Currency Futures Quotes

Just for future reference, don't use words like "love" anymore. It's a very sensitive word and it wears out quickly. Romeo barely says it, but John Hinckley filled up a whole journal with it. To put it into your terms, it's a currency that's easily devalued. Pretty soon you're saying it whenever you hang up the phone or whenever you leave. It turns into an apology. Then it's an excuse. Some assholes want it to be a bulletproof vest: don't hate me; I love you. But mostly it just means--more. More, more--give me something more. A couple of years from now, when you're on your own completely, if you really fall in love, if it really comes to that--and I pity you if it does--you have to look right down into the black of her eyes, right down into the emptiness in there and feel everything, absolutely everything she needs and you have to be willing to drown in it, Kevin. You'd have to want to be crushed, buried alive. Because that's what real love feels like--choking. They used to bury some women in their wedding dresses, you know. I thought it was because all those husbands were too cheap to spring for another gown, but now it makes sense: love is your first foot in the grave. That's why the second most abused word is "forever".

People always knock what's new but I love the modern Internet, where cleverness is currency. Social media is a cleverness meritocracy. We're living in it.

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

its mere existence is an insurance policy that will remind governments that the last object the establishment could control, namely, the currency, is no longer their monopoly. This gives us, the crowd, an insurance policy against an Orwellian future.

You’re not user-friendly. You’re too needy. You have no social currency. You’re a freak. Without a normative side, you can’t get in. That’s it. Sorry.

Invitation is not only a step in bringing people together, it is also a fundamental way of being in a community. It manifests the willingness to live in a collaborative way. This means that a future can be created without having to force or sell it or barter for it. When we believe that barter or subtle coercion is necessary, we are operating out of a context of scarcity and self-interest, the core currencies of the economist.

Here’s the dirty little secret: Fiat currency is designed to lose value. Its very purpose is to confiscate your wealth and transfer it to the government. Each time the government prints a new dollar and spends it, the government gets the full purchasing power of that dollar.

In the end it was currency debasement and pure deficit spending to fund the military, public works, social programs, and war that brought down the Roman Empire.

The euro was born with great hopes. Reality has proven otherwise.

If The Dollar represents financialization, and The Dollar is dying, and we are moving towards currencies being backed by commodities, then The Future is REAL. BearPaw Duck And Meme Farm Coin is backed by duck eggs.

To pin the future of blockchain on any one currency, let alone the initial one, means limiting blockchain potential; a potential that once scaled promises to have an unequaled impact on our day-to-day lives. And that really is the stuff of stars.

The near future will see robot suits that allow paraplegics to walk, designer drugs that melt away certain forms of cancer, and computer code being used as both an international currency and a weapon to destroy physical infrastructure halfway around the world.

There are almost 200 currencies of the world, but there’s only one international currency. There are almost 200 currencies controlled by central banks and governments, but there is only one mathematical currency today, and that is bitcoin. We are going to build more of them. Cryptographic currencies are going to be a mainstay of our financial future. They are going to be a part of the future of this planet because they have been invented. It’s as simple as that. You cannot un-invent this technology. You cannot turn this omelette back into eggs.

It is easy to mourn the lives we aren’t living. Easy to wish we’d developed other talents, said yes to different offers. Easy to wish we’d worked harder, loved better, handled our finances more astutely, been more popular, stayed in the band, gone to Australia, said yes to the coffee or done more bloody yoga. It takes no effort to miss the friends we didn’t make and the work we didn’t do and the people we didn’t marry and the children we didn’t have. It is not difficult to see yourself through the lens of other people, and to wish you were all the different kaleidoscopic versions of you they wanted you to be. It is easy to regret, and keep regretting, ad infinitum, until our time runs out. But it is not the lives we regret not living that are the real problem. It is the regret itself. It’s the regret that makes us shrivel and wither and feel like our own and other people’s worst enemy. We can’t tell if any of those other versions would have been better or worse. Those lives are happening, it is true, but you are happening as well, and that is the happening we have to focus on. Of course, we can’t visit every place or meet every person or do every job, yet most of what we’d feel in any life is still available. We don’t have to play every game to know what winning feels like. We don’t have to hear every piece of music in the world to understand music. We don’t have to have tried every variety of grape from every vineyard to know the pleasure of wine. Love and laughter and fear and pain are universal currencies. We just have to close our eyes and savour the taste of the drink in front of us and listen to the song as it plays. We are as completely and utterly alive as we are in any other life and have access to the same emotional spectrum. We only need to be one person. We only need to feel one existence. We don’t have to do everything in order to be everything, because we are already infinite. While we are alive we always contain a future of multifarious possibility. So let’s be kind to the people in our own existence. Let’s occasionally look up from the spot in which we are because, wherever we happen to be standing, the sky above goes on for ever. Yesterday I knew I had no future, and that it was impossible for me to accept my life as it is now. And yet today, that same messy life seems full of hope. Potential. The impossible, I suppose, happens via living. Will my life be miraculously free from pain, despair, grief, heartbreak, hardship, loneliness, depression? No. But do I want to live? Yes. Yes. A thousand times, yes.

Full citizenship rights are the bare minimum one should expect from the government. Yet, for two-thirds of our history, full citizenship was denied to those who built this country from theory to life. African slaves and Chinese workers and Native American environmentalists and Latino gauchos and Irish farmers—and half the population: women. Over the course of our history, these men and women, these patriots and defenders of liberty, have been denied the most profound currency of citizenship: power. Because, let’s be honest, that is the core of this fight. The right to be seen, the right to be heard, the right to direct the course of history are markers of power. In the United States, democracy makes politics one of the key levers to exercising power. So, it should shock none of us that the struggle for dominion over our nation’s future and who will participate is simply a battle for American 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.

Christ-followers are called, in the present, to live the future ethic of the coming Kingdom. Love is the currency of the coming Kingdom of Heaven.

The future looks bright for black market currencies.

trade futures or foreign currencies. This would be a serious limitation

people are very, very busy walking around you, paying with the currency of unhappiness now in order to reach their glorious futures someday…maybe.

Blockchains point the entire digital economy toward something people are calling the Internet of Value. Whereas the first version of the Internet allowed people to send information directly to each other, in the Internet of Value people can send anything of value to each other, be it currencies, assets, or valuable data that was previously too sensitive to transmit online.

Sleepless, obsessed, almost joyful, I reflected on how nothing is less material than money, insamuch as any coin whatsoever (a twenty-centavo piece, let us say) is, strictly speaking, a repertory of possible futures. Money is abstract, I repeated, money is future time. It can be an evening in the suburbs, it can be the music of Brahms, it can be chess, it can be coffee, it can be the words of Epictetus teaching us to despise gold.

Investors who focus on currencies, bonds, and stock markets generally assume a normal distribution of price changes: values jiggle up and down, but extreme moves are unusual. Of course, extreme moves are possible, as financial crashes show. But between 1985 and 2015, the S&P 500 stock index budged less than 3 percent from its starting point on 7,663 out of 7,817 days; in other words, for fully 98 percent of the time, the market is remarkably stable.

As yet, though we live in a culture in which images are the dominant currency of communication, we have been unable to form an adequate picture of the future. Despite the new electronic power to create instant image flow, the ability to see the more diffuse Postmodern connections . . . has become more difficult. . . . It is harder to visualize a multinational identity than a local entity. We can only see the world by forming a picture through various specialized mediations. . . . We now lack a convincing vision...

