Credit Spreads Quotes

Lenin is often credited with coining the term “useful idiot,” poleznyi durak in Russian, meaning one who can be used to spread propaganda without being aware of it or subscribing

She said, “Do you see how I’m wearing this apron? It means I’m working. For a living.” The unconcerned expression didn’t flag. He said, “I’ll take care of it.” She echoed, “Take care of it?” “Yeah. How much do you make in an hour? I’ll take care of it. And I’ll talk to your manager.” For a moment, Blue was actually lost for words. She had never believed people who claimed to be speechless, but she was. She opened her mouth, and at first, all that came out was air. Then something like the beginning of a laugh. Then finally, she managed to sputter, “I am not a prostitute.” The Aglionby boy appeared puzzled for a long moment, and then realization dawned. “Oh, that was not how I meant it. That is not what I said.” “That is what you said! You think you can just pay me to talk to your friend? Clearly you pay most of your female companions by the hour and don’t know how it works with the real world, but . . . but . . .” Blue remembered that she was working to a point, but now what that point was. Indignation had eliminated all higher functions and all that remained was the desire to slap him. The boy opened his mouth to protest, and her thought came back to her all in a rush. “Most girls, when they’re interested in a guy, will sit with them for free.” To his credit, the Aglionby boy didn’t speak right away. Instead, he thought for a moment and then he said, without heat, “You said you were working for living. I thought it’d be rude to not take that into account. I’m sorry you’re insulted. I see where you’re coming from, but I feel it’s a little unair that you’re not doing the same for me.” “I feel you’re being condescending,” Blue said. In the background, she caught a glimpse of Soldier Boy making a plane of his hand. It was crashing and weaving toward the table surface while Smudgy Boy gulped laughter down. The elegant boy held his palm over his face in exaggerated horror, fingers spread just enough that she could see him wince. “Dear God,” remarked Cell Phone boy. “I don’t know what else to say.” “Sorry,” she recommended. “I said that already.” Blue considered. “Then ‘bye.’” He made a little gesture at his chest that she thought was supposed to mean he was curtsying or bowing or something sarcastically gentleman-like.

Humanity was heaved back to the paper age in half a second. Life-support systems spat out bolts of energy and died. Precious manuscripts were lost. Banks collapsed as all financial records for the past fifty years were completely wiped out. Planes fell from the sky, the Graum II space station drifted off into space, and defense satellites that were not supposed to exist stopped existing. People took to the streets, shouting into their dead cell phones as if volume could reactivate them. Looting spread across countries like a computer virus while actual computer viruses died with their hosts, and credit cards became mere rectangles of plastic. Parliaments were stormed worldwide as citizens blamed their governments for this series of inexplicable catastrophes. Gouts of fire and foul blurts of actual brimstone emerged from cracks in the earth. These were mostly from ruptured pipes, but people took up a cry of Armageddon. Chaos reigned, and the survivalists eagerly unwrapped the kidskin from their crossbows.

Real leaders don't care [about receiving credit]. If it's about your mission, about spreading the faith, about seeing something happen, not only do you not care about credit, you actually want other people to take credit...There's no record of Martin Luther King, Jr. or Gandhi whining about credit. Credit isn't the point. Change is.

She was organized, ardently neat, whereas he was the rabbit's wild brother, leaving what looked like the path of an undressing hurricane wherever he went. He dropped his shoes, badger coat, cigarette ash, a dish towel, plant journals, trowels, on the floor behind him, left washed-off mud from potatoes in the sink. Whatever he came upon would be eaten, wrestled with, read, tossed away, the discarded becoming invisible to him. Whatever his wife said about this incorrigible flaw did no good. I suspect, in fact, she took pleasure in suffering his nature. Though give him credit, Mr. Malakite's fields were immaculate. No plant left its bed and wandered off as a 'volunteer'. He scrubbed the radishes under the thin stream of a hose. He spread his wares neatly on the trestle table at the Saturday market.

This sentiment has very simple characteristics, such as worship of a being supposed superior, fear of the power with which the being is credited, blind submission to its commands, inability to discuss its dogmas, the desire to spread them, and a tendency to consider as enemies all by whom they are not accepted. Whether such a sentiment apply to an invisible God, to a wooden or stone idol, to a hero or to a political conception, provided that it presents the preceding characteristics, its essence always remains religious.

The credit must be given to Luke for spreading Christianity to other races.

It’s the Law of Unintended Consequences, Art thinks as he watches the federales. Operation Condor was intended to cut the Sinaloan cancer out of Mexico, but what it did instead was spread it through the entire body. And you have to give the Sinaloans credit—their response to their little diaspora was pure genius. Somewhere along the line they figured out that their real product isn’t drugs, it’s the two-thousand-mile border they share with the United States, and their ability to move contraband across it. Land can be burned, crops can be poisoned, people can be displaced, but that border—that border isn’t going anywhere. A product that might be worth a few cents one inch on their side of the border is worth thousands just one inch on the other side.

The choice is yours.Either way, I will be faultless. So ask yourself, would you rather take credit for an eyesore or for a work of art?" His speech complete, he sank onto the sofa, stretching his arms out across its back, a grin spreading across his face. I had not thought this through, that much was evident, but now that I had commenced it, I would not give n to him. "You could change. More easily than could I." "True," he ackowledged with a chuckle. "But I look perfect." "Well,I'm sure you could look perfect in something else." "Oh,doubtless, but why duplicate what is perfect when one could improve what is not?" I wanted to kill him. I wanted to close that infuriatingly divine mouth once and for all, and if ending his life were the way to do it, I was willing to take that step.Instead, I took a deep breath and tried again. "If I change, my hair will be ruined." "You know,dear, something really should be done about your hair in any case. I told you to wear it down. And mind you switch tiaras." "We're almost last as it is," blustered, trying to keep my tone civil, thought inside I was burning. "You could change more quickly." "Not necessarily.You already know the gown into which you will change. I would have to search for something less elegant to match the dress you have on, but still formal enough for the occasion. And honestly,have you ever seen me in anything that might go with sky blue?" I fell silent, for as much as I hated to admit it, he had a valid argument. He generally wore dark or rich colors, nothing similar to my gown. I despised myself for what I was about to do. "I'll wait," Steldor said, accurately reading my expression.

if I care to listen, I hear a loud whisper from the gospel that I did not get what I deserved. I deserved punishment and got forgiveness. I deserved wrath and got love. I deserved debtor’s prison and got instead a clean credit history. I deserved stern lectures and crawl-on-your-knees repentance; I got a banquet—Babette’s feast—spread for me.

Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe.

The social displacements that occur as consequences of variations in the value of money result solely from the circumstance that this assumption never holds good. In the chapter dealing with the determinants of the objective exchange-value of money it was shown that variations in the value of money always start from a given point and gradually spread out from this point through the whole community.

the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe.

