism, in a strict sense, will not work.

What’ll it be?” Steve asked me, just days after our wedding. “Do we go on the honeymoon we’ve got planned, or do you want to go catch crocs?” My head was still spinning from the ceremony, the celebration, and the fact that I could now use the two words “my husband” and have them mean something real. The four months between February 2, 1992--the day Steve asked me to marry him--and our wedding day on June 4 had been a blur. Steve’s mother threw us an engagement party for Queensland friends and family, and I encountered a very common theme: “We never thought Steve would get married.” Everyone said it--relatives, old friends, and schoolmates. I’d smile and nod, but my inner response was, Well, we’ve got that in common. And something else: Wait until I get home and tell everybody I am moving to Australia. I knew what I’d have to explain. Being with Steve, running the zoo, and helping the crocs was exactly the right thing to do. I knew with all my heart and soul that this was the path I was meant to travel. My American friends--the best, closest ones--understood this perfectly. I trusted Steve with my life and loved him desperately. One of the first challenges was how to bring as many Australian friends and family as possible over to the United States for the wedding. None of us had a lot of money. Eleven people wound up making the trip from Australia, and we held the ceremony in the big Methodist church my grandmother attended. It was more than a wedding, it was saying good-bye to everyone I’d ever known. I invited everybody, even people who may not have been intimate friends. I even invited my dentist. The whole network of wildlife rehabilitators came too--four hundred people in all. The ceremony began at eight p.m., with coffee and cake afterward. I wore the same dress that my older sister Bonnie had worn at her wedding twenty-seven years earlier, and my sister Tricia wore at her wedding six years after that. The wedding cake had white frosting, but it was decorated with real flowers instead of icing ones. Steve had picked out a simple ring for me, a quarter carat, exactly what I wanted. He didn’t have a wedding ring. We were just going to borrow one for the service, but we couldn’t find anybody with fingers that were big enough. It turned out that my dad’s wedding ring fitted him, and that’s the one we used. Steve’s mother, Lyn, gave me a silk horseshoe to put around my wrist, a symbol of good luck. On our wedding day, June 4, 1992, it had been eight months since Steve and I first met. As the minister started reading the vows, I could see that Steve was nervous. His tuxedo looked like it was strangling him. For a man who was used to working in the tropics, he sure looked hot. The church was air-conditioned, but sweat drops formed on the ends of his fingers. Poor Steve, I thought. He’d never been up in front of such a big crowd before. “The scariest situation I’ve ever been in,” Steve would say later of the ceremony. This from a man who wrangled crocodiles! When the minister invited the groom to kiss the bride, I could feel all Steve’s energy, passion, and love. I realized without a doubt we were doing the right thing.

Trouble free payday loans. A payday loan is your remedy to an immediate have to have for money. A payday loans seems to be rather attractive. If you have a job, you can actually get a payday loan. Occasionally, consumers without having profession can get a payday loan. It is actually not straightforward to modify your spending budget without the need of a loan. You will find a lot of payday loan suppliers. Individuals also give payday loans. Typically, the rate of interest will be the most important aspect of any payday loan. You ought to usually be in a position to pay back the quantity borrowed. A payday loan can be fantastic after you possess a job or else it can be a disaster. You will have dollars deposited within your bank’s saving account around the exact same day. High rates of interest on a loan is usually Pikavippikioski.fi particularly difficult to manage. Payday loans can be a superb quick option but not a long-term solution. You will obtain the money inside your savings or present account. There is an arrangement for direct deduction out of your income created into the account. This can be a approach that may be set to run automatically and also you do not have to accomplish something. It's essential to understand that a payday loan is known as a short-term loan only. You have to spend a larger price of interest on a payday loan. Many people without having a job would need to supply some other safety of repayment. If you have bad credit, a payday loan may be the only answer. You often require a very good credit rating to get a loan. Of all loans, a payday loan will be the most effective and least complicated way for you to get money swiftly. Occasionally folks take out extra than one payday loan. If you usually do not spend the amount on time, the interest begins to add up seriously. It can be important that you just understand almost everything about a payday loan. What takes place when the time comes for trying to repay the loan? Some nations take into account a payday loan as terrible for the individual. The majority of people in no way look at a payday loan from every single angle. You can not acquire plenty of cash if you have pretty small revenue. The interest plus the principal on a payday loan can add up incredibly promptly. The perfect point to perform is pay the interest in addition to a small on the principal quantity each week. A payday loan is anything to assist you more than your immediate complications. You may have seen that banks take a while to agree a loan. In most cases, the interest is normally deducted just before the deposit is produced. The more rapidly you repay the principal amount the much better it is for you, as you have to pay much less as interest. It is best to never ever go in for any payday loan anytime you'll need money. Payday loan corporations are bobbing up all more than the nation. One can find nations exactly where it really is illegal; to charge such high interest rates. The concept behind a payday loan is always to tide you over your immediate issues. A payday loan really should by no means become the norm but it should be an exception. You could have to spend a price in exorbitant rates of interest if you usually do not pay up in time. A payday loan is beneficial for immediate payment of bills.

