Currency Act Quotes

...Everything has to be taken on trust; truth is only that what is taken to be true. It's the currency дf living. There may be nothing behind it, but it doesn't make any difference so long as it is honoured. One acts on assumptions. What do you assume?

This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President (Woodrow Wilson) signs this bill, the invisible government of the monetary power will be legalized....the worst legislative crime of the ages is perpetrated by this banking and currency bill.

Love life first, then march through the gates of each season; go inside nature and develop the discipline to stop destructive behavior; learn tenderness toward experience, then make decisions based on creating biological wealth that includes all people, animals, cultures, currencies, languages, and the living things as yet undiscovered; listen to the truth the land will tell you; act accordingly.

Information is the currency of the Internet. As a medium, the Internet is brilliantly efficient at shifting information from the hands of those who have it into the hands of those who do not. Often, as in the case of term life insurance prices, the information existed but in a woefully scattered way. (In such instances, the Internet acts like a gigantic horseshoe magnet waved over an endless sea of haystacks, plucking the needle out of each one.) The Internet has accomplished what even the most fervent consumer advocates usually cannot: it has vastly shrunk the gap between the experts and the public.

Severe punishment unquestionably has an immediate effect in reducing a tendency to act in a given way. This result is no doubt responsible for its widespread use. We 'instinctively' attack anyone whose behavior displeases us - perhaps not in physical assault, but with criticism, disapproval, blame, or ridicule. Whether or not there is an inherited tendency to do this, the immediate effect of the practice is reinforcing enough to explain its currency. In the long run, however, punishment does not actually eliminate behavior from a repertoire, and its temporary achievement is obtained at tremendous cost in reducing the over-all efficiency and happiness of the group. (p. 190)

Guil: …The truth is, we value your company, for want of any other. We have been left so much to our own devices— after a while one welcomes the uncertainty of being left to other people’s. Player: Uncertainty is the normal state. You’re nobody special. [He makes to leave again. Guil loses his cool.] Guil: But for God’s sake what are we supposed to do?! Player: Relax. Respond. That’s what people do. You can’t go through life questioning your situation at every turn. Guil: But we don’t know what’s going on, or what to do with ourselves. We don’t know how to act. Player: Act natural. You know why you’re here at least. Guil: We only know what we’re told, and that’s little enough. And for all we know it isn’t even true. Player: For all anyone knows, nothing is. Everything has to be taken on trust; truth is only that which is taken to be true. it’s the currency of living. There may be nothing behind it, but it doesn’t make any difference so long as it is honored.

No matter how hard I try, there's a cynical corner of my mind where everything is an act. People are game pieces. Information is currency.

There was no point in fighting with Celia once she got mean," Evelyn says, "If things got too tense, I tended to back off before they came to a head. I would tell her I loved her and I couldn't live without her, and then I'd take my top off, and that usually ended the conversation. For all her posturing, Celia had one thing in common with almost every straight man in America: she wanted nothing more than to get her hands on my chest." "Did it stick with you, though?" I ask, "Those words?" "Of course it did. Look, I'd be the first person to say back when I was young that all I was was a nice pair of tits. The only currency I had was my sexuality, and I used it like money. I wasn't well educated when I got to Hollywood, I wasn't book-smart, I wasn't powerful, I wasn't a trained actress. What did I have to be good at other than being beautiful? And taking pride in your beauty is a damning act. Because you allow yourself to believe that the only thing notable about yourself is something with a very short shelf life.

Irrevocable commitment to any religion is not only intellectual suicide; it is positive unfaith because it closes the mind to any new vision of the world. Faith is, above all, open-ness—an act of trust in the unknown. An ardent Jehovah’s Witness once tried to convince me that if there were a God of love, he would certainly provide mankind with a reliable and infallible textbook for the guidance of conduct. I replied that no considerate God would destroy the human mind by making it so rigid and unadaptable as to depend upon one book, the Bible, for all the answers. For the use of words, and thus of a book, is to point beyond themselves to a world of life and experience that is not mere words or even ideas. Just as money is not real, consumable wealth, books are not life. To idolize scriptures is like eating paper currency.

Try the following experiment. Go to the airport and ask travelers en route to some remote destination how much they would pay for an insurance policy paying, say, a million tugrits (the currency of Mongolia) if they died during the trip (for any reason).Then ask another collection of travelers how much they would pay for insurance that pays the same in the event of death from a terrorist act (and only a terrorist act). Guess which one would command a higher price? Odds are that people would rather pay for the second policy (although the former includes death from terrorism). The psychologists Daniel Kahneman and Amos Tversky figured this out several decades ago.

Fakery is a vital currency in our social intercourse. That’s not necessarily all bad. A lot of the time we pretend as a way of fortifying or easing connections. When we feign recognition, for example, or delight in seeing someone, or gladness to go out of our way, these are acts of goodwill. At best, pretense can be a form of kindness.

Fiat currency is alchemy. It's the act of conjuring gold out of everything but labor.

The British Parliament, in its famed Longitude Act of 1714, set the highest bounty of all, naming a prize equal to a king’s ransom (several million dollars in today’s currency) for a “Practicable and Useful” means of determining longitude.

I happen to believe that the deepest value of fiction is that, in its very fictiveness, it is the one arena where we can, at least temporarily, take apart and refuse to compete within the terms that the rest of existence insists on. Market value may come to drive out all other human values, except, perhaps, in the country of invented currency, the completely barter-driven economy of the imagination. Fiction, when it remembers its innate priority over other human transactions, can deal not in price but in worth. And that seems to me an act filled with political potential, as well as with pleasure.

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.

As central expressions of patriotism, these changes guaranteed that religious sentiment would be not just a theme pressed by a transitory administration but rather a lasting trait of the nation. The addition of “one nation under God” to the Pledge of Allegiance ensured that the new fusion of piety and patriotism that conservatives had crafted over the past two decades would be instilled in the next generation of children and beyond. From then on, their interpretation of America’s fundamental nature would have a seemingly permanent place in the national imagination. And with “In God We Trust” appearing on postage stamps and paper currency, the daily interactions citizens made through the state—sending mail, swapping money—were similarly sacralized. The addition of the religious motto to paper currency was particularly important, as it formally confirmed a role for capitalism in that larger love of God and country. Since then, every act of buying and selling in America has occurred through a currency that proudly praises God.

Since a value is that which one acts to gain and/or keep, and the amount of possible action is limited by the duration of one’s lifespan, it is a part of one’s life that one invests in everything one values. The years, months, days or hours of thought, of interest, of action devoted to a value are the currency with which one pays for the enjoyment one receives from it.

My father taught me early in my life that attitude is a conscious choice; it is a currency available even to those with no access to money. No matter what the circumstances, you exercise your power, you demonstrate your worth, when you decide how to act and react in the face of it all. If the world punches you in the gut, that doesn’t define you; it’s what you do next that speaks your truth.