I also have to credit Bill Bilby, owner of Chelsea Books, with two other important lessons: first, his shop was always tidy and thoughtfully-organized –a remarkable trait in secondhand shops; and second, he was visibly enthusiastic about his stock. He was the first bookseller I knew to describe a book-artefact as “sexy”! A cynic might denigrate this latter trait as a mere sales tactic –because indeed his infectious enthusiasm successfully sold lots of books –but the fact is that the guy was, and is, just a completely mad bibliophile, and being in his shop with him, listening to him effuse about his books, and watching the way he would stroke them and savour them, was profound. It made me realize that we in the trade are actually evangelists of bibliophilia, and embracing and spreading that passion is the only way to ensure our survival.

partial script was composed of ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe. When

Galen slides into his desk, unsettled by the way the sturdy blond boy talking to Emma casually rests his arm on the back of her seat. "Good morning," Galen says, leaning over to wrap his arms around her, nearly pulling her from the chair. He even rests his cheek against hers for good measure. "Good morning...er, Mark, isn't it?" he says, careful to keep his voice pleasant. Still, he glances meaningfully at the masculine arm still lining the back of Emma's seat, almost touching her. To his credit-and safety-Mark eases the offending limb back to his own desk, offering Emma a lazy smile full of strikingly white teeth. "You and Forza, huh? Did you clear that with his groupies?" She laughs and gently pries Galen's arms off her. Out of the corner of his eye, he sees the eruption of pink spreading like spilled paint over her face. She's not used to dating him yet. Until about ten minutes ago, he wasn't used to it either. Now though, with the way Mark eyes her like a tasty shellfish, playing the role of Emma's boyfriend feels all too natural. The bell rings, saving Emma from a reply and saving Mark thousands of dollars in hospital bills. Emma shoots Galen a withering look, which he deflects with that he hopes is an enchanting grin. He measures his success by the way her blush deepens but stops short when he notices the dark circles under her eyes. She didn't sleep last night. Not that he thought she would. She'd been quiet on the flight home from Destin two nights ago. He didn't pressure her to talk about it with him, mostly because he didn't know what to say once the conversation got started. So many times, he's started to assure her that he doesn't see her as an abomination, but it seems wrong to say it out loud. Like he's willfully disagreeing with the law. But how could those delicious-looking lips and those huge violet eyes be considered an abomination? What's even crazier is that not only does he not consider her an abomination, the fact that she could be a Half-Breed ignited a hope in him he's got no right to feel: Grom would never mate with a half human. At least, Galen doesn't think he would. He glances at Emma, whose silky eyelids don't even flutter in her state of light sleep. When he clears his throat, she startles. "Thank you," she mouths to him as she picks her pencil back up, using the eraser to trace the lines in her textbook as she reads. He acknowledges with a nod. He doesn't want to leave her like this, anxious and tense and out of place in her own beautiful skin.

As a rule, however, an increase in the value of money spreads only gradually. The first of those who have to content themselves with lower prices than before for the commodities they sell, while they still have to pay the old higher prices for the commodities they buy, are those who are injured by the increase in the value of money. Those, however, who are the last to have to reduce the prices of the commodities they sell, and have meanwhile been able to take advantage of the fall in the prices of other things, are those who profit by the change.

He wore bottle-thick spectacles. His ox-like stature made him distinct. He had a long lowland “badger coat,” made out of several skins, which smelled of bracken, sometimes of earthworms. And he and his wife were my watched example of marital stability. His wife no doubt felt I lingered around too much. She was organized, ardently neat, whereas he was the rabbit’s wild brother, leaving what looked like the path of an undressing hurricane wherever he went. He dropped his shoes, badger coat, cigarette ash, a dish towel, plant journals, trowels, on the floor behind him, left washed-off mud from potatoes in the sink. Whatever he came upon would be eaten, wrestled with, read, tossed away, the discarded becoming invisible to him. Whatever his wife said about this incorrigible flaw did no good. I suspect, in fact, she took pleasure in suffering his nature. Though give him credit, Mr. Malakite’s fields were immaculate. No plant left its bed and wandered off as a “volunteer.” He scrubbed the radishes under the thin stream of a hose. He spread his wares neatly on the trestle table at the Saturday market

In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around. What we now call virtual money came first. Coins came much later, and their use spread only unevenly, never completely replacing credit systems. Barter, in turn, appears to be largely a kind of accidental byproduct of the use of coinage or paper money: historically, it has mainly been what people who are used to cash transactions do when for one reason or another they have no access to currency.

A critical step was made sometime before the ninth century AD, when a new partial script was invented, one that could store and process mathematical data with unprecedented efficiency. This partial script was composed of ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe.

We had come to see the work of Wedco, a small bank – micro-finance institution is the formal term – that has been one of CARE’s great success stories in the region. Wedco began in 1989 with the idea of making small loans to groups of ladies, generally market traders, who previously had almost no access to business credit. The idea was that half a dozen or so female traders would form a business club and take out a small loan, which they would apportion among themselves, to help them expand or improve their businesses. The idea of having a club was to spread the risk. It seemed a slightly loopy idea to many to focus exclusively on females, but it has been a runaway success.

Two great contemporary scholars at the antipodes of the cultural spread of Hellenism, Boethius in Rome (d. 525) and Sergius of Re¯ˇsayna in northern Mesopotamia ¯ (d. 536), conceived of the grand idea of translating all of Aristotle into Latin and Syriac respectively.5 The conception is to their credit as individual thinkers for their noble intentions; their failure indicates that the receiving cultures in which they worked had not developed the need for this enterprise. Philosophy in Latin was to develop, even if on some of the foundations laid by Boethius, much later,6 while in Syriac it reached its highest point with BarHebraeus in the thirteenth century only after it had developed in Arabic and was translated from it.

A critical step was made sometime before the ninth century AD, when a new partial script was invented, one that could store and process mathematical data with unprecedented efficiency. This partial script was composed of ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe. When several other signs were later added to the Arab numerals (such as the signs for addition, subtraction and multiplication), the basis of modern mathematical notation came into being.

Truly, fair lady,' answered Don Quixote, 'Actaeon could not be more lost in admiration and amazement, at the sight of Diana bathing herself, than I have been at the appearance of your beauty. I applaud the design of your entertainment, and return you thanks for your obliging offers; assuring you, that if it lies in my power to serve you, you may depend on my obedience to you commands: for my profession is the very reverse of ingratitude, and aims at doing good to all persons, especially those of your merit and condition; so that were these nets spread over the surface of the whole earth, I would seek out a passage throughout new worlds, rather than I would break the smallest thread that conduces to your pastime: and that you may give some credit to this seeming exaggeration, know that, he who makes this promise is no less than Don Quixote de la Mancham if ever such a name has reached your ears.

It was a wise policy in that false prophet, Alexander, who though now forgotten, was once so famous, to lay the first scene of his impostures in Paphlagonia, where, as Lucian tells us, the people were extremely ignorant and stupid, and ready to swallow even the grossest delusion. People at a distance, who are weak enough to think the matter at all worth enquiry, have no opportunity of receiving better information. The stories come magnified to them by a hundred circumstances. Fools are industrious in propagating the imposture; while the wise and learned are contented, in general, to deride its absurdity, without informing themselves of the particular facts, by which it may be distinctly refuted. And thus the impostor above mentioned was enabled to proceed, from his ignorant Paphlagonians, to the enlisting of votaries, even among the Grecian philosophers, and men of the most eminent rank and distinction in Rome; nay, could engage the attention of that sage emperor Marcus Aurelius; so far as to make him trust the success of a military expedition to his delusive prophecies. 23 The advantages are so great, of starting an imposture among an ignorant people, that, even though the delusion should be too gross to impose on the generality of them (which, though seldom, is sometimes the case) it has a much better chance for succeeding in remote countries, than if the first scene had been laid in a city renowned for arts and knowledge. The most ignorant and barbarous of these barbarians carry the report abroad. None of their countrymen have a large correspondence, or sufficient credit and authority to contradict and beat down the delusion. Men’s inclination to the marvellous has full opportunity to display itself. And thus a story, which is universally exploded in the place where it was first started, shall pass for certain at a thousand miles distance. But had Alexander fixed his residence at Athens, the philosophers of that renowned mart of learning had immediately spread, throughout the whole Roman empire, their sense of the matter; which, being supported by so great authority, and displayed by all the force of reason and eloquence, had entirely opened the eyes of mankind. It is true; Lucian, passing by chance through Paphlagonia, had an opportunity of performing this good office. But, though much to be wished, it does not always happen, that every Alexander meets with a Lucian, ready to expose and detect his impostures.