IN T H E last twenty-five years I have had a lot of people staying with me and sometimes I am tempted to write an essay on guests. There are the guests who never shut a door after them and never turn out the light when they leave their room. There are the guests who throw themselves on their bed in muddy boots to have a nap after lunch, so that the counterpane has to be cleaned on their departure. There are the guests who smoke in bed and burn holes in your sheets. There are the guests who are on a regime and have to have special food cooked for them and there are the guests who wait till their glass is filled with a vintage claret and then say: "I won't have any, thank you." There are the guests who never put back a book in the place from which they took it and there are the guests who take away a volume from a set and never return it. There are the guests who borrow money from you when they are leaving and do not pay it back. There are the guests who can never be alone for a minute and there are the guests who are seized with a desire to talk the moment they see you glancing at a paper. There are the guests who, wherever they are, want to be somewhere else and there are the guests who want to be doing something from the time they get up in the morning till the time they go to bed at night. There are the guests who treat you as though they were SOME NOVELISTS I HAVE KNOWN 459 gauleiters in a conquered province. There are the guests who bring three weeks* laundry with them to have washed at your expense and there are the guests who send their clothes to the cleaners and leave you to pay the bill. There are the guests who telephone to London, Paris, Rome, Madrid and New York, and never think of inquiring how much it costs. There are the guests who take all they can get and offer nothing in return. There are also the guests who are happy just to be with you, who seek to please, who have resources of their own, who amuse you, whose conversation is delightful, whose interests are varied, who exhilarate and excite you, who in short give you far more than you

The 9/11 Commission warned that Al Qaeda "could... scheme to wield weapons of unprecedented destructive power in the largest cities of the United States." Future attacks could impose enormous costs on the entire economy. Having used up the surplus that the country enjoyed as part of the Cold War peace dividend, the U.S. government is in a weakened financial position to respond to another major terrorist attack, and its position will be damaged further by the large budget gaps and growing dependence on foreign capital projected for the future. As the historian Paul Kennedy wrote in his book The Rise and Fall of Great Powers, too many decisions made in Washington today "bring merely short-term advantage but long-term disadvantage." The absence of a sound, long-term financial strategy could bring about a deterioration that, in his words, "leads to the downward spiral of slower growth, heavier taxes, deepening domestic splits over spending priorities and a weakening capacity to bear the burdens of defense." Decades of success in mobilizing enormous sums of money to fight large wars and meet other government needs have led Americans to believe that ample funds will be readily available in the event of a future war, terrorist attack, or other emergency. But that can no longer be assumed. Budget constraints could limit the availability or raise the cost of resources to deal with new emergencies. If government debt continues to pile up, deficits rise to stratospheric levels, and heave dependence on foreign capital grows, borrowing the money needed will be very costly. [Alexander] Hamilton understood the risks of such a precarious situation. After suffering through financial shortages, lack of adequate food and weapons, desertions, and collapsing morale during the Revolution, he considered the risk that the government would have difficulty in assembling funds to defend itself all too real. If America remains on its dangerous financial course, Hamilton's gift to the nation - the blessing of sound finances - will be squandered. The U.S. government had no higher obligation that to protect the security of its citizens. Doing so becomes increasingly difficult if its finances are unsound. While the nature of this new brand of warfare, the war on terrorism, remains uncharted, there is much to be gained if our leaders look to the experiences of the past for guidance in responding to the challenges of the future. The willingness of the American people and their leaders to ensure that the nation's finances remain sound in the face of these new challenges - sacrificing parochial interests for the common good - is the price we must pay to preserve the nation's security and thus the liberties that Hamilton and his generation bequeathed us.

No one disputes that college has gotten a lot more expensive. A recent Money magazine report notes, “After adjusting for financial aid, the amount families pay for college has skyrocketed 439% since 1982. . . . Normal supply and demand can’t begin to explain cost increases of this magnitude.”1 Consumers would balk, except for two things. First – as with the housing bubble – cheap and readily available credit has let people borrow to finance education. They’re willing to do so because of (1) consumer ignorance, as students (and, often, their parents) don’t fully grasp just how harsh the impact of student-loan payments will be after graduation; and (2) a belief that, whatever the cost, a college education is a necessary ticket to future prosperity. Second, there’s a belief that college is an essential entry ticket to the middle class, regardless of whatever actual value it might provide.

Governments (and large corporations) issue bonds as a way of borrowing money from a broader range of people and institutions than just banks.

Mortgages were short-term, usually for three to five years, and they were not amortized. In other words, people paid interest, but did not repay the sum they had borrowed (the principal) until the end of the loan’s term, so that they ended up facing a balloon-sized final payment. The average difference (spread) between mortgage rates and high-grade corporate bond yields was about two percentage points during the 1920s, compared with about half a per cent (50 basis points) in the past twenty years.

