Currency Exchange Quotes

This is the currency of friendship, traded over years and miles, and I hope it's an even exchange someday. For now, I do what all best friends do when there's nothing left to say. We lie together in all the darkness, shoulder to shoulder, and wait for the worst to be over.

Tragedy was foresworn, in ritual denial of the ripe knowledge that we are drawing away from one another, that we share only one thing, share the fear of belonging to another, or to others, or to God; love or money, tender equated in advertising and the world, where only money is currency, and under dead trees and brittle ornaments prehensile hands exchange forgeries of what the heart dare not surrender.

By first believing in Santa Claus, then the Easter Bunny, then the Tooth Fairy, Rant Casey was recognizing that those myths are more than pretty stories and traditions to delight children. Or to modify behavior. Each of those three traditions asks a child to believe in the impossible in exchange for a reward. These are stepped-up tests to build a child's faith and imagination. The first test is to believe in a magical person, with toys as the reward. The second test is to trust in a magical animal, with candy as the reward. The last test is the most difficult, with the most abstract reward: To believe, trust in a flying fairy that will leave money. From a man to an animal to a fairy. From toys to candy to money. Thus, interestingly enough, transferring the magic of faith and trust from sparkling fairy-dom to clumsy, tarnished coins. From gossamer wings to nickels... dimes... and quarters. In this way, a child is stepped up to greater feats of imagination and faith as he or she matures. Beginning with Santa in infancy, and ending with the Tooth Fairy as the child acquires adult teeth. Or, plainly put, beginning with all the possibility of childhood, and ending with an absolute trust in the national currency.

if you are willing to reflect on the courage and moderation of other people, you will find them strange...they all consider death a great evil...and the brave among them face death, when they do, for fear of greater evils...therefore, it is fear and terror that make all men brave, except for philosophers. yet it is illogical to be brave through fear and cowardice...what of the moderate among them? is their experience not similar?...they master certain pleasures because they are mastered by others...i fear this is not the right exchange to attain virtue, to exchange pleasures for pleasures, pains for pains, and fears for fears, the greater for the less like coins, but that they only valid currency for which all these things should be exchanged is wisdom.

Getting through life without a lot of money, possessions, and/or friends is admirable, especially if it is by choice.

A business is not just a legal entity - it’s a group of people engaged in the voluntary exchange of products, services, agreements and currencies. Buyers and sellers determine whether a business is a business. Not it’s legal entity status given by the state. I think legal status is good, but it’s not what truly establishes a business.

You’re saying that instead of a system of currency that tracks individual trade, you have one that facilitates exchange through the community. Because … all exchange benefits the community as a whole?

The bankers and financiers are badly overplaying their hands, again, and people are starting to catch on to the scam. Real wealth is tangible things produced with tangible effort. Loans made out of thin-air 'money' require no effort and are entirely ephemeral. But if those loans are used to acquire real ownership of real assets, then something has been exchanged for nothing and one party is getting screwed.

Secrets are the currency of intelligence work, and among professional spies a little calculated indiscretion raises the exchange rate.

A lot of what we do in relationships involve compromises. A lot of our relationships are exchanges in currencies like affection, acceptance, money, sexual and other sorts of pleasure, shelter, convenience, belonging etc. The self in relation with the communal is always trading something. The important question is what aspect of the self should not be traded.

Modern technologies are 99 percent bravery , and 1 percent investment

The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity. By the adoption of these principles, the long-felt want for a uniform medium will be satisfied. The taxpayers will be saved immense sums of interest, discounts and exchanges. The financing of all public enterprises, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. The people can and will be furnished with a currency as safe as their own government. Money will cease to be the master and become the servant of humanity. Democracy will rise superior to the money power.

Some readers are bound to want to take the techniques we’ve introduced here and try them on the problem of forecasting the future price of securities on the stock market (or currency exchange rates, and so on). Markets have very different statistical characteristics than natural phenomena such as weather patterns. Trying to use machine learning to beat markets, when you only have access to publicly available data, is a difficult endeavor, and you’re likely to waste your time and resources with nothing to show for it. Always remember that when it comes to markets, past performance is not a good predictor of future returns—looking in the rear-view mirror is a bad way to drive. Machine learning, on the other hand, is applicable to datasets where the past is a good predictor of the future.

In crypto, everyday is not a green day, but true holders will later get paid.

A product is a tangible item that is sold and purchased on the basis of ownership transfer in exchange for currency or capital.

US law requires financial institutions to report cash transactions of $10,000 or larger to the government; for currency exchangers, the threshold is $1,000.

Gradually, he didn’t doubt, the world would calm down into a gigantic welfare state devoted to sporting, cultural and sexual exchange, with the accepted international currency being items of hifi equipment.

I have heard your orators speak on many questions. One among them the so-called vital question of money which is above all things the most coveted commodity but I, as a Jainist, in the name of my countrymen and of my country, would offer you as the medium of the most perfect exchange between us, henceforth and forever, the indestructible, the unchangeable, the universal currency of good will and peace, and this, my brothers and sisters, is a currency that is not interchangeable with silver and gold, it is a currency of the heart, of the good life, of the highest estate on the earth.

The second most dangerous thing about money is that it leaves most of the people who have a lot of it with the unshakable belief that they are intelligent and well informed. The most dangerous thing about it is that it leaves most of the people who do not have a lot of money with the very same belief.

Meanwhile, peer-to-peer blockchain networks and cryptocurrencies such as Bitcoin might completely revamp the monetary system, making radical tax reforms inevitable. For example, it might become impossible or irrelevant to calculate and tax incomes in dollars, because most transactions will not involve a clear-cut exchange of national currency, or any currency at all. Governments might therefore need to invent entirely new taxes—perhaps a tax on information (which will be both the most important asset in the economy and the only thing exchanged in numerous transactions). Will the political system manage to deal with the crisis before it runs out of money?

Spend our lives. Minutes as currency. It’s like we’re paying God, handing Her our time in exchange for more breath: Here’s a minute, here’s another minute, another. And sometimes I want to be like, Can I have a refund? Or maybe an exchange. A new life. A new me. Because I’m only seventeen and I feel broke. Like I spent my life already.

Over the course of human history, many items have briefly flourished as means of exchange, only to be demonetarized. Now, we have demonetarized money.

Being yourself is the valuable currency than an exchange for being in character.

Many of us are paying for the so-called free lunch in one of the most expensive currencies out here — our privacy.

We exchange the currency of our dreams for a reality funded by acceptance as we get older

We exchange the currency of our dreams for a reality funded by acceptance as we get older.

It is true that my rent is but 50 cents a week. It is true that my clothes were a gift from the city council. I exchange federal currency for my own, and thus I live. Many restaurants and eating houses now accept my scrip. This is my city, in my country. They treat me well here. I am the Emperor of the United States, Pain. I am content to be what I am. What more than that could any man desire?

A country running deficits under the gold exchange standard could find itself like a tenant whose landlord does not collect rent payments for a year and then suddenly demands immediate payment of twelve months’ back rent. Some tenants would have saved for the inevitable rainy day, but many others would not be able to resist the easy credit and would find themselves short of funds and facing eviction.

Currency risk is a consideration in international corporate lending, given fluctuating exchange rates. It represents another set of costs and risks that lenders have to consider when lending internationally.

The government can create money. So, what’s the point of taxes? Why does the government need to take my money in taxes?18 I told the folks at Planet Money that MMT recognizes at least four important reasons for taxation.19 We’ve already touched on the first. Taxes enable governments to provision themselves without the use of explicit force. If the British government stopped requiring its people to settle their tax obligations using British pounds, it would rather quickly undermine its provisioning powers. Fewer people would need to earn pounds, and the government would have a harder time finding teachers, nurses, and so on who were willing to work and produce things in exchange for its currency.

The harder a government, such as a dictatorship, tries to maintain monetary policy autonomy, the more it must either limit the movement of capital into and outside of the country, or the more it must compromise exchange-rate stability.