And yeah, put out as I can be with Mama 'bout a lotta things, I gotta admit she gets all the credit for getting me interested in cooking when I was just knee-high to a grasshopper. Gladys never seemed to give a damn about it when we were kids, which I guess is why she and that family of hers nourish themselves today mainly on KFC and Whoppers and junk like that. But me, I couldn't keep my eyes off Mama when she'd fix a mess of short ribs, or cut out perfect rounds of buttermilk biscuit dough with a juice glass, or spread a thick, real shiny caramel icing over her 1-2-3-4 cakes. And I can remember like it was yesterday (must have been about 4 years old at the time) when she first let me help her bake cookies, especially the same jelly treats I still make today and could eat by the dozen if I didn't now have better control. "Honey, start opening those jars on the counter," she said while she creamed butter and sugar with her Sunbeam electric hand mixer in the same wide, chipped bowl she used to make for biscuit dough. Strawberry, peach, and mint- the flavors never varied for Mama's jelly treats, and just the idea of making these cookies with anything but jelly and jam she'd put up herself the year before would have been inconceivable to Mama.

Knocking on a massive carved door minutes later, the sigils on it shouting to those literate enough to ‘Stay away or else!’ he received a nice surprise when the door swung open. Well, hello there. Reaching only his shoulder, with a wild mop of black hair, bright brown eyes and a rounded body made for worship – by his tongue – Remy wondered if he could convince the servant girl to come around the corner with him for a quickie before he met with this Ysabel person. Then she opened her luscious mouth. “If you’re done gawking, you might want to step back before I smash your nose with the door when I shut it.” Someone got up without sex today. He could fix that. “Hello beautiful, I actually have business with the occupant of this suite. I’m here to meet with Ysabel, the witch.” “Really.” Her tone said what she thought of his claim and her brown gaze looked him up and down, then dismissed him. “I don’t think so.” The door slammed shut in his face. What. The. Fuck. Remy pounded on the door. It immediately opened. The ebony haired vixen, her arms crossed under her bountiful tits, smirked. “Back already. What’s wrong? Did I hurt your feelings?” “Listen woman, I don’t know what crawled up your ass and turned you into an uptight bitch, but I’m here to see Ysabel, so get the fuck out of my way before I put you over my knee and –” “And what? Spank me?” Her eyes actually sparked with challenge, the minx. “I’d like to see you try. But, before you do, just so you know, my name is Ysabel. The witch.” Aaaaah, shit. Never one to admit defeat, he let a slow simmering smile spread across his face. It worked on demonesses, damned souls, human women, and even gay men, but apparently, it had no effect on scowling witches. Too bad. “It’s your lucky day. Lucifer has informed me that you’re my next assignment.” “Not by choice. And what are you supposed to do exactly? I need a tracker, not a gigolo. What happened? Did your gig as a pole dancer not work out? Equipment too small?” She dropped her gaze to his groin and sneered. A sudden, irrational urge possessed him to drop his pants, flip her over and show her there was nothing wrong with the size of his cock. He abstained, but couldn’t prevent himself from taunting her, eyeing her up and down in the same dismissive manner. “Anytime you want to measure my dick, you let me know. Naked.” “Pig.” “No, demon. Really, get your terminology straight, would you? After Lucifer’s warning, I expected someone older and badder.” To his credit he didn’t drop to the ground, but the pain in his balls did require he bend over to cup them gently which in turn meant he got the door in the face. Again. -Ysabel & Remy

It's not that we're dumb. On the contrary, many millions of people have exerted great intelligence and creativity in building the modern world. It's more that we're being swept into unknown and dangerous waters by accelerating economic growth. On just one single day of the days I have spent writing this book, as much world trade was carried out as in the whole of 1949; as much scientific research was published as in the whole of 1960; as many telephone calls were made as in all of 1983; as many e-mails were sent as in 1990.11 Our natural, human, and industrial systems, which evolve slowly, are struggling to adapt. Laws and institutions that we might expect to regulate these flows have not been able to keep up. A good example is what is inaccurately described as mindless sprawl in our physical environment. We deplore the relentless spread of low-density suburbs over millions of acres of formerly virgin land. We worry about its environmental impact, about the obesity in people that it fosters, and about the other social problems that come in its wake. But nobody seems to have designed urban sprawl, it just happens-or so it appears. On closer inspection, however, urban sprawl is not mindless at all. There is nothing inevitable about its development. Sprawl is the result of zoning laws designed by legislators, low-density buildings designed by developers, marketing strategies designed by ad agencies, tax breaks designed by economists, credit lines designed by banks, geomatics designed by retailers, data-mining software designed by hamburger chains, and automobiles designed by car designers. The interactions between all these systems and human behavior are complicated and hard to understand-but the policies themselves are not the result of chance. "Out of control" is an ideology, not a fact.

As I saw it, there was a 75 percent chance the Fed’s efforts would fall short and the economy would move into failure; a 20 percent chance it would initially succeed at stimulating the economy but still ultimately fail; and a 5 percent chance it would provide enough stimulus to save the economy but trigger hyperinflation. To hedge against the worst possibilities, I bought gold and T-bill futures as a spread against eurodollars, which was a limited-risk way of betting on credit problems increasing. I was dead wrong. After a delay, the economy responded to the Fed’s efforts, rebounding in a noninflationary way. In other words, inflation fell while growth accelerated. The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history. How was that possible? Eventually, I figured it out. As money poured out of these borrower countries and into the U.S., it changed everything. It drove the dollar up, which produced deflationary pressures in the U.S., which allowed the Fed to ease interest rates without raising inflation. This fueled a boom. The banks were protected both because the Federal Reserve loaned them cash and the creditors’ committees and international financial restructuring organizations such as the International Monetary Fund (IMF) and the Bank for International Settlements arranged things so that the debtor nations could pay their debt service from new loans. That way everyone could pretend everything was fine and write down those loans over many years. My experience over this period was like a series of blows to the head with a baseball bat. Being so wrong—and especially so publicly wrong—was incredibly humbling and cost me just about everything I had built at Bridgewater. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. So there I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one.

I see over and beyond all these national wars, new "empires," and whatever else lies in the foreground. What I am concerned with — for I see it preparing itself slowly and hesitatingly — is the United Europe. It was the only real work, the one impulse in the souls, of all the broad-minded and deep-thinking men of this century — this reparation of a new synthesis, and the tentative effort to anticipate the future of "the European." Only in their weaker moments, or when they grew old, did they fall back again into the national narrowness of the "Fatherlanders" — then they were once more "patriots." I am thinking of men like Napoleon, Heinrich Heine, Goethe, Beethoven, Stendhal, Schopenhauer. Perhaps Richard Wagner likewise belongs to their number, concerning whom, as a successful type of German obscurity, nothing can be said without some such "perhaps." But to the help of such minds as feel the need of a new unity there comes a great explanatory economic fact: the small States of Europe — I refer to all our present kingdoms and "empires" — will in a short time become economically untenable, owing to the mad, uncontrolled struggle for the possession of local and international trade. Money is even now compelling European nations to amalgamate into one Power. In order, however, that Europe may enter into the battle for the mastery of the world with good prospects of victory (it is easy to perceive against whom this battle will be waged), she must probably "come to an understanding" with England. The English colonies are needed for this struggle, just as much as modern Germany, to play her new role of broker and middleman, requires the colonial possessions of Holland. For no one any longer believes that England alone is strong enough to continue to act her old part for fifty years more; the impossibility of shutting out homines novi from the government will ruin her, and her continual change of political parties is a fatal obstacle to the carrying out of any tasks which require to be spread out over a long period of time. A man must to-day be a soldier first and foremost that he may not afterwards lose his credit as a merchant. Enough; here, as in other matters, the coming century will be found following in the footsteps of Napoleon — the first man, and the man of greatest initiative and advanced views, of modern times. For the tasks of the next century, the methods of popular representation and parliaments are the most inappropriate imaginable.