Some immigrants to the United States borrow a great deal of money from investors to get to America. Upon arrival they are required to work off the debt to the investor over a period of time. Many Christians view their salvation the same way—that they owe Christ a lifetime of indentured servanthood. This is completely understandable—especially with such Christian phrases like “He paid a debt He didn’t owe,” that set us up with the wrong perspective. The debtor concept sets us up to see God as an all-powerful slave master, always expecting us to “pay up” with all the religious currency we can gather!       First of all, we are not foreigners trying to immigrate to heaven. Heaven is our true home. God is our true Father. We are His people. He does not bring us to Himself and then have us pay off our debt to Him for doing so. The pleasure of redemption and the joy of salvation is God’s. It is for His supreme pleasure and for the glory of His name that He has saved and redeemed us. To require us to work off some sort of debt for His redemption would be to dilute his pleasure, adulterate His supreme act of love, and weaken His powerful sacrifice.

consider a young Tunisian man pushing a wooden handcart loaded with fruits and vegetables down a dusty road to a market in the Tunisian town of Sidi Bouzid. When the man was three, his father died. He supports his family by borrowing money to fill his cart, hoping to earn enough selling the produce to pay off the debt and have a little left over. It’s the same grind every day. But this morning, the police approach the man and say they’re going to take his scales because he has violated some regulation. He knows it’s a lie. They’re shaking him down. But he has no money. A policewoman slaps him and insults his dead father. They take his scales and his cart. The man goes to a town office to complain. He is told the official is busy in a meeting. Humiliated, furious, powerless, the man leaves. He returns with fuel. Outside the town office he douses himself, lights a match, and burns. Only the conclusion of this story is unusual. There are countless poor street vendors in Tunisia and across the Arab world. Police corruption is rife, and humiliations like those inflicted on this man are a daily occurrence. They matter to no one aside from the police and their victims. But this particular humiliation, on December 17, 2010, caused Mohamed Bouazizi, aged twenty-six, to set himself on fire, and Bouazizi’s self-immolation sparked protests. The police responded with typical brutality. The protests spread. Hoping to assuage the public, the dictator of Tunisia, President Zine el-Abidine Ben Ali, visited Bouazizi in the hospital. Bouazizi died on January 4, 2011. The unrest grew. On January 14, Ben Ali fled to a cushy exile in Saudi Arabia, ending his twenty-three-year kleptocracy. The Arab world watched, stunned. Then protests erupted in Egypt, Libya, Syria, Jordan, Kuwait, and Bahrain. After three decades in power, the Egyptian dictator Hosni Mubarak was driven from office. Elsewhere, protests swelled into rebellions, rebellions into civil wars. This was the Arab Spring—and it started with one poor man, no different from countless others, being harassed by police, as so many have been, before and since, with no apparent ripple effects. It is one thing to look backward and sketch a narrative arc, as I did here, connecting Mohamed Bouazizi to all the events that flowed out of his lonely protest. Tom Friedman, like many elite pundits, is skilled at that sort of reconstruction, particularly in the Middle East, which he knows so well, having made his name in journalism as a New York Times correspondent in Lebanon. But could even Tom Friedman, if he had been present that fatal morning, have peered into the future and foreseen the self-immolation, the unrest, the toppling of the Tunisian dictator, and all that followed? Of course not. No one could. Maybe, given how much Friedman knew about the region, he would have mused that poverty and unemployment were high, the number of desperate young people was growing, corruption was rampant, repression was relentless, and therefore Tunisia and other Arab countries were powder kegs waiting to blow. But an observer could have drawn exactly the same conclusion the year before. And the year before that. Indeed, you could have said that about Tunisia, Egypt, and several other countries for decades. They may have been powder kegs but they never blew—until December 17, 2010, when the police pushed that one poor man too far.

...don't borrow money from people, but if other people need it from you lend it to them, as long as it's inconsequential.

Until then, Hamm had resisted borrowing money or selling shares to raise cash, unlike McClendon and Ward at Chesapeake. Instead, he relied on cash coming from existing wells and from his side businesses, such as his drilling company. “I don’t like using other people’s money, it changes you,” he says, citing the need to be a salesman. “You believe your own bull, it distorts you.” But

All the same, I should like it all plain and clear,” said he obstinately, putting on his business manner (usually reserved for people who tried to borrow money off him), and doing his best to appear wise and prudent and professional and live up to Gandalf’s recommendation. “Also I should like to know about risks, out-of-pocket expenses, time required and remuneration, and so forth”—by which he meant: “What am I going to get out of it? and am I going to come back alive?