The libido accepts all currencies, and vicarious pleasures have an over-the-counter exchange rate that is considered reliable enough to pass for real. No one ever went bankrupt borrowing someone else's pleasures. We go bankrupt when we want no one.

At least a dozen different so-called good institutions have been identified. Without attempting to rank them in order of importance, but just listing them alphabetically, they include: control of inflation, educational opportunities, effectiveness of government, enforcement of contracts, freedom from trade barriers, incentives and opportunities for investment of capital, lack of corruption, low risk of assassination, open currency exchange, protection of private property rights, rule of law,

In matters of affection, the rules of engagement at Empire High were detailed yet unambiguous, an extension of procedures established in junior high, a set of guidelines that couldn't have been clearer if they'd been posted on the schoolhouse door. If you were a girl and your heart inclined toward a particular boy, you had one of your girlfriends make inquiries from one of that boy's friends. Such contact represented the commencement of a series of complex negotiations, the opening rounds of which were handled by friends. Boy's friend A might report to Girl's friend B that the boy in question considered her a fox, or, if he felt particularly strongly, a major fox. Those experienced in these matters knew that it was wise to proceed cautiously, since too much ardor could delay things for weeks. The girl in question might be in negotiations with other parties, and no boy wanted to be on record as considering a girl a major fox only to discover that she considered him merely cool. Friends had to be instructed carefully about how much emotional currency they could spend, since rogue emotions led to inflation, lessening the value of everyone's feelings. Once a level of affection within the comfort zone of both parties was agreed upon, the principals could then meet for the exchange of mementos - rings, jackets, photos, key chains - to seal the deal, always assuming that seconds had properly represented the lovers to begin with.

Invaders did not stay invaders for ever. Eventually, they became no different from every other tribe or people in a land. Languages muddied, blended, surrendered. Habits were exchanged like currency, and before too long everyone saw the world the same way as everyone else. And if that way was wrong, then misery was assured, for virtually everyone, for virtually ever.

During the Pequot War, Connecticut and Massachusetts colonial officials had offered bounties initially for the heads of murdered Indigenous people and later for only their scalps, which were more portable in large numbers. But scalp hunting became routine only in the mid-1670s, following an incident on the northern frontier of the Massachusetts colony. The practice began in earnest in 1697 when settler Hannah Dustin, having murdered ten of her Abenaki captors in a nighttime escape, presented their ten scalps to the Massachusetts General Assembly and was rewarded with bounties for two men, two women, and six children.24 Dustin soon became a folk hero among New England settlers. Scalp hunting became a lucrative commercial practice. The settler authorities had hit upon a way to encourage settlers to take off on their own or with a few others to gather scalps, at random, for the reward money. “In the process,” John Grenier points out, “they established the large-scale privatization of war within American frontier communities.”25 Although the colonial government in time raised the bounty for adult male scalps, lowered that for adult females, and eliminated that for Indigenous children under ten, the age and gender of victims were not easily distinguished by their scalps nor checked carefully. What is more, the scalp hunter could take the children captive and sell them into slavery. These practices erased any remaining distinction between Indigenous combatants and noncombatants and introduced a market for Indigenous slaves. Bounties for Indigenous scalps were honored even in absence of war. Scalps and Indigenous children became means of exchange, currency, and this development may even have created a black market. Scalp hunting was not only a profitable privatized enterprise but also a means to eradicate or subjugate the Indigenous population of the Anglo-American Atlantic seaboard.26 The settlers gave a name to the mutilated and bloody corpses they left in the wake of scalp-hunts: redskins.

A prohibition on the hoarding or possession of gold was integral to the plan to devalue the dollar against gold and get people spending again. Against this background, FDR issued Executive Order 6102 on April 5, 1933, one of the most extraordinary executive orders in U.S. history. The blunt language over the signature of Franklin Delano Roosevelt speaks for itself: I, Franklin D. Roosevelt . . . declare that [a] national emergency still continues to exist and . . . do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the . . . United States by individuals, partnerships, associations and corporations.... All persons are hereby required to deliver, on or before May 1, 1933, to a Federal reserve bank . . . or to any member of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them.... Whoever willfully violates any provision of this Executive Order . . . may be fined not more than $10,000 or . . . may be imprisoned for not more than ten years. The people of the United States were being ordered to surrender their gold to the government and were offered paper money at the exchange rate of $20.67 per ounce. Some relatively minor exceptions were made for dentists, jewelers and others who made “legitimate and customary” use of gold in their industry or art. Citizens were allowed to keep $100 worth of gold, about five ounces at 1933 prices, and gold in the form of rare coins. The $10,000 fine proposed in 1933 for those who continued to hoard gold in violation of the president’s order is equivalent to over $165,000 in today’s money, an extraordinarily large statutory fine. Roosevelt followed up with a

What Mr. Rothschild had discovered was the basic principle of power, influence, and control over people as applied to economics. That principle is "when you assume the appearance of power, people soon give it to you." Mr. Rothschild had discovered that currency or deposit loan accounts had the required appearance of power that could be used to INDUCE PEOPLE [WC emphasis] (inductance, with people corresponding to a magnetic field) into surrendering their real wealth in exchange for a promise of greater wealth (instead of real compensation). They would put up real collateral in exchange for a loan of promissory notes. Mr. Rothschild found that he could issue more notes than he had backing for, so long as he had someone's stock of gold as a persuader to show to his customers. Mr. Rothschild loaned his promissory notes to individuals and to governments. These would create overconfidence. Then he would make money scarce, tighten control of the system, and collect the collateral through the obligation of contracts. The cycle was then repeated. These pressures could be used to ignite a war. Then he would control the availability of currency to determine who would win the war. That government which agreed to give him control of its economic system got his support.

Speaking to a foreigner was the dream of every student, and my opportunity came at last. When I got back from my trip down the Yangtze, I learned that my year was being sent in October to a port in the south called Zhanjiang to practice our English with foreign sailors. I was thrilled. Zhanjiang was about 75 miles from Chengdu, a journey of two days and two nights by rail. It was the southernmost large port in China, and quite near the Vietnamese border. It felt like a foreign country, with turn-of-the-century colonial-style buildings, pastiche Romanesque arches, rose windows, and large verandas with colorful parasols. The local people spoke Cantonese, which was almost a foreign language. The air smelled of the unfamiliar sea, exotic tropical vegetation, and an altogether bigger world. But my excitement at being there was constantly doused by frustration. We were accompanied by a political supervisor and three lecturers, who decided that, although we were staying only a mile from the sea, we were not to be allowed anywhere near it. The harbor itself was closed to outsiders, for fear of 'sabotage' or defection. We were told that a student from Guangzhou had managed to stow away once in a cargo steamer, not realizing that the hold would be sealed for weeks, by which time he had perished. We had to restrict our movements to a clearly defined area of a few blocks around our residence. Regulations like these were part of our daily life, but they never failed to infuriate me. One day I was seized by an absolute compulsion to get out. I faked illness and got permission to go to a hospital in the middle of the city. I wandered the streets desperately trying to spot the sea, without success. The local people were unhelpful: they did not like non-Cantonese speakers, and refused to understand me. We stayed in the port for three weeks, and only once were we allowed, as a special treat, to go to an island to see the ocean. As the point of being there was to talk to the sailors, we were organized into small groups to take turns working in the two places they were allowed to frequent: the Friendship Store, which sold goods for hard currency, and the Sailors' Club, which had a bar, a restaurant, a billiards room, and a ping-pong room. There were strict rules about how we could talk to the sailors. We were not allowed to speak to them alone, except for brief exchanges over the counter of the Friendship Store. If we were asked our names and addresses, under no circumstances were we to give our real ones. We all prepared a false name and a nonexistent address. After every conversation, we had to write a detailed report of what had been said which was standard practice for anyone who had contact with foreigners. We were warned over and over again about the importance of observing 'discipline in foreign contacts' (she waifi-lu). Otherwise, we were told, not only would we get into serious trouble, other students would be banned from coming.