There is no more precious currency than the unfettered liberty to explore while engaged in an "Idea Economy". You cannot centrally plan the "Idea Economy" any more than you can plan fun or spontaneity. Regulations are restraints in an "Idea Economy". The entrepreneur is either free to experiment or not.

The five largest criminal syndicates—Japan’s Yakuza, the Russian Bratva, Italy’s Camorra and ’Ndrangheta, and Mexico’s Sinaloa—have globalized the reach of their operations and rake in an estimated $1 trillion per year as they bridge the supply and demand for rhino horns, counterfeit currency, synthetic drugs, and prostitutes.

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

Over the years I have read many, many books about the future, my ‘we’re all doomed’ books, as Connie liked to call them. ‘All the books you read are either about how grim the past was or how gruesome the future will be. It might not be that way, Douglas. Things might turn out all right.’ But these were well-researched, plausible studies, their conclusions highly persuasive, and I could become quite voluble on the subject. Take, for instance, the fate of the middle-class, into which Albie and I were born and to which Connie now belongs, albeit with some protest. In book after book I read that the middle-class are doomed. Globalisation and technology have already cut a swathe through previously secure professions, and 3D printing technology will soon wipe out the last of the manufacturing industries. The internet won’t replace those jobs, and what place for the middle-classes if twelve people can run a giant corporation? I’m no communist firebrand, but even the most rabid free-marketeer would concede that market-forces capitalism, instead of spreading wealth and security throughout the population, has grotesquely magnified the gulf between rich and poor, forcing a global workforce into dangerous, unregulated, insecure low-paid labour while rewarding only a tiny elite of businessmen and technocrats. So-called ‘secure’ professions seem less and less so; first it was the miners and the ship- and steel-workers, soon it will be the bank clerks, the librarians, the teachers, the shop-owners, the supermarket check-out staff. The scientists might survive if it’s the right type of science, but where do all the taxi-drivers in the world go when the taxis drive themselves? How do they feed their children or heat their homes and what happens when frustration turns to anger? Throw in terrorism, the seemingly insoluble problem of religious fundamentalism, the rise of the extreme right-wing, under-employed youth and the under-pensioned elderly, fragile and corrupt banking systems, the inadequacy of the health and care systems to cope with vast numbers of the sick and old, the environmental repercussions of unprecedented factory-farming, the battle for finite resources of food, water, gas and oil, the changing course of the Gulf Stream, destruction of the biosphere and the statistical probability of a global pandemic, and there really is no reason why anyone should sleep soundly ever again. By the time Albie is my age I will be long gone, or, best-case scenario, barricaded into my living module with enough rations to see out my days. But outside, I imagine vast, unregulated factories where workers count themselves lucky to toil through eighteen-hour days for less than a living wage before pulling on their gas masks to fight their way through the unemployed masses who are bartering with the mutated chickens and old tin-cans that they use for currency, those lucky workers returning to tiny, overcrowded shacks in a vast megalopolis where a tree is never seen, the air is thick with police drones, where car-bomb explosions, typhoons and freak hailstorms are so commonplace as to barely be remarked upon. Meanwhile, in literally gilded towers miles above the carcinogenic smog, the privileged 1 per cent of businessmen, celebrities and entrepreneurs look down through bullet-proof windows, accept cocktails in strange glasses from the robot waiters hovering nearby and laugh their tinkling laughs and somewhere, down there in that hellish, stewing mess of violence, poverty and desperation, is my son, Albie Petersen, a wandering minstrel with his guitar and his keen interest in photography, still refusing to wear a decent coat.

I don’t like the word purpose. It implies that somewhere in the future I will find something that will make me happy, and that until then, I will be unhappy. People fool themselves into thinking that the currency of unhappiness will buy them happiness. That we have to “pay our dues,” go on some sort of ride, and then get dropped off at a big location called our “purpose,” where now we can be happy.

Human colour is the colour I'm truly interested in, the colour of your humanity. May the size of your heart and the depth of your soul be your currency. welcome aboard my Good Ship. Let us sail to the colourful island of misex identity. You can eat from the cooking pot of mixed culture and bathe in the cool shade of being mixed-race. There is no need for a passport. There are no borders. We are all citizens of the world. Whatever shade you are, bring your light, bring your colour, bring your music and your books, your stories and your histories, and climb aboad. United as a people we are a million majestic colours, together we are a glorious stained-glass window. We are building a cathedral of otherness, brick by brick and book by book. Raise your glass of rum, let's toast to the minorities who are the majority. There's no stopping time, nor the blurring of lines or the blending of shades. With a spirit of hope I leave you now. I drink to our sameness and to our unique differences. This is the twenty-first century and we share this, we live here, in the future. It is a beautiful morning, it is first light on the time of being other, so get out from that shade and feel the warmth of being outside. You tick: Other.

If you take away the state’s monopoly over the means of economic interaction, then you take away one of the three principal ingredients of the state. In the model of the state as a mafia, where the state is a protection racket, the state shakes people down for money in every possible way. Controlling currency flows is important for revenue-raising by the state, but it is also important for simply controlling what people do...

Player investment design lead' is a role that every single collaborative project or crowd initiative should fill in the future. When the game is intrinsically rewarding to play, you don't have to pay people to participate - with real currency, virtual currency, or any other kind of scarce reward. Participation is its own reward, when the player is properly invested in his or her progress, in exploring the world fully, and in the community's success.

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.

Chen shared a story with me about his in-laws. It was shortly after the 2008 financial crisis. Chen had no reason to expect his in-laws were worried. They were in their eighties and they were financially secure. The crash had not hurt their lifestyle. But they watched the response to the crisis from governments around the world, and they remembered what they had seen before. He asked them why they were worried. Their answer stayed with him: “First currency wars, then trade wars, then real wars.

The military cultivates civilians including scholars, journalists, and analysts, providing them selective access to the institution and punishing them—either with physical harm (or the threat of it) to the author or her family members or simply with the denial of future access—should they produce knowledge that harms the interests of the army. Since access is perhaps the most valuable currency among those who wish to be and remain experts on the military, the army uses this implied transaction to produce sympathetic assessments of the armed forces and their actions and goals.

Nearly every aspect of modern civilization has been flattening down except one: money. Minting money is one of the last jobs left for a central government that most political parties agree is legitimate. It takes a central bank to battle the perennial scourges of counterfeit and fraud. Someone has to regulate the amount of money issued, keep track of the serial numbers, ensure that the money is trusted. A robust currency requires accuracy, coordination, security, enforcement—and an institution that takes responsibility for all those. Thus behind every currency stands a watchful central bank.

[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.

Really, I am not far off from a character in Pride and Prejudice. My entire future will also depend upon the advantageousness of my marriage. Status and reputation are just as important in my community, and based on equally trivial terms; while financial standing seems to be the primary concern of the exquisitely civilized Brits, my world emphasizes a more spiritual form of currency. What is most obvious to me about Elizabeth’s thoughts and expressions is her innate frustration; perhaps she too is furious at being put in the humiliating position that women are always falling into, that inevitable role of the object to be chosen by the male, in whom all power rests.

The relevant time scale for superhuman AI is less predictable, but of course that means it, like nuclear fission, might arrive considerably sooner than expected. One formulation of the “it’s too soon to worry” argument that has gained currency is Andrew Ng’s assertion that “it’s like worrying about overpopulation on Mars.”11 (He later upgraded this from Mars to Alpha Centauri.) Ng, a former Stanford professor, is a leading expert on machine learning, and his views carry some weight. The assertion appeals to a convenient analogy: not only is the risk easily managed and far in the future but also it’s extremely unlikely we’d even try to move billions of humans to Mars in the first place. The analogy is a false one, however. We are already devoting huge scientific and technical resources to creating ever-more-capable AI systems, with very little thought devoted to what happens if we succeed.