MANAGEMENT CONSULTANTS The effective ones are the one-man shows.The institutional ones are disastrous. They waste time, cost money, demoralize and distract your best people, and don’t solve problems. They are people who borrow your watch to tell you what time it is and then walk off with it. Don’t use them under any circumstances. Not even to keep your stockholders and directors quiet. It isn’t worth it. Many organizations who’ve been through it will react promptly, thoroughly, and effectively to the threat: “If you fellows don’t get shaped up in thirty days so you’re a credit to the rest of the company, I’m going to call in Booz, Allen.

Trick #1 for Farming Humans is the ability to invisibly commit crime. Chapter 1, Page 9, Ring of Gyges Trick #2 for Farming Humans is to allow professionals to create rigged systems or self serving social constructs. Chapter 4, page 28 (Lawyers who serve corporate interests are often incentivized to assist in harming the society to increase their own security. SEC, Bernie Madoff, Corporations as invisible friends, Money laundering assistance) Trick #3 in Farming Humans is making it legal for insider manipulation of public markets for private gain. (Boeing CEO) page 32 Trick #4 for Farming Humans is Justice prefers to look only down…rarely up towards power. Chapter 5, page 33. Trick #5 for Farming Humans is “let us create the nation’s money”. What could go wrong? Found in Chapter 7 on page 38. Trick # 6 in the game of Farming Humans, to create something which gives a few men an elevated status above the rest. Southern Pacific Railroad taxes, to Pacific Gas and Electric deadly California fires, to Boeing aircraft casualties. Paper “persons” cannot be arrested or jailed. Trick #7 for Farming Humans is a private game of money creation which secretly “borrowed” on the credit backing of the public. Chapter 9, page 51. Federal Reserve. Trick #8 for Farming Humans is seen in the removal of the gold backing of US dollars for global trading partners, a second default of the promises behind the dollar. (1971) Chapter 15, page 81 Trick #9 for Farming Humans is being able to sell out the public trust, over and over again. Supreme Court rules that money equals speech. Chapter 16, page 91. Trick #10 for Farming Humans is Clinton repeals Glass Steagall, letting banks gamble America into yet another financial collapse. Chapter 17, page 93. Trick #11 for Farming Humans is when money is allowed to buy politics. Citizens United, super PAC’s can spend unlimited money during campaigns. Chapter 18, page 97. Trick #12 for Farming Humans is the Derivative Revolution. Making it up with lawyers and papers in a continual game of “lets pretend”. Chapter 19, page 105. Trick #13 for Farming Humans is allowing dis-information to infect society. Chapter 20, page 109. Trick #14 for Farming Humans is substitution of an “advisor”, for what investors think is an “adviser”. Confused yet? The clever “vowel movement” adds billions in profits, while farming investors. Trick #15 for Farming Humans is when privately-hired rental-cops are allowed to lawfully regulate an industry, the public gets abused. Investments, SEC, FDA, FAA etc. Chapter 15, page 122 Trick #16 for Farming Humans is the layer of industry “self regulators”, your second army of people paid to “gaslight” the public into thinking they are protected.

As suggested in the citation just above, the credit cycle can be easily understood through the metaphor of a window. In short, sometimes it’s open and sometimes it’s closed. And, in fact, people in the financial world make frequent reference to just that: “the credit window,” as in “the place you go to borrow money.” When the window is open, financing is plentiful and easily obtained, and when it’s closed, financing is scarce and hard to get. Finally, it’s essential to always bear in mind that the window can go from wide open to slammed shut in just an instant. There’s a lot more to fully understanding this cycle—including the reasons for these cyclical movements and their impact—but that’s the bottom line.

We might all agree that everyone would be better off if there were less positional competition. It’s stressful, it’s wasteful, and it distorts people’s lives. Parents wanting only the best for their child encourage her to study hard so she can get into a good college. But everyone is doing that. So the parents push harder. But so does everybody else. So they send their child to after-school enrichment programs and educational summer camps. And so does everyone else. So now they borrow money to switch to private school. Again, others follow. So they nag at their youngster to become a great musician or athlete or something that will make her distinctive. They hire tutors and trainers. But, of course, so does everyone else, or at least everyone who has not gone broke trying to keep up. The poor child, meanwhile, has been so tortured by parental aspirations for her that she loses interest in all the things they have forced her to do for the sake of her future.

If the Fed had curbed leverage and raised interest rates in the mid 2000s, there would have been less craziness up and down the chain. American households would not have increased their borrowing from 66 percent of GDP in 1997 to 100 percent a decade later. Housing finance companies would not have sold so many mortgages regardless of borrowers’ ability to repay. Fannie Mae and Freddie Mac, the two government-chartered home lenders, would almost certainly not have collapsed into the arms of the government. Banks like Citigroup and broker-dealers like Merrill Lynch would not have gorged so greedily on mortgage-backed securities that ultimately went bad, squandering their capital. The Fed allowed this binge of borrowing because it was focused resolutely on consumer-price inflation, and because it believed it could ignore bubbles safely. The carnage of 2007–2009 demonstrated how wrong that was. Presented with an opportunity to borrow at near zero cost, people borrowed unsustainably.

