Commodities Trading Quotes

War is a bazaar where lives are traded like any other commodity: chocolate or bullets or parachute silk.

Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.

The first thing you learn on the trading floor is that when large numbers of people are after the same commodity, be it a stock, a bond, or a job, the commodity quickly becomes overvalued.

In trading Bitcoin and other commodities, everyone wants 1000% in a week, but can't handle 20% drop in a week. That's the beginning of witchcraft.

Truth, meanwhile, was a weapon that even a damaged fist could still grasp and wield. It was a remarkably versatile commodity; it could be traded, or help serve an end, or produce a profit.

Evil is not one large entity, but a collection of countless, small depravities brought up from the muck by petty men. Many have traded the enrichment of vision for a gray fog of mediocrity--the fertile inspiration of striving and growth, for mindless stagnation and slow decay--the brave new ground of the attempt, for the timid quagmire of apathy. Many of you have traded freedom not even for a bowl of soup, but worse, for the spoken empty feelings of others who say that you deserve to have a full bowl of soup provided by someone else. Happiness, joy, accomplishment, achievement . . . are not finite commodities, to be divided up. Is a child’s laughter to be divided and allotted? No! Simply make more laughter! Every person’s life is theirs by right. An individual’s life can and must belong only to himself, not to any society or community, or he is then but a slave. No one can deny another person their right to their life, nor seize by force what is produced by someone else, because that is stealing their means to sustain their life. It is treason against mankind to hold a knife to a man’s throat and dictate how he must live his life. No society can be more important than the individuals who compose it, or else you ascribe supreme importance, not to man, but to any notion that strikes the fancy of the society, at a never-ending cost of lives. Reason and reality are the only means to just laws; mindless wishes, if given sovereignty, become deadly masters. Surrendering reason to faith in unreasonable men sanctions their use of force to enslave you--to murder you. You have the power to decide how you will live your life. Those mean, unreasonable little men are but cockroaches, if you say they are. They have no power to control you but that which you grant them!

She shrugged, looking as baffled by it as he felt. "I don't know. I wonder sometimes if people even know what love is anymore. Some days, when I'm watching my friends change lovers as unperturbedly as they change shoes, I think the world just got filled with too many people, and all our technological advances made things so easy that it cheapened our most basic, essential value somehow," she told him. "It's like spouses are commodities nowadays: disposable, constantly getting tossed back out for trade on the market and everyone's trying to trade up, up--like there is a 'trading up' in love." She rolled her eyes. "No way. That's not for me. I'm having one husband. I'm getting married once. When you know going in that you're staying for life, it makes you think harder about it, go slower, choose really well.

There is the Barclays Bank. The Barclay brothers are dead. The human beings they traded, the human beings who to them were only commodities, are dead. It should not have been that they came to the same end, and heaven is not enough of a reward for one or hell enough of a punishment for the other. People who think about these things believe that every bad deed, even every bad thought, carries with it its own retribution. So do you see the queer thing about people like me? Sometimes we hold your retribution.

A monopoly granted either to an individual or to a trading company, has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly understocked by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate. The price of monopoly is upon every occasion the highest which can be got. The natural price, or the price of free competition, on the contrary, is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together. The

How did the Farm Bill achieve overwhelming support from Congress in the face of such widespread calls for reform?...In exchange for leaving support for the large commodity crop farmers in place, House and Senate negotiators packaged support for nearly everyone else into the bill.

But look at it this way. Anything is a commodity to someone. In a very large universe, your aunt Gracie’s cannonballs may be someone else’s favorite underwear.

When you trade the heart as a commodity, then you can do that with any other organ, any human. Any island, any country. Any home becomes a sellable property.

Remember this: of all the commodities men trade in, information is the most valuable by far.

War, Etienne thinks distantly, is a bazaar where lives are traded like any other commodity: chocolate or bullets or parachute silk.

No one asked Hagar anything. She was simply a commodity in a business transaction. The item that was being traded. She was unseen. Insignificant.

Gold is the world's least understood asset class. Confusion arises because gold is traded like a commodity, yet gold is not a commodity, it is money.

In business, if you can effectively sell the value of an idea, then it is easier to trade any valuable commodity.

Thus Marx begins his attack on the liberal concept of freedom. The freedom of the market is not freedom at all. It is a fetishistic illusion. Under capitalism, individuals surrender to the discipline of abstract forces (such as the hidden hand of the market made much of by Adam Smith) that effectively govern their relations and choices. I can make something beautiful and take it to market, but if I don’t manage to exchange it then it has no value. Furthermore, I won’t have enough money to buy commodities to live. Market forces, which none of us individually control, regulate us. And part of what Marx wants to do in Capital is talk about this regulatory power that occurs even “in the midst of the accidental and ever-fluctuating exchange relations between the products.” Supply and demand fluctuations generate price fluctuations around some norm but cannot explain why a pair of shoes on average trades for four shirts. Within all the confusions of the marketplace, “the labour-time socially necessary to produce [commodities] asserts itself as a regulative law of nature. In the same way, the law of gravity asserts itself when a person’s house collapses on top of him” (168). This parallel between gravity and value is interesting: both are relations and not things, and both have to be conceptualized as immaterial but objective.

This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tempted to say "fancier" - techniques I am, as one who received his formation in the 1930s, untutored. A colleague has offered to provide a mathematical model to decorate the work. It might be useful to some readers, but not to me. Catastrophe mathematics, dealing with such events as falling off a height, is a new branch of the discipline, I am told, which has yet to demonstrate its rigor or usefulness. I had better wait. Econometricians among my friends tell me that rare events such as panics cannot be dealt with by the normal techniques of regression, but have to be introduced exogenously as "dummy variables." The real choice open to me was whether to follow relatively simple statistical procedures, with an abundance of charts and tables, or not. In the event, I decided against it. For those who yearn for numbers, standard series on bank reserves, foreign trade, commodity prices, money supply, security prices, rate of interest, and the like are fairly readily available in the historical statistics.

Dear Papa, it seemed, had not left his family in affluent circumstances; but he had certainly endowed them with good looks, a commodity in which they had been bred from earliest youth to trade to the best advantage.

And we were in our thirties. Well into the Age of Boredom, when nothing is new. Now, I’m not being self-pitying; it’s simply true. Newness, or whatever you want to call it, becomes a very scarce commodity after thirty. I think that’s unfair. If I were in charge of the human life span, I’d make sure to budget newness much more selectively, to ration it out. As it is now, it’s almost used up in the first three years of life. By then you’ve seen for the first time, tasted for the first time, held something for the first time. Learned to walk, talk, go to the bathroom. What have you got to look forward to that can compare with that? Sure, there’s school. Making friends. Falling in love. Learning to drive. Sex. Learning to trade. That has to carry you for the next twenty-five years. But after that? What’s the new excitement? Mastering your home computer? Figuring out how to work CompuServe? “Now, if it were up to me, I’d parcel out. So that, say, at thirty-five we just learned how to go on the potty. Imagine the feeling of accomplishment! They’d have office parties. "Did you hear? The vice president in charge of overseas development just went a whole week without his diaper. We’re buying him a gift." It’d be beautiful.

China, of course, gains access to commodities, but host countries get the loans to finance infrastructure developmental programs in their economies, they get to trade (creating incomes for their domestic citizenry), and they get investments that can support much-needed job creation.

Our living quarters were in the same compound as the Eastern District administration. Government offices were mostly housed in large mansions which had been confiscated from Kuomintang officials and wealthy landlords. All government employees, even senior officials, lived at their office. They were not allowed to cook at home, and all ate in canteens. The canteen was also where everyone got their boiled water, which was fetched in thermos flasks. Saturday was the only day married couples were allowed to spend together. Among officials, the euphemism for making love was 'spending a Saturday." Gradually, this regimented life-style relaxed a bit and married couples were able to spend more time together, but almost all still lived and spent most of their time in their office compounds. My mother's department ran a very broad field of activities, including primary education, health, entertainment, and sounding out public opinion. At the age of twenty-two, my mother was in charge of all these activities for about a quarter of a million people. She was so busy we hardly ever saw her. The government wanted to establish a monopoly (known as 'unified purchasing and marketing') over trade in the basic commodities grain, cotton, edible o'fi, and meat. The idea was to get the peasants to sell these exclusively to the government, which would then ration them out to the urban population and to parts of the country where they were in short supply.