The world order, largely intact since the end of the World War II, seems to be breaking down. Capitalism, and its relentless march towards progress, allowed many to win. Although no system is perfect, the rules by which capitalism operated were well regarded and understood. You could expect that if you made a big bet and were wrong, you would be wiped out—but if you were right, your hard work, ingenuity, or risk taking would be rewarded. In game theory, we could call this a dominant cooperative strategy, and it dominated for the better part of the twentieth century. The rise of fiat currencies that could be manipulated domestically and the bailout in 2008 changed that strategy to one where the players whose bad bets caused the crisis, instead of being wiped out, were rewarded handsomely. Capitalism’s long-dominant cooperative strategy was replaced by a non-dominant strategy, crony capitalism, where the cheaters won.

I might have said you'll pay for the wild & reckless hour, pay in the currency of sweat and shiver, the future squandered, the course of years reconfigured, relinquishment so complete it's more utter than any falling in love. Falling instead in flames, burning tiles spiraling to litter the courtyards of countless places that will never be yours, the fingerprints, tossed gloves & glittering costumes, flared cornices & parapets, shattering panes, smoked out or streaked with embers, the tinder of spools, such a savage conflagration, stupid edge-game, the way junkies tempt death, over & over again, toy with it. I might have told you that. Everything you ever meant to be, pfft, out the window in sulphured matchlight, slow tinder & strike, possession purely ardent as worship & the scream working its way out of your bones, demolition of wall & strut within until you’re stark animal need. That is love, isn’t it? Everything you meant to be falls away so you dwell within a perfect singularity, a kind of saint.

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

Economics today creates appetites instead of solutions. The western world swells with obesity while others starve. The rich wander about like gods in their own nightmares. Or go skiing in the desert. You don’t even have to be particularly rich to do that. Those who once were starving now have access to chips, Coca-Cola, trans fats and refined sugars, but they are still disenfranchized. It is said that when Mahatma Gandhi was asked what he thought about western civilization, he answered that yes, it would be a good idea. The bank man’s bonuses and the oligarch’s billions are natural phenomena. Someone has to pull away from the masses – or else we’ll all become poorer. After the crash Icelandic banks lost 100 billion dollars. The country’s GDP had only ever amounted to thirteen billion dollars in total. An island with chronic inflation, a small currency and no natural resources to speak of: fish and warm water. Its economy was a third of Luxembourg’s. Well, they should be grateful they were allowed to take part in the financial party. Just like ugly girls should be grateful. Enjoy, swallow and don’t complain when it’s over. Economists can pull the same explanations from their hats every time. Dream worlds of total social exclusion and endless consumerism grow where they can be left in peace, at a safe distance from the poverty and environmental destruction they spread around themselves. Alternative universes for privileged human life forms. The stock market rises and the stock market falls. Countries devalue and currencies ripple. The market’s movements are monitored minute by minute. Some people always walk in threadbare shoes. And you arrange your preferences to avoid meeting them. It’s no longer possible to see further into the future than one desire at a time. History has ended and individual freedom has taken over. There is no alternative.

And spend they did. Money circulated faster and spread wider through its communities of use than at any other time in economic history.8 Workers labored fewer days and at higher wages than before or since; people ate four meals a day; women were taller in Europe than at any time until the 1970s; and the highest percentage on record of business profits went to preventative maintenance on equipment. It was a period of tremendous growth and wealth. Meanwhile, with no way of storing or growing value with this form of money over the long term, people made massive investments in architecture, particularly cathedrals, which they knew would attract pilgrims and tourists for years to come. This was their way of investing in the future, and the pre-Renaissance era of affluence became known as the Age of Cathedrals. The beauty of a flow-based economy is that it favors those who actively create value. The problem is that it disfavors those who are used to reaping passive rewards. Aristocratic landowning families had stayed rich for centuries simply by being rich in the first place. Peasants all worked the land in return for enough of their own harvest on which to subsist. Feudal lords did not participate in the peer-to-peer economy facilitated by local currencies, and by 1100 or so, most or the aristocracy’s wealth and power was receding. They were threatened by the rise of the merchant middle class and the growing bourgeois population, and had little way of participating in all the sideways trade. The wealthy needed a way to make money simply by having money. So, one by one, each of the early monarchies of Europe outlawed the kingdom’s local currencies and replaced them with a single central currency. Instead of growing their money in the fields, people would have to borrow money from the king’s treasury—at interest. If they wanted a medium through which to transact at the local marketplace, it meant becoming indebted to the aristocracy.

Bitcoin is not a currency. Bitcoin is the internet of money. As a technology, it can bring economic inclusion and empowerment to billions of people in the world. I’ll give you one example of a specific application that is going to fundamentally change the lives of more than a billion people in the next five to ten years. ​ Every day, an immigrant somewhere cashes their paycheck and stands in line to wire 50 percent of that paycheck back to their home country to feed their extended family. Here in the US, 60 million people have no bank accounts, yet they cash their paychecks and send them abroad. Overall in the world, $550 billion is transmitted every year as remittances from first-world countries. Much of that money is sent to five major destinations: Mexico, India, the Philippines, Indonesia, and China. In some of these places, remittances represent up to 40 percent of the local economy. Sitting on top of that flow of $550 billion are companies like Western Union, and they take, on average, a cut of 9 percent of every single one of these transactions out of the pockets of the poorest people of the world. Imagine what happens when one day one of these immigrants figures out they can do the same thing with bitcoin — not for 15 percent, not 10 percent, not 5 percent, but for 5 cents. Not a percentage; a flat fee. What happens when they can do that? They can, right now. There is a startup company that is handling remittances between the US and the Philippines. They’re doing a few million dollars right now, but they’re going to start growing. There’s $500 billion sitting behind that dam. When you’re an immigrant and you can change your financial future by not paying 9 percent to send money home, imagine what happens if every month, instead of sending 91 dollars home, you send 100 dollars home. That makes a difference. There are a billion people, right now, with access to the internet and feature phones who could use bitcoin as an international wire-transfer service.

It is easy to mourn the lives we aren’t living. Easy to wish we’d developed other talents, said yes to different offers. Easy to wish we’d worked harder, loved better, handled our finances more astutely, been more popular, stayed in the band, gone to Australia, said yes to the coffee or done more bloody yoga. It takes no effort to miss the friends we didn’t make and the work we didn’t do and the people we didn’t marry and the children we didn’t have. It is not difficult to see yourself through the lens of other people, and to wish you were all the different kaleidoscopic versions of you they wanted you to be. It is easy to regret, and keep regretting, ad infinitum, until our time runs out. But it is not the lives we regret not living that are the real problem. It is the regret itself. It’s the regret that makes us shrivel and wither and feel like our own and other people’s worst enemy. We can’t tell if any of those other versions would have been better or worse. Those lives are happening, it is true, but you are happening as well, and that is the happening we have to focus on. Of course, we can’t visit every place or meet every person or do every job, yet most of what we’d feel in any life is still available. We don’t have to play every game to know what winning feels like. We don’t have to hear every piece of music in the world to understand music. We don’t have to have tried every variety of grape from every vineyard to know the pleasure of wine. Love and laughter and fear and pain are universal currencies. We just have to close our eyes and savour the taste of the drink in front of us and listen to the song as it plays. We are as completely and utterly alive as we are in any other life and have access to the same emotional spectrum. We only need to be one person. We only need to feel one existence. We don’t have to do everything in order to be everything, because we are already infinite. While we are alive we always contain a future of multifarious possibility. So let’s be kind to the people in our own existence. Let’s occasionally look up from the spot in which we are because, wherever we happen to be standing, the sky above goes on for ever.