Bitcoin isn’t a digital currency. It’s a cryptocurrency. It’s a network-centric money. I really like the idea of a network-centric money. A network that allows you to replace trust in institutions, trust in hierarchies, with trust on the network. ​The network acting as a massively diffuse arbiter of truth, resolving any disagreements about transactions and security in a way where no one has control. ​ ​

I’d be the first person to say back when I was young that all I was was a nice pair of tits. The only currency I had was my sexuality, and I used it like money. I wasn’t well educated when I got to Hollywood, I wasn’t book-smart, I wasn’t powerful, I wasn’t a trained actress. What did I have to be good at other than being beautiful? And taking pride in your beauty is a damning act. Because you allow yourself to believe that the only thing notable about yourself is something with a very short shelf life.

Men don’t open up because they are prideful and self-protective. The lonely, isolated man is that way because he won’t make himself known to others. Disclosure of self is the currency of intimacy. It’s what our wives want and what true friendship demands. You don’t have to spill your guts to everybody or anybody, but God will get you to the place where you know you need to do it with somebody. The temptation to keep it all inside is the downside of being wired as a protector. He loves us too much to leave us alone. You will never fulfill your potential as a man of God going it alone.

The most surprising discovery made by Baumeister’s group shows, as he puts it, that the idea of mental energy is more than a mere metaphor. The nervous system consumes more glucose than most other parts of the body, and effortful mental activity appears to be especially expensive in the currency of glucose. When you are actively involved in difficult cognitive reasoning or engaged in a task that requires self-control, your blood glucose level drops. The effect is analogous to a runner who draws down glucose stored in her muscles during a sprint. The bold implication of this idea is that the effects of ego depletion could be undone by ingesting glucose, and Baumeister and his colleagues have confirmed this hypothesis in several experiments. Volunteers in one of their studies watched a short silent film of a woman being interviewed and were asked to interpret her body language. While they were performing the task, a series of words crossed the screen in slow succession. The participants were specifically instructed to ignore the words, and if they found their attention drawn away they had to refocus their concentration on the woman’s behavior. This act of self-control was known to cause ego depletion. All the volunteers drank some lemonade before participating in a second task. The lemonade was sweetened with glucose for half of them and with Splenda for the others. Then all participants were given a task in which they needed to overcome an intuitive response to get the correct answer. Intuitive errors are normally much more frequent among ego-depleted people, and the drinkers of Splenda showed the expected depletion effect. On the other hand, the glucose drinkers were not depleted. Restoring the level of available sugar in the brain had prevented the deterioration of performance. It will take some time and much further research to establish whether the tasks that cause glucose-depletion also cause the momentary arousal that is reflected in increases of pupil size and heart rate.

Mrs. Baker's social manner was almost robotlike in its perfection. All her comments and remarks were natural, normal, everyday currency, but one had a suspicion that the whole thing was like an actor playing a part for perhaps the seven hundredth time. It was an automatic performance, completely divorced from what Mrs. Baker might really have been thinking or feeling.

Let us imagine the lineaments of an economics of disorder, disequilibrium, and surprise that could explain and measure the contributions of entrepreneurs. Such an economics would begin with the Smithian mold of order and equilibrium. Smith himself spoke of property rights, free trade, sound currency, and modest taxation as conditions necessary for prosperity. He was right: disorder, disequilibrium, chaos, and noise inhibit the creative acts that engender growth. The ultimate physical entropy envisaged as the heat death of the universe, in its total disorder, affords no room for invention or surprise. But entrepreneurial disorder is not chaos or mere noise. Entrepreneurial disorder is some combination of order and upheaval that might be termed “informative disorder.

The state legislatures, as Madison and many another viewed them, had become a babel of narrow-minded parochial concerns, their members men of selfish interests and untutored understanding, oblivious of minority rights, passing unjust laws (such as legal tender acts whereby debts people owed each other could be paid in worthless currency), and all unchecked by any overriding vision of the public good or what it might consist of.

Corruption has become a short-cut accusation, a term used by those who are angry at the system to express dissatisfaction and cast aspersions. It is a (rhetorical) weapon of the weak – all the more credible as there indeed is a lot of corruption in Burundi. This is related to what we ended the previous section with, where we said that Burundians desire ‘better people’ rather than ‘better structures.’ Corruption as described by Burundians is a ‘bad person’s’ fault – not a structural issue. Corruption, then, is in part to the masses what human rights are to the well educated. Both are ways to ‘stick it to the man,’ terms whose currency in protest and dissatisfaction is useful. Hence, more than simply accurate descriptions of a social fact, talking about these things is a political act – a way the jargon of the international community has become reappropriated in local political struggles. Given that in Burundi both corruption and human rights violations are indeed prevalent, this makes understanding these discourses very complicated.

Except for the very poor, for whom income coincides with survival, the main motivators of money-seeking are not necessarily economic. For the billionaire looking for the extra billion, and indeed for the participant in an experimental economics project looking for the extra dollar, money is a proxy for points on a scale of self-regard and achievement. These rewards and punishments, promises and threats, are all in our heads. We carefully keep score of them. They shape our preferences and motivate our actions, like the incentives provided in the social environment. As a result, we refuse to cut losses when doing so would admit failure, we are biased against actions that could lead to regret, and we draw an illusory but sharp distinction between omission and commission, not doing and doing, because the sense of responsibility is greater for one than for the other. The ultimate currency that rewards or punishes is often emotional, a form of mental self-dealing that inevitably creates conflicts of interest when the individual acts as an agent on behalf of an organization.

As a result of "love," man is able to hide his cowardly self-deception behind a smoke screen of sentiment. He is able to make himself believe that his senseless enslavement to woman and her hostages is more than an act of honor, it has a higher purpose. He is entirely happy in his role as a slave and has arrived at the goal he has so long desired. Since woman gains nothing but one advantage after another from the situation as it stands today, things will never change. The system forces her to be corrupt, but no one is going to worry about that. Since one can expect nothing from a woman but love, it will remain the currency for any need she might have. Man, her slave, will continue to use his energies only according to his conditioning and never to his own advantage. He will achieve greater goals, and the more he achieves, the farther women will become alienated from him. The more he tries to ingratiate himself with her, the more demanding she will become; the more he desires her, the less she will find him desirable; the more comforts he provides for her, the more indolent, stupid, and inhuman she will become — and man will grow lonelier as a result.

The world is in the midst of a war, but it is not the kind of war you may be imagining. It is a currency war in which nations compete to lower the value of their currency in order to help their industries gain greater profits from exports. The currency disputes have arisen from a conflict of interest between the United States and China. The U.S. has been struggling against a massive fiscal deficit and foreign debt in recent years, especially since the global financial crisis. With so much at stake, the era of U.S. dollar hegemony seems to be ending. China has been raking in profits from its biggest export market, the U.S., by keeping its yuan, also known as the renminbi, undervalued. China has also been purchasing U.S. treasury bonds to add to its foreign reserves, worth more than $2 trillion. In September, the U.S. House of Representatives passed the Currency Reform for Fair Trade Act with a vote of 348 to 79. Under the bill, the U.S. is allowed to slap tariffs on goods from China and other countries with currencies that are perceived to be undervalued. Basically, the U.S. is pushing China to allow the yuan to appreciate. “For so many years, we have watched the China-U.S. trade deficit grow and grow and grow,” House Speaker Nancy Pelosi said on the day of the vote, which was on Sept. 29 local time. “Today, we are finally doing something about it by recognizing that China’s manipulation of the currency represents a subsidy for Chinese exports coming to the United States and elsewhere.” But China does not want the value of its currency to increase because a stronger yuan will hurt Chinese exporters who will see a decline in exports to the U.S. once the currency’s value rises.