When the thirst for wealth becomes general, it will be sought for as well dishonestly as honestly; by frauds and overreachings, by the knaveries of trade, the heartlessness of greedy speculation, by gambling in stocks and commodities that soon demoralizes a whole community. Men will speculate upon the needs of their neighbors and the distresses of their country. Bubbles that, bursting, impoverish multitudes, will be blown up by cunning knavery, with stupid credulity as its assistants and instrument. Huge bankruptcies, that startle a country like the earth-quakes, and are more fatal, fraudulent assignments, engulfment of the savings of the poor, expansions and collapses of the currency, the crash of banks, the depreciation of Government securities, prey on the savings of self-denial, and trouble with their depredations the first nourishment of infancy and the last sands of life, and fill with inmates the churchyards and lunatic asylums.

No one is alone in this world. No act is without consequences for others. It is a tenet of chaos theory that, in dynamical systems, the outcome of any process is sensitive to its starting point-or, in the famous cliche, the flap of a butterfly's wings in the Amazon can cause a tornado in Texas. I do not assert markets are chaotic, though my fractal geometry is one of the primary mathematical tools of "chaology." But clearly, the global economy is an unfathomably complicated machine. To all the complexity of the physical world of weather, crops, ores, and factories, you add the psychological complexity of men acting on their fleeting expectations of what may or may not happen-sheer phantasms. Companies and stock prices, trade flows and currency rates, crop yields and commodity futures-all are inter-related to one degree or another, in ways we have barely begun to understand. In such a world, it is common sense that events in the distant past continue to echo in the present.

The notion that the Tea Party represented the righteous, if unfocused, anger of an aggrieved class allowed everyone from leftists to neoliberals to white nationalists to avoid a horrifying and simple reality: A significant swath of this country did not like the fact that their president was black, and that swath was not composed of those most damaged by an unquestioned faith in the markets. Far better to imagine the grievance put upon the president as the ghost of shambling factories and defunct union halls, as opposed to what it really was—a movement inaugurated by ardent and frightened white capitalists, raging from the commodities trading floor of one of the great financial centers of the world.

Most of us take for granted the ease with which we can fill up our cars, buy a new smartphone or order a cup of Colombian coffee. But underpinning almost all of our consumption is a frenetic international trade in natural resources. And underpinning that trade, from their offices in sleepy towns in Switzerland or New England, are the commodity traders.

Dramatic conquests often lead to startling serendipities: the most momentous Muslim acquisition at Talas was not territory or silk, but a commodity at once prosaic and precious. Among the Chinese prisoners taken at Talas were papermakers, who soon spread their wondrous craft into the Islamic world, and then to Europe, changing forever human culture and the course of history.

Profit is so very fluctuating that the person who carries on a particular trade cannot always tell you himself what is the average of his annual profit. It is affected not only by every variation of price in the commodities which he deals in, but by the good or bad fortune both of his rivals and of his customers, and by a thousand other accidents to which goods when carried either by sea or by land, or even when stored in a warehouse, are liable. It varies, therefore, not only from year to year, but from day to day, and almost from hour to hour. To ascertain what is the average profit of all the different trades carried on in a great kingdom must be much more difficult; and to judge of what it may have been formerly, or in remote periods of time, with any degree of precision, must be altogether impossible. But though it may be impossible to determine, with any degree of precision, what are or were the average profits of stock, either in the present or in ancient times, some notion may be formed of them from the interest of money. It may be laid down as a maxim, that wherever a great deal can be made by the use of money, a great deal will commonly be given for the use of it; and that wherever little can be made by it, less will commonly be given for it. According, therefore, as the usual market rate of interest varies in any country, we may be assured that the ordinary profits of stock must vary with it, must sink as it sinks, and rise as it rises. The progress of interest, therefore, may lead us to form some notion of the progress of profit.

Consumable commodities, it is said, are soon destroyed; whereas gold and silver are of a more durable nature, and, were it not for this continual exportation, might be accumulated for ages together, to the incredible augmentation of the real wealth of the country. Nothing, therefore, it is pretended, can be more disadvantageous to any country, than the trade which consists in the exchange of such lasting for such perishable commodities. We do not, however, reckon that trade disadvantageous which consists in the exchange of the hard-ware of England for the wines of France; and yet hard-ware is a very durable commodity, and were it not for this continual exportation, might too be accumulated for ages together, to the incredible augmentation of the pots and pans of the country.

In a barter economy, every day the shoemaker and the apple grower will have to learn anew the relative prices of dozens of commodities. If one hundred different commodities are traded in the market, then buyers and sellers will have to know 4,950 different exchange rates. And if 1,000 different commodities are traded, buyers and sellers must juggle 499,500 different exchange rates!5 How do you figure it out?

If, as is the tendency today, the governing class defines job-creation as its main aim, where will this transformation of all activities into paid activities (with remuneration as their sole rationale and maximum productivity as their goal) finally end? How long will the extremely fragile barriers which still prevent the professionalization of motherhood and fatherhood be able to hold out? When shall we see the commercial procreation of embryos, the sale of children, or a trade in organs? Are we not already monetizing, professionalizing and selling not only those things and services we produce, but also what we are and what we cannot produce at will or detach from ourselves? In other words, are we not already transforming ourselves into commodities and treating life as one means among others rather than the supreme end which all means must subserve?

The discovery of America, the rounding of the Cape, opened up fresh ground for the rising bourgeoisie. The East Indian and Chinese markets, the colonization of America, trade with the colonies, the increase in the means of exchange and in commodities generally, gave to commerce, to navigation, to industry, an impulse never before known, and thereby, to the revolutionary element in the tottering feudal society, a rapid development.

they pale by comparison to the trading volumes of hedge funds, to say nothing of the levels of trading in exotic securities such as interest rate swaps, collateralized debt obligations, derivatives such as futures on commodities, stock indexes, stocks, and even bets on whether a given company will go into bankruptcy (credit default swaps). The aggregate nominal value of these instruments, as I noted in Chapter 1, now exceeds $700 trillion.

commodification of information is the only thing that’s made space travel economically feasible. It’s the only commodity whose value exceeds its transportation cost. We’d be exporting biologicals or photonics if it paid. But our trading partners can build the machines and grow the organics much cheaper than we can send them, if they just have the codes and specs. If information were free, the way the radicals want, then there would be nothing to trade, and there goes the only incentive for interstellar ties.

The indignation and rage of the small merchant against the monopolies was given eloquent expression by Luther in his pamphlet “On Trading and Usury,” printed in 1524. “They have all commodities under their control and practice without concealment all the tricks that have been mentioned; they raise and lower prices as they please and oppress and ruin all the small merchants, as the pike the little fish in the water, just as though they were lords over God’s creatures and free from all the laws of faith and love".

For generations the official U.S. policy had been to support these regimes against any threat from their own citizens, who were branded automatically as Communists. When necessary, U.S. troops had been deployed in Latin America for decades to defend our military allies, many of whom were graduates of the U.S. Military Academy, spoke English, and sent their children to be educated in our country. They were often involved in lucrative trade agreements involving pineapples, bananas, bauxite, copper and iron ore, and other valuable commodities. When I became president, military juntas ruled in Argentina, Bolivia, Brazil, Chile, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Panama, Paraguay, Peru, and Uruguay. I decided to support peaceful moves toward freedom and democracy throughout the hemisphere. In addition, our government used its influence through public statements and our votes in financial institutions to put special pressure on the regimes that were most abusive to their own people, including Chile, Argentina, Paraguay, Nicaragua, and El Salvador. On visits to the region Rosalynn and I met with religious and other leaders who were seeking political change through peaceful means, and we refused requests from dictators to defend their regimes from armed revolutionaries, most of whom were poor, indigenous Indians or descendants of former African slaves. Within ten years all the Latin American countries I named here had become democracies, and The Carter Center had observed early elections in Panama, Nicaragua, Peru, Haiti, and Paraguay.

By 1900, a small white minority radiating out from Europe would come to control most of world’s land surface, imposing the imperatives of a commercial economy and international trade on Asia’s mainly agrarian societies. Europeans backed by garrisons and gunboats could intervene in the affairs of any Asian country they wished to. They were free to transport millions of Asian labourers to far-off colonies (Indians to the Malay Peninsula, Chinese to Trinidad); exact the raw materials and commodities they needed for their industries from Asian economies; and flood local markets with their manufactured products. The peasant in his village and the market trader in his town were being forced to abandon a life defined by religion, family and tradition amid rumours of powerful white men with a strange god-on-a-cross who were reshaping the world- men who married moral aggressiveness with compact and coherent nation-states, the profit motive and superior weaponry, and made Asian societies seem lumberingly inept in every way, unable to match the power of Europe or unleash their own potential.