Week 1: Build an Arsenal of Ideas Day 1: Predict the Future Day 2: Learn How Money Grows on Trees Day 3: Brainstorm, Borrow, or Steal Ideas Day 4: Weigh the Obstacles and Opportunities of Each Idea Day 5: Forecast Your Profit on the Back of a Napkin Week 2: Select Your Best Idea Day 6: Use the Side Hustle Selector to Compare Ideas Day 7: Become a Detective Day 8: Have Imaginary Coffee with Your Ideal Customer Day 9: Transform Your Idea into an Offer Day 10: Create Your Origins Story Week 3: Prepare for Liftoff Day 11: Assemble the Nuts and Bolts Day 12: Decide How to Price Your Offer Day 13: Create a Side Hustle Shopping List Day 14: Set Up a Way to Get Paid Day 15: Design Your First Workflow Day 16: Spend 10 Percent More Time on the Most Important Tasks Week 4: Launch Your Idea to the Right People Day 17: Publish Your Offer! Day 18: Sell Like a Girl Scout Day 19: Ask Ten People for Help Day 20: Test, Test, and Test Again Day 21: Burn Down the Furniture Store Day 22: Frame Your First Dollar Week 5: Regroup and Refine Day 23: Track Your Progress and Decide on Next Steps Day 24: Grow What Works, Let Go of What Doesn’t Day 25: Look for Money Lying Under a Rock Day 26: Get It Out of Your Head Day 27: Back to the Future

were a lot of bad actors). Let’s start at the bottom: too many people borrowed too much money to buy real estate.

LIFE PLAN FOR YOUR DREAM Plan A - Apply for a job and use it to Finance Your dream. Plan B - Borrow Other People's Money (OPM) to Finance your dream if you don't want the job route. Plan C - Consider working full time and pursue your dream part-time. Plan D - Diligently work on your dream until it overtakes your job. Plan E - Effect a paradigm shift by making your dream full time and your job part time. Plan F - F means time to Fire your boss.

When you leave tomorrow, you’ll be accompanied by a few of my people.” “Why?” “Because they will be needed to drive the wagon to Xandria. I know that you are indentured to your master—that you still owe him a good deal of money before you are free to live your own life. He’s making you pay back a fortune that he forced you to borrow.” He squeezed her hand before approaching one of three trunks pushed against the wall. “For saving my life—and sparing hers.” He flipped open the lid of a trunk, then another, and another. Sunlight gleamed on the gold inside, reflecting through the room like light on water. All that gold … and the piece of Spidersilk the merchant had given her … she couldn’t think of the possibilities that wealth would open to her, not right now. “When you give your master his letter, also give him this. And tell him that in the Red Desert, we do not abuse our disciples.” Celaena smiled slowly. “I think I can manage that.” She looked to the open window, to the world beyond. For the first time in a long while, she heard the song of a northern wind, calling her home. And she was not afraid.

In late 2008, one of my business partners, Clayton Christensen offered his opinion that the recession would have an “unmitigated positive impact on innovation” because “when the tension is greatest and resources are most limited, people are actually a lot more open to rethinking the fundamental way they do business.” This theory is supported by the Kaufmann Foundation statistic that “51 percent of the Fortune 500 companies began during a recession or bear market or both.” Whether launching a business or pursuing a dream, there are many high-profile instances in which a lack of resources ultimately proved to be a boon, rather than a bane. If we dig a bit, each of us can uncover examples among friends and family, and ourselves. Would most children have as many opportunities as they do in sports, music, or other extracurricular activities without parents, mothers in particular, who are accomplished at bartering as a way to stretch limited family budgets? Would kids have as many chances to explore their interests if their parents weren’t so adept at arranging for carpooling, chaperoning, and borrowing, thus enabling their kids to participate? Without the constraints of time, money, and health, would the online retailer Shabby Apple exist? (For a reminder of how that business came to be, see chapter 5.) If my parents could have paid for college, would I have caught an early glimpse of corporate life during the Silicon Valley heyday? Would I have ever set foot on Wall Street had I not needed to work to put my husband through school? All of us have had the opportunity to bootstrap if we look hard enough. Men seem to know how to do this in the business world: 88 percent of the founders of Entrepreneur magazine’s Hot 500 were men. But I wonder if women aren’t better at bootstrapping than we think we are. Chronically under resourced (whether due to the gender pay gap or ceding our resources to conform to societal expectations), women continually feel the tension of having too little budget and too little time. Because of this tension, we are expert at rethinking how to get things done. Many of us know how to turn scarcity into opportunity.

If you want more friends, you must be willing to help people. There is only one way to help your friends and they know it: You have to become rich. If you are rich, you can invite them out to eat in the best restaurants, borrow them money without worries, offer expensive gifts, pay their hospital bills, help them start a business, support them if they're unemployed and invite them to spend luxurious vacations with you. Our world is ruled by money. Without it, you can't even buy your own freedom. If you need to work for money, then you are a slave of money.

