Commodity 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.

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.

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.

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

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.

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

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.

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

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

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.

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.

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.

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.

Remember, time is the most precious commodity we have, and under the stresses and pressures of everyday contemporary life, we often trade it for less than its real value. Everything we do is time-consuming, but very few things are time-repaying.

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.

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.

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.

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.

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?

Agricultural commodity traders, on the other hand, buy from thousands of individual farmers. That makes the traders’ job harder, but it also provides an opportunity: dealing with so many farmers gives the largest traders valuable information. Long before the concept of ‘big data’ became popular, the agricultural traders were putting it to work, aggregating information from thousands of farmers to get a real-time insight into the state of the markets. Each month, when the US Department of Agriculture published its update on the world’s key crops, the agricultural houses’ traders were able to bet on what it would say with near-certainty that they were right. Within most trading houses, there was a group of traders whose sole job was to speculate profitably with the company’s money – they were known as the proprietary, or ‘prop’, traders.

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.

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.

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]

In a safe, globalized world such a hybridization model can limp along so long as the commodities flow out and the money flows in. But in an unsafe, fractured world where trade is sharply circumscribed, outright national collapse will by far not be the biggest problem these peoples face. In these countries the very population is vulnerable to changes farther abroad. The industrial technologies that reduce mortality and raise standards of living cannot be uninvented, but if trade collapses, these technologies can be denied. Should anything impact these countries’ commodity outflows or the income or product inflows, the entire place will break down while experiencing deep-rooted famine on a biblical scale. Economic development, quality of life, longevity, health, and demographic expansion are all subject to the whims of globalization. Or rather, in this case, deglobalization

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...

There's a saying on Wall Street that certain investments are sold, not bought, in that they require a salesman to push them on a willing investor rather than the buyer actively seeking them out. This would certainly apply to non-traded REITS. Because the first question any investor, or for that matter well-intentioned advisor, should ask before considering non-traded REITs is how the sector is likely to perform going forward. Asset allocation, the choice of how much an investor should put in stocks, investment grade bonds, REITs, high-yield bonds, commodities, or any other asset class generally drives 80% to 90% of the investor's overall return.

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.

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!

Here’s my proposed innovation: The agency should create and regulate a market in which states can buy and sell all or part of their protection quota obligations. Both the agency and the selling state must enforce international standards to ensure that the receiving state protects the human rights of those it agrees to accept. Just as cap-and-trade schemes enhance environmental protection, this market would maximize the number of refugees protected by exploiting differences in states’ resources, politics, geography and attitudes toward newcomers. A more ethnically homogeneous or xenophobic state might eagerly pay a high price (in cash, credit, commodities, political support, development assistance or some other valuable) to more refugee-friendly states to assume its burden, rather than having to bring them in-country. Such payments already take place, in a way: The United States and other countries sometimes pay other states to harbor immigrants; Australia just agreed to give Cambodia $32 million to do so. Almost by definition, such a market would produce more protection than the status quo does, while ensuring that each state does its share in one form or another and that human rights are respected.

Complex and illiquid products should not be subject to a clearing mandate, and clearing houses should be required to clear only the risks they can safely manage. These are points that Timothy Massad, chairman of the US Commodities Futures Trading Commission, has rightly emphasised.

And I’m not kidding when I say “craziness.” The University of St. Gallen, Switzerland, has come out with a study that compares traders with psychopaths. The study reviewed the results from an existing study comparing 24 psychopaths in German high-security hospitals with a control group of 27 “normal” people. The funny thing is, this control group of “normal” people turned out to be traders. Stock guys, currency and commodity traders, and derivative types happened to be the normal control group that was stacked up against the high-security, barbed-wire-enclosed psychopaths. In the end, the performance of the trading group was actually worse than that of the psychopaths. The study indicated that traders, “Have a penchant for immense destruction,” and that their mindset would lead them to the logical conclusion of “beating one of the neighbor’s expensive cars with a baseball bat with the sole objective of owning the most beautiful car in the neighborhood.” In other words, traders are nuts. Indeed if you look up the textbook definition of a psychopath, here are some of the tidbits you’ll uncover: antisocial behavior, poor judgment and failure to learn from experience, inability to see oneself as others do, inexplicable impulsiveness … sounds like a typical trader who is struggling against the market and can’t figure out why.

IDENTITY CLUE 7: CENTER OF WORLD COMMERCE 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?