Forty percent of the thirteen hundred members of Yale’s graduating class of 1986 applied to one investment bank, First Boston, alone. There was, I think, a sense of safety in the numbers. The larger the number of people involved, the easier it was for them to delude themselves that what they were doing must be smart. The first thing you learn on the trading floor is that when large numbers of people are after the same commodity, be it a stock, a bond, or a job, the commodity quickly becomes overvalued. Unfortunately, at the time, I had never seen a trading floor. The

Aoyama was no stranger to auditions, having supervised a number of them for TV commercials and PR videos. Sitting in a studio, sizing up a row of fifteen or twenty swimsuit-clad hopefuls, he'd always found words like 'slave trade' and 'auction block' popping into his mind. Of course they weren't slaves, but there was no denying that the women lined up on that little platform, posing in their bikinis, were trying to sell themselves. Buying and selling was the basis of all social intercourse, and the commodity an actor or model offered for sale was nothing less than her own being.

These are really only obvious forms of what I have called the new competition. The old competition was that between the members of the each trade organization. One phase of the new competition is that between the trade associations themselves—between you gentlemen who represent those industries. Inter-commodity competition is the new competition between products used alternatively for the same purpose. Inter-industrial competition is the new competition between apparently unrelated industries which affect each other or between such industries as compete for the consumer’s dollar—and that means practically all industries…

Tis with great Pleasure I observe, That Men of Letters, in this Age, have lost, in a great Measure, that Shyness and Bashfulness of Temper, which kept them at a Distance from Mankind; and, at the same Time, That Men of the World are proud of borrowing from Books their most agreeable Topics of Conversation. ’Tis to be hop’d, that this League betwixt the learned and conversible Worlds, which is so happily begun, will be still farther improv’d to their mutual Advantage; and to that End, I know nothing more advantageous than such Essays as these with which I endeavour to entertain the Public. In this View, I cannot but consider myself as a Kind of Resident or Ambassador from the Dominions of Learning to those of Conversation; and shall think it my constant Duty to promote a good Correspondence betwixt these two States, which have so great a Dependence on each other. I shall give Intelligence to the Learned of whatever passes in Company, and shall endeavour to import into Company whatever Commodities I find in my native Country proper for their Use and Entertainment. The Balance of Trade we need not be jealous of, nor will there be any Difficulty to preserve it on both Sides. The Materials of this Commerce must chiefly be furnish’d by Conversation and common Life: The manufacturing of them alone belongs to Learning. As

Back at the Berlin Conference of 1885, it was decided that the Congo Free State was to be open to international trade. Competition between market and state still exists today, in fact more than ever. In those days the focus was solely on the purchase of raw materials, today it’s about the selling of products as well—even in a desperately poor country, there is a great deal of money to be made with the trade in little commodities like phone vouchers, bottles of soda pop, or bags of powdered milk. To win the souls of all those dispossessed, foreign companies colonize the public spaces of the destroyed country with a temerity only thinly disguised by the bright smile of slick marketing.

deeply into pile carpeting that threatens to swallow us whole. A burnished steel FTW logo stretches across the wall with the tagline Feeding the World just below it. Black-and-white photos of basic foodstuffs dot the walls—bushels of maize and soybeans, fields of grain. Feeding the world, my ass, I think as we’re shuttled toward a meeting room. I’ve done some reading up on these folks. FTW is a commodity-trading firm that works to manipulate the futures market to drive up prices. There seems to be nothing that the world’s bankers believe they shouldn’t be free to exploit, including food staples. I imagine that in their perfect world, bankers would pocket a penny or two with every bite.

Did you just lose your virginity to me?” “What does it matter? Why are guys so obsessed with virgins anyway? Don't you want a more experienced partner? Jesus. It's not a commodity to be traded and won like a prize.” “That's not why I'm asking. I'm not obsessed with virgins; I'm obsessed with you. And I know that the first time can be weird or uncomfortable or even painful. If you'd told me, I would've …” “Would've what?” I whisper, my voice husky and low. I'm embarrassed, but I'm also enjoying this far more than I expected. My eyes lift to meet Spencer's, and this surge of happiness flows through me. He's alive. I feel like I've won the lottery or something. Just … don't tell him that. “I would've been more gentle,” he says, smiling slightly.

What happened to you what may have happened to your daughter, is an old, old crime, and you aren't the criminals. When people of European descent"—here she glanced at Cork and Jenny—"came to this area, they shattered our culture. Sometimes it was because of ignorance, but more often it was because of greed. And this brokenness, this wounding of our spirit as a people, has never been completely healed. We continue to struggle with it today. One of the terrible, terrible effects of that brokenness is violence, particularly against our women. Our men are sometimes a part of that violence, white men are certainly a part of that violence. Our women have been sold from the beginning traded as a commodity. We're dealing with decades of trauma forced on our people.

A greater and more ruinous mistake cannot be fallen into, than that the trades of agriculture and grazing can be conducted upon any other than the common principles of commerce; namely, that the producer should be permitted, and even expected, to look to all possible profit which, without fraud or violence, he can make; to turn plenty or scarcity to the best advantage he can; to keep back or to bring forward his commodities at his pleasure; to account to no one for his stock or for his gain. On any other terms he is the slave of the consumer; and that he should be so is of no benefit to the consumer. No slave was ever so beneficial to the master as a freeman that deals with him on an equal footing by convention, formed on the rules and principles of contending interests and compromised advantages. [Thoughts and Details on Scarcity]

But scamming large amounts of money off the top seems even harder to catch. Fraud by American defense contractors is estimated at around $100 billion per year, and they are relatively well behaved compared to the financial industry. The FBI reports that since the economic recession of 2008, securities and commodities fraud in the United States has gone up by more than 50 percent. In the decade prior, almost 90 percent of corporate fraud cases—insider trading, kickbacks and bribes, false accounting—implicated the company’s chief executive officer and/or chief financial officer. The recession, which was triggered by illegal and unwise banking practices, cost American shareholders several trillion dollars in stock value losses and is thought to have set the American economy back by a decade and a half. Total costs for the recession have been estimated to be as high as $14 trillion—or about $45,000 per citizen.

Next, it was time to tell my brother Mike. “Hey, Mike!” I announced. “Guess what?” “Wh-wh-wh-what?” he asked. “I’m staying here! I’m not moving away!” I said. “Aren’t you excited?” Mike thought for a minute, then asked, “C-c-c-can you drive me to duh fire station now?” Finally I broke the news to my oldest brother. A resident of Chicago himself, he’d been looking forward to having a sister nearby. “Have you lost your f*&%#ing mind?” he said. He’d never been one to mince words. “Yes,” I conceded, attempting to defuse him. “I do believe I have.” “What the hell are you going to do back home? You’ll shrivel up and die there, it’s so backward!” To my commodity-trading, world-traveling brother, any city with a population under three million was backward. “What’s the story with this guy, anyway?” “Oh, you don’t know him,” I said. “We’ve only been going out about a month or so.” My brother’s practical side came out swinging. “You’ve only known him for a month? What the hell does he do?” “Well,” I began, bracing myself. “He’s…a cowboy.” “Oh, Christ.” My brother exhaled loudly.

And, first, I premise that labour is, as I have already intimated, a commodity, and as such, an article of trade. If I am right in this notion, then labour must be subject to all the laws and principles of trade, and not to regulations foreign to them, and that may be totally inconsistent with those principles and those laws. When any commodity is carried to market, it is not the necessity of the vender, but the necessity of the purchaser that raises the price. The extreme want of the seller has rather (by the nature of things with which we shall in vain contend) the direct contrary operation. If the goods at market are beyond the demand, they fall in their value; if below it, they rise. The impossibility of the subsistence of a man, who carries his labour to a market, is totally beside the question in this way of viewing it. The only question is, what is it worth to the buyer? But if authority comes in and forces the buyer to a price, who is this in the case (say) of a farmer, who buys the labour of ten or twelve labouring men, and three or four handycrafts, what is it, but to make an arbitrary division of his property among them? [Thoughts and Details on Scarcity]

The violence exercised in the service of human commodification relied on a scientific empiricism always seeking to find the limits of human capacity for suffering, that point where material and social poverty threatened to consume entirely the lives it was meant to garner for sale in the Americas. In this regard, the economic enterprise of human trafficking marked a watershed in what would become an enduring project in the modern Western world: probing the limits up to which it is possible to discipline the body without extinguishing the life within. The aim in the case being economic efficiency rather than punishment, this was a regime whose intent was not to torture but rather to manage the depletion of life that resulted from the conditions of saltwater slavery. But for the Africans who were starved, sorted, and warped to make them into saltwater slaves, torture was the result. It takes no great insight to point to the role of violence in the Atlantic slave trade. But to understand what happened to Africans in this system of human trafficking requires us to ask precisely what kind of violence it requires to achieve its end, the transformation of African captives into Atlantic commodities.