I will invest my heart's desire and the work of my hands in things that will outlive me. Although it grieves me that houses are burning, I have fallen in love with freedom regardless, and the entitlement of a woman to get a move on, equipped with boots that fit and opinions that might matter. The treasures I carry closest to my heart are things I can't own: the curve of a five-year-old's forehead in profile, and the vulnerable expectation in the hand that reaches for mine as we cross the street. The wake-up call of birds in a forest. The intensity of the light fifteen minutes before the end of day; the color wash of a sunset on mountains; the ripe sphere of that same sun hanging low in a dusty sky in a breathtaking photograph from Afghanistan. In my darkest times I have to walk, sometimes alone, in some green place. Other people must share this ritual. For some I suppose it must be the path through a particular set of city streets, a comforting architecture; for me it's the need to stare at water until my mind comes to rest on nothing at all. Then I can go home. I can clear the brush from a neglected part of the garden, working slowly until it comes to me that here is one small place I can make right for my family. I can plant something as an act of faith in time itself, a vow that we will, sure enough, have a fall and a winter this year, to be followed again by spring. This is not an end in itself, but a beginning. I work until my mind can run a little further on its tether, tugging at this central pole of my sadness, forgetting it for a minute or two while pondering a school meeting next week, the watershed conservation project our neighborhood has undertaken, the farmer's market it organized last year: the good that becomes possible when a small group of thoughtful citizens commit themselves to it...Small change, small wonders - these are the currency of my endurance and ultimately of my life.

However, as legal scholar David Cole has observed, “in practice, the drug-courier profile is a scattershot hodgepodge of traits and characteristics so expansive that it potentially justifies stopping anybody and everybody.”29 The profile can include traveling with luggage, traveling without luggage, driving an expensive car, driving a car that needs repairs, driving with out-of-state license plates, driving a rental car, driving with “mismatched occupants,” acting too calm, acting too nervous, dressing casually, wearing expensive clothing or jewelry, being one of the first to deplane, being one of the last to deplane, deplaning in the middle, paying for a ticket in cash, using large-denomination currency, using small-denomination currency, traveling alone, traveling with a companion, and so on. Even striving to obey the law fits the profile! The Florida Highway Patrol Drug Courier Profile cautioned troopers to be suspicious of “scrupulous obedience to traffic laws.”30 As Cole points out, “such profiles do not so much focus an investigation as provide law enforcement officials a ready-made excuse for stopping whomever they please.”31

One way to put the question that I want to answer here is this: why was it virtually impossible not to believe in God in, say, 1500 in our Western society, while in 2000 many of us find this not only easy, but even inescapable? Part of the answer, no doubt, is that in those days everyone believed, and so the alternatives seemed outlandish. But this just pushes the question further back. We need to understand how things changed. How did the alternatives become thinkable? One important part of the picture is that so many features of their world told in favour of belief, made the presence of God seemingly undeniable. I will mention three, which will play a part in the story I want to tell. (1) The natural world they lived in, which had its place in the cosmos they imagined, testified to divine purpose and action; and not just in the obvious way which we can still understand and (at least many of us) appreciate today, that its order and design bespeaks creation; but also because the great events in this natural order, storms, droughts, floods, plagues, as well as years of exceptional fertility and flourishing, were seen as acts of God, as the now dead metaphor of our legal language still bears witness. (2) God was also implicated in the very existence of society (but not described as such-this is a modern term-rather as polls, kingdom, church, or whatever). A kingdom could only be conceived as grounded in something higher than mere human man action in secular time. And beyond that, the life of the various associations which made up society, parishes, boroughs, guilds, and so on, were interwoven with ritual and worship, as I mentioned in the previous chapter. One could not but encounter counter God everywhere. (3) People lived in an “enchanted” world. This is perhaps not the best expression; it seems to evoke light and fairies. But I am invoking here its negation, Weber’s expression “disenchantment” as a description of our modern condition. This term has achieved such wide currency in our discussion of these matters, that I’m going to use its antonym to describe a crucial feature of the pre-modern condition. The enchanted chanted world in this sense is the world of spirits, demons, and moral forces which our ancestors lived in. People who live in this kind of world don’t necessarily believe in God, certainly not in the God of Abraham, as the existence of countless “pagan” societies shows. But in the outlook of European peasants in 1500, beyond all the inevitable ambivalences, the Christian God was the ultimate guarantee that good would triumph or at least hold the plentiful forces of darkness at bay.

At the risk of repetitiveness I must once more mention here the Pythagoreans, the chief engineers of that epoch-making change. I have spoken in more detail elsewhere of the inspired methods by which, in their religious order, they transformed the Orphic mystery cult into a religion which considered mathematical and astronomical studies as the main forms of divine worship and prayer. The physical intoxication which had accompanied the Bacchic rites was superseded by the mental intoxication derived from philo-sophia, the love of knowledge. It was one of the many key concepts they coined and which are still basic units in our verbal currency. The cliche' about the 'mysteries of nature' originates in the revolutionary innovation of applying the word referring to the secret rites of the worshippers of Orpheus, to the devotions of stargazing. 'Pure science' is another of their coinages; it signified not merely a contrast to the 'applied' sciences, but also that the contemplation of the new mysteria was regarded as a means of purifying the soul by its immersion in the eternal. Finally, 'theorizing' comes from Theoria, again a word of Orphic origin, meaning a state of fervent contemplation and participation in the sacred rites (thea spectacle, theoris spectator, audience). Contemplation of the 'divine dance of numbers' which held both the secrets of music and of the celestial motions became the link in the mystic union between human thought and the anima mundi. Its perfect symbol was the Harmony of the Spheres-the Pythagorean Scale, whose musical intervals corresponded to the intervals between the planetary orbits; it went on reverberating through 'soft stillness and the night' right into the poetry of the Elizabethans, and into the astronomy of Kepler.