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

I do not know how much money Britney Spears earned last year.. However, I do know that it's not enough for me to want her life, were I given the option to have it. Every day, random people use Britney's existence as currency; they talk about her public failures and her lack of talent as a way to fill the emptiness of their own normalcy. She — alone with Lindsay Lohan and Paris Hilton and all those androids from The Hills — are the unifying entities within this meta era. In a splintered society, they are the means through which people devoid of creativity communicate with each other. THey allow Americans to understand who they are and who they are not; they allow Americans to unilaterally agree on something they never needed to consciously consider. A person like Britney Spears surrenders her privacy and her integrity and the rights to her own persona, and in exchange we give her huge sums of money. But she still doesn't earn a fraction of what she warrants in free-trade economy. If Britney Spears were paid $1 every time a self-loathing stranger used her as a surrogate for his own failure, she would out earn Warren Buffet in three months. This is why entertainers (and athletes) make so much revenue but are still wildly underpaid: We use them for things that are worth more than money. It's a new kind of dehumanizing slavery — not as awful as the literal variety, but dehumanizing nonetheless.

Look at a coin from your pocket. On one side is "heads" - the symbol of the political authority which minted the coin; on the other side is "tails" - the precise specification of the amount the coin is worth as payment in exchange. One side reminds us that states underwrite currencies and the money is originally a relation between persons in society, a token perhaps. The other reveals the coin as a thing, capable of entering into definite relations with other things.

The basic reason for Germany’s lack of competitiveness, however, was not political in this crude sense. The basic problem was the uncompetitive exchange rate of the Reichsmark. As we have seen, this fundamental misalignment had first emerged in the autumn of 1931 after the devaluation of sterling. The second shock had come in April 1933 with the devaluation of the dollar. By 1933 only 20 per cent of world trade was still conducted between countries with currencies fixed in terms of gold. Germany’s failure to follow this trend meant that the prices of its exports, translated at the official exchange rate of the Reichsmark, were grossly uncompetitive. This was not a matter of particular industries or sectors. It was not a matter of high wages, or excessive taxes and social levies. At prevailing exchange rates, the entire system of prices and wages in Germany was out of line with that prevailing in most of the rest of the world economy.

the most important instances of “injustice in exchange”—unemployment and inflation/deflation—result from party factions violating the basic principles of economic policy I show that from the Great Depression of 1929-33 to the Great Recession of 2007-9, all major U.S. financial crises can be traced to the dollar's role as chief official reserve currency—suggesting that to avoid similar future misfortunes, it's urgently necessary to end the dollar's “reserve currency curse.

Squatters. The dispossessed. The water rats. Denizens of the deep, citizens of the shallows. And a lot of them were interested in trying something different, including which authorities they gave their consent to be governed by. Hegemony had drowned, so in the years after the flooding there was a proliferation of cooperatives, neighborhood associations, communes, squats, barter, alternative currencies, gift economies, solar usufruct, fishing village cultures, mondragons, unions, Davy’s locker freemasonries, anarchist blather, and submarine technoculture, including aeration and aquafarming. Also sky living in skyvillages that used the drowned cities as mooring towers and festival exchange points; containerclippers and townships as floating islands; art-not-work, the city regarded as a giant collaborative artwork; blue greens, amphibiguity, heterogeneticity, horizontalization, deoligarchification; also free open universities, free trade schools, and free art schools.

How is forex traded? The main idea of forex is that you’re buying one currency and at the same time, selling another. Currencies are normally quoted in pairs, like EUR/USD or USD/SGD. The exchange rate represents the purchase price between the two currencies. In EUR/USD ratio, This represents the number of US Dollars in every Euro you have. If you think the Euro will increase in value against the US Dollar from the last exchange rate, you buy Euros with US Dollars and you cash in profit from that.

The current ten largest currencies in the foreign exchange markets are listed in Table 4, along with their annual broad money supply increase for the periods between 1960–2015 and 1990–2015.16 The average for the ten most internationally liquid currencies is 11.13% for the period 1960–2015, and only 7.79% for the period between 1990 and 2015. This shows that the currencies that are most accepted worldwide, and have the highest salability globally, have a higher stock-to-flow ratio than the other currencies, as this book's analysis would predict.

But even though questions of currency policy are never more than questions of the value of money, they are sometimes disguised so that their true nature is hidden from the uninitiated. Public opinion is dominated by erroneous views on the nature of money and its value, and misunderstood slogans have to take the place of clear and precise ideas. The fine and complicated mechanism of the money and credit system is wrapped in obscurity, the proceedings on the Stock Exchange are a mystery, the function and significance of the banks elude interpretation. So it is not surprising that the arguments brought forward in the conflict of the different interests often missed the point altogether. Counsel was darkened with cryptic phrases whose meaning was probably hidden even from those who uttered them. Americans spoke of 'the dollar of our fathers' and Austrians of 'our dear old gulden note'; silver, the money of the common man, was set up against gold, the money of the aristocracy. Many a tribune of the people, in many a passionate discourse, sounded the loud praises of silver, which, hidden in deep mines, lay awaiting the time when it should come forth into the light of day to ransom miserable humanity, languishing in its wretchedness.

[Aristotle] shows how currency serves as a measure...[I]f men always needed immediately the goods they have among themselves, they would have no need of any exchange except of thing for thing, e.g., wine for grain. But sometimes one man (who has a surplus of wine at present) does not need the grain that another man has (who is in need of wine), but perhaps later he will need the grain or some other product. In this way then for the necessity of future exchange, money or currency is, as it were, a surety that if a man has no present need but may want in the future, the thing he needs will be available when he presents the currency.

THE economic consequences of fluctuations in the objective exchange-value of money have such important bearings on the life of the community and of the individual that as soon as the State had abandoned the attempt to exploit for fiscal ends its authority in monetary matters, and as soon as the large-scale development of the modern economic community had enabled the State to exert a decisive influence on the kind of money chosen by the market, it was an obvious step to think of attaining certain socio-political aims by influencing these consequences in a systematic manner. Modern currency policy is something essentially new; it differs fundamentally from earlier State activity in the monetary sphere.

The lazy traveler. It's a theory about couples. Two people are traveling together, and no matter what their two individual personality types might be, one person will start doing, right? That person figures out which way to the metro, what the day's itinerary is, how to exchange currency, all that stuff, and the other one, they sit back." He laces his fingers behind his head and leans back to demonstrate, chest puffed out. "Because it's being done for them. They don't pay attention to which way they're going. In fact, they probably wouldn't even be able to find the nearest metro station if they were plopped alone right back on the same spot they started from. They're along for the ride. Because they can be. They become the lazy traveler.

Why two (or whole groups) of people can come up with the same story or idea at the same time, even when across the world from each-other: "A field is a region of influence, where a force will influence objects at a distance with nothing in between. We and our universe live in a Quantum sea of light. Scientists have found that the real currency of the universe is an exchange of energy. Life radiates light, even when grown in the dark. Creation takes place amidst a background sea of energy, which metaphysics might call the Force, and scientists call the "Field." (Officially the Zero Point Field) There is no empty space, even the darkest empty space is actually a cauldron of energies. Matter is simply concentrations of this energy (particles are just little knots of energy.) All life is energy (light) interacting. The universe is self-regenreating and eternal, constantly refreshing itself and in touch with every other part of itself instantaneously. Everything in it is giving, exchanging and interacting with energy, coming in and out of existence at every level. The self has a field of influence on the world and visa versa based on this energy. Biology has more and more been determined a quantum process, and consciousness as well, functions at the quantum level (connected to a universe of energy that underlies and connects everything). Scientist Walter Schempp's showed that long and short term memory is stored not in our brain but in this "Field" of energy or light that pervades and creates the universe and world we live in. A number of scientists since him would go on to argue that the brain is simply the retrieval and read-out mechanism of the ultimate storage medium - the Field. Associates from Japan would hypothesize that what we think of as memory is simply a coherent emission of signals from the "Field," and that longer memories are a structured grouping of this wave information. If this were true, it would explain why one tiny association often triggers a riot of sights, sounds and smells. It would also explain why, with long-term memory in particular, recall is instantaneous and doesn't require any scanning mechanism to sift through years and years of memory. If they are correct, our brain is not a storage medium but a receiving mechanism in every sense, and memory is simply a distant cousin of perception. Some scientists went as far as to suggest that all of our higher cognitive processes result from an interaction with the Field. This kind of constant interaction might account for intuition or creativity - and how ideas come to us in bursts of insight, sometimes in fragments but often as a miraculous whole. An intuitive leap might simply be a sudden coalescence of coherence in the Field. The fact that the human body was exchanging information with a mutable field of quantum fluctuation suggested something profound about the world. It hinted at human capabilities for knowledge and communication far deeper and more extended than we presently understand. It also blurred the boundary lines of our individuality - our very sense of separateness. If living things boil down to charged particles interacting with a Field and sending out and receiving quantum information, where did we end and the rest of the world began? Where was consciousness-encased inside our bodies or out there in the Field? Indeed, there was no more 'out there' if we and the rest of the world were so intrinsically interconnected. In ignoring the effect of the "Field" modern physicists set mankind back, by eliminating the possibility of interconnectedness and obscuring a scientific explanation for many kinds of miracles. In re-normalizing their equations (to leave this part out) what they'd been doing was a little like subtracting God.