She said that too.” His voice was low key and modest. The accent, which was not very pronounced, had the gentle burr of the Scottish professional classes. This was an accent that would score highly in those tests of reliability that newspapers liked to carry out—those surveys that tended to reveal that a mild Scottish accent in a bank manager or financial adviser inspired more public trust than any other voice. By the same token, although the surveys were never so tactless as to point it out, people were reluctant to take investment recommendations from a person with a very strong Irish accent. There was no objective reason for this, of course, even if Ireland had created a property bubble of gargantuan proportions in the days of easily borrowed money. These views were tied in with old perceptions, and were slow to change, even in the face of hard evidence.

For a variety of reasons, staffers always want to take new initiatives, do new things that excite them. But if those new things fail to serve your business’ goals, their time and energy are lost at your expense because money and efforts are diverted uselessly to non-essential tasks!

The rich rule over the poor, and the borrower is servant to the lender.” I gave further thought to the life of what we traditionally think of as a slave. Visions of overworked, underpaid people came to mind.

From studying 50-plus civil wars and revolutions, it became clear that the single most reliable leading indicator of civil war or revolution is bankrupt government finances combined with big wealth gaps. That is because when the government lacks financial power, it can’t financially save those entities in the private sector that the government needs to save to keep the system running (as most governments, led by the United States, did at the end of 2008), it can’t buy what it needs, and it can’t pay people to do what it needs them to do. It is out of power. A classic marker of being in Stage 5 and a leading indicator of the loss of borrowing and spending power, which is one of the triggers for going into Stage 6, is that the government has large deficits that are creating more debt to be sold than buyers other than the government’s own central bank are willing to buy. That leading indicator is turned on when governments that can’t print money have to raise taxes and cut spending, or when those that can print money print a lot of it and buy a lot of government debt.

Since governments have the ability to both make and borrow money, why couldn’t the central bank lend money at an interest rate of about 0 percent to the central government to distribute as it likes to support the economy? Couldn’t it also lend to others at low rates and allow those debtors to never pay it back? Normally debtors have to pay back the original amount borrowed (principal) plus interest in installments over a period of time. But the central bank has the power to set the interest rate at 0 percent and keep rolling over the debt so that the debtor never has to pay it back. That would be the equivalent of giving the debtors the money, but it wouldn’t look that way because the debt would still be accounted for as an asset that the central bank owns, so the central bank could still say it is performing its normal lending functions. This is the exact thing that happened in the wake of the economic crisis caused by the COVID-19 pandemic. Many versions of this have happened many times in history. Who pays? It is bad for those outside the central bank who still hold the debts as assets—cash and bonds—who won’t get returns that would preserve their purchasing power. The biggest problem that we now collectively face is that for many people, companies, nonprofit organizations, and governments, their incomes are low in relation to their expenses, and their debts and other liabilities (such as those for pensions, healthcare, and insurance) are very large relative to the value of their assets.

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

Bear Stearns wasn’t a commercial bank. It didn’t hold deposits for regular people and wasn’t supposed to be able to borrow from the Fed. But the Fed invoked a legal provision that said it could lend to anyone in “unusual and exigent circumstances,” and loaned $13 billion to Bear. The Fed was following Walter Bagehot’s nineteenth-century advice to “lend to merchants, to minor bankers, to ‘this man and that man.’” The central bank was pouring money into the shadow bank run, acting as lender of last resort.

Investment firms are buying up more vacation homes, aiming to cash in on growing demand from tourists and remote workers. Most vacation rental homes are owned by small-time owners who list their properties on websites such as Airbnb Inc., but the number of financial firms investing in the sector is growing. New York-based investment firm Saluda Grade is launching a venture with short-term- rental operator AvantStay Inc. to buy about $500 million of homes, the companies said Tuesday. Saluda Grade said it is also looking to raise debt by selling mortgage bonds backed by its homes to investors, the first vacation-rental mortgage securitization, according to the company. Andes STR, a startup that buys and manages short-term rental homes on behalf of investors, also recently signed a deal with Chilean investment firm WEG Capital to buy roughly $80 million of properties in the U.S., Andes said. These investors are betting they can get higher returns if they rent out homes by the night instead of by the year. Low-interest rates have made it more attractive to borrow and Buy Traditional Rental Homes, inflating property prices and making it harder for new buyers to turn a profit. That has prompted some institutions and wealthy families to look in more obscure corners of the property market where competition is smaller, investment advisers say. Some are turning to investments in vacation homes, where demand has surged in many places during the pandemic as more people choose to work from remote locations and leisure travel heated up last year. “There’s a lot more yield available in the short-term market,” said Saluda Grade’s chief executive, Ryan Craft. It is the latest sign of how the pandemic is changing the way people work and live, and how real-estate investors are angling to find new ways to profit from these shifts. Saluda Grade is targeting homes within driving distance of major population centers, Mr. Craft said. His company will buy the homes and AvantStay will manage them for a fee. But while vacation-rental homes can offer higher returns, they also pose challenges to investors. Mortgages are usually more expensive and harder to get for short-term rentals than for owner-occupied homes, said Giri Devanur, CEO of reAlpha Tech Corp., a startup that wants to pool money from small-time investors to buy short-term-rental homes.