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.

I want to begin my fight for the future of our world with the sharing of a vision. Everyone has, or should have, a vision. This is mine. It is a simple vision, really. It begins with the creation of a single, sane, planetary civilization. That will have to be very much like a utopia. People will deny the possibility of such a dream. They will say that people have always been at each other's throats, that this is just human nature, the way of the world. That we can never change the world. But that is just silly. That is like saying that two battling brothers, children, will never grow up to be the best of friends who watch each other’s backs. Once, a long time ago, people lost their sons and daughters to the claws of big cats. In classic times, the Greeks and the Romans saw slavery as evil, but as a necessary evil that could never go away. Only seventy years ago, Germany and France came to death blows in the greatest war in history; now they share a common currency, open borders, and a stake in the future of Europe. The Scandinavians once terrorized the world as marauding Vikings gripping bloody axes and swords, while now their descendents refrain from spanking their children, and big blond–haired men turn their hands to the care of babies. We all have a sense of what this new civilization must look like: No war. No hunger. No want. No very wealthy using their money to manipulate laws and lawmakers so that they become ever more wealthy while they cast the poor into the gutters like garbage. The wasteland made green again. Oceans once more teeming with life. The human heart finally healed. A new story that we tell ourselves about ourselves and new songs that we sing to our children. The vast resources once mobilized for war and economic supremacy now poured into a true science of survival and technologies of the soul. I want this to be. But how can it be? How will we get from a world on the brink of destruction to this glorious, golden future? I do not know. It is not for any one person to know, for to create the earth anew we will need to call upon the collective genius and the good will of the entire human race. We will need all our knowledge of history, anthropology, religion, and science, and much else. We will need a deep, deep sympathy for human nature, in both its terrible and angelic aspects.

Sung was a land which was famous far and wide, simply because it was so often and so richly insulted. However, there was one visitor, more excitable than most, who developed a positive passion for criticizing the place. Unfortunately, the pursuit of this hobby soon lead him to take leave of the truth. This unkind traveler once claimed that the king of Sung, the notable Skan Askander, was a derelict glutton with a monster for a son and a slug for a daughter. This was unkind to the daughter. While she was no great beauty, she was definitely not a slug. After all, slugs do not have arms and legs - and besides, slugs do not grow to that size. There was a grain of truth in the traveler's statement, in as much as the son was a regrettable young man. However, soon afterwards, the son was accidentally drowned when he made the mistake of falling into a swamp with his hands and feet tied together and a knife sticking out of his back. This tragedy did not encourage the traveler to extend his sympathies to the family. Instead, he invented fresh accusations. This wayfarer, an ignorant tourist if ever there was one, claimed that the king had leprosy. This was false. The king merely had a well-developed case of boils. The man with the evil mouth was guilty of a further malignant slander when he stated that King Skan Askander was a cannibal. This was untrue. While it must be admitted that the king once ate one of his wives, he did not do it intentionally; the whole disgraceful episode was the fault of the chef, who was a drunkard, and who was subsequently severely reprimanded. .The question of the governance, and indeed, the very existence of the 'kingdom of Sung' is one that is worth pursuing in detail, before dealing with the traveler's other allegations. It is true that there was a king, his being Skan Askander, and that some of his ancestors had been absolute rulers of considerable power. It is also true that the king's chief swineherd, who doubled as royal cartographer, drew bold, confident maps proclaiming that borders of the realm. Furthermore, the king could pass laws, sign death warrants, issue currency, declare war or amuse himself by inventing new taxes. And what he could do, he did. "We are a king who knows how to be king," said the king. And certainly, anyone wishing to dispute his right to use of the imperial 'we' would have had to contend with the fact that there was enough of him, in girth, bulk, and substance, to provide the makings of four or five ordinary people, flesh, bones and all. He was an imposing figure, "very imposing", one of his brides is alleged to have said, shortly before the accident in which she suffocated. "We live in a palace," said the king. "Not in a tent like Khmar, the chief milkmaid of Tameran, or in a draughty pile of stones like Comedo of Estar." . . .From Prince Comedo came the following tart rejoinder: "Unlike yours, my floors are not made of milk-white marble. However, unlike yours, my floors are not knee-deep in pigsh*t." . . .Receiving that Note, Skan Askander placed it by his commode, where it would be handy for future royal use. Much later, and to his great surprise, he received a communication from the Lord Emperor Khmar, the undisputed master of most of the continent of Tameran. The fact that Sung had come to the attention of Khmar was, to say the least, ominous. Khmar had this to say: "Your words have been reported. In due course, they will be remembered against you." The king of Sung, terrified, endured the sudden onset of an attack of diarrhea that had nothing to do with the figs he had been eating. His latest bride, seeing his acute distress, made the most of her opportunity, and vigorously counselled him to commit suicide. Knowing Khmar's reputation, he was tempted - but finally, to her great disappointment, declined. Nevertheless, he lived in fear; he had no way of knowing that he was simply the victim of one of Khmar's little jokes.

So what should you do, right now then? Well you should start by listening to George Bernard Shaw who said that, “all progress depends on the unreasonable man.” Graduation gives you the courage to be unreasonable. Don’t bother to have a plan. Instead let’s have some luck. Success is really about being ready for the good opportunities that come before you. It’s not to have a detailed plan about everything you’re going to do, you can’t plan innovation or inspiration, but you can be ready for it. And when you see it, you can jump on it and you can make a difference, as many of the people here have already done. Leadership and personality matters a lot. Intelligence, education, and analytical reasoning matter. Trust matters. In the network world, trust is the most important currency. Which brings me to my final question. What is, in fact, the meaning of life? And in a world where everything is remembered and everything is kept forever–the world you are in–you need to live for the future and the things you really care about. And what are those things? Well in order to know that, I hate to say it, but you’re going to have to turn off your computer. You’re actually going to have to turn off your phone and discover all that is human around us. You’ll find that people really are the same all around the world. They really do care about the same things. You’ll find that the resilience of a human being and the human spirit is amazing. You’ll find today that the best chance you will ever have is right now, to start being unreasonable. You’ll find that a mind set in its way is a life wasted–don’t do it.

Early twentieth-century English writers Hilaire Belloc and G. K. Chesterton—and, later, a young Marshall McLuhan—saw in distributism a definitive answer to the failures of both capitalism and state socialism.6, 7, 8 They looked to that same brief moment in the late Middle Ages we’ve been exploring, when the market was in ascendance and former peasants were making and trading things, as the best example of the ideal economic system. Wealth was relatively widely dispersed, and people had a great deal of control over their livelihoods. They had access to the commons, to a low-cost marketplace, and to their own currencies and credit systems. Craftspeople belonged to trade guilds that both bounded their investment of labor and allowed for the advancement of skills to successive generations. The former peasants of this period became so collectively wealthy that they used their surplus profits to build cathedrals and municipal projects as investments in the future. The centralization of power by the aristocracy and the great Renaissance that followed, according to all three popes, were less a pinnacle of human achievement than an undeserved celebration of dehumanizing technologies, economic injustice, colonial slavery, and an increasingly mechanized approach to life. In distributism, they saw a way to bring back what had been forcibly left behind by the industrial age and the rise of Protestant values that were, not coincidentally, much more directed toward personal achievement, individual wealth, and progress. But