McDougall was a certified revolutionary hero, while the Scottish-born cashier, the punctilious and corpulent William Seton, was a Loyalist who had spent the war in the city. In a striking show of bipartisan unity, the most vociferous Sons of Liberty—Marinus Willett, Isaac Sears, and John Lamb—appended their names to the bank’s petition for a state charter. As a triple power at the new bank—a director, the author of its constitution, and its attorney—Hamilton straddled a critical nexus of economic power. One of Hamilton’s motivations in backing the bank was to introduce order into the manic universe of American currency. By the end of the Revolution, it took $167 in continental dollars to buy one dollar’s worth of gold and silver. This worthless currency had been superseded by new paper currency, but the states also issued bills, and large batches of New Jersey and Pennsylvania paper swamped Manhattan. Shopkeepers had to be veritable mathematical wizards to figure out the fluctuating values of the varied bills and coins in circulation. Congress adopted the dollar as the official monetary unit in 1785, but for many years New York shopkeepers still quoted prices in pounds, shillings, and pence. The city was awash with strange foreign coins bearing exotic names: Spanish doubloons, British and French guineas, Prussian carolines, Portuguese moidores. To make matters worse, exchange rates differed from state to state. Hamilton hoped that the Bank of New York would counter all this chaos by issuing its own notes and also listing the current exchange rates for the miscellaneous currencies. Many Americans still regarded banking as a black, unfathomable art, and it was anathema to upstate populists. The Bank of New York was denounced by some as the cat’s-paw of British capitalists. Hamilton’s petition to the state legislature for a bank charter was denied for seven years, as Governor George Clinton succumbed to the prejudices of his agricultural constituents who thought the bank would give preferential treatment to merchants and shut out farmers. Clinton distrusted corporations as shady plots against the populace, foreshadowing the Jeffersonian revulsion against Hamilton’s economic programs. The upshot was that in June 1784 the Bank of New York opened as a private bank without a charter. It occupied the Walton mansion on St. George’s Square (now Pearl Street), a three-story building of yellow brick and brown trim, and three years later it relocated to Hanover Square. It was to house the personal bank accounts of both Alexander Hamilton and John Jay and prove one of Hamilton’s most durable monuments, becoming the oldest stock traded on the New York Stock Exchange.

(BDO) October 22: The Dollar Squeeze A debt is a short cash position—i.e., a commitment to deliver cash that one doesn’t have. Because the dollar is the world’s reserve currency, and because of the dollar surplus recycling that has taken place over the past few years…lots of dollar denominated debt has been built up around the world. So, as dollar liquidity has become tight, there has been a dollar squeeze. This squeeze…is hitting dollar-indebted emerging markets (particularly those of commodity exporters) and is supporting the dollar. When this short squeeze ends, which will happen when either the debtors default or get the liquidity to prevent their default, the US dollar will decline. Until then, we expect to remain long the USD against the euro and emerging market currencies. The actual price of anything is always equal to the amount of spending on the item being exchanged divided by the quantity of the item being sold (i.e., P = $/Q), so a) knowing who is spending and who is selling what quantity (and ideally why) is the ideal way to get at the price at any time, and b) prices don’t always react to changes in fundamentals as they happen in the ways characterized by those who seek to explain price movements in connection with unfolding news. During this period, volatility remained extremely high for reasons that had nothing to do with fundamentals and everything to do with who was getting in and out of positions for various reasons—like being squeezed, no longer being squeezed, rebalancing portfolios, etc. For example, on Tuesday, October 28, the S&P gained more than 10 percent and the next day it fell by 1.1 percent when the Fed cut interest rates by another 50 basis points. Closing the month, the S&P was down 17 percent—the largest single-month drop since October 1987.

An attempt is sometimes made to demonstrate the desirability of measures directed against speculation by reference to the fact that there are times when there is nobody in opposition to the bears in the foreign-exchange market so that they alone are able to determine the rate of exchange. That, of course, is not correct. Yet it must be noticed that speculation has a peculiar effect in the case of a currency whose progressive depreciation is to be expected while it is impossible to foresee when the depreciation will stop, if at all. While, in general, speculation reduces the gap between the highest and lowest prices without altering the average price-level, here, where the movement will presumably continue in the same direction, this naturally can not be the case. The effect of speculation here is to permit the fluctuation, which would otherwise proceed more uniformly, to proceed by fits and starts with the interposition of pauses.

Isn't this grand? Here I am, a nobody from a nowhere town in North Carolina, and now I've seen Richmond and Washington City both. Who'd've figured I'd travel so far? Must be close to two hundred miles down to Rivington." Caudell nodded. The army had expanded his life. Before the war, outside of a couple of trips to Raleigh, he'd spent his whole life inside Nash County. Now he'd been in several different states and even though recalling it still came hard sometimes-a for eign country: the United States. Whether in a foreign country or not, Washington was still the source of traditions he held dear, as London once might have been to an early Carolina colonist. ...The ordinary folk of Washington City did better at taking their occupiers in stride. Their principal complaint against the rebels was that they had too little money, and that in Confederate currency. Lee had issued an order that made the locals take Southern money in exchange for goods and services, but he could not

For some years, Trieste was a murky exchange for the commodities most coveted in the deprived societies of Hungary, Czechoslovakia, Bulgaria, Romania and Yugoslavia. Jeans, for example, were then almost a currency of their own, so terrific was the demand on the other side of the line, and the trestle tables of the Ponterosso market groaned with blue denims of dubious origin ("Jeans Best for Hammering, Pressing and Screwing", said a label I noted on one pair). There was a thriving traffic in everything profitably resellable, smuggleable or black-marketable - currencies, stamps, electronics, gold. Not far from the Ponterosso market was Darwil's, a five-storey jewellers' shop famous among gold speculators throughout central Europe. Dazzling were its lights, deafening was its rock music, and through its blinding salons clutches of thick-set conspiratorial men muttered and wandered, inspecting lockets through eye-glasses, stashing away watches in suitcases, or coldly watching the weighing of gold chains in infinitesimal scales.

This move by President Nixon completed the process begun with World War I, transforming the world economy from a global gold standard to a standard based on several government-issued currencies. For a world that was growing increasingly globalized along with advancements in transportation and telecommunications, freely fluctuating exchange rates constituted what Hoppe termed “a system of partial barter.”13 Buying things from people who lived on the other side of imaginary lines in the sand now required utilizing more than one medium of exchange and reignited the age-old problem of lack of coincidence of wants. The seller does not want the currency held by the buyer, and so the buyer must purchase another currency first, and incur conversion costs. As advances in transportation and telecommunications continue to increase global economic integration, the cost of these inefficiencies just keeps getting bigger. The market for foreign exchange, at $5 trillion of daily volume, exists purely as a result of this inefficiency of the absence of a single global homogeneous international currency.