Because money is convertible into all other things, it infects them with the same feature, turning them into commodities—objects that, as long as they meet certain criteria, are seen as identical. All that matters is how many or how much. Money, says Seaford, 'promotes a sense of homogeneity among things in general.' All things are equal, because they can be sold for money, which can in turn be used to buy any other thing. In the commodity world, things are equal to the money that can replace them. Their primary attribute is their 'value'—an abstraction. I feel a distancing, a letdown, in the phrase, 'You can always buy another one.' Can you see how this promotes an antimaterialism, a detachment from the physical world in which each person, place, and thing is special, unique? No wonder Greek philosophers of this era [when modern money originated] began elevating the abstract over the real, culminating in Plato's invention of a world of perfect forms more real than the world of the senses. No wonder to this day we treat the physical world so cavalierly. No wonder, after two thousand years' immersion in the mentality of money, we have become so used to the replaceability of all things that we behave as if we could, if we wrecked the planet, simply buy a new one. [...] The development of monetary abstraction fits into a vast meta-historical context. Money could not have developed without a foundation of abstraction in the form of words and numbers. Already, number and label distance us from the real world and prime our minds to think abstractly. To use a noun already implies an identity among the many things so named; to say there are five of a thing makes each a unit. We begin to think of objects as representatives of a category, and not unique beings in themselves. So, while standard, generic categories didn't begin with money, money vastly accelerated their conceptual dominance. Moreover, the homogeneity of money accompanied the rapid development of standardized commodity goods for trade. Such standardization was crude in preindustrial times, but today manufactured objects are so nearly identical as to make the lie of money into the truth.

Because money is convertible into all other things, it infects them with the same feature, turning them into commodities—objects that, as long as they meet certain criteria, are seen as identical. All that matters is how many or how much. Money, says Seaford, 'promotes a sense of homogeneity among things in general.' All things are equal, because they can be sold for money, which can in turn be used to buy any other thing. In the commodity world, things are equal to the money that can replace them. Their primary attribute is their 'value'—an abstraction. I feel a distancing, a letdown, in the phrase, 'You can always buy another one.' Can you see how this promotes an antimaterialism, a detachment from the physical world in which each person, place, and thing is special, unique? No wonder Greek philosophers of this era [when modern money originated] began elevating the abstract over the real, culminating in Plato's invention of a world of perfect forms more real than the world of the senses. No wonder to this day we treat the physical world so cavalierly. No wonder, after two thousand years' immersion in the mentality of money, we have become so used to the replaceability of all things that we behave as if we could, if we wrecked the planet, simply buy a new one. [...] The development of monetary abstraction fits into a vast meta-historical context. Money could not have developed without a foundation of abstraction in the form of words and numbers. Already, number and label distance us from the real world and prime our minds to think abstractly. To use a noun already implies an identity among the many things so named; to say there are five of a thing makes each a unit. We begin to think of objects as representatives of a category, and not unique beings in themselves. So, while standard, generic categories didn't begin with money, money vastly accelerated their conceptual dominance. Moreover, the homogeneity of money accompanied the rapid development of standardized commodity goods for trade. Such standardization was crude in preindustrial times, but today manufactured objects are so nearly identical as to make the lie of money into the truth.

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.

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.

Free Stock Tips | Free Nifty Future Tips | Free MCX Tips | Free Commodity Tips We are provide Accurate research calls in Free Stock Tips, Free Nifty Future Tips, Free MCX Tips, Free Commodity Tips, free nifty option tips as well as forex market with high label accuracy. For more detail call: 7415033556

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

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

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

No matter how hard you work, you find yourself sliding down the social hierarchy, while other girls—quiet, skinny, pretty (impossibly pretty, a phrase from Teen magazine, which you have recently begun reading, devouring its beauty tips)—are making their ascent. By the middle of seventh grade you are friendless and under a daily torrent of teasing by a pack of boys. Several teachers notice your suffering and their response is universal: “Those boys just like you.” But even then you know that this is profoundly untrue. Those boys do not like you. Those boys have sniffed out your growing insecurity and have pounced on it. It’s the nineties! Those boys—victims of the backlash themselves—are becoming more aware by the day that girls are a commodity, like livestock, to be traded with other boys, and that your value is in a period of deflation.

Holland was already a flourishing mercantile state: Amsterdam had a commodities market; the Dutch East India Company was pushing the Portuguese out of the Asia market; the Dutch dominated the slave trade; and their builders owned most of Europe’s trading ships.16 Most trade, however, was in bulky products of relatively low value—grain, timber, iron, and

Silver nevertheless became the commodity of the Manila galleon trade, a situation continually agonised over and sometimes regretted in the decades and centuries to come. But whether measured in the many tens of tons or several millions of pesos, a staggering amount of silver passed annually from the Americas into the Chinese money supply. Silver was so central to the developments of this period that the trans-Pacific trade route that we have calle it La ruta de la plata - a silver, rather than silk, road that changed the global economy forever.