Not selfishness, but precisely the absence of a self. Look at them. The man who cheats and lies, but preserves a respectable front. He knows himself to be dishonest, but others think he’s honest and he derives his self-respect from that, second-hand. The man who takes credit for an achievement which is not his own. He knows himself to be mediocre, but he’s great in the eyes of others. The frustrated wretch who professes love for the inferior and clings to those less endowed, in order to establish his own superiority by comparison. The man whose sole aim is to make money. Now I don’t see anything evil in a desire to make money. But money is only a means to some end. If a man wants it for a personal purpose—to invest in his industry, to create, to study, to travel, to enjoy luxury—he’s completely moral. But the men who place money first go much beyond that. Personal luxury is a limited endeavor. What they want is ostentation: to show, to stun, to entertain, to impress others. They’re second-handers. Look at our so-called cultural endeavors. A lecturer who spouts some borrowed rehash of nothing at all that means nothing at all to him—and the people who listen and don’t give a damn, but sit there in order to tell their friends that they have attended a lecture by a famous name. All second-handers.

As a child and an adult, most of my life has been spent in Africa, and for nearly a decade, much of my literary production has focused on my interaction with the environment. Drawing on long-term ethnographic research and intellectual honesty, I would like to provide you with a critical analysis of peoples’ ability to borrow money from God.

Good morning to Karen’s fertile and barren friends. I thought I’d send over the plan for the completely unnecessary, mawkish, and expensive non-tradition borrowed from America that is our friend Karen’s baby shower. Karen thinks it’s always good to demand money and time from people to celebrate her own personal life choices and we felt you haven’t given her quite enough in recent history, what, with the $1500 pound hen do in Ibiza, wedding in Majorca with a strict dress code, and gift registry at Selfridges. (NB: ladies-- if you get a new job or buy or flat on your own, you get a card and that’s it! We want to make sure there’s no prprecedent set. We’re not made of money!!) The good news is, after Karen gives birth she won’t see any of her childless friends unless all they want to do is talk about her baby and nothing else. So you can treat this as her farewell party as well as her baby shower. And save those pennies for a couple of years, that is of course until she comes back to you when she’s stopped breast feeding and is bored out of her mind, demands you all go out to drink, dance, and take loads of drugs, then sends you an offish text the following week saying she can’t really have a night out like that again because “I’M A MOTHER NOW.

The Real Problem Most people do not know that the real estate crash was not really a real estate crash. Poor people did not cause the real estate crash. The rich caused the real estate crash. The rich created financially-engineered products known as derivatives—products Warren Buffett has called “weapons of mass financial destruction.” When the financial weapons of mass destruction started to explode, the real estate market crashed… and poor, subprime borrowers were blamed.

Up until around 1350, lending with an interest rate was prohibited by both Christianity and Islam—and in Judaism it was banned within the Jewish community—because of the terrible problems it caused, with human nature leading people to borrow more than they could pay back, which created tensions and often violence between borrowers and lenders. As a result of this lack of lending, currency was “hard” (gold and silver). A century or so later, in the Age of Exploration, explorers went around the world collecting gold and silver and other hard assets to make more money. That’s how the greatest fortunes were built at the time. The explorers and those who backed them split the profits. It was an effective incentive-based system for getting rich. The alchemy of lending as we know it today was first created in Italy around 1350. Rules for lending changed and new types of money were made: cash deposits, bonds, and stocks that looked pretty much like we know them today. Wealth became promises to deliver money—what I call “financial wealth.

The other reason people borrow money from bankers who wear leather jackets and gold chains and carry brass knuckles.