Almost unnoticed, in the niches and hollows of the market system, whole swathes of economic life are beginning to move to a different rhythm. Parallel currencies, time banks, cooperatives and self-managed spaces have proliferated, barely noticed by the economics profession, and often as a direct result of the shattering of old structures after the 2008 crisis. New forms of ownership, new forms of lending, new legal contracts: a whole business subculture has emerged over the past ten years, which the media has dubbed the ‘sharing economy’. Buzzterms such as the ‘commons’ and ‘peer-production’ are thrown around, but few have bothered to ask what this means for capitalism itself. I believe it offers an escape route – but only if these micro-level projects are nurtured, promoted and protected by a massive change in what governments do. This must in turn be driven by a change in our thinking about technology, ownership and work itself. When we create the elements of the new system we should be able to say to ourselves and others: this is no longer my survival mechanism, my bolt-hole from the neoliberal world, this is a new way of living in the process of formation. In the old socialist project, the state takes over the market, runs it in favour of the poor instead of the rich, then moves key areas of production out of the market and into a planned economy. The one time it was tried, in Russia after 1917, it didn’t work. Whether it could have worked is a good question, but a dead one. Today the terrain of capitalism has changed: it is global, fragmentary, geared to small-scale choices, temporary work and multiple skill-sets. Consumption has become a form of self-expression – and millions of people have a stake in the finance system that they did not have before. With the new terrain, the old path is lost. But a different path has opened up. Collaborative production, using network technology to produce goods and services that work only when they are free, or shared, defines the route beyond the market system. It will need the state to create the framework, and the postcapitalist sector might coexist with the market sector for decades. But it is happening." (from "PostCapitalism: A Guide to Our Future" by Paul Mason)

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

Inflation differential: Higher inflation in one county results in discount of that country’s currency in future. If the rate of inflation in India and USA are 8% and 4%, respectively, INR would depreciate and USD would appreciate by 4% per year. For

Relational intelligence is the future competitive advantage for leaders. In the new world the capacity to establish, develop, and maintain key relationships both inside and outside your organization is going to become the primary currency of leadership influence.

the currency of the future will be memory

Get to know the interface   Now that you have caught your very first Pokémon, you’re set to shape your own Pokémon future and catch them all. Back on the map, which will be the screen you visit the most, you can find various points of interest, including your character’s position. Your position on the map is updated with real-time movement in your actual surroundings. Around your character is a radius, indicated with a purple circle. You can interact with points of interest within this radius. Do note that you will only be able to interact and move around when you have an active internet connection and when the application has access to your location.   Around your character, you will see blue floating cubes: PokéStops, as well as colored buildings: gyms. We will be treating these more carefully later on in the book. On the bottom of your screen you will see three main buttons: left being your avatar, right being Pokémon that are nearby and the middle button functions as the menu.   When you tap your avatar button, you can see your character and character name, your level, your balance, a journal of your activities, your team and last but not least: your medals. Increasing your level is achieved by gaining XP, short for experience. There are various ways to gain experience, which we will cover later on in this book. In this chapter, we just want to familiarize ourselves with the interface. You can check the requirements of any achievement by simply tapping on either of them.   When you make it back to the map, we will check out the middle button next to familiarize ourselves with the main menu. There are four subdivisions in the main menu: the Pokédex, the Shop, your Pokémon and your Items. First up is the Pokédex, it contains all the Pokémon you can come across in the game numbered accordingly. Whenever you catch a Pokémon, it will be added to the Pokédex and you can check their traits by simply tapping that particular Pokémon within your Pokédex. You will be shown a brief description about the Pokémon, its possible evolutions (if applicable), the type and how many times you have encountered and caught such Pokémon.   In the Shop, you’re able to spend your Pokécoins, which is your balance or currency. Pokécoins can be acquired by maintaining one or multiple gyms, but can also be bought directly through the store for real life currency. In the Shop you can buy various items such as Poké Balls, incense, eggs, and many more items and upgrades.   The third category in the main menu shows your Pokémon. In the beginning you can carry up to 250 Pokémon and up to 9 eggs, which are also included in the Pokémon tab count. If you wish to exceed these values, you can purchase upgrades in the Shop to increase your capacity. Your Pokémon are listed with their CP, short for Combat Power and their current HP, short for Health Points. The higher a Pokémon’s combat power, the stronger this Pokémon is and the harder it would be to catch.

It is a slow day in the small Saskatchewan town of Pumphandle, and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit. A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night. As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher. The butcher takes the $100 and runs down the street to retire his debt to the pig farmer. The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op. The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit. The hooker rushes to the hotel and pays off her room bill with the hotel owner. The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything. At that moment, the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill, and leaves. No one produced anything. No one earned anything. However, the whole town is now out of debt and looking to the future with a lot more optimism.

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

Each time you perform a positive action, it is like depositing money into your karmic bank account. Each time you do something hurtful or negative, it is like writing a check from that bank account. The goal is to build up as much karmic currency as possible in order to ensure your current and future lifetimes will be filled with positive, happy energy.

Historically, cryptoassets have most commonly been referred to as cryptocurrencies, which we think confuses new users and constrains the conversation on the future of these assets. We would not classify the majority of cryptoassets as currencies, but rather most are either digital commodities (cryptocommodities), provisioning raw digital resources, or digital tokens (cryptotokens), provisioning finished digital goods and services.

The Maastricht Treaty. Superseding the Treaty of Rome, the pro-visions of the Maastricht Treaty openly aspired toward a centralized European Superstate: the European Union (EU)—with a common foreign policy, a common military, a common currency, and a common judiciary.

Bitcoin is a strange financial instrument that is both a currency and an investment. You can use bitcoins to buy and sell things online, or you can buy and hold (or hodl) bitcoins in the hopes of turning a profit. Bitcoin is like Venmo (or PayPal), but if you sent and received stocks. This makes Bitcoin a truly unique financial invention

What kind of currency, then, could be aligned with the living world so that it promoted regenerative investments rather than pursuing endless accumulation? One possibility is a currency bearing demurrage, a small fee incurred for holding money, so that it tends to lose rather than gain in value the longer it is held. The fact that demurrage is an unfamiliar term shows how accustomed we are to the ever-rising financial escalator that we ride – like knowing the idea of ‘up’ but not ‘down’, ‘more’ but not ‘less’. But demurrage is a word worth knowing because it could just feature in the financial future.

Good Money does the opposite, in a half-dozen different ways. Technically a mobile wallet, Good Money lives on your phone and holds both regular and crypto currencies. It can be used at any ATM, with zero annual fees, no ATM charges, and an interest rate a hundred times larger than most banks. Customers also become owners.

TransferWise is using a modified dating app to take on the entire foreign currency exchange market. In fact, because it’s easier to match people looking to exchange currency than it is to match people looking to date, the company reached a billion-dollar valuation in under five years.

One promising way of redefining the meaning of ‘economist’ is to look to those who have gone beyond new economic thinking to new economic doing: the innovators who are evolving the economy one experiment at a time. Their impact is already reflected in the take-off of new business models, in the proven dynamism of the collaborative commons, in the vast potential of digital currencies and in the inspiring possibilities of regenerative design. As Donella Meadows made clear, the power of self-organisation—the ability of a system to add, change and evolve its own structure—is a high leverage point for whole system change. And that unleashes a revolutionary thought: it makes economists of us all. If economies change by evolving, then every experiment—be it a new enterprise model, complementary currency or open-source collaboration —helps to diversify, select and amplify a new economic future.