Tucker doesn’t skip a beat. “Why, my dear Stella, I do believe thou havest a dirty side!” He smiles, leaning forward and follows with, “Don’t I get credit for that? No? Oh well. Now, as I was saying, not only are you surrounded by your dusty books, the fact that you’re an English major, I’ve seen you at the public library. I know for a fact that it takes you at least thirty minutes to decide what book to read next and often times you can’t decide so you read something you’ve already read.” He points at the open copy of Gone with the Wind and a huge cheesy grin spreads across his face, pleased with himself. “I’m done now by the way.

Mortgage Workouts Even if you don’t qualify for any of the government loan modification programs or your lender doesn’t agree to participate, you may be able to arrange a “mortgage workout.” A workout is any agreement you make with the lender that changes how you pay the delinquency on your mortgage or otherwise keeps you out of foreclosure. Many lenders require this formal process even for short-term fixes. Here are some workout options your lender might agree to: • Spread repayment of missed payments over a few months. For example, if your monthly payment is $1,000 and you missed two payments ($2,000), the lender might let you pay $1,500 for four months. • Reduce or suspend your regular payments for a specified time, and then add a portion of your overdue amount to your regular payments later on. • Extend the length of your loan and add the missed payments at the end. • For a period of time, suspend the amount of your monthly payment that goes toward the principal and only require payment of interest, taxes, and insurance. • Let you sell the property for less than you owe the lender and waive the rest. This is called a “short sale.” It’s best to start the workout negotiations as early as possible. But before you contact the lender about a workout, you should prepare information about your situation, including: • a reasonable budget for the

APPLE CRISP This recipe was always a favorite in our house when I was growing up—and still is for my family. It was passed down from my mom (although she always credited my aunt Pete with its origin). It’s yummy and very easy—especially if you don’t have the time or energy to roll out pie crusts.   Ingredients   5¼ tablespoons butter (melted) 8–9 apples (I use Macs) 1 cup all-purpose flour 1 cup sugar 1 teaspoon baking powder Dash of salt ½ teaspoon cinnamon 1 egg   Directions   Melt butter and set aside. Peel, core, and slice apples to almost fill an 11x7 baking dish. Preheat oven to 375 degrees Fahrenheit. Sift together all dry ingredients in mixing bowl and break one egg into mixture. Blend with a pastry blender until evenly crumbly and spread on top of apples. Spoon melted butter over topping in rows. Bake for 30-40 minutes or until golden brown. Serve with vanilla ice cream! Yum!!!

There are some styles I do not want to take credit for and usually these hairstyles are on the heads of customers who are only too happy to spread the word.

pains that were a product of her understanding and becoming what she was born to be. He’s the storybook version of the prince in Cinderella on steroids; people feared him in a way they hadn’t any King before him. The incident awhile back, where he had literally ripped a vampire in half while on quest to find the one who’d captured Anna, had spread like wildfire through the kingdom. Not that I could take total credit for the story getting around; there were others who enjoyed telling the events far more than I did, but not by much. Torch, the new King

Archbishop Benson lived in a different era, but his rules for life carry relevance today: • Eagerly start the day’s main work. • Do not murmur at your busyness or the shortness of time, but buy up the time all around. • Never murmur when correspondence is brought in. • Never exaggerate duties by seeming to suffer under the load, but treat all responsibilities as liberty and gladness. • Never call attention to crowded work or trivial experiences. Before confrontation or censure, obtain from God a real love for the one at fault. Know the facts; be generous is your judgment. Otherwise, how ineffective, how unintelligible or perhaps provocative your well-intentioned censure may be. • Do not believe everything you hear; do not spread gossip. Do not seek praise, gratitude, respect, or regard for past service. • Avoid complaining when your advice or opinion is not consulted, or having been consulted, set aside. • Never allow yourself to be placed in favorable contrast with anyone. • Do not press conversation to your own needs and concerns. Seek no favors, nor sympathies; do not ask for tenderness, but receive what comes. • Bear the blame; do not share or transfer it. • Give thanks when credit for your own work or ideas is given to another.6

Unlike traditional retailers, Amazon boasted what was called a negative operating cycle. Customers paid with their credit cards when their books shipped but Amazon settled its accounts with the book distributors only every few months. With every sale, Amazon put more cash in the bank, giving it a steady stream of capital to fund its operations and expansion.14 The company could also lay claim to a uniquely high return on invested capital. Unlike brick-and-mortar retailers, whose inventories were spread out across hundreds or thousands of stores around the country, Amazon had one website and, at that time, a single warehouse and inventory. Amazon’s ratio of fixed costs to revenue was considerably more favorable than that of its offline competitors. In other words, Bezos and Covey argued, a dollar that was plugged into Amazon’s infrastructure could lead to exponentially greater returns than a dollar that went into the infrastructure of any other retailer in the world.

She wags her finger at me. “Just because you’re a Directing major, doesn't mean you can't also be an actor. And, correct me if I'm wrong, but doesn't your major require that you perform in at least one show a year?” “Yes, but it doesn't have to be this one,” I say slowly. “True. Good point.” A slow smile spreads across her face. She's up to something. “Tell me again,” she says, “which show did you perform in during your freshman year?” “I didn't do any my freshman year,” I say through my teeth. She knows damn well I was too busy helping my Grams to do a show. “That's right, you didn't. Hmm, as your adviser, I have to tell you, that's not good.” She shakes her head solemnly. I know where she's going with this, and I'm not happy about it. “I tell you what: be my Romeo and I’ll overlook this little infringement.” “That's blackmail.” Elizabeth just laughs. “No, it isn't. I’m simply offering you a way to make up for a credit that you will be sorely lacking when it comes time to graduate. I’m doing you a favor.” She grins wider, knowing she has me trapped. “This is going to end badly,” I whisper. “Nonsense! It's going to be perfect!” She comes over and gives me a big bear hug, then actually squeals with delight. “Thank you, Etash. You won't regret this. I promise.