Money was created many times in many places. Its development required no technological breakthroughs – it was a purely mental revolution. It involved the creation of a new inter-subjective reality that exists solely in people’s shared imagination. Money is not coins and banknotes. Money is anything that people are willing to use in order to represent systematically the value of other things for the purpose of exchanging goods and services. Money enables people to compare quickly and easily the value of different commodities (such as apples, shoes and divorces), to easily exchange one thing for another, and to store wealth conveniently. There have been many types of money. The most familiar is the coin, which is a standardised piece of imprinted metal. Yet money existed long before the invention of coinage, and cultures have prospered using other things as currency, such as shells, cattle, skins, salt, grain, beads, cloth and promissory notes. Cowry shells were used as money for about 4,000 years all over Africa, South Asia, East Asia and Oceania. Taxes could still be paid in cowry shells in British Uganda in the early twentieth century.

centuries-long debate over the nature of money can be reduced to two sides. One school sees money as merely a commodity, a preexisting thing, with its own inherent value. This group believes that societies chose certain commodities to become mutually recognized units of exchange in order to overcome the cumbersome business of barter. Exchanging sheep for bread was imprecise, so in our agrarian past traders agreed that a certain commodity, be it shells or rocks or gold, could be a stand-in for everything else. This “metallism” viewpoint, as it is known, encourages the notion that a currency should itself be, or at least be backed by, some tangible material. This orthodox view of currency is embraced by many gold bugs and hard-money advocates from the so-called Austrian school of economics, a group that has enjoyed a renaissance in the wake of the financial crisis with its critiques of expansionist central-bank policies and inflationary fiat currencies. They blame the asset bubble that led to the crisis on reckless monetary expansion by unfettered central banks. The other side of the argument belongs to the “chartalist” school, a group that looks past the thing of currency and focuses instead on the credit and trust relationships between the individual and society at large that currency embodies. This view, the one we subscribe to and which informs

Thought is measured by a different rule, and puts us in mind, rather, of those souls whose number, according to certain ancient myths, is limited. There was in that time a limited contingent of souls or spiritual substance, redistributed from one living creature to the next as successive deaths occurred. With the result that some bodies were sometimes waiting for a soul (like present-day heart patients waiting for an organ donor). On this hypothesis, it is clear that the more human beings there are, the rarer will be those who have a soul. Not a very democratic situation and one which might be translated today into: the more intelligent beings there are (and, by the grace of information technology, they are virtually all intelligent), the rarer thought will be. Christianity was first to institute a kind of democracy and generalized right to a personal soul (it wavered for a long time where women were concerned). The production of souls increased substantially as a result, like the production of banknotes in an inflationary period, and the concept of soul was greatly devalued. It no longer really has any currency today and it has ceased to be traded on the exchanges. There are too many souls on the market today. That is to say, recycling the metaphor, there is too much information, too much meaning, too much immaterial data for the bodies that are left, too much grey matter for the living substance that remains. To the point where the situation is no longer that of bodies in search of a soul, as in the archaic liturgies, but of innumerable souls in search of a body. Or an incalculable knowledge in search of a knowing subject.

Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.

was a commonplace among his colleagues—especially the younger ones—that he was a “dedicated” teacher, a term they used half in envy and half in contempt, one whose dedication blinded him to anything that went on outside the classroom or, at the most, outside the halls of the University. There were mild jokes: after a departmental meeting at which Stoner had spoken bluntly about some recent experiments in the teaching of grammar, a young instructor remarked that “To Stoner, copulation is restricted to verbs,” and was surprised at the quality of laughter and meaningful looks exchanged by some of the older men. Someone else once said, “Old Stoner thinks that WPA stands for Wrong Pronoun Antecedent,” and was gratified to learn that his witticism gained some currency. But William Stoner knew of the world in a way that few of his younger colleagues could understand. Deep in him, beneath his memory, was the knowledge of hardship and hunger and endurance and pain. Though he seldom thought of his early years on the Booneville farm, there was always near his consciousness the blood knowledge of his inheritance, given him by forefathers whose lives were obscure and hard and stoical and whose common ethic was to present to an oppressive world faces that were expressionless and hard and bleak. And though he looked upon them with apparent impassivity, he was aware of the times in which he lived. During that decade when many men’s faces found a permanent hardness and bleakness, as if they looked upon an abyss, William Stoner, to whom that expression was as familiar as the air he walked in, saw the signs of a general despair he had known since he was a boy. He saw good men go down into a slow decline of hopelessness, broken as their vision of a decent life was broken; he saw them walking aimlessly upon the streets, their eyes empty like shards of broken glass; he saw them walk up to back doors, with the bitter pride of men who go to their executions, and beg for the bread that would allow them to beg again; and he saw men, who had once walked erect

It describes a significantly different way of life. For instance, the Manuscript predicts that we humans will voluntarily decrease our population so that we all may live in the most powerful and beautiful places on the Earth. But remarkably, many more of these areas will exist in the future, because we will intentionally let the forests go uncut so that they can mature and build energy. “According to the Ninth Insight, by the middle of the next millennium,” he continued, “humans will typically live among five hundred year old trees and carefully tended gardens, yet within easy travel distance of an urban area of incredible technological wizardry. By then, the means of survival—foodstuffs and clothing and transportation—will all be totally automated and at everyone’s disposal. Our needs will be completely met without the exchange of any currency, yet also without any overindulgence or laziness. “Guided by their intuitions, everyone will know precisely what to do and when to do it, and this will fit harmoniously with the actions of others. No one will consume excessively because we will have let go of the need to possess and to control for security. In the next millennium, life will have become about something else. “According to the Manuscript,” he went on, “our sense of purpose will be satisfied by the thrill of our own evolution—by the elation of receiving intuitions and then watching closely as our destinies unfold. The Ninth depicts a human world where everyone has slowed down and become more alert, ever vigilant for the next meaningful encounter that comes along. We will know that it could occur anywhere: on a path that winds through a forest, for instance, or on a bridge that traverses some canyon. “Can you visualize human encounters that have this much meaning and significance? Think how it would be for two people meeting for the first time. Each will first observe the other’s energy field, exposing any manipulations. Once clear, they will consciously share life stories until, elatedly, messages are discovered. Afterward, each will go forward again on their individual journey, but they will be significantly altered. They will vibrate at a new level and will thereafter touch others in a way not possible before their meeting.

When a country’s economy is in trouble—when it has a balance of trade deficit, for instance, and when its debts are mounting—and when the currency, therefore, is declining in value because everybody can see that the economy is bad, politicians, throughout history, have found a way of making things worse with the imposition of exchange controls. They run to the press and they say, “Listen, all you God-fearing Americans, Germans, Russians, whatever you are, we have a temporary problem in the financial market and it is caused by these evil speculators who are driving down the value of our currency—there is nothing wrong with our currency, we are a strong country with a sound economy, and if it were not for these speculators everything would be OK.” Diverting attention away from the real cause of the problem, which is their own mismanagement of the economy, politicians look to three crowds of people to blame for the regrettable situation. After the speculators come bankers and foreigners. Nobody likes bankers anyway, not even in good times; in bad times, everybody likes them less, because everybody sees them as rich and growing richer off the bad turn of events. Foreigners as a target are equally safe, because foreigners cannot vote. They do not have a say-so in national affairs, and remember, their food smells bad. Politicians will even blame journalists: if reporters did not write about our tanking economy, our economy would not be tanking. So we are going to enact this temporary measure, they say. To stem the scourge of a declining currency, we are going to make it impossible, or at least difficult, for people to take their money out of the country—it will not affect most of you because you do not travel or otherwise spend cash overseas. (See Chapter 9 and the Bernanke delusion.) Then they introduce serious exchange controls. They are always “temporary,” yet they always go on for years and years. Like anything else spawned by the government, once they are in place, a bureaucracy grows up around them. A constituency now arises whose sole purpose is to defend exchange controls and thereby assure their longevity. And they are always disastrous for a country. The free flow of capital stops. Money is trapped inside your country. And the country stops being as competitive as it once was.