The cinema today: end or impossibility of ending? Most current films, through the bloody drift of their content, the weakness of their plots and their technological trumpery – useless high-tech – reveal an extraordinary contempt on the part of film-makers for the tools of their own trade, for their own profession: a supreme contempt for the image itself, which is prostituted to any special effect whatsoever; and, consequently, contempt for the viewer, who is called upon to figure as impotent voyeur of this prostitution of images, of this promiscuity of all forms beneath the alibi of violence. There is in fact no real violence in this, nothing of a theatre of cruelty, but merely a second-level irony, the knowing wink of quotation, which no longer has anything to do with cinematic culture, but derives from the resentment that culture feels towards itself, that culture which precisely cannot manage to come to an end and is becoming infinitely debased - a debasement being raised to the power of an aesthetic and spiritual commodity, bitter and obsolescent, which we consume as a 'work of art' with the same complicity with which we savour the debasement of the political class. The sabotaging of the image by the image professionals is akin to the sabotaging of the political by the politicians themselves.

The demand to be intimate or honest with a public can be invasive when the experiences of racial others are commodified as stories or objects that might be traded as evidence of intimacy, as proof of 'being good,' for nonracial others. In this way, intimacy might act as surveillance, through which some people--women of color, for instance--must reveal themselves to bear the burden of representation ('You are here as an example') and the weight of pedagogy ('Teach us about your people'). Intimacy can be a force--especially when others set its terms and conditions. So what if you don't love the (white) girls who exhaust you, who want too much from you, who want to turn you into a commodity or a badge or an experience to share? What if you become a girl in opposition to other girls? This is also the problem with definitions of racism as ignorance, and ignorance as the absence of intimacy--which posits that intimacy is the solution to ignorance. This gives us terrible, stupid disavowals like 'I'm not racist, I have black friends,' as if intimacy is a shield that protects the wearer from harm. It limits our sense of what racism is to the scale of the interpersonal, when it is in fact this enormous constellation of forces and moving parts that structures our institutions--and so-called institutions--profoundly.

To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand.

In order to grasp the meaning of this liberal program we need to imagine a world order in which liberalism is supreme. Either all the states in it are liberal, or enough are so that when united they are able to repulse an attack of militarist aggressors. In this liberal world, or liberal part of the world, there is private property in the means of production. The working of the market is not hampered by government interference. There are no trade barriers; men can live and work where they want. Frontiers are drawn on the maps but they do not hinder the migrations of men and shipping of commodities. Natives do not enjoy rights that are denied to aliens. Governments and their servants restrict their activities to the protection of life, health, and property against fraudulent or violent aggression. They do not discriminate against foreigners. The courts are independent and effectively protect everybody against the encroachments of officialdom. Everyone is permitted to say, to write, and to print what he likes. Education is not subject to government interference. Governments are like night-watchmen whom the citizens have entrusted with the task of handling the police power. The men in office are regarded as mortal men, not as superhuman beings or as paternal authorities who have the right and duty to hold the people in tutelage. Governments do not have the power to dictate to the citizens what language they must use in their daily speech or in what language they must bring up and educate their children. Administrative organs and tribunals are bound to use each man’s language in dealing with him, provided this language is spoken in the district by a reasonable number of residents. In such a world it makes no difference where the frontiers of a country are drawn. Nobody has a special material interest in enlarging the territory of the state in which he lives; nobody suffers loss if a part of this area is separated from the state. It is also immaterial whether all parts of the state’s territory are in direct geographical connection, or whether they are separated by a piece of land belonging to another state. It is of no economic importance whether the country has a frontage on the ocean or not. In such a world the people of every village or district could decide by plebiscite to which state they wanted to belong. There would be no more wars because there would be no incentive for aggression. War would not pay. Armies and navies would be superfluous. Policemen would suffice for the fight against crime. In such a world the state is not a metaphysical entity but simply the producer of security and peace. It is the night-watchman, as Lassalle contemptuously dubbed it. But it fulfills this task in a satisfactory way. The citizen’s sleep is not disturbed, bombs do not destroy his home, and if somebody knocks at his door late at night it is certainly neither the Gestapo nor the O.G.P.U. The reality in which we have to live differs very much from this perfect world of ideal liberalism. But this is due only to the fact that men have rejected liberalism for etatism.

In the Middle Ages, sugar was a rare luxury in Europe. It was imported from the Middle East at prohibitive prices and used sparingly as a secret ingredient in delicacies and snake-oil medicines. After large sugar plantations were established in America, ever-increasing amounts of sugar began to reach Europe. The price of sugar dropped and Europe developed an insatiable sweet tooth. Entrepreneurs met this need by producing huge quantities of sweets: cakes, cookies, chocolate, candy, and sweetened beverages such as cocoa, coffee and tea. The annual sugar intake of the average Englishman rose from near zero in the early seventeenth century to around eighteen pounds in the early nineteenth century. However, growing cane and extracting its sugar was a labour-intensive business. Few people wanted to work long hours in malaria-infested sugar fields under a tropical sun. Contract labourers would have produced a commodity too expensive for mass consumption. Sensitive to market forces, and greedy for profits and economic growth, European plantation owners switched to slaves. From the sixteenth to the nineteenth centuries, about 10 million African slaves were imported to America. About 70 per cent of them worked on the sugar plantations. Labour conditions were abominable. Most slaves lived a short and miserable life, and millions more died during wars waged to capture slaves or during the long voyage from inner Africa to the shores of America. All this so that Europeans could enjoy their sweet tea and candy – and sugar barons could enjoy huge profits. The slave trade was not

There can be no doubt–and this very fact has led to false conceptions–that the great revolutions that took place in trade in the sixteenth and seventeenth centuries, along with the geographical discoveries of that epoch, and which rapidly advanced the development of commercial capital, were a major moment in promoting the transition from the feudal to the capitalist mode of production. The sudden expansion of the world market, the multiplication of commodities in circulation, the competition among the European nations for the seizure of Asiatic products and American treasures, the colonial system, all made a fundamental contribution towards shattering the feudal barriers to production. And yet the modern mode of production in its first period, that of manufacture, developed only where the conditions for it had been created in the Middle Ages. Compare Holland with Portugal, for example.49 And whereas in the sixteenth century, and partly still in the seventeenth, the sudden expansion of trade and the creation of a new world market had an overwhelming influence on the defeat of the old mode of production and the rise of the capitalist mode, this happened in reverse on the basis of the capitalist mode of production, once it had been created. The world market itself forms the basis for this mode of production. On the other hand, the immanent need that this has to produce on an ever greater scale drives it to the constant expansion of the world market, so that now it is not trade that revolutionizes industry, but rather industry that constantly revolutionizes trade. Moreover, commercial supremacy is now linked with the greater or lesser prevalence of the conditions for large-scale industry. Compare England and Holland, for example. The history of Holland’s decline as the dominant trading nation is the history of the subordination of commercial capital to industrial capital. The

The ownership of land is not natural. The American savage, ranging through forests who game and timber are the common benefits of all his kind, fails to comprehend it. The nomad traversing the desert does not ask to whom belong the shifting sands that extend around him as far as the horizon. The Caledonian shepherd leads his flock to graze wherever a patch of nutritious greenness shows amidst the heather. All of these recognise authority. They are not anarchists. They have chieftains and overlords to whom they are as romantically devoted as any European subject might be to a monarch. Nor do they hold as the first Christians did, that all land should be held in common. Rather, they do not consider it as a thing that can be parceled out. “We are not so innocent. When humanity first understood that a man’s strength could create good to be marketed, that a woman’s beauty was itself a commodity for trade, then slavery was born. So since Adam learnt to force the earth to feed him, fertile ground has become too profitable to be left in peace. “This vital stuff that lives beneath our feet is a treasury of all times. The past: it is packed with metals and sparkling stones, riches made by the work of aeons. The future: it contains seeds and eggs: tight-packed promises which will unfurl into wonders more fantastical than ever jeweller dreamed of -- the scuttling centipede, the many-branched tree whose roots, fumbling down into darkness, are as large and cunningly shaped as the boughs that toss in light. The present: it teems. At barely a spade’s depth the mouldy-warp travels beneath my feet: who can imagine what may live a fathom down? We cannot know for certain that the fables of serpents curving around roots of mighty trees, or of dragons guarding treasure in perpetual darkness, are without factual reality. “How can any man own a thing so volatile and so rich? Yet we followers of Cain have made of our world a great carpet, whose pieces can be lopped off and traded as though it were inert as tufted wool.