Now that you understand the key players in ecosystems, here are the key principles of building an ecosystem. They are similar to the principles of creating a community discussed in chapter 8, “The Art of Evangelizing.” CREATE SOMETHING WORTHY OF AN ECOSYSTEM. Once again, the key to evangelism, sales, presentations, and now ecosystems is a great product. In fact, if you create a great product, you may not be able to stop an ecosystem from forming. By contrast, it’s hard to build an ecosystem around crap. DESIGNATE A CHAMPION. Many employees would like to help build an ecosystem, but who wakes up every day with this task at the top of her list of priorities? Another way to look at this is, “Who’s going to get fired if an ecosystem doesn’t happen?” Ecosystems need a champion—an identifiable hero—within the company to carry the flag for the community. DON’T COMPETE WITH THE ECOSYSTEM. If you want people or organizations to take part in your ecosystem, then you shouldn’t compete with them. For example, if you want people to create apps for your product, then don’t sell (or give away) apps that do the same thing. It was hard to convince companies to create a Macintosh word processor when Apple was giving away MacWrite. CREATE AN OPEN SYSTEM. An “open system” means that there are minimal requirements to participating and minimal controls on what you can do. A “closed system” means that you control who participates and what they can do. Either can work, but I recommend an open system because it appeals to my trusting, anarchic personality. This means that members of your ecosystem will be able to write apps, access data, and interact with your product. I’m using software terminology here, but the point is to enable people to customize and tweak your product. PUBLISH INFORMATION. The natural complement of an open system is publishing books and articles about the product. This spreads information to people on the periphery of a product. Publishing also communicates to the world that your startup is open and willing to help external parties. FOSTER DISCOURSE. The definition of “discourse” is “verbal exchange.” The key word is “exchange.” Any company that wants an ecosystem should foster the exchange of ideas and opinions. This means your website should provide a forum where people can engage with other members as well as your employees. This doesn’t mean that you let the ecosystem run your company, but you should hear what members have to say. WELCOME CRITICISM. Most organizations feel warm and fuzzy toward their ecosystem as long as the ecosystem says nice things, buys their products, and never complains. The minute that the ecosystem says anything negative, however, many organizations freak out and get defensive. This is dumb. A healthy ecosystem is a long-term relationship, so an organization shouldn’t file for divorce at the first sign of discord. Indeed, the more an organization welcomes—or even celebrates—criticism, the stronger its bonds to its ecosystem become. CREATE A NONMONETARY REWARD SYSTEM. You already know how I feel about paying people off to help you, but this doesn’t mean you shouldn’t reward people in other ways. Things as simple as public recognition, badges, points, and credits have more impact than a few bucks. Many people don’t participate in an ecosystem for the money, so don’t insult them by rewarding them with it.

Because the way banking works, however, such withdrawals had a negative multiplier effect. In an effort to maintain a prudent balance between their own liquidity and their loan portfolios, banks had to call in three or four dollars of loans for each dollar in cash withdrawn. Moreover, as their loans were called, borrowers in turn withdrew their deposits from other banks. The effect was to spread the scramble for liquidity right across the system. In this climate, all banks felt the need to protect themselves by building up cash reserves and thus called in even more loans. By the middle of 1931, bank credit had shrunk by almost $5 billion, equivalent to 10 percent of outstanding loans and investments.

Empress Suiko and her regent are often credited with the spread of Buddhism in Japan.

Banks lead the interest rate cycle. They feel the brunt of rising interest rates and benefit from their decline. When interest rates rise, the spread between their cost of capital and their sources of revenue-loans declines. This, in turn, exercises pressure on profit margins and profitability. In addition, rising interest rates tend to have a negative effect on demand for credit, causing it to slow down.

If you sell someone a prime-rate, 5 percent annual percentage rate (APR) thirty-year mortgage in the amount of $200,000, they’ll pay you back an additional $186,512—93 percent of what they borrowed—for the privilege of spreading payments out over thirty years. If you can manage to sell that same person a subprime loan with a 9 percent interest rate, you can collect $379,328 on top of the $200,000 repayment, nearly twice over what they borrowed. The public policy justification for allowing subprime loans was that they made the American Dream of homeownership possible for people who did not meet the credit standards to get a cheaper prime mortgage. But the subprime loans we started to see in the early 2000s were primarily marketed to existing homeowners, not people looking to buy—and they usually left the borrower worse off than before the loan. Instead of getting striving people into homeownership, the loans often wound up pushing existing homeowners out. The refinance loans stripped homeowners of equity they had built up over years of mortgage payments. That’s why these diseased loans were tested first on the segment of Americans least respected by the financial sector and least protected by lawmakers: Black and brown families.

There are signs, however, that a good time was had all last night. Jo might have found herself caught in the middle of a love triangle, but she clearly didn't mind staying around when she thought that one of the angles had been dispensed with. The remains of dinner still grace the table---dirty dishes, rumpled napkins, a champagne flute bearing a lipstick mark. There's even one of the Chocolate Heaven goodies left in the box---which is absolute sacrilege in my book, so I pop it in my mouth and enjoy the brief lift it gives me. I huff unhappily to myself. If they left chocolate uneaten, that must be because they couldn't wait to get down to it. Two of the red cushions from the sofa are on the floor, which shows a certain carelessness that Marcus doesn't normally exhibit. They're scattered on the white, fluffy sheepskin rug, which should immediately make me suspicious---and it does. I walk through to the bedroom and, of course, it isn't looking quite as pristine as it did yesterday. Both sides of the bed are disheveled and I think that tells me just one thing. But, if I needed confirmation, there's a bottle of champagne and two more flutes by the side of the bed. It seems that Marcus didn't sleep alone. Heavy of heart and footstep, I trail back through to the kitchen. More devastation faces me. Marcus had made no attempt to clear up. The dishes haven't been put into the dishwasher and the congealed remnants of last night's Moroccan chicken with olives and saffron-scented mash still stand in their respective saucepans on the cooker. Tipping the contents of one pan into the other, I then pick up a serving spoon and carry them both through the bedroom. I slide open the wardrobe doors and the sight of Marcus's neatly organized rows of shirts and shoes greet me. Balancing the pan rather precariously on my hip, I dip the serving spoon into the chicken and mashed potatoes and scoop up as much as I can. Opening the pocket of Marcus's favorite Hugo Boss suit, I deposit the cold mash into it. To give the man credit where credit is due, his mash is very light and fluffy. I move along the row, garnishing each of his suits with some of his gourmet dish, and when I've done all of them, find that I still have some food remaining. Seems as if the lovers didn't have much of an appetite, after all. I move onto Marcus's shoes---rows and rows of lovely designer footwear---casual at one end, smart at the other. He has a shoe collection that far surpasses mine. Ted Baker, Paul Smith, Prada, Miu Miu, Tod's... I slot a full spoon delicately into each one, pressing it down into the toe area for maximum impact. I take the saucepan back into the kitchen and return it to the hob. With the way I'm feeling, Marcus is very lucky that I don't just burn his flat down. Instead, I open the freezer. My boyfriend---ex-boyfriend---has a love of seafood. (And other women, of course.) I take out a bag of frozen tiger prawns and rip it open. In the living room, I remove the cushions from the sofa and gently but firmly push a couple of handfuls of the prawns down the back. Through to the bedroom and I lift the mattress on Marcus's lovely leather bed and slip the remaining prawns beneath it, pressing them as flat as I can. In a couple of days, they should smell quite interesting. As my pièce de résistance, I go back to the kitchen and take the half-finished bottle of red wine---the one that I didn't even get a sniff at---and pour it all over Marcus's white, fluffy rug. I place my key in the middle of the spreading stain. Then I take out my lipstick, a nice red one called Bitter Scarlet---which is quite appropriate, if you ask me---and I write on his white leather sofa, in my best possible script: MARCUS CANNING, YOU ARE A CHEATING BASTARD.

rising stock prices lead to more spending and investment, which raises earnings, which raises stock prices, which lowers credit spreads and encourages increased lending (based on the increased value of collateral and higher earnings), which affects spending and investment rates,

This partial script was composed of ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe.

Lenin is often credited with coining the term “useful idiot,” poleznyi durak in Russian, meaning one who can be used to spread propaganda without being aware of it or subscribing to the goals intended by the manipulator.

The monastic brotherhood was long gone, replaced by man-children fueled by what Lewis called the “eerie popular feeling that no job was worth taking outside investment banking.” John Gutfreund himself led the way; at a dinner party that year he reportedly looked his table partner in the eye and said, “Well, you’ve got the name, but you don’t have the money.” It was a question as to how long he’d have his own: a slipping bond market forced Salomon to fend off a hostile takeover by Ron Perelman. Everyone was a speculator: in 1987, $1 billion were spent on baseball cards; $350 million were spent on tickets to actual baseball games. Everyone was a gambler: State lotteries spread, Las Vegas and Atlantic City became family destinations, and Indian gaming would soon be legal. Easy credit was now a way of life—the pleasures of the ’80s had been charged to credit cards; $375 billion worth in 1987 alone—Robert Heilbroner predicted “a vast crisis” if the US continued to send industrial jobs to Mexico while it concentrated on “handicrafts.