In the world of mental health, the lowest-functioning clients and the highest-functioning clients receive the worst care. The lowest-functioning clients typically struggle with serious mental illnesses that are maintained more than cured. And, because of downward drift that draws a disproportionate number of such patients into the lower income brackets, these clients often do not have access to top-notch care. The highest-functioning clients, on the other hand, usually have a lot going for them, including family or schools that connect them with private therapists when needed. These high-functioning clients are what therapists call YAVIS—young, attractive, verbal, intelligent, and successful—and these qualities bestow all sorts of social and psychological advantages. Being young means, as a colleague once put it, “that you haven’t completely screwed up your life yet.” Being verbal allows you to easily exchange a common currency with friends and bosses as you parlay being talkative into social status. Intelligence aids achievement and problem-solving, and even leadership. Successful people are generally brimming with confidence. And, as Aristotle said, “beauty is a greater recommendation than any letter of introduction.” So, YAVIS clients are well received nearly everywhere they go, and many therapists light up when one comes walking in the door. Still, there are two paths to being smart and charming when you are young: Life has been good or life has been bad. When life has been good, maybe someone goes to see a therapist for a while because some isolated thing is not currently going well. Most likely, the difficulty will be resolved quickly and the client will be on his way. When life has been bad, someone goes to see a therapist because even though things look pretty on the outside the person feels horrible on the inside, and this is a discrepancy that even many therapists cannot hold. Sometimes it is just too jarring to imagine that someone who seems so perfect has lived a life that has been so imperfect. What results is a therapy where the client’s image gets in the way of the help that he or she needs. The client has come to focus on what has not gone well, but the therapist is blinded by what has. Too often, being successful when you are young is about survival. Some people are good at hiding their troubles. They are good at “falling up.

Beyoncé and Rihanna were pop stars. Pop stars were musical performers whose celebrity had exploded to the point where they could be identified by single words. You could say BEYONCÉ or RIHANNA to almost anyone anywhere in the industrialized world and it would conjure a vague neurological image of either Beyoncé or Rihanna. Their songs were about the same six subjects of all songs by all pop stars: love, celebrity, fucking, heartbreak, money and buying ugly shit. It was the Twenty-First Century. It was the Internet. Fame was everything. Traditional money had been debased by mass production. Traditional money had ceased to be about an exchange of humiliation for food and shelter. Traditional money had become the equivalent of a fantasy world in which different hunks of vampiric plastic made emphatic arguments about why they should cross the threshold of your home. There was nothing left to buy. Fame was everything because traditional money had failed. Fame was everything because fame was the world’s last valid currency. Beyoncé and Rihanna were part of a popular entertainment industry which deluged people with images of grotesque success. The unspoken ideology of popular entertainment was that its customers could end up as famous as the performers. They only needed to try hard enough and believe in their dreams. Like all pop stars, Beyoncé and Rihanna existed off the illusion that their fame was a shared experience with their fans. Their fans weren’t consumers. Their fans were fellow travelers on a journey through life. In 2013, this connection between the famous and their fans was fostered on Twitter. Beyoncé and Rihanna were tweeting. Their millions of fans were tweeting back. They too could achieve their dreams. Of course, neither Beyoncé nor Rihanna used Twitter. They had assistants and handlers who packaged their tweets for maximum profit and exposure. Fame could purchase the illusion of being an Internet user without the purchaser ever touching a mobile phone or a computer. That was a difference between the rich and the poor. The poor were doomed to the Internet, which was a wonderful resource for watching shitty television, experiencing angst about other people’s salaries, and casting doubt on key tenets of Mormonism and Scientology. If Beyoncé or Rihanna were asked about how to be like them and gave an honest answer, it would have sounded like this: “You can’t. You won’t. You are nothing like me. I am a powerful mixture of untamed ambition, early childhood trauma and genetic mystery. I am a portal in the vacuum of space. The formula for my creation is impossible to replicate. The One True God made me and will never make the like again. You are nothing like me.

No sound strategy for studying fascism can fail to examine the entire context in which it was formed and grew. Some approaches to fascism start with the crisis to which fascism was a response, at the risk of making the crisis into a cause. A crisis of capitalism, according to Marxists, gave birth to fascism. Unable to assure ever-expanding markets, ever-widening access to raw materials, and ever-willing cheap labor through the normal operation of constitutional regimes and free markets, capitalists were obliged, Marxists say, to find some new way to attain these ends by force. Others perceive the founding crisis as the inadequacy of liberal state and society (in the laissez-faire meaning of liberalism current at that time) to deal with the challenges of the post-1914 world. Wars and revolutions produced problems that parliament and the market—the main liberal solutions—appeared incapable of handling: the distortions of wartime command economies and the mass unemployment attendant upon demobilization; runaway inflation; increased social tensions and a rush toward social revolution; extension of the vote to masses of poorly educated citizens with no experience of civic responsibility; passions heightened by wartime propaganda; distortions of international trade and exchange by war debts and currency fluctuations. Fascism came forward with new solutions for these challenges. Fascists hated liberals as much as they hated socialists, but for different reasons. For fascists, the internationalist, socialist Left was the enemy and the liberals were the enemies’ accomplices. With their hands-off government, their trust in open discussion, their weak hold over mass opinion, and their reluctance to use force, liberals were, in fascist eyes, culpably incompetent guardians of the nation against the class warfare waged by the socialists. As for beleaguered middle-class liberals themselves, fearful of a rising Left, lacking the secret of mass appeal, facing the unpalatable choices offered them by the twentieth century, they have sometimes been as ready as conservatives to cooperate with fascists. Every strategy for understanding fascism must come to terms with the wide diversity of its national cases. The major question here is whether fascisms are more disparate than the other “isms.” This book takes the position that they are, because they reject any universal value other than the success of chosen peoples in a Darwinian struggle for primacy. The community comes before humankind in fascist values, and respecting individual rights or due process gave way to serving the destiny of the Volk or razza. Therefore each individual national fascist movement gives full expression to its own cultural particularism. Fascism, unlike the other “isms,” is not for export: each movement jealously guards its own recipe for national revival, and fascist leaders seem to feel little or no kinship with their foreign cousins. It has proved impossible to make any fascist “international” work.

In January 1971 he startled the newsman Howard K. Smith by telling him, "I am now a Keynesian in economics," and in August he jolted the nation by announcing a New Economic Policy. This entailed fighting inflation by imposing a ninety-day freeze on wages and prices. Nixon also sought to lower the cost of American exports by ending the convertibility of dollars into gold, thereby allowing the dollar to float in world markets. This action transformed with dramatic suddenness an international monetary system of fixed exchange rates that had been established, with the dollar as the reserve currency, in 1946.

In April, 1926, France and the United States finally negotiated a war debt settlement at forty cents on the dollar. The [French] budget was at last fully balanced. Still the franc kept falling. By May, the exchange rate stood at over thirty to the dollar. With a currency in free-fall, prices now rising at 2% a month - over 25% a year - and the Government apparently impotent, everyone made the obvious comparison with the situation in Germany four years earlier. In fact, there was no real parallel. Germany in 1922 had lost all control of its budget deficit and in that single year expanded the money supply ten fold. By contrast, the French had largely solved their fiscal problems and its money supply was under control. The main trouble was the fear that the deep divisions between the right and left had made France ungovernable. The specter of chronic political chaos associated with revolving door governments and finance ministers was exacerbated by the uncertainty over the governments ability to fund itself given the overhang of more than $10 billion in short term debt. It was this psychology of fear, a generalized loss of nerve, that seemed to have gripped French investors and was driving the downward spiral of the franc. The risk was that international speculators, those traditional bugaboos of the Left, would create a self-fulfilling meltdown as they shorted the currency in the hope of repurchasing it later at a lower price thereby compounding the very downward trend that they were trying to exploit. It was the obverse of a bubble where excessive optimism translates into rising prices which then induces even more buying. Now excessive pessimism was translating into falling prices which were inducing even more selling. In the face of this all embracing miasma of gloom neither the politicians nor the financial establishment seemed to have any clue what to do.