As a physics major, before getting her hands dirty in New York, she had assumed that money is printed by a nation’s central bank, from where it is distributed to commercial banks. But while this is indeed how cash is created, cash accounts for only 3 per cent of all money. What of the remaining 97 per cent? Surprise and then foreboding were the reactions of every student to whom she had explained how the missing 97 per cent was created – and by whom: not by central banks but by commercial and investment bankers. At this point, her students would ask, ‘Without access to state-sanctioned printing presses, how do private bankers create money?’ ‘Simple,’ she would reply. ‘Every time a banker approves a loan of, say, one million dollars for Jack, a typical business customer, the banker just types 1,000,000 on Jack’s bank statement. However incredible it may seem, that’s all it takes. Bankers create money by granting loans by typing in some numbers!’ The crucial thing, she would explain, is that these numbers are typed into a shared database – or ledger – to which only the bankers have access. When their customers transfer this ‘money’ between them – when Jack transfers numbers from his account to the account of a supplier, say Jill, or of a builder, say Bob, or of a worker, say Kate, and when in turn, Jill, Bob and Kate transfer their numbers on, in the same way, to others to whom they owe money – these numbers simply migrate from one cell in the database to another. For this system to be sustainable, and not merely a pyramid scheme, there is a single condition: that, somewhere down the line, the one million dollars which some banker typed into existence on Jack’s behalf results in new goods and services whose total market value exceeds one million dollars. It is from this surplus that the banker takes his interest and Jack his profit. This is what Iris was referring to as a fool’s wager when she said that bankers plundered value from the future, or when Costa had once claimed that capitalism, like science fiction, trades in future assets using fictitious currency. It is in their nature that the wealthier bankers become by creating money, the more money they tend to create. The danger of such a system, of course, is that the banks end up typing into existence sums of money vastly larger than the market value of the goods and services created as a result of Jack, Jill, Bob and Kate’s endeavours. At the point when the bankers have collectively created money sums greater than the resulting values, the present can no longer repay the future for the money it borrowed from it. The moment Jack, Jill, Bob and Kate get a whiff of this, they may demand their bank balances in cash, sensing that the total value on the bankers’ database is lower than the actual value of their customers’ assets. ‘At that point, a bank run sets in,’ Eva would tell her students, ‘and that’s when the system comes crashing down.

Here’s a little thought experiment: Let’s take three radically disruptive technologies and mash them together. Bitcoin. Uber. Self-driving cars. What happens when you mash the three together? The self-owning car. A car that pays for its Toyota lease, its insurance, and its gas, by giving people rides. A car that is not owned by a corporation. A car that is a corporation. A car that is a shareholder and owner of its own corporation. A car that exists as an autonomous financial entity with no human ownership. This has never happened before, and that’s just the beginning. Audience member gasps: "Oh shit!" I can guarantee you that one of the first distributed autonomous corporations is going to be a fully autonomous, artificial-intelligence-based ransomware virus that will go out and rob people online of their bitcoin, and use that money to evolve itself to pay for better programming, to buy hosting, and to spread. That’s one vision of the future. Another vision of the future is a digital autonomous charity. Imagine a system that takes donations from people, and using those donations it monitors social media like Twitter and Facebook. When a certain threshold is reached and it sees 100,000 people talking about a natural disaster, like a typhoon in the Philippines, it can marshal the donations and automatically fund aid in that area, without a board of directors, without shareholders. One hundred percent of donations goes directly to charitable causes. Anyone can see the rules by which that autonomous altruistic charity works. We are beginning to approach things we have never seen before. This is not just a currency. Now, let’s look at how the bitcoin community is addressing this incredible potential with their design choices and metaphors. Oh boy, it’s a mess.

The traditional currency on Yap is giant stone rings known as rai stones. These stones are massive: some reach ten feet across[33] and weigh as much as a pickup truck.

German officials knew it in 1964, as they knew it in 1992: for the French elites, a common currency with Germany was an attempt to neuter Germany, indeed to conquer the Bundesbank without firing a single shot. German decision makers, especially Bundesbank officials, would never allow themselves to forget that. But

Even after most cultures established monetary economies, day-to-day transactions within close-knit social groups, from families to tribes, was still mostly without price. The currencies of generosity, trust, goodwill, reputation, and equitable exchange still dominate the goods and services of the family, the neighborhood, and even within the workplace. In general, no cash is required among friends.

Every breath we take from the air Takes oxygen from an insect’s lungs mid-prayer And every exhalation does loudly declare That in the currency of life, we’re millionaires. A butterfly flapped it’s wings and Rome fell A passerby’s whistle cracked the liberty bell And I dare urge the daring not to yell Lest we so bid a skyscraper a rough farewell. A snake’s tongue slithered and man did sin Let me tell you how the waves from a shark’s fin Did set the tides on D-Day and let the allies win; Chance and destiny are identical twins. A word was spoken and the earth created Another phrase and the future was dictated And so every action must be carefully weighted We just never know how things are interrelated.

Being a landlocked nation without access to shipping ports is one kind of poverty trap; being stuck in a cycle of civil war is another. One of the most insidious of these is the resource curse, which goes like this: When a developing nation discovers a new natural resource, this causes its currency to rise against other currencies and has the downstream effect of making other exportable commodities uncompetitive.

The currency of the future is not gold, money, data, or crypto but our emotional energy. With it, each one of us can be a billionaire.

Gareth Joyce, Proterra’s president and former chief sustainability officer for Delta Airlines, believes that we need a new currency for carbon removal credits. The ideal system would reward investments in future tech solutions and at the same time keep money flowing into the nature-based approaches used today.

O.K., Lerner: His argument was that countries that (a) rely on fiat money they control and (b) don’t borrow in someone else’s currency don’t face any debt constraints, because they can always print money to service their debt. What they face, instead, is an inflation constraint: too much fiscal stimulus will cause an overheating economy. So their budget policies should be entirely focused on getting the level of aggregate demand right: the budget deficit should be big enough to produce full employment, but not so big as to produce inflationary overheating.

Structured data includes simple data inputs like numerical values, dates, currencies, or addresses. Unstructured data includes data types that are more complicated to analyze, such as text, images, and video.

) It is easy to mourn the lives we aren’t living. Easy to wish we’d developed other talents, said yes to different offers. Easy to wish we’d worked harder, loved better, handled our finances more astutely, been more popular, stayed in the band, gone to Australia, said yes to the coffee or done more bloody yoga. It takes no effort to miss the friends we didn’t make and the work we didn’t do and the people we didn’t marry and the children we didn’t have. It is not difficult to see yourself through the lens of other people, and to wish you were all the different kaleidoscopic versions of you they wanted you to be. It is easy to regret, and keep regretting, ad infinitum, until our time runs out. But it is not the lives we regret not living that are the real problem. It is the regret itself. It’s the regret that makes us shrivel and wither and feel like our own and other people’s worst enemy. We can’t tell if any of those other versions would have been better or worse. Those lives are happening, it is true, but you are happening as well, and that is the happening we have to focus on. Of course, we can’t visit every place or meet every person or do every job, yet most of what we’d feel in any life is still available. We don’t have to play every game to know what winning feels like. We don’t have to hear every piece of music in the world to understand music. We don’t have to have tried every variety of grape from every vineyard to know the pleasure of wine. Love and laughter and fear and pain are universal currencies. We just have to close our eyes and savour the taste of the drink in front of us and listen to the song as it plays. We are as completely and utterly alive as we are in any other life and have access to the same emotional spectrum. We only need to be one person. We only need to feel one existence. We don’t have to do everything in order to be everything, because we are already infinite. While we are alive we always contain a future of multifarious possibility. So let’s be kind to the people in our own existence. Let’s occasionally look up from the spot in which we are because, wherever we happen to be standing, the sky above goes on for ever. Yesterday I knew I had no future, and that it was impossible for me to accept my life as it is now. And yet today, that same messy life seems full of hope. Potential. The impossible, I suppose, happens via living. Will my life be miraculously free from pain, despair, grief, heartbreak, hardship, loneliness, depression? No. But do I want to live? Yes. Yes. A thousand times, yes

