Currency Market Quotes

All knowledge is spendable currency, depending on the market.

Was our intimacy paid for in the wrong currency? Or is intimacy the desired product no matter where you find it, how you acquire it, what you pay for it, black market, grey market, taxed, untaxed, under the table, over the counter.

If you are trying to decide among a few people to fill a position hire the best writer. it doesn't matter if the person is marketer, salesperson, designer, programmer, or whatever, their writing skills will pay off. That's because being a good writer is about more than writing clear writing. Clear writing is a sign of clear thinking. great writers know how to communicate. they make things easy to understand. they can put themselves in someone else's shoes. they know what to omit. And those are qualities you want in any candidate. Writing is making a comeback all over our society... Writing is today's currency for good ideas.

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.

Every Spring, nature teaches a class on business entrepreneurship. ....We see how capital is re-allocated, currencies are re-directed, growth is re-emphasized, and numerous life forms promote their value with re-vitalized marketing programs that implement flowers or seeds or aromas or habitability or pollination in an effort demonstrate a unique value proposition in a busy economy.

What more do they want? She asks this seriously, as if there's a real conversion factor between information and lives. Well, strange to say, there is. Written down in the Manual, on file at the War Department. Don't forget the real business of the War is buying and selling. The murdering and violence are self-policing, and can be entrusted to non-professionals. The mass nature of wartime death is useful in many ways. It serves as a spectacle, as a diversion from the real movements of the War. It provides raw material to be recorded into History, so that children may be taught History as sequences of violence, battle after battle, and be more prepared for the adult world. Best of all, mass death's a stimulus to just ordinary folks, little fellows, to try 'n' grab a piece of that Pie while they're still here to gobble it up. The true war is a celebration of markets. Organic markets, carefully styled "black" by the professionals, spring up everywhere. Scrip, Sterling, Reichsmarks, continue to move, severe as classical ballet, inside their antiseptic marble chambers. But out here, down here among the people, the truer currencies come into being. So, Jews are negotiable. Every bit as negotiable as cigarettes, cunt, or Hersey bars.

Miss Kirwin proved Bailey right. He had told me once that "all knowledge is spendable currency, depending on the market.

There are some things in the world we can't change - gravity, entropy, the speed of light, and our biological nature that requires clean air, clean water, clean soil, clean energy and biodiversity for our health and well being. Protecting the biosphere should be our highest priority or else we sicken and die. Other things, like capitalism, free enterprise, the economy, currency, the market, are not forces of nature, we invented them. They are not immutable and we can change them. It makes no sense to elevate economics above the biosphere.

Every Spring, nature teaches a class on business entrepreneurship. ....We see how capital is re-allocated, currencies are re-directed, growth is re-emphasized, and numerous life forms promote their value with re-vitalized marketing programs that implement flowers or seeds or aromas or habitability or pollination in an effort demonstrate a unique value proposition in a busy economy. Smart entrepreneurs enroll in this class every Spring and take good notes. Whether you're an entrepreneur of a small business or an entrepreneur of a line of business within a large company... learn from nature.

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

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.

Neoclassical economics is precisely the theory one would expect a vastly complex system of international corporations, world markets, and interconnected currencies to create to sustain, justify, explain, and predict "itself." And classical economics, correspondingly, was a predictable expression of an earlier European capitalism.

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

The future looks bright for black market currencies.

If Content is king and Context is queen, then Conversation is the kingdom and Contact information is the currency

For all that talk about selling one’s soul, no one seems to be in the market. It’s the body that everybody wants. The body is a currency everyone can understand.

[Bailey] had told me once that "all knowledge was spendable currency, depending on the market.

Within their distinct niche markets, sex workers employ competing technologies of embodiment that in turn reveal how desire reflects and constructs different national formations in the global imaginary.

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.

My thing is...I need you to think about stocks,bonds, currencies, markets and the economy etc. Even in your worst state. Even when living in substandard conditions that do not even allow you to dream big. You are enough. Use what you have and who you are, do not be convinced otherwise

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.

I don’t know that I asked the question, just as I am not sure I am able to answer it today. Was our intimacy paid for in the wrong currency? Or is intimacy the desired product no matter where you find it, how you acquire it, what you pay for it—black market, gray market, taxed, untaxed, under the table, over the counter?

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.

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.

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.