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

We can always create enough of our own local money to handle all the trades and exchanges we wish to make. While national currency basically drives, and is driven by profit, local money supports people with other values: people who believe in local diversity, mutual help, treating people as assets instead of problems, valuing all types of work, creating strong social networks and protecting the environment. It is these people, their values and commitment that make local money systems work.

The Amsterdam Exchange Bank (Wisselbank) was set up in 1609 to resolve the practical problems created for merchants by the circulation of multiple currencies in the United Provinces, where there were no fewer than fourteen different mints and copious quantities of foreign coins.

By allowing merchants to set up accounts denominated in a standardized currency, the Exchange Bank pioneered the system of cheques and direct debits or transfers that we take for granted today. This allowed more and more commercial transactions to take place without the need for the sums involved to materialize in actual coins.

Exchange rates would be fixed, as under the gold standard, but now the anchor - the international reserve currency - would be the dollar rather than gold (though the dollar itself would notionally remain convertible into gold, vast quantities of which sat, immobile but totemic, in Fort Knox).

The Chinese renminbi was fixed against the dollar from July of 2005 until June 2009. With a fixed exchange rate, a currency’s value is matched to the value of another single currency or to a basket of other currencies. So when a country pegs its currency to the dollar, the value of the currency rises and falls with the dollar. This action helped China survive the global financial crisis. But China removed the dollar peg after the global financial crisis ended last year. Meanwhile, Japan has also seen the value of the yen grow stronger. With the U.S. economy continuing to lag and growing fiscal uncertainty in European countries, the yen has continued to gain strength because it was the only currency that was stable. So countries like China expanded their purchases of the yen, resulting in the yen’s appreciation. As the yen continued to rise against the dollar, the Japanese government intervened in the currency market in September for the first time since March 2004. This is not the first global currency war the world has seen. In 1985, the finance ministers of West Germany, France, the U.S., Japan and the UK gathered at the Plaza Hotel in New York to sign the Plaza Accord. Under the deal, the countries agreed to bring down the U.S. dollar exchange rate in relation to the Japanese yen and German mark. As the recent currency war continues to spread around the globe, some countries are now saying that there is a need for a new Plaza Accord to stabilize the world economy and the global financial market.

At that same time, the Communist regime let the inflation run its course and then, devalued the currency. They issued a new kind of lei. Everybody could exchange 80,000 lei for 20 new lei. The day before the exchange, I had 2 million lei. For that amount, I bought two pairs of hand crocheted summer gloves; there was nothing else available. I would have preferred to purchase a kilo meat, but that was out of the question, unrealistic thinking.

Credit Theorists insisted that money is not a commodity but an accounting tool. In other words, it is not a “thing” at all. For a Credit Theorist can no more touch a dollar or a deutschmark than you can touch an hour or a cubic centimeter. Units of currency are merely abstract units of measurement, and as the credit theorists correctly noted, historically, such abstract systems of accounting emerged long before the use of any particular token of exchange.

Interest rate differential: The exchange rate between currencies is directly affected by their interest rate differential. If the interest rate in one currency is higher, that currency will be available at a discount in future. If a 5 year FD in USD yields 2% p.a. and the FCNR FD in USD for 5 years with SBI in India yields 5% p.a., the difference is because of all risks (including credit and

The foreign exchange rates are determined based on the demand and supply of currencies in the whole world and change real time. 

CASE STUDY In 2012, investigators were trying to understand why supermarkets in the United States were being robbed every month of Tide detergent – and only Tide detergent. As with every investigation, they ‘followed the money’ only to find that Tide was the money. Bottles of Tide had become an ad hoc street currency, with 150-ounce bottles being exchanged for $5 or $10 worth of drugs, earning it the nickname ‘Liquid Gold’. As New York magazine pointed out: ‘this unlikely black market would not have formed if they weren’t so good at pushing their product’.37 It turns out that despite being considered a ‘low interest category’, people have very strong feelings about their detergents. Tide came in the top three brands that consumers were least likely to give up during tough times. This bond has allowed the producer, Procter & Gamble, to charge 50 per cent more than the average detergent and yet it still outsells its nearest competitor, which is also produced by P&G, by more than two to one. So, what is it about Tide that means more people will pay 50 per cent more for a functionally parity product from the same manufacturer? The investigating sergeant puts it well: ‘I’m a No. 1 Tide fan’, he says. ‘I don’t know if it’s all psychological, but you can tell the difference.’38

Even in the domain of conventional currencies, this trend is in evidence. Today, 14 U.S. states, namely, Colorado, Georgia, Idaho, Indiana, Missouri, Montana, New Hampshire, North Carolina, South Carolina, Tennessee, Utah, Vermont, Virginia, and Washington, have taken action to create their own state currency, usually backed by a precious metal such as gold or silver.24 In the case of Utah, for example, the Utah Legislature has passed a bill allowing gold and silver coins to be used as legal tender in the state—and for the value of their precious metal, not just the face value of the coins. Utah’s bill allows stores to accept gold and silver coins as legal tender. It also exempts gold and silver transactions from the state’s capital gains tax, though that does not shield exchanges from federal taxes.

One of the standard arguments used in the 1990s to justify the introduction of a common European currency was that exchange-rate instability would disrupt trade in the common market. A monetary union between Canada and the US, however, has never been seriously considered even though the trading relationship between these two countries is the largest bilateral trading relationship in the world, see the preceding section. The fact that Canadian and US traders continue to operate, apparently with success, using their own currencies shows that the argument about currency swings dampening inter-state trade is far from convincing. Trade is also booming between Canada, Mexico and the US, the three members of NAFTA, in spite of the coexistence of three national currencies (Vega Cànovas 2010).

a platform is fundamentally an infrastructure designed to facilitate interactions among producers and consumers of value. These two basic types of participants use the platform to connect with each other and to engage in exchanges—first, an exchange of information; then, if desired, an exchange of goods or services in return for some form of currency.

Total Cost Analysis When the purchasing staff considers switching to a new supplier or consolidating its purchases with an existing one, it cannot evaluate the supplier based solely on its quoted price. Instead, it must also consider the total acquisition cost, which can in some cases exceed a product’s initial price. The total acquisition cost includes these items: • Material. The list price of the item being bought, less any rebates or discounts. • Freight. The cost of shipping from the supplier to the company. • Packaging. The company may specify special packaging, such as for quantities that differ from the supplier’s standards and for which the supplier charges an extra fee. • Tooling. If the supplier had to acquire special tooling in order to manufacture parts for the company, such as an injection mold, then it will charge through this cost, either as a lump sum or amortized over some predetermined unit volume. • Setup. If the setup for a production run is unusually lengthy or involves scrap, then the supplier may charge through the cost of the setup. • Warranty. If the product being purchased is to be retained by the company for a lengthy period of time, it may have to buy a warranty extension from the supplier. • Inventory. If there are long delays between when a company orders goods and when it receives them, then it must maintain a safety stock on hand to guard against stock-out conditions and support the cost of funds needed to maintain this stock. • Payment terms. If the supplier insists on rapid payment terms and the company’s own customers have longer payment terms, then the company must support the cost of funds for the period between when it pays the supplier and it is paid by its customers. • Currency used. If supplier payments are to be made in a different currency from the company’s home currency, then it must pay for a foreign exchange transaction and may also need to pay for a hedge, to guard against any unfavorable changes in the exchange rate prior to the scheduled payment date. These costs are only the ones directly associated with a product. In addition, there may be overhead costs related to dealing with a specific supplier (see “Sourcing Distance” later in the chapter), which can be allocated to all products purchased from that supplier.