We usually think of empires as violent undertakings. As Frantz Fanon observed in the 1960s, the process of conquering and governing a colony is, by definition, violent. But in the context of global capitalism, empire has a more expansive meaning. Capitalist empires are not simply the states capable of winning the most wars; they are the command centers of the capitalist world system. Their corporations are the largest and most powerful multinationals, extracting profits from all corners of the globe and sucking them back to the imperial core. Their financial institutions are some of the most important nodes in the networks of global finance. The priorities of their governments are forcefully communicated to -and sometimes enforced upon- less powerful states. In fact, at the global level it is much easier to see the equivalence between economic and political power than it is domestically. The power of US businesses abroad is maintained through an international order that prioritizes the interests of US capital, promulgated by the US government and its allies. The power of US finance rests on the central role played by the dollar as the global reserve currency, which is it self a function of American military, political, and economic might. American military power, meanwhile, stems from and helps to reinforce the power of a web of military contractors, weapons manufacturers, and research hubs that provide the expertise and equipment needed to maintain its supremacy. In certain parts of the world, as in Iraq after its invasion, the US government has rules through private corporations like Halliburton. Empire is, then, about more than formal colonization -it refers to all the processes through which the world's most powerful capitalist institutions plan who gets what at the level of the world economy. Throughout history, this imperial power has often been exercised through horrendous acts of violence that have warped the development of entire societies for decades. But today, it is often exerted in far more covert ways, such as through the secretive system of international courts or international financial institutions imposing rigid conditions on countries trying to access emergency lending.

... explained to him how nature is not criminal. How common it was for certain African men on expedition to engage in what might be called "reciprocal sex." How it was common for these men to declare more love for their boy wives than their girl wives. And then why wouldn't Sir Richard Oslet, the hunter said, allow himself, as such to no longer feel pain. And that was the moment, Oslet explained, when hge realized he loved Sowning, that what he had always felt for Downing was love, and Oslet begged Downing's forgiveness. But how could he possibly have know any sooner when there was no language to describe how he felt, no currency, and to even attempt to speak of it would have smacked of revolt, but hopeless revolt, one toward a freedom that Oslet knew did not exist. For Britian, didn't Downing know was perfectly to content to ignore them, so long as there was ambiguity. And hadn't Downing grown up reading, as Oslet had, for decades about the thousands of souls who tried to love one another unambiguously, or those who got caught and were tried allover England at the Courts of Assize, the quarter sessions, and hung? Was Downing so think as to be unaware of the Offenses Against the Person Act, asnd risk the bopth of them landing locked up for years as men were in Redding Jail... Nature, Oslet said the hunter had said, ... unlike man does nothing in vain. God is Nature, and because God is Nature, he created nothing in vain. Therefore, the soul can never expire. It is immortal and in perpetual transit.

The demonetizing of silver, as was done by act of Congress,...is a part of this same scheme, taken in connection with issuing of foreign gold bonds, to get the country destitute of specie, and in that condition force specie payments, and thereby create a sweeping transfer of the people’s property to a moneyed few, in the same manner as was done in England, and to establish the same condition of things here as there, to wit: a noble few to own the country and rule it, and a vassalage to perform the work. If this is the destiny intended for us by the founders of our Government, I have labored under a great mistake all my life.

I believe change is coming though! I was over the moon to see Forbes launch their 50 over 50 list. It’s a platform designed to highlight women breaking age and gender stereotypes; to act as advocates and role models for other retirees around the world. It’s fantastic and I want to see more!

Three important impediments to a unified European market were a plethora of rules and regulations that differed across countries, impediments to the movement of firms and labor across countries, and currency fluctuation. In a series of negotiated agreements, starting with the Single European Act in 1986, the Maastricht Treaty in 1991, and the Treaty of Amsterdam in 1997, much of Europe agreed to merge into a Union which would implement the four freedoms—the freedom of movement of goods, services, people, and capital across the borders of the signatories. They agreed to a common European citizenship, over and above national citizenship. In addition, a subset of the countries decided to adopt a common currency, the euro.

Consciousness is there in animal life. Beyond animal instincts, humans also have inherent recognition of good and evil in their conscience. Belief in deterministic justice and rewards in afterlife fulfils our aspiration to have true and fair reward for every small act of goodness and evil in afterlife. Every moment of a nurse and that of a cured or dead patient is not meaningless if one believes and prepare for afterlife by achieving excellence in morals. Imam Ghazali wrote that wealth is useful till we die, relatives till we are put in grave and only good deeds will be the currency on judgement day. If we have good deeds to take in next life, then we can have everlasting happiness that is not infected and affected by any Corona Virus.

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

Sharing is the currency of friendship, perhaps everywhere, but especially at university.

Undoing their objectivization as goods to be bought and sold, therefore, required not only that captives escape the physical hold exerted on them by the forts, factories, and other coastal facilities used to incarcerate them but, more difficult still, that they reverse their own transformation into commodities, by returning to a web of social bonds that would tether them safely to the African landscape, within the fold of kinship and community. For most, as we have seen, distance made return to their home communities impossible. The market, they learned, made return to any form of social belonging impossible as well. If they managed to escape from the waterside forts and factories, their value resided not in their potential to join communities as slave laborers, wives, soldiers, or in some other capacity, but rather in their market price. For most, the power of the market made it impossible to return to their previous state, that of belonging to (being ‘owned’ by) a community—to being possessed, that is, of an identity as a subject. Rather, the strangers the runaways encountered shared the vision of the officials at Cape Coast Castle: the laws of the market made fellow human beings see it as their primary interest to own as commodities these escaped captives, rather than to connection them as social subjects. More often than not, then, captives escaped only to be sold again. As Snelgrave’s language articulates so clearly, the logic of the market meant that enslavement was a misfortune for which no buyer needed to feel the burden of accountability. Indeed, according to the mercantile logic in force, buyers (of whatever nationality) could not bear the weight of political accountability. Buying people who had no evidence social value was not a violation or an act of questionable morality but rather a keen and appropriate response to opportunity; for this was precisely what one was supposed to do in the market: create value by exchange, recycle someone else’s castoffs into objects of worth. Thus, then, did the market exert its power—through its language, its categories, its logic. The alchemy of the market derived from its effectiveness in producing a counterfeit representation; it had become plausible that human beings could be so completely drained of social value, so severed from the community, that their lives were no longer beyond price: they could be made freely available in exchange for currency. The market painted in colors sufficiently believable as to seem true the appalling notion that ‘a human being could fail to be a person.

no progress was made on the tension arising from the U.S. dollar’s status as both the national currency of the United States and the global reserve currency, that is, the currency used for most international transactions, which required most countries to keep a store of it on hand. The U.S. Federal Reserve thus acted as both the country’s and the world’s central bank; the problem in the eyes of many resulted from the fact that the world had no oversight or control over the U.S. central bank or U.S. economic policy more broadly.

What became clear in Michigan was that Julian and Sissy have become the fully realized version of themselves through success. That's actually rare. I profile famous and successful athletes for a living and almost no one understands that success is merely a currency to spend on one big purchase. Do you use it to try to get more success? To maintain the attention and bright lights? Or do you buy a life with it? The kind of life most people really want. I wanted what they have, wanted to organize the next act of my life, the one that moved finally past my youthful dreams and the rage and ambition that come shaped and fueled by my most broken and insecure self.