Trouble with arms is, everyone thought they were recession-proof, but they’re not. Iran–Iraq was an arms dealers’ charter, and they thought it would never end. Since then it’s been downhill all the way. Too many manufacturers chasing too few wars. Too much loose hardware being dumped on the market. Too much peace about and not enough hard currency. Our Dicky did a bit of the Serbo-Croat thing, of course – Croats via Athens, Serbs via Poland – but the numbers weren’t in his league and there were too many dogs in the hunt. Cuba’s gone dead, so’s South Africa, they make their own. Ireland isn’t worth a light or he’d have done that too. Peru, he’s got a thing going there, supplying the Shining Path boys. And he’s been making a play for the Muslim insurgents in the Southern Philippines, but the North Koreans are in there ahead of him and I’ve a suspicion he’s going to get his nose bloodied again.

She was a queen Raised to sit on a golden throne In a kingdom of crystal and ice All I had to offer was my sword of smoke and world of gasoline With soldiers shielded by leather and coated in tatts My currency was love and loyalty In a market that traded in diamonds and class I would do anything to convince her That she might have been raised to sit on a golden throne But she belonged on the seat of iron with a crown of steel At my side.

If you read anything about bitcoin, you’ll see the very same things that they said about the internet in the early '90s. It is a haven for pedophiles, terrorists, drug dealers, and criminals. How many of you in this room have bitcoin? How many of you in this room are terrorists, pedophiles, drug dealers or criminals? Audience laughs You see the thing about bitcoin is while they push this story, every now and then someone who has never heard of bitcoin notices an important thing: it’s still not dead, which is always surprising because every two or three months there is an article that says it’s dead. That’s great marketing. Because every time someone hears it’s dead and three months later they hear it’s still not dead, they think, "Huh, this thing really tends to survive." I call bitcoin "the internet of money,” but perhaps we should call it “the zombie of currencies.” It is the currency that is the undead. The

1 and 2. The United States represents less than 5 percent of the world’s population; it consumes more than 25 percent of the world’s resources. This is accomplished to a large degree through the exploitation of other countries, primarily in the developing world. Point 3. The United States maintains the largest and most sophisticated military in the world. Although this empire has been built primarily through economics—by EHMs—world leaders understand that whenever other measures fail, the military will step in, as it did in Iraq. Point 4. The English language and American culture dominate the world. Points 5 and 6. Although the United States does not tax countries directly, and the dollar has not replaced other currencies in local markets, the corporatocracy does impose a subtle global tax and the dollar is in fact the standard currency for world commerce. This process began at the end of World War II when the gold standard was modified; dollars could no longer be converted by individuals, only by governments. During the 1950s and 1960s, credit purchases were made abroad to finance America’s growing consumerism, the Korean and Vietnam Wars, and Lyndon B. Johnson’s Great Society. When foreign businessmen tried to buy goods and ser vices back from the United States, they found that inflation had reduced the value of their dollars—in effect, they paid an indirect tax. Their governments demanded debt settlements in gold. On August 15, 1971, the Nixon administration refused and dropped the gold standard altogether.   Washington

I dreamed not long ago of that market with all its vivid textures. I walked through the stalls with a basket over my arms as always and went right to Edita for a bunch of fresh cilantro. We chatted and laughed and when I held out my coins she waved them off, patting my arm and sending me away. A gift, she said. Muchas gracias, señora, I replied. There was my favorite panadera, with clean cloths laid over the round loaves. I chose a few rolls, opened my purse, and this vendor too gestured away my money as if I were impolite to suggest paying. I looked around in bewilderment; this was my familiar market and yet everything had changed. It wasn't just for me—no shopper was paying. I floated through the market with a sense of euphoria. Gratitude was the only currency accepted here. It was all a gift. It was like picking strawberries in my field: the merchants were just the intermediaries passing on gifts from the earth. I looked in my basket: two zucchinis, an onion, tomatoes, bread, and a bunch of cilantro. It was still half empty, but it felt full. I had everything I needed. I glanced over at the cheese stall, thinking to get some, but knowing it would be given, not sold, I decided I could do without. It's funny: Had all the things in the market merely been a very low price, I probably would have scooped up as much as I could. But when everything became a gift, I felt self-restraint. I didn't want to take too much. And I began thinking of what small presents I might bring to the vendors tomorrow. The dream faded, of course, but the feelings of euphoria and then of self-restraint remain. I've thought of it often and recognize now that I was witness there to the conversion of a market economy to a gift economy, from private goods to common wealth. And in that transformation the relationships became as nourishing as the food I was getting. Across the market stalls and blankets, warmth and compassion were changing hands. There was a shared celebration of abundance for all we'd been given. And since every market basket contained a meal, there was justice.

broad-based tax cut . . . accommodated by a program of open market purchases . . . would almost certainly be an effective stimulant to consumption.... A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money.... Of course . . . the government could . . . even acquire existing real or financial assets. If . . . the Fed then purchased an equal amount of Treasury debt with newly created money, the whole operation would be the economic equivalent of direct open market operations in private assets.