Caffeine is not a food supplement. Rather, caffeine is the most widely used (and abused) psychoactive stimulant in the world. It is the second most traded commodity on the planet, after oil. The consumption of caffeine represents one of the longest and largest unsupervised drug studies ever conducted on the human race, perhaps rivaled only by alcohol, and it continues to this day.

The ledger’s double-entry pages and the neat grid of the invoice gave purposeful shape to the story they told. Through their graphic simplicity and economy, invoices and ledgers effaced the personal histories that fueled the slaving economy. Containing only what could fit within the clean lines of their columns and rows, they reduced an enormous system of traffic in human commodities to a concise chronicle of quantitative ‘facts.’ Thus, Mary Poove writes, ‘like the closet, the conventions of double-entry bookkeeping were intended to manage or contain excess.’ Instruments such as these did their work, then, while concealing the messiness of history, erasing from view the politics that underlay the neat account keeping. The slave traders (and much of the modern economic literature on the slave trade) regarded the slave ship’s need for volume as a self-evident ‘fact’ of economic rationalization: the Board of Trade’s reports, the balance pursued in the Royal African Company’s double-entry ledgers, the calculations that determined how many captive bodies a ship could ‘conveniently stow,’ the simple equation by which an agent at the company’s factory at Whydah promised ‘to Complie with delivering in every ten days 100 Negroes.’ But the perceptions of the African captives themselves differed from the slave trader’s economies of scale and rationalized efficiency of production. What appears in the European quantitative account as a seamless expansion in the volume of slave exports—evidence of the natural workings of the market—took the form of violent rifts in the political geography of the Gold Coast. People for whom the Atlantic market had been a distant and hazy presence with little direct consequence for their lives now found themselves swept up in wars and siphoned into a type of captivity without precedent.

The African as immigrant was not an inevitable by-product of the traffic in human commodities but rather a creation of his or her own arduous making. It is this that distinguishes African displacement in the Atlantic slave trade from all other emigration. Slaves’ full personhood was the crux of the contest between Africans and those who commodified them. Traders and masters alike confronted the universal contradiction inherent in the idea of human beings as property; conceding that the slave had a will, in order to better devise means to control it, was not an acknowledgement of the slave’s personhood. The African slave, a victim of forced migration, cannot, then, be taken for granted as immigrant subject. This displaced being had to restore through her unassisted agency the pulse of social integration that saltwater slavery threatened to extinguish. That the Africans enslaved in America were immigrants was thus not an axiomatic truth, but rather one Africans had to fight for. Those who lived to walk away from the slave ship had to address the problem of their unique displacement and alienation. They did so in three ways that gave distinctive shape to their effort to build meaningful life in a new world. First, they engaged with the cognitive problem of orientation: Where are we now that we have escaped the slave ship? Second, they created kinship and community out of the disaggregated units remaining after the market’s dispersal of its human wares. Third, they came to terms with the saltwater journey’s haunting imprint on their communities, regularly reinforced by the slave ships’ return to deposit still more saltwater slaves on these unfamiliar shores.

let’s turn to the formula, talking about accumulation: M C C’ M’. M, money, C, input commodities, one cycle; M prime, more money. What happens in this process to allow M to become M prime, which is the whole point? You wouldn’t go through all of this if you ended up at the end with the same money as you started out with at the beginning. M just came out as M. The whole point is to get from M to M prime. To understand this, we have to examine this peculiar commodity of labor power. As an analysis of how more money emerges from the production process than goes in, Marx first rules out any possibilities of cheating or unfairness. In his analysis of the capitalist system, Marx is in a conversation with, and often in argumentation with, the economists, and political economists who came before them, principally the classical political economists. People like David Ricardo, Adam Smith, and a number of others. He wanted to make his analysis within their frame of rules, which presents capital in its best light. So that if in fact he shows it not to produce the advantages that they claim, he will have done it on their terms. One of the things he does is to rule out things like cheating, like buying low and selling high, which is a sort of principal character of mercantilism. The reason he rules this out is, he says, that on balance in society, this doesn’t produce any additional surplus value or wealth. It simply redistributes what value or wealth already exists. That it all averages out; if you cheat somebody, you may have gotten something, but they lost something. It’s a kind of zero-sum thing. He rules that out. Everything in the process as Marx analyzes it trades at its true value. The means of production cannot be the source of the additional value. Remember, he’s trying to figure out in his process how we get from M to M prime. One of the things that capitalists do is buy means of production. He says, those cannot be the source of additional value. The reasons are this. They either transfer part of their value to the new products, or, for example, you depreciate machinery over time. You can calculate how much of the value goes into a production in each cycle of production. Or the means of production actually end up incorporated into the new product itself, but there is no new value there. So, if you make something, if you make bread out of wheat, it becomes incorporated in the bread, but there is no new value there. It’s necessary for the capitalists to find on the market the commodity that produces more value than it itself costs. That’s the trick. This unique commodity is labor power, and is the only element in the process that produces surplus value, which is the source of profit.