41 And so it was imperative that countries with large reserves ease credit to spread the bullion around.

Spreading out from me, in the dead of the night, I could feel credit deducted, and the warehouse alerted, and packing, I could feel the packing, and the shipment, the distribution, the transition to FedEx, the numbers, each time, the order number, my customer number traded like secret words at a border, and the things all went out, and I could feel them coming to me as the night passed. I could feel them in orbit. I could feel them in circulation all around me like blood in my veins. I had no credit. I had nothing left in my account.

This story is not being told as much as it should be. In the late ’70s, the spread [or difference in interest rates] between mortgages at the consumer level and the 10-year US Treasury bond was about 450 basis points, or four and a half percent. Through securitization, we brought down that spread to about 150 basis points, or one and a half percent. When you think about the savings of America and the mechanism for home ownership, securitization was a foundational reason why more Americans were able to buy homes.III Changes to government-influenced underwriting characteristics, which first occurred in 2004, focused on having more people have home ownership and on reducing down payments. The result was that individuals with lower-quality credit would be able to get mortgages that previously would not have been available to them. These were typically called “subprime mortgages.” That led to the financial crisis. The structure of mortgage-backed securities remained strong and good and helpful for society. All good things, if not properly governed, can lead to bad outcomes. That’s what really happened.

Israel was ahead of the curve, seemingly able to bring the disease under control while others could not. It was then that I made a cardinal mistake. Responding to public pressure, the government lifted restrictions on public gatherings, restaurants, bars, eateries, large parks, swimming pools, and public transportation too quickly. To make matters worse, I gave a press conference in which I thanked Israel’s citizens for their cooperation and then added, “We want to help the economy and ease your lives, to make it possible for you to get out, return to normalcy. Go get a cup of coffee, a glass of beer, have fun.”3 The public did just that and the infection rate soon began to rise again. “Prime Minister, are we out of it?” I was asked by my staff. “Of course not,” I answered. “As long as there’s even one infected person around, the disease will reappear and again spread exponentially.” “So what should we do?” “You ever play an accordion?” I asked. “That’s what we’ll do. We’ll open up and close down the country, depending on the infection rate and our hospitals’ ability to handle the severely ill, until we can get this damn thing under control.” The “accordion policy” was an attempt to strike a balance between keeping the hospitals from crashing and keeping businesses from collapsing. We shelled out billions of shekels to help small businesses, employers, and laid-off workers. This largesse was frowned upon by those who had previously supported my tight fiscal policies. Two prominent officials in the Finance Ministry unabashedly briefed reporters against the government’s economic aid policy. “Prime Minister Netanyahu is working against Finance Minister Netanyahu,” carped my critics. Not quite. Unlike in previous economic crises, the world was awash with cheap credit. The cost of an economic collapse from a general health breakdown would be far greater than the interest payments we would have to make to keep business alive.

Archbishop Benson lived in a different era, but his rules for life carry relevance today: • Eagerly start the day’s main work. • Do not murmur at your busyness or the shortness of time, but buy up the time all around. • Never murmur when correspondence is brought in. • Never exaggerate duties by seeming to suffer under the load, but treat all responsibilities as liberty and gladness. • Never call attention to crowded work or trivial experiences. • Before confrontation or censure, obtain from God a real love for the one at fault. Know the facts; be generous is your judgment. Otherwise, how ineffective, how unintelligible or perhaps provocative your well-intentioned censure may be. • Do not believe everything you hear; do not spread gossip. • Do not seek praise, gratitude, respect, or regard for past service. • Avoid complaining when your advice or opinion is not consulted, or having been consulted, set aside. • Never allow yourself to be placed in favorable contrast with anyone. • Do not press conversation to your own needs and concerns. • Seek no favors, nor sympathies; do not ask for tenderness, but receive what comes. • Bear the blame; do not share or transfer it. • Give thanks when credit for your own work or ideas is given to another.6

The securities lending business boils down to one concept: exchanging a security that someone needs for a different security or cash. The business is driven by the need of the dealer community to cover short positions, be it in stocks, Treasurys, agencies, corporate bonds, ADRs, or even ETFs. When a dealer is looking to cover a short position, they first check what are colloquially known as the “sec lenders.” The securities lending group will pull the security out of the end-user portfolio and lend it into the Repo market. When a securities lending group loans a security, they either receive cash or bonds in return. If they receive cash, they reinvest the cash. If they receive a bond, they earn a fee on the spread between where they loan the bond and borrow the other. In the case of cash, they need to invest it. They need an investment that generates a sufficient return to make the business viable, yet, at the same time, without taking too much risk. The safest and easiest way to invest is in overnight Treasury repo. The problem is that there’s very little profit lending a Treasury and reinvesting in a Treasury. In order to enhance returns, the securities lending groups take some risk. It’s not necessarily a lot of risk, but increasing returns involves increasing risk. It can be either interest rate risk, credit risk, or liquidity risk. Technically a combination of all three is possible, too, but that’s pretty dangerous. The yield curve is upward sloping most of the time, so investing for a longer period of time generally generates a higher yield. Let’s say the overnight rate is 2.00%, the one-month rate is 2.05%, and the three-month rate is at 2.15%. Instead of reinvesting cash overnight, there’s an extra 15 basis points for investing for three months. Since the end-investor clients usually hold their bonds to maturity, there’s only a small chance they will sell a bond during that three-month period. On top of that, the securities lending groups run multi-billion dollar portfolios, so they can ladder their investments.

The Sunday school is also a relatively recent invention, born some 1,700 years after Christ. A newspaper publisher named Robert Raikes (1736-1811) from Britain is credited with being its founder. In 1780, Raikes established a school in "South Alley" for poor children. Raikes did not begin the Sunday school for the purpose of religious instruction. Instead, he founded it to teach poor children the basics of education. The Sunday school took off like wildfire, spreading to Baptist, Congregational, and Methodist churches throughout England.

them. Now farming became industry, and the owners followed Rome, although they did not know it. They imported slaves, although they did not call them slaves: Chinese, Japanese, Mexicans, Filipinos. They live on rice and beans, the business men said. They don’t need much. They wouldn’t know what to do with good wages. Why, look how they live. Why, look what they eat. And if they get funny—deport them. And all the time the farms grew larger and the owners fewer. And there were pitifully few farmers on the land any more. And the imported serfs were beaten and frightened and starved until some went home again, and some grew fierce and were killed or driven from the country. And the farms grew larger and the owners fewer. And the crops changed. Fruit trees took the place of grain fields, and vegetables to feed the world spread out on the bottoms: lettuce, cauliflower, artichokes, potatoes—stoop crops. A man may stand to use a scythe, a plow, a pitchfork; but he must crawl like a bug between the rows of lettuce, he must bend his back and pull his long bag between the cotton rows, he must go on his knees like a penitent across a cauliflower patch. And it came about that owners no longer worked on their farms. They farmed on paper; and they forgot the land, the smell, the feel of it, and remembered only that they owned it, remembered only what they gained and lost by it. And some of the farms grew so large that one man could not even conceive of them any more, so large that it took batteries of bookkeepers to keep track of interest and gain and loss; chemists to test the soil, to replenish; straw bosses to see that the stooping men were moving along the rows as swiftly as the material of their bodies could stand. Then such a farmer really became a storekeeper, and kept a store. He paid the men, and sold them food, and took the money back. And after a while he did not pay the men at all, and saved bookkeeping. These farms gave food on credit. A man might work and feed himself; and when the work was done, he might find that he owed money to the company. And the owners not only did not work the farms any more, many of them had never seen the farms they owned.