Learning to meditate helped too. When the Beatles visited India in 1968 to study Transcendental Meditation at the ashram of Maharishi Mahesh Yogi, I was curious to learn it, so I did. I loved it. Meditation has benefited me hugely throughout my life because it produces a calm open-mindedness that allows me to think more clearly and creatively. I majored in finance in college because of my love for the markets and because that major had no foreign language requirement—so it allowed me to learn what I was interested in, both inside and outside class. I learned a lot about commodity futures from a very interesting classmate, a Vietnam veteran quite a bit older than me. Commodities were attractive because they could be traded with very low margin requirements, meaning I could leverage the limited amount of money I had to invest. If I could make winning decisions, which I planned to do, I could borrow more to make more. Stock, bond, and currency futures didn’t exist back then. Commodity futures were strictly real commodities like corn, soybeans, cattle, and hogs. So those were the markets I started to trade and learn about. My college years coincided with the era of free love, mind-expanding drug experimentation, and rejection of traditional authority. Living through it had a lasting effect on me and many other members of my generation. For example, it deeply impacted Steve Jobs, whom I came to empathize with and admire. Like me, he took up meditation and wasn’t interested in being taught as much as he loved visualizing and building out amazing new things. The times we lived in taught us both to question established ways of doing things—an attitude he demonstrated superbly in Apple’s iconic “1984” and “Here’s to the Crazy Ones,” which were ad campaigns that spoke to me. For the country as a whole, those were difficult years. As the draft expanded and the numbers of young men coming home in body bags soared, the Vietnam War split the country. There was a lottery based on birthdates to determine the order of those who would be drafted. I remember listening to the lottery on the radio while playing pool with my friends. It was estimated that the first 160 or so birthdays called would be drafted, though they read off all 366 dates. My birthday was forty-eighth.

some small counting house on the coast, in some Salem harbor, will be fixture enough. You will export such articles as the country affords, purely native products, much ice and pine timber and a little granite, always in native bottoms. These will be good ventures. To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand. It is a labor to task the faculties of a man—such problems of profit and loss, of interest, of tare and tret, and gauging of all kinds in it, as demand a universal knowledge. I have thought that Walden Pond would be a good place for business, not solely on account of the railroad and the ice trade; it offers advantages which it may not be good policy to divulge; it is a good port and a good foundation. No Neva marshes to be filled; though you must everywhere build on piles of your own driving. It is said that a flood-tide, with a westerly wind, and ice in the Neva, would sweep St. Petersburg from the face of the earth. As this business was to be entered into without the usual capital, it may not be easy to conjecture where those means, that will still be indispensable to every such undertaking, were to be obtained.

What is certain is that the immutable classes, the nobility, the clergy, the bourgeoisie, the people, had loftier souls at that time. You can prove it: society has done nothing but deteriorate in the four centuries separating us from the Middle Ages. "True, a baron then was usually a formidable brute. He was a drunken and lecherous bandit, a sanguinary and boisterous tyrant, but he was a child in mind and spirit. The Church bullied him, and to deliver the Holy Sepulchre he sacrificed his wealth, abandoned home, wife, and children, and accepted unconscionable fatigues, extraordinary sufferings, unheard-of dangers. "By pious heroism he redeemed the baseness of his morals. The race has since become moderate. It has reduced, sometimes even done away with, its instincts of carnage and rape, but it has replaced them by the monomania of business, the passion for lucre. It has done worse. It has sunk to such a state of abjectness as to be attracted by the doings of the lowest of the low. ...cupidity was repressed by the confessor, and the tradesman, just like the labourer, was maintained by the corporations, which denounced overcharging and fraud, saw that decried merchandise was destroyed, and fixed a fair price and a high standard of excellence for commodities. Trades and professions were handed down from father to son. The corporations assured work and pay. People were not, as now, subject to the fluctuations of the market and the merciless capitalistic exploitation. Great fortunes did not exist and everybody had enough to live on. Sure of the future, unhurried, they created marvels of art, whose secret remains for ever lost. "All the artisans who passed the three degrees of apprentice, journeyman, and master, developed subtlety and became veritable artists. They ennobled the simplest of iron work, the commonest faience, the most ordinary chests and coffers. Those corporations, putting themselves under the patronage of Saints—whose images, frequently besought, figured on their banners—preserved through the centuries the honest existence of the humble and notably raised the spiritual level of the people whom they protected. ...The bourgeoise has taken the place forfeited by a wastrel nobility which now subsists only to set ignoble fashions and whose sole contribution to our 'civilization' is the establishment of gluttonous dining clubs, so-called gymnastic societies, and pari-mutuel associations. Today the business man has but these aims, to exploit the working man, manufacture shoddy, lie about the quality of merchandise, and give short weight. ...There is one word in the mouths of all. Progress. Progress of whom? Progress of what? For this miserable century hasn't invented anything great. "It has constructed nothing and destroyed everything...

Google and Apple offer the image of a pseudo-commons to Internet users. That image recalls Nick Dyer-Whiteford's claim that, in light of the structural failures of neoliberal policies, capital could "turn to a 'Plan B', in which limited versions of commons, pollution trading schemes, community development and open-source and file-sharing practices are introduced as subordinate aspects of a capitalist economy, where voluntary cooperation subsidizes profit. One can think here of how Web 2.0 re-appropriates many of the innovations of radical digital activists, and converts them into a source of rent." Indeed, with the rise of the trademarked Digital Commons software platform and with the proliferation of university-based digital and media commons (which are typically limited to fee-paying and/or employed university community members), the very concept of the digital commons appears to be one of these reappropriations. But if, as part of what James Boyle describes as the "Second Closure Movement," this very rhetorical move signals the temporary defeats of the after-globalization and radical hacker movements that claimed the language of the commons, perhaps the advocacy for ownership of digital wares (or at least a form of unalienable, absolute possession, whether individual or communal) would provide a strategic ballast against the proprietary control of large swathes of information by apparently benevolent corporations and institutions. While still dangling in mid-air, the information commodity's consumption might thereby be placed more solidly on common ground.

There is no social stigma attached to the frenzy, no peer motivation to slow us down. Rather it is the opposite; busy is popular currency, traded among members of modern society like a precious commodity. Busy is the silkiest cloth at the emporium, the most well-travelled spice. Living with a full schedule speedily typed into a pinging, vibrating device is a highly valued state of being. And, as with any addiction, it becomes self-perpetuating. We feel a rush from being in a rush; we take pride in the breakneck pace at which we travel through our days.

I trade in the finest quality opium,' the old merchant said. 'My products are all fresh, pure, unadulterated, stamped, and correctly weighed. We owe this refinement of our commodity to a serious and high-minded Englishman who came to Isfahan many many years ago, and showed us that purity and reliability in our product would guarantee a regular demand for it. We have never adulterated our opium since that day. To-day it is the finest in the world, fit for men, women and children, ideal for regular consumption, and without the excessive reactions which one usually suffers from the heavily oiled opium of the east. For bringing honesty to the opium trade, we owe so much to that remarkable Englishman that I would like to take the liberty of presenting you each with a small silver box of our product--the very finest little black pearls of constant enjoyment.' 'I hasten to state my unworthiness,' MacGregor said. 'On the contrary,' the merchant replied. 'My gift is unworthy of your illustrious heritage.' MacGregor rejected the three small silver boxes, and told the curious Katherine and Essex of the illustrious Englishman who had brought all this upon them, having put the opium manufacture of Isfahan on such a sound moral basis.

Revelation Chapter 18 details the many goods which are sold through the Daughter of Babylon’s ports. The lengthy list appears in Revelation 18:11-13. Take any one of those goods listed by John two thousand years ago and ask this question: is any other nation the center for world trade in those commodities, except for the United States? Where else does one find exchanges as important as the New York Stock Exchange, the American Stock Exchange, the New York Mercantile Exchange, the New York Cotton Exchange, the Chicago Board of Trade, the Chicago Mercantile Exchange and numerous other exchanges for currency, coffee, sugar, tea, cocoa, soybeans, oats, wheat, cattle, hogs, lumber, diamonds, iron, ivory, marble, spices, cosmetics, steel, tin, zinc, rubber, etc. Those exchanges, through which the world’s commerce is passed daily, are all located in one country. They’re not in Iraq, nor in Rome.