Central banks across the globe have been hesitant to recognize bitcoin as a form of money, and Tuesday’s vanishing act isn’t helping. Mt. Gox “reminds us of the downside of decentralized, unregulated currencies,” said Campbell Harvey, a professor at the Duke University Fuqua School of Business who specializes in financial markets and global risk management. “There is no Federal Reserve or IMF to come to the rescue. There is no deposit insurance.” However, Campbell said, Mt. Gox’s disappearance “doesn’t mean the end of the road” for bit-coin and other virtual currencies.

the crisis prompted the issue of emergency paper money: in Britain, £1 and 10s Treasury notes; in the United States, the emergency currency that banks were authorized to issue under the Aldrich-Vreeland Act of 1908.46 Then, as now, the authorities reacted to a liquidity crisis by printing money.

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

Greece can balance its books without killing democracy Alexis Tsipras | 614 words OPINION Greece changes on January 25, the day of the election. My party, Syriza, guarantees a new social contract for political stability and economic security. We offer policies that will end austerity, enhance democracy and social cohesion and put the middle class back on its feet. This is the only way to strengthen the eurozone and make the European project attractive to citizens across the continent. We must end austerity so as not to let fear kill democracy. Unless the forces of progress and democracy change Europe, it will be Marine Le Pen and her far-right allies that change it for us. We have a duty to negotiate openly, honestly and as equals with our European partners. There is no sense in each side brandishing its weapons. Let me clear up a misperception: balancing the government’s budget does not automatically require austerity. A Syriza government will respect Greece’s obligation, as a eurozone member, to maintain a balanced budget, and will commit to quantitative targets. However, it is a fundamental matter of democracy that a newly elected government decides on its own how to achieve those goals. Austerity is not part of the European treaties; democracy and the principle of popular sovereignty are. If the Greek people entrust us with their votes, implementing our economic programme will not be a “unilateral” act, but a democratic obligation. Is there any logical reason to continue with a prescription that helps the disease metastasise? Austerity has failed in Greece. It crippled the economy and left a large part of the workforce unemployed. This is a humanitarian crisis. The government has promised the country’s lenders that it will cut salaries and pensions further, and increase taxes in 2015. But those commitments only bind Antonis Samaras’s government which will, for that reason, be voted out of office on January 25. We want to bring Greece to the level of a proper, democratic European country. Our manifesto, known as the Thessaloniki programme, contains a set of fiscally balanced short-term measures to mitigate the humanitarian crisis, restart the economy and get people back to work. Unlike previous governments, we will address factors within Greece that have perpetuated the crisis. We will stand up to the tax-evading economic oligarchy. We will ensure social justice and sustainable growth, in the context of a social market economy. Public debt has risen to a staggering 177 per cent of gross domestic product. This is unsustainable; meeting the payments is very hard. On existing loans, we demand repayment terms that do not cause recession and do not push the people to more despair and poverty. We are not asking for new loans; we cannot keep adding debt to the mountain. The 1953 London Conference helped Germany achieve its postwar economic miracle by relieving the country of the burden of its own past errors. (Greece was among the international creditors who participated.) Since austerity has caused overindebtedness throughout Europe, we now call for a European debt conference, which will likewise give a strong boost to growth in Europe. This is not an exercise in creating moral hazard. It is a moral duty. We expect the European Central Bank itself to launch a full-blooded programme of quantitative easing. This is long overdue. It should be on a scale great enough to heal the eurozone and to give meaning to the phrase “whatever it takes” to save the single currency. Syriza will need time to change Greece. Only we can guarantee a break with the clientelist and kleptocratic practices of the political and economic elites. We have not been in government; we are a new force that owes no allegiance to the past. We will make the reforms that Greece actually needs. The writer is leader of Syriza, the Greek oppositionparty

We’re all “storytellers.” We don’t call ourselves storytellers, but it’s what we do every day. Although we’ve been sharing stories for thousands of years, the skills we needed to succeed in the industrial age were very different from those required today. The ability to sell our ideas in the form of story is more important than ever. Ideas are the currency of the twenty-first century. In the information age, the knowledge economy, you are only as valuable as your ideas. Story is the means by which we transfer those ideas to one another. Your ability to package your ideas with emotion, context, and relevancy is the one skill that will make you more valuable in the next decade. Storytelling is the act of framing an idea as a narrative to inform, illuminate, and inspire. The Storyteller’s Secret is about the stories you tell to advance your career, build a company, pitch an idea, and to take your dreams from imagination to reality. When you pitch your product or service to a new customer, you’re telling a story. When you deliver instructions to a team or educate a class, you’re telling a story. When you build a PowerPoint presentation for your next sales meeting, you’re telling a story. When you sit down for a job interview and the recruiter asks about your previous experience, you’re telling a story. When you craft an e-mail, write a blog or Facebook post, or record a video for your company’s YouTube channel, you’re telling a story. But there’s a difference between a story, a good story, and a transformative story that builds trust, boosts sales, and inspires people to dream bigger.

Perhaps I will paint this town—from a distance, as if it is on a far hill—and in the foreground, an enclosure of gold, a secret garden, a retreat in which I am safe. I will hide there, and the hand of god will wipe all tears from our eyes; there will be no crying, neither will there be any more death, because the former things will pass away. The invisible hand that guides our deeds, our acts, our markets, will not be able to touch me there. Outside of space and time, time and space, there will be no distance between ourselves and what we wish for; no infinite gulf between currencies; the gulf between currency and eternity is great enough. The sky above me glows like the ancient patina of saints.

Justice is the recognition of the fact that you cannot fake the character of men as you cannot fake the character of nature, that you must judge all men as conscientiously as you judge inanimate objects, with the same respect for truth, with the same incorruptible vision, by as pure and as rational a process of identification—that every man must be judged for what he is and treated accordingly, that just as you do not pay a higher price for a rusty chunk of scrap than for a piece of shining metal, so you do not value a rotter above a hero—that your moral appraisal is the coin paying men for their virtues or vices, and this payment demands of you as scrupulous an honor as you bring to financial transactions—that to withhold your contempt from men’s vices is an act of moral counterfeiting, and to withhold your admiration from their virtues is an act of moral embezzlement—that to place any other concern higher than justice is to devaluate your moral currency and defraud the good in favor of the evil, since only the good can lose by a default of justice and only the evil can profit—and that the bottom of the pit at the end of that road, the act of moral bankruptcy, is to punish men for their virtues and reward them for their vices, that that is the collapse to full depravity, the Black Mass of the worship of death, the dedication of your consciousness to the destruction of existence.

As I learned more about choice, and looked over the extensive evidence in all of the cases I had testified in, I realized that what was happening in the FLDS was human trafficking-both for labor and for sex. In mainstream society, money and lust are the currency. In the FLDS, salvation and position are the currency, but the forced acts of labor and sex are the same-the very definition of slavery. And whether greed or God is the currency, it is not right to own another's free agency.

Breaking the bonds Juan Carlos Fábrega, the governor of Argentina’s Central Bank, resigned in the wake of a vituperative speech by President Cristina Fernández de Kirchner, in which she accused him of acting in concert with the banks to weaken the currency. Mr Fábrega was regarded as a pragmatist in an administration that is short of them; his successor, Alejandro Vanoli, is a loyalist. With reserves dwindling, inflation rising, the peso under pressure and foreign capital markets still out of reach after the default in July, the removal of Mr Fábrega adds to the sense of an economy adrift.