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

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

It is easy to mourn the lives we aren’t living. Easy to wish we’d developed other talents, said yes to different offers. Easy to wish we’d worked harder, loved better, handled our finances more astutely, been more popular, stayed in the band, gone to Australia, said yes to the coffee or done more bloody yoga. It takes no effort to miss the friends we didn’t make and the work we didn’t do and the people we didn’t marry and the children we didn’t have. It is not difficult to see yourself through the lens of other people, and to wish you were all the different kaleidoscopic versions of you they wanted you to be. It is easy to regret, and keep regretting, ad infinitum, until our time runs out. But it is not the lives we regret not living that are the real problem. It is the regret itself. It’s the regret that makes us shrivel and wither and feel like our own and other people’s worst enemy. We can’t tell if any of those other versions would have been better or worse. Those lives are happening, it is true, but you are happening as well, and that is the happening we have to focus on. Of course, we can’t visit every place or meet every person or do every job, yet most of what we’d feel in any life is still available. We don’t have to play every game to know what winning feels like. We don’t have to hear every piece of music in the world to understand music. We don’t have to have tried every variety of grape from every vineyard to know the pleasure of wine. Love and laughter and fear and pain are universal currencies. We just have to close our eyes and savour the taste of the drink in front of us and listen to the song as it plays. We are as completely and utterly alive as we are in any other life and have access to the same emotional spectrum. We only need to be one person. We only need to feel one existence. We don’t have to do everything in order to be everything, because we are already infinite. While we are alive we always contain a future of multifarious possibility. So let’s be kind to the people in our own existence. Let’s occasionally look up from the spot in which we are because, wherever we happen to be standing, the sky above goes on for ever.

But it is not the lives we regret not living that are the real problem. It is the regret itself. It’s the regret that makes us shrivel and wither and feel like our own and other people’s worst enemy. We can’t tell if any of those other versions would have been better or worse. Those lives are happening, it is true, but you are happening as well, and that is the happening we have to focus on. Of course, we can’t visit every place or meet every person or do every job, yet most of what we’d feel in any life is still available. We don’t have to play every game to know what winning feels like. We don’t have to hear every piece of music in the world to understand music. We don’t have to have tried every variety of grape from every vineyard to know the pleasure of wine. Love and laughter and fear and pain are universal currencies. We just have to close our eyes and savour the taste of the drink in front of us and listen to the song as it plays. We are as completely and utterly alive as we are in any other life and have access to the same emotional spectrum. We only need to be one person. We only need to feel one existence. We don’t have to do everything in order to be everything, because we are already infinite. While we are alive we always contain a future of multifarious possibility.

Consider that, since 2005, the online platform Kiva has already been crowdfunding micro loans to entrepreneurs in many developing countries around the world. By early 2021, it had arranged about $1.5 billion in loans from nearly two million lenders (who can put up as little as $25) to about four million borrowers in seventy-seven countries. The total value of loans is small, but Kiva’s screening and monitoring technologies are not automated and seem antiquated compared with those of newer Fintech lending platforms, which have far greater potential for such matching of borrowers and lenders.

only increases due to increased trust and liquidity. Although Bitcoin was originally intended as a peer-to-peer currency, its deflationary characteristics and flat fees discourage its use in small transactions. We argue that Bitcoin is the flagship of a new asset class, namely, cryptocurrencies, which can have varied use cases based on the construction of their networks. Bitcoin itself, we believe, will continue to grow as an important store of value and a potential inflation hedge over long horizons.

every piece of music in the world to understand music. We don’t have to have tried every variety of grape from every vineyard to know the pleasure of wine. Love and laughter and fear and pain are universal currencies. We just have to close our eyes and savour the taste of the drink in front of us and listen to the song as it plays. We are as completely and utterly alive as we are in any other life and have access to the same emotional spectrum. We only need to be one person. We only need to feel one existence. We don’t have to do everything in order to be everything, because we are already infinite. While we are alive we always contain a future of multifarious possibility. So let’s be kind to the people in our own existence. Let’s occasionally look up from the spot in which we are because, wherever we happen to be standing, the sky above goes on for ever. Yesterday I knew I had no future, and that it was impossible for me to accept my life as it is now. And yet today, that same messy life seems full of hope. Potential. The impossible, I suppose, happens via living. Will my life be miraculously free from pain, despair, grief, heartbreak, hardship, loneliness, depression? No. But do I want to live? Yes. Yes. A thousand times, yes.

Most of us live in the past and resist living in a new future. Why? The body is so habituated to memorizing the chemical records of our past experiences that it grows attached to these emotions. In a very real sense, we become addicted to those familiar feelings. So when we want to look to the future and dream of new vistas and bold landscapes in our not-too-distant reality, the body, whose currency is feelings, resists the sudden change in direction.

Deep Simplicity: Bringing Order to Chaos and Complexity John Gribbin, Random House (2005) F.F.I.A.S.C.O.: The Inside Story of a Wall Street Trader Frank Partnoy, Penguin Books (1999) Ice Age John & Mary Gribbin, Barnes & Noble (2002) How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation Created Our World & Everything in It Arthur Herman, Three Rivers Press (2002) Models of My Life Herbert A. Simon The MIT Press (1996) A Matter of Degrees: What Temperature Reveals About the Past and Future of Our Species, Planet, and Universe Gino Segre, Viking Books (2002) Andrew Carnegie Joseph Frazier Wall, Oxford University Press (1970) Guns Germs, and Steel: The Fates of Human Societies Jared M. Diamond, W. W. Norton & Company The Third Chimpanzee: The Evolution and Future of the Human Animal Jared Nt[. Diamond, Perennial (1992) Influence: The Psychology of Persuasion Robert B. Cialdini, Perennial Currents (1998) The Autobiography of Benjamin Franklin Benjamin franklin, Yale Nota Bene (2003) Living Within Limits: Ecology, Economics, and Population Taboos Garrett Hardin, Oxford University Press (1995) The Selfish Gene Richard Dawkins, Oxford University Press (1990) Titan: The Life of John D. Rockefeller Sr. Ron Chernow, Vintage (2004) The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor David Sandes, W. W Norton & Company (1998) The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategist Robert G. Hagstrom, Wiley (2000) Genome: The Autobiography of a Species in 23 Chapters Matt Ridley, Harper Collins Publishers (2000) Getting to Yes: Negotiating Agreement Without Giz.ting In Roger Fisher, William, and Bruce Patton, Penguin Books Three Scientists and Their Gods: Looking for Meaning in an Age of Information Robert Wright, Harper Collins Publishers (1989) Only the Paranoid Survive Andy Grove, Currency (1996 And a few from your editor... Les Schwab: Pride in Performance Les Schwab, Pacific Northwest Books (1986) Men and Rubber: The Story of Business Harvey S. Firestone, Kessinger Publishing (2003) Men to Match My Mountains: The Opening of the Far West, 1840-1900 Irving Stone, Book Sales (2001)

Bitcoin’s high volatility is often used as an example of why it cannot be trusted as a global payment mechanism. Bitcoin is volatile; it lost 30 percent of its value in 2018, only to rise over 100 percent in the first six months of 2019. But that volatility must be put in context. The inflation rate on the bolívar, Venezuela’s local currency, was 1.8 million percent in 2018. Having the choice, even in 2018, I would much rather lose 30 per-cent on my Bitcoin than 1.8 million percent on my bolívar.