Still, one could argue—and many did—that Greenspan, at least, had no business being quite so shocked. Over the years, countless people had challenged his deregulatory dogma, including (to name just a few) Joseph Stiglitz and Paul Krugman, both Nobel Prize–winning economists, and Brooksley Born, who was head of the Commodity Futures Trading Commission from 1996 to 1999. Born eventually became something of a Cassandra figure for the crisis, since she repeatedly called for regulating the market for derivatives, those ultracomplex financial products that eventually helped bring down the economy. Those calls were silenced when Greenspan, along with then-Treasury Secretary Robert Rubin and then-Securities and Exchange Commission Chair Arthur Levitt, took the extraordinary step of convincing Congress to pass legislation forbidding Born’s agency from taking any action for the duration of her term.

As the social matrix becomes increasingly subject to rapid fluctuations, throwing out anchors into a collectivised past becomes more prominent than movement into a future. The desire to establish a core identity within the profusion of styles has led to image building becoming an industry in itself—as much reflected by the tactics of political groups and corporate bodies, as in the fetishistic scramble for designer labels and trendy occult symbols. Identity has, therefore, become another commodity to be traded in the marketplace. The gulf between objective icons and the Illusory has widened to such an extent that illusions have come to equal value.

The disposition of universal discussion—the unending, discursive process of public altercation which was so admired, and so execrated, for much of the eighteenth century—was concerned, often, with economic policy. “From the scholastic disputes of theologians to matters of trade,” d’Alembert wrote, “everything has been discussed and analyzed, or at least mentioned.”55 For Edmund Burke, “it has been the misfortune (not as these gentlemen think it, the glory) of this age, that everything is to be discussed”; the age was one of “oeconomists, and calculators.”56 Taxes and regulations, guilds and excise inspections, were a principal preoccupation, together with religion, of enlightened opinion. Adam Smith’s most serious offense, for his Edinburgh contemporary the Reverend Alexander Carlyle, consisted in “introducing that unrestrained and universal commerce, which propagates opinions as well as commodities.”57 The commerce in opinions was itself, in large part, a commerce in opinions about commerce, or about commercial policy. The “focal point of enlightenment,” Kant says in What is Enlightenment?—the subject to be disputed, in the imperative to “argue as much as you like and about whatever you like”—consists in matters of religion. But economic matters are also a subject of enlightened discussion in Kant’s description; the tax official says, “‘Don’t argue, pay!’” and the cosmopolitan citizen “publicly voices his thoughts on the impropriety or even injustice of such fiscal measures.”58

The new GST: A halfway house In spite of all the favourable features of the GST, it introduces the anomaly of having an origin-based tax on interstate trade he proposed GST would be a single levy. 1141 words From a roadblock during the UPA regime, the incessant efforts of the BJP government have finally paved way for the introduction of the goods and services tax (GST). This would, no doubt, be a major reform in the existing indirect tax system of the country. With a view to introducing the GST, Union finance minister Arun Jaitley has introduced the Constitution (122nd Amendment) Bill 2014 in Parliament. The new tax would be implemented from April 1, 2016. Both the government and the taxpayers will have enough time to understand the implications of the new tax and its administrative nuances. Unlike the 119th Amendment Bill, which lapsed with the dissolution of the previous Lok Sabha, the new Bill will hopefully see the light of the day as it takes into account the objections of the state governments regarding buoyancy of the tax and the autonomy of the states. It proposes setting up of the GST Council, which will be a joint forum of the Centre and the states. This council would function under the chairmanship of the Union finance minister with all the state finance ministers as its members. It will make recommendations to the Union and the states on the taxes, cesses and surcharges levied by the Union, the states and the local bodies, which may be subsumed in the GST; the rates including floor rates with bands of goods and services tax; any special rate or rates for a specified period to raise additional resources during any natural calamity or disaster etc. However, all the recommendations will have to be supported by not less than three-fourth of the weighted votes—the Centre having one-third votes and the states having two-third votes. Thus, no change can be implemented without the consent of both the Centre and the states. The proposed GST would be a single levy. It would aim at creating an integrated national market for goods and services by replacing the plethora of indirect taxes levied by the Centre and the states. While central taxes to be subsumed include central excise duty (CenVAT), additional excise duties, service tax, additional customs duty (CVD) and special additional duty of customs (SAD), the state taxes that fall in this category include VAT/sales tax, entertainment tax, octroi, entry tax, purchase tax and luxury tax. Therefore, all taxes on goods and services, except alcoholic liquor for human consumption, will be brought under the purview of the GST. Irrespective of whether we currently levy GST on these items or not, it is important to bring these items under the Constitution Amendment Bill because the exclusion of these items from the GST does not provide any flexibility to levy GST on these items in the future. Any change in the future would then require another Constitutional Amendment. From a futuristic approach, it is prudent not to confine the scope of the tax under the bindings of the Constitution. The Constitution should demarcate the broad areas of taxing powers as has been the case with sales tax and Union excise duty in the past. Currently, the rationale of exclusion of these commodities from the purview of the GST is solely based on revenue considerations. No other considerations of tax policy or tax administration have gone into excluding petroleum products from the purview of the GST. However, the long-term perspective of a rational tax policy for the GST shows that, at present, these taxes constitute more than half of the retail prices of motor fuel. In a scenario where motor fuel prices are deregulated, the taxation policy would have to be flexible and linked to the global crude oil prices to ensure that prices are held stable and less pressure exerted on the economy during the increasing price trends. The trend of taxation of motor fuel all over the world suggests that these items

Westerners live in a complex society, and opportunities for scamming relatively small amounts of money off the bottom are almost endless—and very hard to catch. But scamming large amounts of money off the top seems even harder to catch. Fraud by American defense contractors is estimated at around $100 billion per year, and they are relatively well behaved compared to the financial industry. The FBI reports that since the economic recession of 2008, securities and commodities fraud in the United States has gone up by more than 50 percent. In the decade prior, almost 90 percent of corporate fraud cases—insider trading, kickbacks and bribes, false accounting—implicated the company’s chief executive officer and/or chief financial officer. The recession, which was triggered by illegal and unwise banking practices, cost American shareholders several trillion dollars in stock value losses and is thought to have set the American economy back by a decade and a half. Total costs for the recession have been estimated to be as high as $14 trillion—or about $45,000 per citizen. Most

Ms. Neha has a commodity trading account in India. If she goes to Australia and becomes an NRI, she is not allowed to invest in commodities. She must stop trading in commodities and close the account.

CUSTOMER USE DATA WORKSHEET FULL TIME: ___ WKS: ____ MOS: _____ PER YEAR PRIMARY SLEEPING (Yours) QUEEN: ____ TWINS: ___      NO PREFERENCE: ______ OTHER SLEEPING AREAS NEEDED (Specify # adults or children) __________________________________ EATING ACCOMMODATIONS – BOOTH OR DINETTE: ___ TABLE & CHAIRS: _____ BATH PREFERENCE – WALK THROUGH: ____ SIDE BATH: _____ PRIVATE COMMODE: ______ FULL HOOK-UP CAMPING: _______% TIME   OR SELF CONTAINED _______% TIME (This helps to determine holding tank, fresh water, and generator needs.) STORAGE NEEDS (both inside and out - i.e. golf clubs, fishing poles, clothes, pots & pans etc.): _________________________________ _________________________________   EQUIPMENT REQUIREMENTS (air conditioner, generator, satellite dish, TVs, TV antenna, CD, DVD, Washer/Dryer, Leveling Jacks, etc.) _________________________________ _________________________________ _________________________________ _________________________________ _________________________________ SPECIAL NEEDS (Handicap requirements etc.) __________________________________ __________________________________ __________________________________ DISLIKES (be honest, this is very important, i.e. center kitchen, split bath, corner bed, fabric colors, wood trim): _______________________________ _______________________________ _______________________________ PRICE RANGE DESIRED: FROM $_________    TO $___________ TRADE IN INFORMATION (Brand/Model/Year): _________________________________ MILES: _______ENG. ______ LENGTH: _____ OPTIONS ON UNIT: ____________________________________ ____________________________________ ____________________________________ ____________________________________ BALANCE OWED: _________ LENDER: ___________ ACCT #: ___________________________________

When I came to the Middle East, journalists had a kind of immunity that allowed us to travel freely and meet with militants who hated Israel and the United States. In 2000, when I was working for Agence France-Presse, I didn’t feel fearful when I went to Gaza to meet with Hamas leaders or to the West Bank to speak to Palestinian gunmen. These men didn’t much like me. We didn’t have anything in common. But they felt that they had to treat me with common decency and a modicum of respect because I was a journalist and I was writing about them. They wanted to spin me so that I would give the world their version of events. They were never completely happy, of course, because my pieces didn’t make them look as perfect as they looked to themselves. But they needed to talk to me and other reporters because we were the only way they could get their story out. Now jump ahead to 2006. Zarqawi was on his killing spree in Iraq, and suddenly the Internet had become ubiquitous, and uploading videos on YouTube and other platforms was literally child’s play. So Zarqawi and his henchmen said to themselves, “Why should we let reporters interview us and filter what we say? We can go straight to the Internet and say exactly what we want, for as long as we want to say it, and we can post videos that Western journalists would never show.” Journalists became worthless, at least as megaphones. But we became valuable as commodities to be stolen, bought, and sold, traded for prisoners, or ransomed for millions.