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

The flight attendant verified one more time that everyone’s seat belt was fastened. The passenger seated next to Lucie, a big blond fellow, had practically dug his fingers into the armrests. He stared at her with cocker spaniel eyes. “Here it comes again—I’m starting to feel like I’m dying. I really envy people like you who can sleep anywhere.” Lucie gave him a polite smile. Her mouth was pasty and she didn’t feel like making chitchat. The landing at Montreal-Trudeau airport was soft as could be. The ground temperature was about the same as a classic summer in the north of France. No real sense of disorientation, particularly since much of the population was French-speaking. Once the usual business was behind her—customs, verification of the letter rogatory, the wait at baggage claim, currency exchange—Lucie hailed a cab and let herself collapse onto the backseat. Evening was just beginning here, but across the Atlantic night was well under way.

On the free market, then, the various names that units may have are simply definitions of units of weight. When we were "on the gold standard" before 1933, people liked to say that the "price of gold" was "fixed at twenty dollars per ounce of gold." But this was a dangerously misleading way of looking at our money. Actually, "the dollar" was defined as the name for (approximately) 1/20 of an ounce of gold. It was therefore misleading to talk about "exchange rates" of one country's currency for another. The "pound sterling" did not really "exchange" for five "dollars." The dollar was defined as 1/20 of a gold ounce, and the pound sterling was, at that time, defined as the name for 1/4 of a gold ounce, simply traded for 5/20 of a gold ounce. Clearly, such exchanges, and such a welter of names, were confusing and misleading. How they arose is shown below in the chapter on government meddling with money. In a purely free market, gold would simply be exchanged directly as "grams," grains, or ounces, and such confusing names as dollars, franc, etc., would be superfluous

Among primitive peoples we often find that closely connected groups living under exactly similar conditions develop sharply differentiated fashions, by means of which each group establishes uniformity within, as well as difference without the prescribed set. On the other hand, there exists a wide-spread predilection for importing fashions from without, and such foreign fashions assume a greater value within the circle, simply because they did not originate there. [...] Because of their external origin, these imported fashions create a special and significant form of socialization, which arises through mutual relation to a point without the circle. It sometimes appears as though social elements, just like the axes of vision, converge best at a point that is not too near. The currency, or more precisely the medium of exchange among primitive races, often consists of objects that are brought in from without. [...] Paris modes are frequently created with the sole intention of setting a fashion elsewhere. This motive of foreignness, which fashion employs in its socializing endeavors, is restricted to higher civilization, because novelty, which foreign origin guarantees in extreme form, is often regarded by primitive races as an evil. [...] The savage is afraid of strange appearances; the difficulties and dangers that beset his career cause him to scent danger in anything new which he does not understand and which he cannot assign to a familiar category. Civilization, however, transforms this affectation into its very opposite. Whatever is exceptional, bizarre, or conspicuous, or whatever departs from the customary norm, exercises a peculiar charm upon the man of culture, entirely independent of its material justification. The removal of the feelings of insecurity with reference to all things new was accomplished by the progress of civilization.

On the free market, then, the various names that units may have are simply definitions of units of weight. When we were "on the gold standard" before 1933, people liked to say that the "price of gold" was "fixed at twenty dollars per ounce of gold." But this was a dangerously misleading way of looking at our money. Actually, "the dollar" was defined as the name for (approximately) 1/20 of an ounce of gold. It was therefore misleading to talk about "exchange rates" of one country's currency for another. The "pound sterling" did not really "exchange" for five "dollars." The dollar was defined as 1/20 of a gold ounce, and the pound sterling was, at that time, defined as the name for 1/4 of a gold ounce, simply traded for 5/20 of a gold ounce. Clearly, such exchanges, and such a welter of names, were confusing and misleading. How they arose is shown below in the chapter on government meddling with money. In a purely free market, gold would simply be exchanged directly as "grams," grains, or ounces, and such confusing names as dollars, franc, etc., would be superfluous.

Intellectual life is a way to recover one's real value when it is denied recognition by the power plays and careless judgments of social life. That is why it is a source of dignity. In ordinary social life, knowledge is exchanged for money or for power, for approval or for a sense of belonging, to mark out superiority in status or to achieve a feeling of importance. These are our common currencies, our ways of advancing ourselves or diminishing others. But since a human being is more than his or her social uses, other, more fundamental ways of relating are possible. These forms of communion can consist in the joyful friendship of bookworms or the gritty pursuit of the truth about something together with people one would otherwise find unbearable.

The Social Currency - The intersection of bartering, cryptocurrency, and financing The Social Currency addresses the idea that money is a social construct, and therefore so is poverty. From Capitalism to Communism, economists war over who controls the means of production. It is time for communities to become proactive in control over currency, the means of exchange. Activists around the world are now challenging the idea that money has to be created and controlled by government. In 2017, the bitcoin cryptocurrency that the anonymous Satoshi Nakomoto created and reserved for himself, was worth $22 billion. Minorities, women, and even the disadvantaged among whites struggle to raise valuable capital to develop their goods and services. The Social Currency presents a blockchain powered technology infrastructure for the alleviation of poverty. Finally, the book will address how to comply with some of the regulatory hurdles necessary for the proper implementation of blockchain secure tokens offerings.

Traditional finance uses a centralized authority that maintains distinct currency values across nations. Banks and other financial institutions enable monetary transactions using uniform values that may change, depending on the present GDP (Gross Domestic Product) of the different nations whose currencies are used in particular exchanges.

In human relationships, you must identify all of the relevant currencies, the least valuable of which is money. Other currencies include love, compassion, attention, trust, time, acceptance, friendship, and empathy. Money by itself can rarely substitute for the absence of this other relationship capital. But relationships thrive when multiple currencies are generously exchanged.

Did you know that even if you have been saving 1 Naira daily since 1st of January, you won't still have 1 Dollar by 31st of December? That is how bad the Naira had feared against other currencies of the world. The union called Nigeria doesn't seems to be working, but the government aren't happy to hear that.

To grow the value of our Naira, the government needs to stop borrowing and start looking inward for value propositions within the country itself. We have alternatives to oil and gas, but it is not going to be the fastest way to raise funds that will be siphoned by the government officials. That is why borrowing from China, Brazil and others is seemingly becoming the norm. That works faster and it is the easiest means of raising money than investing in agriculture and others alternatives we have.

According to an analysis report by Jenco, a decentralized financial service platform, “traditional finance uses a centralized authority that maintains distinct currency values across nations. Banks and other financial institutions enable monetary transactions using uniform values that may change, depending on the present GDP of the different nations whose currencies are used in particular exchanges.” “For instance, if the current exchange rate is 1 USD is 0.76 GBP, then all monetary exchanges are based on this present value. Currency values change depending on the time frame and location,” says the same report. Apart from maintaining the distinct currency values across countries, it also works as a restricted medium. This type of financial system uses banks and intermediaries to perform a single transaction. This means that the whole process in this system takes time, where some of it takes days to execute, and it is also costly. Almost every transaction has a service charge attached to it.

lesson is simple. Currency regimes matter. The simple crowding-out story was built for a world that no longer exists. Yet conventional economic theory treats the sequence of falling dominoes as an inevitable consequence of deficit spending. The truth is the story has limited applicability. As Timothy Sharpe put it, “financial crowding-out theory was initially proposed and analysed in the context of a convertible currency system, that is, the gold standard and the Bretton Woods fixed exchange rate agreement (1946–1971).” Taking into account different currency regimes changes everything. That’s what Sharpe discovered in a sweeping empirical investigation, where he separated countries that fit the MMT model—that is, those with monetary sovereignty—from those that fix their exchange rates or borrow in a foreign currency. Consistent with MMT, he concluded that “the empirical evidence reveals crowding-out effects in nonsovereign economies, but not within sovereign economies.” In other words, it’s a mistake to apply the crowding-out story to monetary sovereigns like the US, Japan, the UK, or Australia.

Bitcoin, litecoin, monero, dash, and zcash fulfill the three definitions of a currency: serving as a means of exchange, store of value, and unit of account.

In Figure 9.1, we see that there are five exchanges where placing a trade for 100 bitcoin (at the time, worth about $100,000) would not move the price more than 1 percent—and this was only for U.S. dollar-denominated order books. As can be seen in the upper-right tab, one can compare order books for different currency pairs, like the yuan, yen, euro, and so on.