The lack of a functioning, trustful community also heightened the refugees’ fears of being abducted by the extremist organization Islamic State. Many initially refused to move to Azraq camp, and although the numbers have increased more recently, Azraq is still far below the 130,000 capacity for which it was built. It’s fitting then that this pop-up city, in real need of some functioning social capital, is now the scene of a radical experiment in new models of community governance, institution-building, and the management of resources. At the heart of that effort is blockchain technology, the decentralized ledger-keeping system that underpins the digital currency bitcoin and promises a more reliable, immediate way to trace transactions. The World Food Program (WFP), a UN agency that feeds 80 million people worldwide, is putting 10,000 Azraq refugees through a pilot that uses this system to better coordinate food distribution. In doing so, the WFP is tackling a giant administrative challenge: how to ensure, in an environment where theft is rampant and few people carry personal identifying documents, that everyone gets their fair share of food. Among those participating in this project was forty-three-year-old Najah Saleh Al-Mheimed, one of the more than 5 million Syrians forced to flee their homes as the brutal, ongoing civil war has all but destroyed their country. In early June 2015, with mounting food shortages and reports of girls being kidnapped by militias in nearby villages, Najah and her husband made the drastic decision to leave her hometown of Hasaka, where their families had lived for generations. “It was an ordeal that I pray to God no human will ever witness,” she said in an interview conducted on our behalf by WFP staffers working in the Azraq camp.

Just as the blockchain-distributed ledger is used to assure bitcoin users that others aren’t “double-spending” their currency holdings—in other words, to prevent what would otherwise be rampant digital counterfeiting—the Azraq blockchain pilot ensures that people aren’t double-spending their food entitlements. That’s a pretty important requirement in refugee camps, where supplies are limited and where organized crime outfits have been known to steal and hoard food for profit. And it means that refugees like Najah will always be able to prove that their accounts are legitimate.

How about a totally decentralized solution, such as the Tel Aviv–based, blockchain-powered ride-sharing application Commuterz? In that case no one owns the platform, which like Bitcoin is just based on an open-source software protocol that anyone can download. There’s no Commuterz, Inc. taking 25 percent. Instead, users own and trade a native digital currency system that incentivizes them to share rides to reduce traffic congestion and lower the cost of transportation for all.

Money itself is intrinsically linked to the idea of a ledger. Physical currency like gold coins and paper money are, similarly, record-keeping devices; they too aid with societal memory. It’s just that rather than existing within a written account of transactions, a currency’s record-keeping function is abstracted into the token—the gold coin, the dollar bill. That token is communally recognized as conveying some right to goods or services that the bearer has earned from tasks performed in the past.

corruption. Is corruption just a matter of legality, of financial irregularity and bribery, or is it the currency of a social transaction in an egregiously unequal society, in which power continues to be concentrated in the hands of a smaller and smaller minority? Imagine, for example, a city of shopping malls, on whose streets hawking has been banned. A hawker pays the local beat cop and the man from the municipality a small bribe to break the law and sell her wares to those who cannot afford the prices in the malls. Is that such a terrible thing? In the future will she have to pay the Lokpal representative, too? Does the solution to the problems faced by ordinary people lie in addressing the structural inequality or in creating yet another power structure that people will have to defer to?

As Nakamoto wrote in 2009: The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

After all, the Fed has driven down rates with the intention of encouraging investors to take on more risk. Yet those who embrace low yields, poor credits, thin liquidity and even currency mismatches today may discover, when market conditions deteriorate, that the modest yield pick-up proves poor compensation for future losses. Mr. Piketty can rest easy. In an age when risk-free assets yield little or nothing, the determination of the wealthy to earn somewhat more will, in due course, do more to restore equality than his proposed taxes. A free market solution to a political problem–who says capitalism is failing?

In Brave’s case, the risk might be that the billion tokens it issued are treated like long-term investments, hoarded by investors who withhold them from circulation. In that case, the BATs’ value won’t accurately reflect the market for user attention. A critical mass of use, not holding, is needed. Brave’s model included a token-issuance strategy for dealing with that challenge. It set aside a 300 million–strong “user growth pool” to attract new users. There’s a plan, for example, to deliver a small amount of BATs to the integrated Brave wallet whenever there’s a unique new download of the browser. In this way, the token is designed as a tool to bootstrap adoption, to foster network effects. “Early on we saw this as something that would allow us to stake users with initial grants,” says Brave CEO Brendan Eich. The strategy was shaped by Eich’s decades in Silicon Valley, where the veteran engineer created the ubiquitous Web programming language JavaScript in the nineties and later went on to co-found browser developer Mozilla. Over time, he realized that venture capitalists were reluctant to fund the marketing cost of acquiring users and that tapping new equity or debt to do so was dilutive to the founders’ and early investors’ ownership stakes. “But with a token, it can be disbursed to users without credit consequences,” he adds, arguing that by contrast to a dollar’s worth of equity or debt, “the BAT is a social credit currency; it doesn’t have this inflationary property.

The Internet was originally built on trust,” write the authors of the IBM paper, Veena Pureswaran and Paul Brody. “In the post-Snowden era, it is evident that trust in the Internet is over. The notion of IoT solutions built as centralized systems with trusted partners is now something of a fantasy.” Pureswaran and Brody argue that the blockchain offers the only way to build the Internet of Things to scale while ensuring that no one entity has control over it. A blockchain-based system becomes the Internet of Things’ immutable seal. In an environment where so many machine-to-machine exchanges become transactions of value, we will need a blockchain in order for each device’s owner to trust the others. Once this decentralized trust structure is in place, it opens up a world of new possibilities. Consider this futuristic example: Imagine you drive your electric Tesla car to a small rural town to take a hike in the mountains for the day. When you return you realize you don’t have enough juice in your car and the nearest Tesla Supercharger station is too far away. Well, in a sharing economy enabled by blockchains, you would have nothing to fear. You could just drive up to any house that advertises that it lets drivers plug into an outlet and buy power from it. You could pay for it all with cryptocurrency over a high-volume payments system, such as the Lightning Network, and the tokens would be deducted from your car’s own digital wallet and transferred to the wallet of the house’s electric meter. You have no idea who owns this house, whether they can be trusted not to rip you off, or whether they’re the sort of people who might install some kind of malware into your car’s computer to rob its digital-currency wallet.

You are not just the sum of your success, subtracted by your failures. Your worth is not just an equation of how much you can offer to the world. Your value does not just come from what you give, say, or do; there is more to you than just output. The sun doesn’t have to run laps around the horizon, the days do not have to pass to purchase your worth, you are not worth it in some future plane. You are not worthy only in the innocence of your past because it is not what you have done or do that makes you worthy. Your worth does not come just by your doing, it comes through the perfect God who created you. Stop calculating your worth with finite numbers when you were created by an infinite God who brought you to life with an everlasting spirit of light. Stop dividing who you are by the denominator of other people’s opinions. Remember, infinity divided by any number is still infinite. Remember forever cannot be reduced no matter how much you subtract. Remember you are not currency to fall and rise in value.

the future of geopolitics might not be the benign multilateral ethos of Davos Man but a rather more dark and dystopian world of resource scarcity, infrastructure collapse, mercantilism and default.