What did you say?” Rivka interrupted. The two bodyguards gave her the side eye. “Labor is expensive, except on Corran, where it’s cheaper to buy and sell people than it is to hire them in the usual sense. Where the message isn’t in our favor. What about retirement? What happens when the commodity gets old and unable to work? Where do they go?” Red

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 tribal and subsistence-level societies would inflict severe punishments on anyone who caused that kind of damage.

The world interior of capital is not an agora or a trade fair beneath the open sky, but rather a hothouse that has drawn inwards everything that was once on the outside. The bracing climate of an integral inner world of commodity can be formulated in the notion of a planetary palace of consumption. In this horizontal Babylon, being human becomes a question of spending power, and the meaning of freedom is exposed in the ability to choose between products for the market - or to create such products oneself.

Making mistakes is part of the learning process when it comes to trading or investing. Every trader makes mistakes in trading that ruin his entire capital. We have listed some common but 5 deadly trading mistakes that a novice or unprofessional trader does in the commodity market: No Patience, Over Trading, Trading Without Plan, Giving Into Emotions, Not Having A Trading Journal. You may include market conditions, the size of the trade, expiration time, prices, whether or not you were successful, and even notes on your emotions. Looking Forward and Join Free MCX Crude Oil Tips, MCX Commodity Trading Trial! Call at 9814289955 or go through our website.

The major benefit is that ALBA is essentially a barter system, in which countries decide for themselves what any given commodity or service is worth, rather than letting traders in New York, Chicago or London set the prices for them. That makes trade far less vulnerable to the kind of sudden price fluctuations that devastated Latin American economies in the recent past. Surrounded by turbulent financial waters, Latin America is creating a zone of relative economic calm and predictability, a feat presumed impossible in the globalization era.

Did you ever eat commodities?’ I asked Pollux. ‘You know I did. My Grandma had a closet of commodities that people traded to her. Everybody wanted the cheese and the peaches.’ We ate government commodities, sure, but we had our own recipes.

Did you ever eat commodities?’ I asked Pollux. ‘You know I did. My Grandma had a closet of commodities that people traded to her. Everybody wanted the cheese and the peaches.’ …We ate government commodities, sure, but we had our own recipes…

MCX Gold Silver Tips - Free Gold trading tips today with target and stop-loss, Online MCX Gold tips provider, Live Gold tips Hindi. Finding out Commodity Trading won’t assist you to earn a profit- you would like to know what market of commodities works best for you, your risk, your goals, then take the support of our experts who are studying the market for years. MCX Bazaar Adviser can guide you with all that and far more. If you’re able to step into the world of growth, MCX Commodity Tips then it’s time you get in touch with us at 9814289955.

A handsome, cosmopolitan forty-three-year-old, Gebhardt had been a decorated World War I flying ace, serving in the squadron of Manfred von Richthofen, the legendary “Red Baron.” Following the war, he had earned his doctorate degree in political economy from Frankfurt University with a dissertation on “The International Trade in Machinery.” After a brief teaching stint, he had gone into business, earning a fortune in the automobile and locomotive industries before establishing a highly successful import-export firm that specialized in “exchanging German raw material for American commodities.” Charming, cultured, fluent in several languages, he also harbored political ambitions and had hopes of being named German ambassador to the United States—a fair expectation, given his close friendship with high Nazi officials, particularly Hermann Göring, a fellow Richthofen pilot during the Great War.9

Are you ready to make more money? MCX Bazaar will help you to do effortless commodity trading. It is easy to make decisions with our expert team. Our dedicated team will help you to achieve success in commodity trading. We provide you with trading options across a variety of commodities like Crude Oil Tips Free Trial, Gold, silver, base metals, etc.

Character No Commodity (The Sonnet) Character, I say, is no commodity, To be traded in for luxury. Integrity, I say, is no commodity, To be traded in for security, Virtues, I say, are no commodity, To be traded in for applause. Values, I say, are no commodity, To be traded in for comfort. Warmth, I say, is no commodity, To be traded in for image. Humility, I say, is no commodity, To be traded in for respect. A life without honor, I say, Is a life totally gone astray.

I use two other methods to determine price targeting. The first involves a technique known as swing objectives. The principle of a swing objective is that markets tend to advance or decline in legs that are of approximately equal distance.

As a general rule, the minimum move following the completion of a chart pattern should be equal to the height of the pattern itself,