With heightened focus on the construction of woman as a "victim" of gender equality deserving reparations (whether through changes in discriminatory laws or affirmative action policies) the idea that owmen need to first confront their internalized sexism as part of becoming feminist lost currency. Females of all ages acted as though concern for or rage at male domination or gneder equality was all that was needed to make one a "feminist." Without confronting internalized sexism women who picked up the feminist banner often betrayed the cause in their interactions with other women.

E Pluribus Unum” is Latin for “Out of Many, One.” E pluribus unum is a motto found on the Great Seal of the United States, and adopted by an Act of Congress in 1782. It also appears on the seal of the President and on the seals of the Vice President of the United States, of the United States Congress, of the United States House of Representatives, of the United States Senate, and on the seal of the United States Supreme Court. The motto also is found on most United States currency.

The Euro had unified Europe with a common currency. Many hoped the Americas would follow suit with a North American Union adopting the Amero. The Middle East Free Trade Area, the African Union, and various Middle East peace processes had also acted as major milestones toward establishing policies supporting world government. Peace was at its crux. It all sounded well and good until one thought about individual rights. The elite would rule the poor and dumb, deciding on how they best should live their lives. Contrarily, Christ Jesus had come to save the poor and outcast. “Come unto me and I will give you rest,” he’d said. “My peace I give you.” Peter realized he was among the minority who still believed the Bible was the infallible Word of God, that Jesus was the Life, the Truth, the only Way to Heaven. Self-made preachers and so-called prophets took bits and pieces of the Gospels to implement their ministries. God must be very unhappy with mankind.

On September 12, in a report to the British parliament, Mervyn, without naming names, sharply criticized the ECB and the Fed. “The provision of such liquidity support . . . encourages excessive risk-taking, and sows the seeds of future financial crises,” he wrote. In other words, there would be no Bank of England put. Mervyn’s concern explained why the Bank of England had not joined the ECB and the Swiss National Bank in proposing currency swap agreements with the Fed. By the time of our September 18 announcement, however, Mervyn appeared to have changed his mind. On the day after our meeting, the Bank of England for the first time announced it would inject longer-term funds (10 billion pounds, or roughly $20 billion, at a three-month term) into British money markets. Later in the crisis I observed, “There are no atheists in foxholes or ideologues in a financial crisis.” Mervyn had joined his fellow central bankers in the foxhole.

When we place hand on heart to say the pledge of allegiance, what sort of act is this? What sort of allegiance are we giving to what sort of political body? What sort of solidarity do we feel when, especially after some great national sacrifice (soldiers coming home from war, or an event like 9/11), we see the flag hung on every porch, every storefront window, and every suit lapel? Is the flag like a sacrament of our national communion with one another? Why do we make theological claims on our national currency? Why does trusting God become a recipe for trust in our currency markets? What claims about human beings and human community are being made in such small acts?

The panic of 2007–2009 had hit Western Europe hard. Following the Lehman shock, many European countries experienced output declines and job losses similar to those in the United States. Many Europeans, especially politicians, had blamed Anglo-American “cowboy capitalism” for their predicament. (At international meetings, Tim and I never denied the United States’ responsibility for the original crisis, although the European banks that eagerly bought securitized subprime loans were hardly blameless.) This new European crisis, however, was almost entirely homegrown. Fundamentally, it arose because of a mismatch in European monetary and fiscal arrangements. Sixteen countries, in 2010, shared a common currency, the euro, but each—within ill-enforced limits—pursued separate tax and spending policies. The adoption of the euro was a grand experiment, part of a broader move, started in the 1950s, toward greater economic integration. By drawing member states closer economically, Europe’s leaders hoped not only to promote growth but also to increase political unity, which they saw as a necessary antidote to a long history of intra-European warfare, including two catastrophic world wars. Perhaps, they hoped, Germans, Italians, and Portuguese would someday think of themselves as citizens of Europe first and citizens of their home country second.

Finally, policymakers had to weigh what might happen if Greece, after a default, also abandoned the euro and returned to its own currency. One reason to do so would be to regain monetary policy independence, which might help the Greek government respond to the economic crash that was likely to follow a default. But if Greece left the euro, fears that other countries might follow would no doubt increase. Even the possibility that the eurozone might break apart would inflict damage. For example, bank depositors in a country thought to be at risk of leaving the euro would worry that their euro-denominated deposits might be forcibly converted to the new, and presumably less valuable, national currency. To avoid that risk, depositors might withdraw their euros from their own country’s banks in favor of, say, German banks (which, in an era of cross-border branching, might simply mean walking a block down the street or clicking on a bank’s website). These withdrawals could quickly degenerate into a full-fledged run on the suspect country’s banks. For these reasons, finance ministers and especially central bank governors in Europe generally, if grudgingly, concluded that they would have to assist Greece. ECB president Jean-Claude Trichet, who had decried the Lehman failure, was particularly adamant on this point and sought to persuade other European policymakers.

I’m trying to make a profit. I’m using batteries, toilet paper, and paper towels as currency. Each is something that will eventually be in short supply.” “You’re trying to get all the toilet paper in town?” Astrid shrilled. “Are you kidding?” “No, Astrid, I’m not kidding,” Albert said. “Look, right now, kids are playing with the stuff. I saw little kids throwing rolls of it around on their lawns like it was a toy. So—” “So your solution is to try and take it all away from people?” “You’d rather see it wasted?” “Yeah, actually,” Astrid huffed. “Rather than you getting it all for yourself. You’re acting like a jerk.” Albert’s eyes flared. “Look, Astrid, now kids know they can buy their way into the club with it. So they’re not going to waste it anymore.” “No, they’re going to give it all to you,” she shot back. “And what happens when they need some?” “Then there will still be some left because I made it valuable.” “Valuable to you.” “Valuable to everyone, Astrid.” “It’s you taking advantage of kids dumb enough not to know any better. Sam, you have to put a stop to this.” Sam had drifted away from the conversation, his head full of the music. He snapped back. “She’s right, Albert, this isn’t okay. You didn’t get permission—” “I didn’t think I needed permission to give kids what they want. I mean, I’m not threatening anyone, saying, ‘Give me your toilet paper, give me your batteries.’ I’m just playing some music and saying, ‘If you want to come in and dance, then it’ll cost you.’” “Dude, I respect you being ambitious and all,” Sam said. “But I have to shut this down. You never got permission, even, let alone asked us if it was okay to charge people.” Albert said, “Sam, I respect you more than I can even say. And Astrid, you are way smarter than me. But I don’t see how you have the right to shut me down.” That was it for Sam. “Okay, I tried to be nice. But I am the mayor. I was elected, as you probably remember, since I think you voted for me.” “I did. I’d do it again, man. But Sam, Astrid, you guys are wrong here. This club is about all these kids have that can get them together for a good time. They’re sitting in their homes starving and feeling sad and scared. When they’re dancing, they forget how hungry and sad they are. This is a good thing I’m doing.” Sam stared hard at Albert, a stare that kids in Perdido Beach took seriously. But Albert did not back down. “Sam, how many cantaloupes did Edilio manage to bring back with kids who were rounded up and forced to work?” Albert asked. “Not many,” Sam admitted. “Orc picked a whole truckload of cabbage. Before the zekes figured out how to get at him. Because we paid Orc to work.” “He did it because he’s the world’s youngest alcoholic and you paid him with beer,” Astrid snapped. “I know what you want, Albert. You want to get everything for yourself and be this big, important guy. But you know what? This is a whole new world. We have a chance to make it a better world. It doesn’t have to be about some people getting over on everyone else. It can be fair to everyone.” Albert laughed. “Everyone can be equally hungry. In a week or so, everyone can starve.