For John Tyson, the lesson wasn’t in the crops or the soil. It was in the financing. Cash-poor farmers rented land, and their landowners arranged a credit system that financed crops up front for the farmers who were broke. So the landowner provided the money, the farmer provided the labor, and they split the money when the crop came to fruition. The system spread throughout the South, carried on the back of poverty, allowing wealthy landowners and bankers to raise crops without working the land, while forcing farmers to grow crops they would never truly own. In shorthand, it was called tenant farming. The method slowly migrated to Springdale, where John Tyson and other feed dealers were trying to ensure a steady supply of chicken. The feed dealers started providing their product up front for farmers, collecting their payment when the chickens were sold. Then they started fronting the money to buy chickens as well. John Tyson took it a step further. He bought the chickens himself from a hatchery, then he essentially loaned them to farmers who agreed to raise the birds and get paid a fixed price on delivery. The farmer didn’t take any risk on prices because he never owned the birds, and Tyson got his steady flow of chickens to deliver to customers up north.

A 2008 Credit Suisse study found that the ban made stock prices less efficient and trading in those stocks more expensive for investors. They found that bid/offer spreads doubled, on average, during the ban.

We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around. What we now call virtual money came first. Coins came much later, and their use spread only unevenly, never completely replacing credit systems. Barter, in turn, appears to be largely a kind of accidental byproduct of the use of coinage or paper money: historically, it has mainly been what people who are used to cash transactions do when for one reason or another they have no access to currency.

They didn't like what they found. Further examination found an active LIBOR fixing ring,[18] led by two large global banks and their inter-dealer brokers.[19] With no way to replace the survey method without the chance of rigging reoccurring, global regulators agreed to scrap LIBOR altogether. The problem was finding a replacement. It’s important to understand what LIBOR actually represents. Yes, it represents bank funding costs, but what does that mean? Theoretically, there are two interest rate components that make up LIBOR. The general level of risk-free interest rates and a credit spread. The risk-free interest rate is the equivalent of the U.S. Treasury yield with the same maturity date. The credit spread component represents something like the probability that the bank might default before the maturity date.

Yes, Repo rates are observable, liquid, and can be published. However, they are a risk-free rate which doesn't capture the credit spread. Repo rates could never fully represent bank funding costs. During the time a Repo rate replacement was being discussed, it was discussed at an FOMC meeting and once the FOMC minutes were published, it was clear Repo was not in the running. The hunt for the LIBOR replacement continued through 2018, when the Fed’s Alternative Reference Rates Committee finally announced their new rate. The new rate was called the Secured Overnight Funding Rate, or SOFR for short.

SOFR really can’t be used as a proxy for bank funding costs. It doesn’t have the credit spread component. The result is that SOFR can never be used as a replacement for LIBOR. It just won’t happen. However, SOFR still has a role to play. Though it was badly constructed, it’s still better than fed funds for hedging the multi-trillion-dollar Repo market.

On the pavement by the side of the road was planted a banner two storeys high. Even in the blow-up the celebrity appeared stunted. He stood in a safari suit, his palms joined in greeting. His face was a light pink because poster artists did not have the freedom to paint his face black. His little mop of hair was spread thinly over an almost flat scalp. And his thick moustache had sharp edges. Just above his head was an English introduction in large font - DYNAMIC PERSONALITY. A thinner line that followed said he was the honourable Minister S Waman. It seemed appropriate that it was at Waman's black shoes the author took credit, in Marathi and in diplomatically-chosen small font - 'Hoarding Presented by P.Bikaji.

An installment loan is a loan in which there are a fix number of scheduled payments in due course. Many special types of loans are installment loans, including auto loans and mortgages. An installment loan can last for many months and payments are evenly spread out over the period of the loan. So! If an emergency expense just popped up, or you're short on money to covering your bills this month, don’t stress - an installment loan from Installmentloansontario.Ca may be for you.

This partial script was composed of ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe. When several other signs were later added to the Arab numerals (such as the signs for addition, subtraction and multiplication), the basis of modern mathematical notation came into being.

Talking of air, Mr. Tenby, I think you are a chemist. Have you paid attention to the recent experiments on the composition and resolution of air? Not? I am surprised at it; they are well worth your most serious consideration. It is now pretty well ascertained that inhaling gases is the cure for all kinds of diseases. People are beginning to talk of the gas-cure, as they did of the water-cure. The great foreign chemist, Professor Scaramouch, has the credit of the discovery. The effects are astounding, quite astounding; and there are several remarkable coincidences. You know medicines are always unpleasant, and so these gases are always fetid. The Professor cures by stenches, and has brought his science to such perfection that he actually can classify them. There are six elementary stenches, and these spread into a variety of subdivisions? What do you say, Mr. Reding? Distinctive? Yes, there is something very distinctive in smells. But what is most gratifying of all, and is the great coincidence I spoke of, his ultimate resolution of fetid gases assigns to them the very same precise number as is given to existing complaints in the latest treatises on pathology. Each complaint has its gas. And, what is still more singular, an exhausted receiver is a specific for certain desperate disorders.

As I mentioned, the primary difference between the two yields is known as the credit spread, but credit risk is not the only factor that leads corporate bonds to deliver better returns than government bonds. Other key factors include tax treatment, illiquidity, call features, and the unique provisions that are included in the contracts of corporate bonds—characteristics that government bonds simply don’t offer.

Although Etteilla receives little credit in popular literature today, he can credited with many ‘firsts’': he was certainly the first to popularise fortune-telling with playing cards , the first to promote card reading as a professional activity and the first to publish books on the subject. He also was the first to use a pseudonym as a constant pen-name, initiating a tradition which was to flourish among XIX-oentury esoteric writers, as the following chapters will abundantly demonstrate. Thanks to Etteilla, Court de Gébelin's theory about the 'Egyptian' origin of the Tarot had a wider diffusion and fortune-telling with Tarot cards became popular. He was the first. too, to attempt to incorporate Tarot cards into a system of magical theory: his example, though not his means of doing so, was to be followed by others whose infuence has persisted longer. Last but not least, he can be credited too with the invention of the very word cartomancie, or rather of its forerunner, ‘cartonomancie', which appeared in his writings from 1782. Amazingly, one of his disciples was about to publish a book on 'cartomancie' in 1789 (the first occurrence of such a word in a European language), but as the book is now lost we only know it from Etteilla's very critical review, rejecting this quite new and ‘illogical’ word to which he opposed his ‘better’ cartonomancie. Nevertheless, cartomancie took hold and its use spread. In 1803, it entered de Wailly’s French dictionary, and from these it has found its way into alnost all European languages, Jean-Baptiste Alliette died on 12 December 1791. He was only 53, which is, even in the XVIII century, a rather young age at which to die, We unfortunately know nothing of what he died of. Etteilla was a fascinating character and deserves more than giving his name to a strange Tarot pack. There is something touching in the man, who was sincere and passionate, generous and enlightened (in all the meanings of the word in the late XVIII century.

Real property is a form of investment Real v on shenton floor plan estate is a type of funding and is shortly being adopted by many people. The benefits of actual property investments are many as mentioned here.There is a common adage that says do not put all your eggs in one basket. This is the place real estate steps in to supply diversification. Diversification means spreading the danger of your cash. Real estate supplies one other way of investing money quite than investing it all in one place. Additional advantages of real property investments are that by precept, you get to pay down as a substitute of up. As if that's not sufficient, you are assured that real property investments will appreciate in worth over time. This implies extra money for any investor. Think about it. Take up actual estate investments and start having fun with the advantages that include being part of real property. Among the different advantages of real estate investments is that in case you desire a loan from a monetary institution, the true property can act as a security for the loan. Most of the time, it is accepted as security by financial institutions. That is due to its capacity to keep rising in worth. Proudly owning actual property will subsequently will increase the probabilities of one accessing credit score supplied one offers the necessary documents to show ownership.