Life had been so much easier when I knew who my enemies were. These days it was everyone for themselves. Trust was a commodity traded on the open market, to be bought and sold on a whim. Ambition had become the new religion whose dogma had no place for compassion or mercy. No wonder God and Satan left.

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I once had a foreign exchange trader who worked for me who was an unabashed chartist. He truly believed that all the information you needed was reflected in the past history of a currency. Now it's true there can be less to consider in trading currencies than individual equities, since at least for developed country currencies it's typically not necessary to pore over their financial statements every quarter. And in my experience, currencies do exhibit sustainable trends more reliably than, say, bonds or commodities. Imbalances caused by, for example, interest rate differentials that favor one currency over another (by making it more profitable to invest in the higher-yielding one) can persist for years. Of course, another appeal of charting can be that it provides a convenient excuse to avoid having to analyze financial statements or other fundamental data. Technical analysts take their work seriously and apply themselves to it diligently, but it's also possible for a part-time technician to do his market analysis in ten minutes over coffee and a bagel. This can create the false illusion of being a very efficient worker. The FX trader I mentioned was quite happy to engage in an experiment whereby he did the trades recommended by our in-house market technician. Both shared the same commitment to charts as an under-appreciated path to market success, a belief clearly at odds with the in-house technician's avoidance of trading any actual positions so as to provide empirical proof of his insights with trading profits. When challenged, he invariably countered that managing trading positions would challenge his objectivity, as if holding a losing position would induce him to continue recommending it in spite of the chart's contrary insight. But then, why hold a losing position if it's not what the chart said? I always found debating such tortured logic a brief but entertaining use of time when lining up to get lunch in the trader's cafeteria. To the surprise of my FX trader if not to me, the technical analysis trading account was unprofitable. In explaining the result, my Kool-Aid drinking trader even accepted partial responsibility for at times misinterpreting the very information he was analyzing. It was along the lines of that he ought to have recognized the type of pattern that was evolving but stupidly interpreted the wrong shape. It was almost as if the results were not the result of the faulty religion but of the less than completely faithful practice of one of its adherents. So what use to a profit-oriented trading room is a fully committed chartist who can't be trusted even to follow the charts? At this stage I must confess that we had found ourselves in this position as a last-ditch effort on my part to salvage some profitability out of a trader I'd hired who had to this point been consistently losing money. His own market views expressed in the form of trading positions had been singularly unprofitable, so all that remained was to see how he did with somebody else's views. The experiment wasn't just intended to provide a “live ammunition” record of our in-house technician's market insights, it was my last best effort to prove that my recent hiring decision hadn't been a bad one. Sadly, his failure confirmed my earlier one and I had to fire him. All was not lost though, because he was able to transfer his unsuccessful experience as a proprietary trader into a new business advising clients on their hedge fund investments.

I designed, after my first voyage, to spend the rest of my days at Bagdad, but it was not long ere I grew weary of an indolent life, and I put to sea a second time, with merchants of known probity. We embarked on board a good ship, and, after recommending ourselves to God, set sail. We traded from island to island, and exchanged commodities with great profit. One day we landed on an island covered with several sorts of fruit trees, but we could see neither man nor animal. We walked in the meadows, along the streams that watered them. While some diverted themselves with gathering flowers, and others fruits, I took my wine and provisions, and sat down near a stream betwixt two high trees, which formed a thick shade. I made a good meal, and afterward fell asleep. I cannot tell how long I slept, but when I awoke the ship was gone.

According to the FBI’s website; The Securities and Financial Fraud Unit (“SFF”) focuses on the prosecution of complex and sophisticated securities, commodities, and other financial fraud cases. Working closely with regulatory partners at the SEC, CFTC, and other agencies, SFF has tackled some of the largest frauds in the financial services industry and a wide mix of market manipulation and insider trading cases. The SFF Unit also focuses on a broader array of financial fraud, including mortgage fraud, bank fraud, and government procurement fraud. Fraud Section, Criminal Division U.S. Department of Justice ATTN: Chief, Securities and Financial Fraud Unit 950 Constitution Ave., NW Washington, DC 20530

Xi Jinping’s first stop on his first foreign trip as president in 2013 was Moscow. China became Russia’s largest trading partner. The respective roles were very clear. China provided manufactures, consumer goods, and finance; Russia, oil, gas, coal, and other commodities—and geopolitical alignment.

The story of Cambridge Analytica shows how our identities and behaviour have become commodities in the high-stakes data trade.

The Good thing about Money is that it can buy just anything. The bad thing about it is that it can buy 'YOU' too!

Here is what I believe to be the bottom line on economic cycles: The output of an economy is the product of hours worked and output per hour; thus the long-term growth of an economy is determined primarily by fundamental factors like birth rate and the rate of gain in productivity (but also by other changes in society and environment). These factors usually change relatively little from year to year, and only gradually from decade to decade. Thus the average rate of growth is rather steady over long periods of time. Only in the longest of time frames does the secular growth rate of an economy significantly speed up or slow down. But it does. Given the relative stability of underlying secular growth, one might be tempted to expect that the performance of economies would be consistent from year to year. However, a number of factors are subject to variability, causing economic growth—even as it follows the underlying trendline on average—to also exhibit annual variability. These factors can perhaps be viewed as follows: Endogenous—Annual economic performance can be influenced by variation in decisions made by economic units: for consumers to spend or save, for example, or for businesses to expand or contract, to add to inventories (calling for increased production) or sell from inventories (reducing production relative to what it might otherwise have been). Often these decisions are influenced by the state of mind of economic actors, such as consumers or the managers of businesses. Exogenous—Annual performance can also be influenced by (a) man-made events that are not strictly economic, such as the occurrence of war; government decisions to change tax rates or adjust trade barriers; or changes caused by cartels in the price of commodities, or (b) natural events that occur without the involvement of people, such as droughts, hurricanes and earthquakes. Long-term economic growth is steady for long periods of time but subject to change pursuant to long-term cycles. Short-term economic growth follows the long-term trend on average, but it oscillates around that trendline from year to year. People try hard to predict annual variation as a source of potential investing profit. And on average they’re close to the truth most of the time. But few people do it right consistently; few do it that much better than everyone else; and few correctly predict the major deviations from trend.

Since The Great Recession, the global financial crash of 2008-09, the debt-fuelled post-recession recovery has been the weakest in the post-war era (since the end of World War Two). Whereas total outstanding credit in the US after the Wall Street Crash grew from 160% to 260% of GDP between 1929 and 1932, the figure rose from 365% in 2008 to 540% in 2010. (And this does not include derivatives, whose nominal outstanding value is at least four times GDP).[34] A long depression and rising right-wing populism have followed, including the stunning ascendency of property tycoon and TV celebrity demagogue Donald Trump as the President of the US in 2016.[35] The British public’s vote in June 2016 to leave the EU delivered another shock of global significance. A chronic drift towards trade wars and protectionism is accelerating and in January 2018, US Defence Secretary Jim Mattis said that “great power competition, not terrorism, is now the primary focus of US national security”, putting Russia, China and – yes – Europe in the crosshairs of the world’s long-time dominant economic and military power. Adding to this age of anxiety is the accelerating automation revolution. What should be an emancipatory and utopian development only generates insecurity at the prospect of unprecedented mass unemployment. It can be no coincidence that all these crises are converging at exactly the same time. They cannot be explained away by cynical and shallow generalisations about ‘human nature’. In the course of this investigation we will see that in fact all of these crises have a common root cause: the decaying nature of capitalism and its tendency towards breakdown. Indeed, average Gross Domestic Product (GDP) growth rates in the world’s richest countries have fallen in every decade since the 1960s and are clearly closing in on zero. Rates of profit, manufacturing costs and commodity prices are also trending towards zero. Drawing on Henryk Grossman’s vital clarification of Karl Marx’s methodology, we shall see that capitalism is heading inexorably towards a final, insurmountable breakdown that is destined to strike much earlier than a zero rate of profit. Indeed, we shall also see that the next, imminent economic crash will result in worldwide hyperinflation. We will also show that the economic crisis is intensifying competition between nation-states, forcing them into a situation which threatens the most destructive world war to date.