Well, folks, you can see that those superscrapers came through the storm just fine. It’s too bad they’re mostly empty right now. I mean they’re residential towers supposedly, but they were always too expensive for ordinary people to afford. They’re like big granaries for holding money, basically. You have to imagine them all stuffed to the top with dollar bills. The richest people from all over the world own the apartments in those towers. They’re an investment, or maybe a tax write-off. Diversify into real estate, as they say. While also having a place to visit whenever you happen to want to visit New York. A vacation place they might use for only a week or two every year. Depends what they like. They usually own about a dozen of these places around the world. Spread their holdings around. So really these towers are just assets. They’re money. They’re like big tall purple gold bars. They’re everything except housing.... Now, here below us is Central Park. It’s a refugee camp now, you can see that. It’s likely to be that for weeks and months to come. Maybe a year. People will be sleeping in the park. Lots of tents already, as you see.... So you know what? I’m sick of the rich. I just am. I’m sick of them running this whole planet for themselves. They’re wrecking it! So I think we should take it back, and take care of it. And take care of each other as part of that. No more table scraps. You know that Householders’ Union that I was telling you about? I think it’s time for everyone to join that union, and for that union to go on strike. An everybody strike. I think there should be an everybody strike. Now. Today.... What I mean by a householders’strike is you just stop paying your rents and mortgages ... maybe also your student loans and insurance payments. Any private debt you’ve taken on just to make you and your family safe. The daily necessities of existence. The union is declaring all those to be odious debts, like some kind of blackmail on us, and we’re demanding they be renegotiated ... So, we stop paying and call that the Jubilee? ... That’s an old name for this kind of thing. After we start this Jubilee, until there’s a restructuring that forgives a lot of our debt, we aren’t paying anything. You might think that not paying your mortgage would get you in trouble, and it’s true that if it was just you, that might happen. But when everyone does it, that makes it a strike. Civil disobedience. A revolution. So everyone needs to join in. Won’t be that hard. Just don’t pay your bills! ... What will happen then is that the absence of those payments of ours will cause the banks to crash fast. They take our payments and use them as collateral to borrow tons more, to fund their own gambling, and they are way, way, way overextended. Overleveraged.... At that point they will be asking the government to bail them out. That’s us. We’re the government. At least in theory, but yeah. We are. So we can decide what to do then. We will have to tell our government what to do at that point. If our government tries to back the banks instead of us, then we elect a different government. We pretend that democracy is real, and that will make it real. We elect a government of the people, by the people, and for the people. That was the whole idea in the first place. As they used to tell us in school. And it’s a good idea, if we could make it real. It might never have been real, up till now. But now’s the time. Now’s the time, people!

Well, folks, you can see that those superscrapers came through the storm just fine. It’s too bad they’re mostly empty right now. I mean they’re residential towers supposedly, but they were always too expensive for ordinary people to afford. They’re like big granaries for holding money, basically. You have to imagine them all stuffed to the top with dollar bills. The richest people from all over the world own the apartments in those towers. They’re an investment, or maybe a tax write-off. Diversify into real estate, as they say. While also having a place to visit whenever you happen to want to visit New York. A vacation place they might use for only a week or two every year. Depends what they like. They usually own about a dozen of these places around the world. Spread their holdings around. So really these towers are just assets. They’re money. They’re like big tall purple gold bars. They’re everything except housing.... Now, here below us is Central Park. It’s a refugee camp now, you can see that. It’s likely to be that for weeks and months to come. Maybe a year. People will be sleeping in the park. Lots of tents already, as you see.... So you know what? I’m sick of the rich. I just am. I’m sick of them running this whole planet for themselves. They’re wrecking it! So I think we should take it back, and take care of it. And take care of each other as part of that. No more table scraps. You know that Householders’ Union that I was telling you about? I think it’s time for everyone to join that union, and for that union to go on strike. An everybody strike. I think there should be an everybody strike. Now. Today.... What I mean by a householders’strike is you just stop paying your rents and mortgages ... maybe also your student loans and insurance payments. Any private debt you’ve taken on just to make you and your family safe. The daily necessities of existence. The union is declaring all those to be odious debts, like some kind of blackmail on us, and we’re demanding they be renegotiated ... So, we stop paying and call that the Jubilee? ... That’s an old name for this kind of thing. After we start this Jubilee, until there’s a restructuring that forgives a lot of our debt, we aren’t paying anything. You might think that not paying your mortgage would get you in trouble, and it’s true that if it was just you, that might happen. But when everyone does it, that makes it a strike. Civil disobedience. A revolution. So everyone needs to join in. Won’t be that hard. Just don’t pay your bills! ... What will happen then is that the absence of those payments of ours will cause the banks to crash fast. They take our payments and use them as collateral to borrow tons more, to fund their own gambling, and they are way, way, way overextended. Overleveraged.... At that point they will be asking the government to bail them out. That’s us. We’re the government. At least in theory, but yeah. We are. So we can decide what to do then. We will have to tell our government what to do at that point. If our government tries to back the banks instead of us, then we elect a different government. We pretend that democracy is real, and that will make it real. We elect a government of the people, by the people, and for the people. That was the whole idea in the first place. As they used to tell us in school. And it’s a good idea, if we could make it real. It might never have been real, up till now. But now’s the time. Now’s the time, people!

She borrowed the money and spent it," he said, defending his position. "Yes because she—" He stopped her by holding his hand up. "I don't want to know this stuff." "Yes, because you know it’s wrong." Jessica's anger continued. "We agree. All I do is focus on the fact that someone borrowed money. They received plenty of letters and phone calls asking them to pay up, and have had loads of time and opportunity to pay. You’ll be surprised by the type of people and how many borrow money with no intention of paying it back. Believe me the last thing they want is the neighbours, or their work colleagues knowing they are defaulting on a loan. If they pay up the lump sum they even get a discount so all's fair in—