It is common for one party to a transaction to have better information than another party. In the parlance of economists, such a case is known as an information asymmetry. We accept as a verity of capitalism that someone (usually an expert) knows more than someone else (usually a consumer). But information asymmetries everywhere have in fact been gravely wounded by the Internet. Information is the currency of the Internet. As a medium, the Internet is brilliantly efficient at shifting information from the hands of those who have it into the hands of those who do not. Often, as in the case of term life insurance prices, the information existed but in a woefully scattered way. (In such instances, the Internet acts like a gigantic horseshoe magnet waved over an endless sea of haystacks, plucking the needle out of each one.) The Internet has accomplished what even the most fervent consumer advocates usually cannot: it has vastly shrunk the gap between the experts and the public. The Internet has proven particularly fruitful for situations in which a face-to-face encounter with an expert might actually exacerbate the problem of asymmetrical information—situations in which an expert uses his informational advantage to make us feel stupid or rushed or cheap or ignoble. Consider a scenario in which your loved one has just died and now the funeral director (who knows that you know next to nothing about his business and are under emotional duress to boot) steers you to the $8,000 mahogany casket. Or consider the automobile dealership: a salesman does his best to obscure the car’s base price under a mountain of add-ons and incentives. Later, however, in the cool-headed calm of your home, you can use the Internet to find out exactly how much the dealer paid the manufacturer for that car. Or you might just log on to TributeDirect.com and buy that mahogany casket yourself for only $3,595, delivered overnight.

Acting had been a ward against childhood loneliness, a way to fill my quiet existence with people beyond the ever-present nanny and tutor but the ever-absent Mama and Papa. It started as the simple creation of characters and stories for my many dolls on an impromptu stage created under the huge desk in Papa’s study, but then, unexpectedly, role-playing became much, much more. When I went to school—and suddenly became introduced to a wide, dizzying array of people—acting became my way of moving through the world, a sort of currency upon which I could draw whenever I needed. I could become whatever those around me secretly longed for, and I, in turn, got whatever I wanted from them.

What is the point of you? What is your worth? And by worth I am not talking about your financial value, I am talking about something much more significant than that. So, I ask again - what is your worth? And you won't find the answer in any scripture or church - you won't find it even in this book. Because no external power can give you the answer to something so incredibly existential in nature. If you want to know your worth, ask yourself, what are you without your bank account. The worth of a person lies in character. The same goes for a nation and the same goes for a world. Therefore, a nation's worth lies not in the value of its currency, but in the character of its people. And it all begins with the individual - it all begins with you. Your character holds not just the worth of your own life, but that of the lives of your people as well. So, feel like it's the feeling of your society and act like it's the action of your society. But mark you, here I do not mean, feeling and acting like the society, rather, I am asking you to feel, think and act as an original, brave and conscientious human being, so that you become the very emblem of humanhood in front of others, for them to draw their life’s inspiration from. Doing what the society wants, makes you a second hand human - wanting the society to do what you want, makes you a narcissistic bigot - but being an embodiment of humanhood without any expectation from others, is what makes you a sentient human.

Europeans hoped that their new currency—in combination with the harmonization of regulations and the removal of restrictions on the movement of people, goods, and financial capital across European borders—would convey some of the same economic advantages enjoyed by the United States, with its single currency and open borders between states.

When emerging markets cannot pay foreign debts, options vanish. Unavoidable defaults shut off access to global capital markets. Without access to capital, economies contract. Local currency becomes worthless. Printing more money invites inflation and hyperinflation. Poverty proliferates. Governments that cannot provide for their populations do not last long. Chaos opens the door to empty promises by authoritarians armed with populist slogans and freelance militias. Advanced economies are not invulnerable, as history has shown repeatedly. It’s worth noting that in 1899 cautious investors sought safety in one-hundred-year bonds issued by the Habsburg Empire that ruled Austria-Hungary. When the anarchist Gavrilo Princip assassinated Austria’s archduke Ferdinand in June 1914, an act that ignited World War I, sovereign Habsburg bonds were still holding their value relative to other European bonds. In other words, no experts saw the end coming. Within four years, the Habsburg Empire was history. Two decades later, the postwar debt and reparations bills that nearly smothered Germany helped usher in World War II.

When you love everything and everyone, you fall in love so fast that it takes an awful lot of excruciating thinking to discern what is right for you and not just innate generosity. People like that must produce the difficult currency of thought. Bennett always needed to assess a situation further in order to determine what was good for him. No path was ever a waste, he thought, but if only there was one path that suited him above all. He hated this kind of thinking. It was tempting to distract oneself and go fall in love with something new down the street, so he usually had to find a place to confine himself. Bennett used to get himself arrested every couple of nights for this reason. Jail cells were quiet enough for him to think in peace. Plus, handcuffs restrained him from performing his next act. And sometimes he’d shiver, not out of the coldness of the bleak underground, but from the complication of untying the chains of the tangled human veritas.

weird way to run a currency. In 1900, McKinley signed the Gold Standard Act, which formalized what had been effectively true for a generation: America was a gold-standard nation.

1. The chief root of monetary troubles is the scientific authority the Keynesians gave the superstition that increasing the quantity of money can ensure prosperity and full employment. 2. The superstition was fought successfully by economists for two centuries of stable prices during the age of modern industrialism and the gold standard. 3. Before then inflation largely dominated history. 4. Keynes’s (macro-economic) error was to suppose that labour demand and supply can be equated (and unemployment avoided) by managing total demand. Employment depends on demand in each sector of the economy. Managing total demand by expanding money supply created only temporary and therefore unstable employment. 5. A “lost generation” of economists who have learned nothing else continues to offer the quack “full employment” remedy and to win short-term popularity for it. 6. No government, national or international, that wants to remain in office can be expected to limit the quantity of money better than a gold standard or any other (semi-) automatic system because in practice it succumbs to sectional pressures for additional cheap money and expenditure. 7. The gold standard, balanced budgets, fixed exchanges, enabled governments to resist sectional importunities. The removal of these “shackles” has enabled governments to act more irresponsibly. 8. The only hope for stable money and resistance to inflation is to protect money from politics by removing the power of government to require its citizens to use its money as the only legal tender. 9. Government would then not inflate its supply, because it would be forsaken for other currencies. 10. Inflation can therefore be stopped by introducing competition in currency. The notion that it is a proper function of government to issue the national currency is false. Citizens should be free to use and refuse any currencies they wish: politicians would then have to limit their quantities. Then inflation would be avoided.