You can’t be in the agriculture supply chain without assets. Margins are now so thin on straight trading and marketing, you need to make most of your money from logistics, storage, port, and processing activities and not from trading or marketing.

The important point to understand about commodities is that they have extreme cycles. That’s why the best traders make their money in this sector. And sudden weather patterns or mining strikes can cause tremendous short-term fluctuations, often exploding like a bomb! Unless you’re working with someone who has a proven system, don’t trade commodities. You can invest in them, but tread cautiously. Remember that commodities are all different in their ability to ramp up supply (elasticity) when demand accelerates. It’s easier to cultivate more land for crops or livestock in an era of urbanization, but it’s not so easy to drill deeper for more oil or unearth more industrial metals like iron ore, coal, lead, nickel, and copper. Pulling uranium and the rare metals out of the ground is even harder.

Where the distribution of incomes is such as to enable all classes of the nation to convert their felt wants into an effective demand for commodities, there can be no over-production, no under-employment of capital and labour, and no necessity to fight for foreign markets. . . . The struggle for markets, the greater eagerness of producers to sell than of consumers to buy, is the crowning proof of a false economy of distribution. Imperialism is the fruit of this false economy. . . . The only safety of nations lies in removing the unearned increments of income from the possessing classes, and adding them to the wage-income of the working classes or to the public income, in order that they may be spent in raising the standard of consumption. John A. Hobson, Imperialism: A Study (1902)

The most commonly traded commodities are crude oil, natural gas, heating oil, sugar, gold, corn, wheat, soybeans, copper, and cotton.

We are Wall Street. It’s our job to make money. Whether it’s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn’t matter. We would trade baseball cards if it were profitable. … We get up at 5am & work till 10pm or later. We’re used to not getting up to pee when we have a position. We don’t take an hour or more for a lunch break. We don’t demand a union. We don’t retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we’ll eat that … We aren’t dinosaurs. We are smarter and more vicious than that, and we are going to survive.

Cultural Imperium' suggesting the idea of cultural hegemony such that what appears to be ‘avant garde’ and ‘radical’ is in fact intensely conservative and defined by the forces of economy and commodity trading which have absolutely no bearing on intrinsic value.

Labour export, communism import – it is too early to fetishize a foreign commodity that springs out of slave trade.

But Marx had drawn a nightmare picture of what happened to human life under capitalism, when everything was produced only in order to be exchanged; when true qualities and uses dropped away, and the human power of making and doing itself became only an object to be traded. Then the makers and the things made turned alike into commodities, and the motion of society turned into a kind of zombie dance, a grim cavorting whirl in which objects and people blurred together till the objects were half alive and the people were half dead.

We have been controlling the price of agricultural commodities, so that a larger number of people get cheaper grains. This has affected the farmers badly. The erstwhile finance minister Arun Jaitley said that the number of people involved in farming has to reduce like in other countries. They cite the USA as an example—only 2 per cent of the people are involved in farming, why should 50 per cent of the people do it here? But our country is different. Farming alone is going to get you food. Tomorrow, if there is an even bigger crisis and we become dependent—that is what WTO [World Trade Organisation] wants—the solution is to import, as it’s cheaper. But the moment you become an importer, the prices will keep changing and there will be another crisis.

Hydrogen could end up a 10 percent or more player in the energy mix in the future. Indeed, some see hydrogen today as where renewables were two or three decades ago in terms of development. It is striking, too, that hydrogen does not seem to involve geopolitical issues. It is either a tool for countries to meet ambitious decarbonization goals or an opportunity for export, becoming a globally-traded commodity.

We hardly need to be reminded that we are living in an age of confusion. A lot of us have traded in our beliefs for bitterness and cynicism, or for a heavy package of despair, or even a quivering portion of hysteria. Opinions can be picked up cheap in the marketplace, while such commodities as courage and fortitude and faith are in alarmingly short supply. Around us all-now high like a distant thunderhead, now close upon us with the wet choking intimacy of a London fog-there is an enveloping cloud of fear. There is a physical fear, the kind that drives some of us to flee our homes and burrow into the ground in the bottoms of a Montana valley like prairie dogs to try to escape, if only for a little while, the sound and fury of the A-bombs or the hell bombs or whatever may be coming. There is a mental fear, which provokes others of us to see the images of witches in a neighbor’s yard and stampedes us to burn down his house. And there is a creeping fear of doubt-doubt of what we have been taught, of the validity of so many things we have long since taken for granted to be durable and unchanging. It has become more difficult than ever to distinguish black from white, good from evil, right from wrong. What truths can a human being afford to furnish the cluttered nervous room of his mind with when he no real idea how long a lease he has on his future. It is to try to meet the challenge of such questions that we have prepared these broadcasts. It has been a difficult task and a delicate one. Except for those who think in terms of pious platitudes or dogma or narrow prejudice-and those thoughts we aren’t interested in-people don’t speak their beliefs easily or publicly

We hardly need to be reminded that we are living in an age of confusion. A lot of us have traded in our beliefs for bitterness and cynicism, or for a heavy package of despair, or even a quivering portion of hysteria. Opinions can be picked up cheap in the marketplace, while such commodities as courage and fortitude and faith are in alarmingly short supply. Around us all-now high like a distant thunderhead, now close upon us with the wet choking intimacy of a London fog-there is an enveloping cloud of fear. There is a physical fear, the kind that drives some of us to flee our homes and burrow into the ground in the bottoms of a Montana valley like prairie dogs to try to escape, if only for a little while, the sound and fury of the A-bombs or the hell bombs or whatever may be coming. There is a mental fear, which provokes others of us to see the images of witches in a neighbor’s yard and stampedes us to burn down his house. And there is a creeping fear of doubt-doubt of what we have been taught, of the validity of so many things we have long since taken for granted to be durable and unchanging. It has become more difficult than ever to distinguish black from white, good from evil, right from wrong. What truths can a human being afford to furnish the cluttered nervous room of his mind with when he no real idea how long a lease he has on his future. It is to try to meet the challenge of such questions that we have prepared these broadcasts. It has been a difficult task and a delicate one. Except for those who think in terms of pious platitudes or dogma or narrow prejudice-and those thoughts we aren’t interested in-people don’t speak their beliefs easily or publicly.

Continuity is in the eye of the beholder. Commodity is a matter of perception. Coffee can be Folgers or it can be terroir: the regions where beans are grown span continents and microclimates, lumping them together under a single label is as silly as lumping together Ethiopia and Brazil, or jungle and mountains. To anyone who bothered to look, the idea of a unified commodity coffee called Folgers was an invention based on simplifying trade.

We hardly need to be reminded that we are living in an age of confusion. A lot of us have traded in our beliefs for bitterness and cynicism, or for a heavy package of despair, or even a quivering portion of hysteria. Opinions can be picked up cheap in the marketplace, while such commodities as courage and fortitude and faith are in alarmingly short supply. Around us all-now high like a distant thunderhead, now close upon us with the wet choking intimacy of a London fog-there is an enveloping cloud of fear. There is a physical fear, the kind that drives some of us to flee our homes and burrow into the ground in the bottoms of a Montana valley like prairie dogs to try to escape, if only for a little while, the sound and fury of the A-bombs or the hell bombs or whatever may be coming. There is a mental fear, which provokes others of us to see the images of witches in a neighbor’s yard and stampedes us to burn down his house. And there is a creeping fear of doubt-doubt of what we have been taught, of the validity of so many things we have long since taken for granted to be durable and unchanging. It has become more difficult than ever to distinguish black from white, good from evil, right from wrong. What truths can a human being afford to furnish the cluttered nervous room of his mind with when he no real idea how long a lease he has on his future. It is to try to meet the challenge of such questions that we have prepared these broadcasts. It has been a difficult task and a delicate one. Except for those who think in terms of pious platitudes or dogma or narrow prejudice-and those thoughts we aren’t interested in-people don’t speak their beliefs easily or publicly.

Nandos, KFC & Chicken Licken can co-exists and thrive in the same mall trading in the same commodity. You know why? Because they are different.

The most precious item travelling the route was silk, which was generated in Serica and packed on caravans in ever-increasing amounts destined for settlements far away—including the capital of the Romans. The silk-laden caravans were nothing new to the old guide; they had been journeying for hundreds of years across watersheds and snow-clad mountain passes of the Zagros and down past his residence. The caravans transporting silk into the Parthian regions in the form of annual tributes or trade were considered “untouchable,” and the repercussions would be murderous due to silk being one of Parthia’s main currencies. Silk was a commodity that knew no recession and held a value high enough that it could be traded for nearly anything. Crassus’s motivation to conquer Parthia was accordingly revealed: he wanted a monopoly on the Road of Silk!