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.

Tyler was to his left, and to his right were the three other witnesses who had joined them for the headlining session of the first day of testimony. Directly next to Cameron sat Fred Wilson, a seasoned venture capitalist veteran who had moved into the cyber currency space in a big way, with the countenance of someone who had seen a number of technology waves, including the first dot-com boom and bust. Next to Wilson, the up-and-comer venture capitalist Jeremy Liew, a partner at Lightspeed Venture. And at the end of the bench, Barry Silbert, the founder and CEO of the startup SecondMarket.

The euro fell to as low as $1.18605, its weakest level since March 2006, having fallen below an important support at $1.20. The common currency last traded at $1.1926, down 0.6 percent from late U.S. trade on Friday. In an interview with German financial daily Handelsblatt published on Friday, ECB President Mario Draghi said the risk of the central bank not fulfilling its mandate of preserving price stability was higher now than half a year ago. "The market took his comments to mean that he is ready to adopt quantitative easing," said Shin Kadota, chief forex strategist at Barclays in Tokyo.

If you are going to use probability to model a financial market, then you had better use the right kind of probability. Real markets are wild. Their price fluctuations can be hair-raising-far greater and more damaging than the mild variations of orthodox finance. That means that individual stocks and currencies are riskier than normally assumed. It means that stock portfolios are being put together incorrectly; far from managing risk, they may be magnifying it. It means that some trading strategies are misguided, and options mis-priced. Anywhere the bell-curve assumption enters the financial calculations, an error can come out.

Making money in the markets is tough. The brilliant trader and investor Bernard Baruch put it well when he said, “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.” In retrospect, the mistakes that led to my crash seemed embarrassingly obvious. First, I had been wildly overconfident and had let my emotions get the better of me. I learned (again) that no matter how much I knew and how hard I worked, I could never be certain enough to proclaim things like what I’d said on Wall $ treet Week: “There’ll be no soft landing. I can say that with absolute certainty, because I know how markets work.” I am still shocked and embarrassed by how arrogant I was. Second, I again saw the value of studying history. What had happened, after all, was “another one of those.” I should have realized that debts denominated in one’s own currency can be successfully restructured with the government’s help, and that when central banks simultaneously provide stimulus (as they did in March 1932, at the low point of the Great Depression, and as they did again in 1982), inflation and deflation can be balanced against each other. As in 1971, I had failed to recognize the lessons of history. Realizing that led me to try to make sense of all movements in all major economies and markets going back a hundred years and to come up with carefully tested decision-making principles that are timeless and universal. Third, I was reminded of how difficult it is to time markets. My long-term estimates of equilibrium levels were not reliable enough to bet on; too many things could happen between the time I placed my bets and the time (if ever) that my estimates were reached. Staring at these failings, I realized that if I was going to move forward without a high likelihood of getting whacked again, I would have to look at myself objectively and change—starting by learning a better way of handling the natural aggressiveness I’ve always shown in going after what I wanted. Imagine that in order to have a great life you have to cross a dangerous jungle. You can stay safe where you are and have an ordinary life, or you can risk crossing the jungle to have a terrific life. How would you approach that choice? Take a moment to think about it because it is the sort of choice that, in one form or another, we all have to make.

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.

There are 2 billion people who have no bank accounts at all. There are another 4 billion people who have very limited access to banking. ​ Banking without international currencies, banking without international markets, banking without liquidity. Bitcoin isn’t about the 1 billion. Bitcoin is all about the other 6 1/2. The people who are currently cut off from international banking. What do you think happens when you suddenly are able to turn a simple text-messaging phone in the middle of a rural area in Nigeria, connected to a solar panel, into a bank terminal? Into a Western Union remittance terminal? ​Into an international loan-origination system? A stock market? An IPO engine? At first, nothing, but give it a few years.

cryptocurrencies such as Bitcoin and anonymous online markets such as the Silk Road. Digital cryptocurrencies provide an individual with an array of benefits unlike anything the market actor has ever experienced. They provide a means by which one may transfer wealth securely, anonymously, and with virtually zero transaction costs. Naturally, this allows one to safely avoid taxes in the course of a transaction as there is no means by which said transaction may be traced backed to him. More importantly however, the use of such digital currencies normalizes the idea of using private currencies to the general public. The State's status as the sole producer of money is one of its greatest sources of legitimacy and power; thus, the proliferation and expanding use of private currencies constitute effective means by which State rule may be peacefully undermined.