There’s a tendency for those unfamiliar with cooperatives to look down on them as the leftovers of the mainstream economy, implying that if these ideologically driven people simply reorganized themselves into “normal” private companies, they would be more efficient and productive. In fact, just the opposite is true: Cooperatives often enter into economic activities that private businesses will not take on. The most fertile period of cooperative growth was during the Great Depression. Rural electric cooperatives spread across the American plains when it became clear that other investor-owned and municipally owned utilities were uninterested in wiring up sparsely populated regions. Credit unions, as we’ll soon explore, have seen an upsurge during the recent financial crisis.

They’re vermin, Bob. They’ve been driven inland by over-fishing and now they’re spreading disease, attacking waste collections, keeping people awake in the small hours, and carrying away stray cats and small dogs. Next thing you know they’ll be cloning credit cards and planning bank robberies.” “Yes, but…” I see no point in arguing; it’s not as if I like seagulls.

To his credit, Cain had resisted as best he could, but it was as if she were the sun, spreading her glow and warmth over him. Without him ever meaning for it to happen, he found himself caught up in the centrifugal force that was Julia. He'd been swept up by the happiness he felt when he was with her, the feeling of belonging, which was something he hadn't felt in a good long while. It was like an elixir he was fast coming to crave.

ten signs, representing the numbers from 0 to 9. Confusingly, these signs are known as Arabic numerals even though they were first invented by the Hindus (even more confusingly, modern Arabs use a set of digits that look quite different from Western ones). But the Arabs get the credit because when they invaded India they encountered the system, understood its usefulness, refined it, and spread it through the Middle East and then to Europe.

The reason is clear from the market share numbers. In the 1999 Euromoney poll, almost 48 per cent of market share was held by banks outside the top ten; by the 2006 poll, that number had halved to about 24 per cent. These banks did not have a business large enough to justify spending the money needed to automate. In fact, the collective market share decline of smaller banks masked a shift in behaviour that was even worse news for the career prospects of the traders who worked in them. Increasingly, FX giants like Deutsche would give these banks access to systems like Autobahn or the equivalent. Their salespeople would simply quote the Deutsche Bank (or Citibank, UBS or Barclays) rate to their customers with a small spread to offset the credit risk. No need for expensive traders. In effect, the smaller banks had shifted from ‘manufacturing’ FX rates to being distributors to clients with whom they had a strong relationship based on regional expertise or history. ‘You guys just sucked us dry,’ complained an old friend and adversary at the time – he was in his late thirties, from a smaller bank, and we were at his ‘leaving-the-industry’ drinks. ‘But,’ he added resignedly, with a slightly drunken grin, ‘I guess that’s just that old whore Capitalism for you.’ He became a maths teacher.

In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around. What we now call virtual money came first. Coins came much later, and their use spread only unevenly, never completely replacing credit systems. Barter, in turn, appears to be largely a kind of accidental byproduct of the use of coinage or paper money.

Bill Wilson would never have another drink. For the next thirty-six years, until he died of emphysema in 1971, he would devote himself to founding, building, and spreading Alcoholics Anonymous, until it became the largest, most well-known and successful habit-changing organization in the world. An estimated 2.1 million people seek help from AA each year, and as many as 10 million alcoholics may have achieved sobriety through the group.3.12,3.13 AA doesn’t work for everyone—success rates are difficult to measure, because of participants’ anonymity—but millions credit the program with saving their lives. AA’s foundational credo, the famous twelve steps, have become cultural lodestones incorporated into treatment programs for overeating, gambling, debt, sex, drugs, hoarding, self-mutilation, smoking, video game addictions, emotional dependency, and dozens of other destructive behaviors. The group’s techniques offer, in many respects, one of the most powerful formulas for change. All of which is somewhat unexpected, because AA has almost no grounding in science or most accepted therapeutic methods. Alcoholism, of course, is more than a habit. It’s a physical addiction with psychological and perhaps genetic roots. What’s interesting about AA, however, is that the program doesn’t directly attack many of the psychiatric or biochemical issues that researchers say are often at the core of why alcoholics drink.3.14 In fact, AA’s methods seem to sidestep scientific and medical findings altogether, as well as the types of intervention many psychiatrists say alcoholics really need.1 What AA provides instead is a method for attacking the habits that surround alcohol use.3.15 AA, in essence, is a giant machine for changing habit loops. And though the habits associated with alcoholism are extreme, the lessons AA provides demonstrate how almost any habit—even the most obstinate—can be changed.

The Global Financial Crisis of 2007–08 represented the greatest financial downswing of my lifetime, and consequently it presents the best opportunity to observe, reflect and learn. The scene was set for its occurrence by a number of developments. Here’s a partial list: Government policies supported an expansion of home ownership—which by definition meant the inclusion of people who historically couldn’t afford to buy homes—at a time when home prices were soaring; The Fed pushed interest rates down, causing the demand for higher-yielding instruments such as structured/levered mortgage securities to increase; There was a rising trend among banks to make mortgage loans, package them and sell them onward (as opposed to retaining them); Decisions to lend, structure, assign credit ratings and invest were made on the basis of unquestioning extrapolation of low historic mortgage default rates; The above four points resulted in an increased eagerness to extend mortgage loans, with an accompanying decline in lending standards; Novel and untested mortgage backed securities were developed that promised high returns with low risk, something that has great appeal in non-skeptical times; Protective laws and regulations were relaxed, such as the Glass-Steagall Act (which prohibited the creation of financial conglomerates), the uptick rule (which prevented traders who had bet against stocks from forcing them down through non-stop short selling), and the rules that limited banks’ leverage, permitting it to nearly triple; Finally, the media ran articles stating that risk had been eliminated by the combination of: the adroit Fed, which could be counted on to inject stimulus whenever economic sluggishness developed, confidence that the excess liquidity flowing to China for its exports and to oil producers would never fail to be recycled back into our markets, buoying asset prices, and the new Wall Street innovations, which “sliced and diced” risk so finely, spread it so widely and placed it with those best suited to bear it.

The victims, of course, feel differently. But the greatest number of them—the hourly workers and unemployed, the people dragging low credit scores through life—are poor. Prisoners are powerless. And in our society, where money buys influence, these WMD victims are nearly voiceless. Most are disenfranchised politically. Indeed, all too often the poor are blamed for their poverty, their bad schools, and the crime that afflicts their neighborhoods. That’s why few politicians even bother with antipoverty strategies. In the common view, the ills of poverty are more like a disease, and the effort—or at least the rhetoric—is to quarantine it and keep it from spreading to the middle class. We need to think about how we assign blame in modern life and how models exacerbate this cycle. But the poor are hardly the only victims of WMDs. Far from it. We’ve already seen how malevolent models can blacklist qualified job applicants and dock the pay of workers who don’t fit a corporation’s picture of ideal health. These WMDs hit the middle class as hard as anyone. Even the rich find themselves microtargeted by political models. And they scurry about as frantically as the rest of us to satisfy the remorseless WMD that rules college admissions and pollutes

Appreciating oneself, and knowing higher power judges true creditability, build confidence, gratitude, and motivation that spreads among your surroundings.

Last month my credit card bill was $795.34, mainly food and utilities. Having full control over that number is almost my favorite part of my new life. That and being able to spread out like a starfish in my own bed.