Although the blockchain that Bitcoin sits on has never been hacked, transactions are difficult, which has slowed widespread adoption as a payment alternative. In addition to that, storage of Bitcoins or other cryptocurrencies (wallets) has been prone to cyberattack or loss, creating a different form of risk. But even with risk and current high volatility, citizens in some parts of the world have less risk in holding Bitcoin than their own currency. The value can be moved across borders seamlessly or used as a payment mechanism when currency fails. In Venezuela today, for example, Bitcoin is already acting as a lifesaving currency for those who have it, as it is a much more secure payment medium than the local currency. Bitcoin’s high volatility is often used as an example of why it cannot be trusted as a global payment mechanism. Bitcoin is volatile; it lost 30 percent of its value in 2018, only to rise over 100 percent in the first six months of 2019. But that volatility must be put in context. The inflation rate on the bolívar, Venezuela’s local currency, was 1.8 million percent in 2018. Having the choice, even in 2018, I would much rather lose 30 per-cent on my Bitcoin than 1.8 million percent on my bolívar.

IRS Notice 2014-21, which provides a bit more information on tax guidance related to bitcoin and virtual currency, we find an attempt at further clarification: Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as convertible virtual currency. Bitcoin is one example of a convertible virtual currency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies.29 In this case, bitcoin is considered a “convertible” virtual currency.

the Cross has always been seen as a painful and cruel act of violence, but the focus in ancient Christian tradition was elsewhere (as it is in Eastern Orthodox theology today). During the Middle Ages, however, Western Christians increasingly focused on the Cross’s violence. This was the shared heritage of both the Protestant and Roman Catholic sides of the debate, and it shaped their attempts to define sacrifice. “In these discussions the view gained currency that the essential property of sacrifice was the violent destruction of a sentient being, paradigmatically the Crucifixion of Jesus Christ.”8

Acting had been a ward against childhood loneliness, a way to fill my quiet existence with people beyond the ever-present nanny and tutor but the ever-absent Mama and Papa. It started as the simple creation of characters and stories for my many dolls on an impromptu stage created under the huge desk in Papa’s study, but then, unexpectedly, role-playing became much, much more. When I went to school—and suddenly became introduced to a wide, dizzying array of people—acting became my way of moving through the world, a sort of currency upon which I could draw whenever I needed. I could become whatever those around me secretly longed for, and I, in turn, got whatever I wanted from them. It wasn’t until I stepped on my first stage, however, that I comprehended the breadth of my gift. I could bury myself and assume the mask of an entirely different person, one crafted by a director or a writer. I could turn my gaze on the audience and wield my capacity to influence them.

The effect of the pecuniary interest and the pecuniary habit of mind upon the growth of institutions is seen in those enactments and conventions that make for security of property, enforcement of contracts, facility of pecuniary transactions, vested interests. Of such bearing are changes affecting bankruptcy and receiverships, limited liability, banking and currency, coalitions of labourers or employers, trusts and pools. The community's institutional furniture of this kind is of immediate consequence only to the propertied classes, and in proportion as they are propertied; that is to say, in proportion as they are to be ranked with the leisure class. But indirectly these conventions of business life are of the gravest consequence for the industrial process and for the life of the community. And in guiding the institutional growth in this respect, the pecuniary classes, therefore, serve a purpose of the most serious importance to the community, not only in the conservation of the accepted social scheme, but also in shaping the industrial process proper. The immediate end of this pecuniary institutional structure and of its amelioration is the greater facility of peaceable and orderly exploitation; but its remoter effects far outrun this immediate object. Not only does the more facile conduct of business permit industry and extra-industrial life to go on with less perturbation; but the resulting elimination of disturbances and complications calling for an exercise of astute discrimination in everyday affairs acts to make the pecuniary class itself superfluous. As fact as pecuniary transactions are reduced to routine, the captain of industry can be dispensed with. This consummation, it is needless to say, lies yet in the indefinite future. The ameliorations wrought in favour of the pecuniary interest in modern institutions tend, in another field, to substitute the 'soulless' joint-stock corporation for the captain, and so they make also for the dispensability of the great leisure-class function of ownership. Indirectly, therefore, the bent given to the growth of economic institutions by the leisure-class influence is of very considerable industrial consequence.

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To ship their crops to distant markets they had to rely upon the railroads, many of which were scandalously managed for the profit of Eastern owners and manipulators and set their freight rates arbitrarily high. Hence there arose in the West a widespread and confused agitation against bankers, the gold basis of the currency, industrial monopolists, and above all the railroads: an agitation which in the eighteen-eighties had been chiefly responsible for the passage of such regulatory laws as the Interstate Commerce Act.

So, to recap, we seem to have light vacillating between a parti-clelike existence and a wavelike one. As a particle, the light is emitted and detected. As a wave, it goes through both slits at once. Lest you discount this as just some weird property of light and not of matter, consider this: the identical experiment can be done with electrons. They, too, depart the source (an electron microscope, in work by a team at Hitachi research labs and Gakushuin University in Tokyo) as particles. They land on the detector—a scintillation plate, like the front of a television screen, which records each electron arrival as a minuscule dot—as particles. But in between they act as waves, producing an interference pattern almost identical to that drawn by the photons. Dark stripes alternate with bright ones. Again, the only way single electrons can produce an interference pattern is by acting as waves, passing through both slits at once just as the photons apparently did. Electrons—a form of matter—can behave as waves. A single electron can take two different paths from source to detector and interfere with itself: during its travels it can be in two places at once. The same experiments have been performed with larger particles, such as ions, with the identical results. And ions, as we saw back in Chapter 3, are the currency of the brain, the particles whose movements are the basis for the action potential by which neurons communicate. They are also, in the case of calcium ions, the key to triggering neurotransmitter release. This is a crucial point: ions are subject to all of the counterintuitive rules of quantum physics.

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It happened improvisationally, indeed probably unintentionally. Participants solved one problem and created others; they reacted as often as they acted affirmatively; they moved by experience and intuition, without an overarching theory; and the whole affair took decades, involved many different actors, and coheres largely in retrospect.

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Because the dollar was the currency of world trade and, under the Bretton Woods Agreement, was convertible into gold at a fixed price of $35 to the ounce, dollars accumulated in foreign central banks and financial institutions. They often circulated abroad without ever returning to the United States. As American inflation increased, these “eurodollar” holdings began to seem precarious, and gold began to flow abroad in quantity for the first time since the early 1930s. The international currency market, a growing force in the international economy, began betting against the dollar. On August 15, 1971, President Nixon acted decisively, if not necessarily wisely, to solve the increasing economic problems that confronted the country. First, he renounced the Bretton Woods Agreement and severed the link between the dollar and gold. The dollar would now float in value, and the gold standard, after 150 years, was dead. Second, he froze all wages, rents, and prices for a period of ninety days, to be followed by strict wage and price controls.

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