(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.

The EEC was grounded in weakness, not strength. As Spaak’s 1956 report emphasized, ‘Europe, which once had the monopoly of manufacturing industries and obtained important resources from its overseas possessions, today sees its external position weakened, its influence declining and its capacity to progress lost in its divisions.’ It was precisely because the British did not—yet—understand their situation in this light that they declined to join the EEC. The idea that the European Common Market was part of some calculated strategy to challenge the growing power of the United States—a notion that would acquire a certain currency in Washington policy circles in later decades—is thus quite absurd: the new-formed EEC depended utterly upon the American security guarantee, without which its members would never have been able to afford to indulge in economic integration to the exclusion of all concern with common defense.

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.

According to the current view, the maintenance of sound monetary conditions is only possible with a 'credit balance of payments'. The confutation of this and related objections is implicit in the Quantity Theory and in Gresham's Law. The Quantity Theory shows that money can never permanently flow abroad from a country in which only metallic money is used (the 'purely metallic currency' of the Currency Principle). The tightness in the domestic market called forth by the efflux of part of the stock of money reduces the prices of commodities, and so restricts importation and encourages exportation, until there is once more enough money at home. The precious metals which perform the function of money are distributed among individuals, and consequently among separate countries, according to the extent and intensity of the demand of each for money. State intervention to assure to the community the necessary quantity of money by regulating its international nlovements is supererogatory.

In 1832, Andrew Jackson, today a folk hero to American free-marketeers, refused to renew the license for the quasi-central bank, the second bank of the USA - the successor to Hamilton's Bank of the USA (see chapter 2). This was done on the grounds that the foreign ownership share of the bank was too high -30% (the pre-EU Finns would have heartily approved!). Declaring his decision, Jackson said: 'should the stock of the bank principally pass into the hands of the subjects of a foreign country, and we should unfortunately become involved in a war with that country, what would be our condition?........Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence, it would be far more formidable and dangerous than the naval and military power of the enemy. If we must have a bank...it should be purely American.' If the president of a developing country said something like this today, he would be branded a xenophobic dinosaur and blackballed in the international community.

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.

Women select short-term sexual relationships when men cannot improve their children’s survival, when there are too few men, or when their upbringing has signaled that men are unreliable investors in their progeny. Short-term relationships for women often amount to serial monogamy in response to a population of males, none of whom can or will provide sustained economic and emotional commitment. And if she can maintain her attractiveness in the face of her increasing age, decreasing looks, and the handicap (from a prospective partner’s viewpoint) of already born children, she can also gain the advantage of genetic diversity and perhaps better genetic quality in her children. But the most secure and stable route is to attract a male who will commit, providing the long-term assistance and resources that she needs to raise multiple offspring simultaneously. Unfortunately that idea has occurred to other women also and she is in a competitive market-place. The currency of the marketplace is what men want in a female partner. To trade successfully, she must advertise her assets by showing that she has more desirable qualities than her female rivals.

Between 2003 and 2008, Iceland’s three main banks, Glitnir, Kaupthing and Landsbanki, borrowed over $140 billion, a figure equal to ten times the country’s GDP, dwarfing its central bank’s $2.5 billion reserves. A handful of entrepreneurs, egged on by their then government, embarked on an unprecedented international spending binge, buying everything from Danish department stores to West Ham Football Club, while a sizeable proportion of the rest of the adult population enthusiastically embraced the kind of cockamamie financial strategies usually only mooted in Nigerian spam emails – taking out loans in Japanese Yen, for example, or mortgaging their houses in Swiss francs. One minute the Icelanders were up to their waists in fish guts, the next they they were weighing up the options lists on their new Porsche Cayennes. The tales of un-Nordic excess are legion: Elton John was flown in to sing one song at a birthday party; private jets were booked like they were taxis; people thought nothing of spending £5,000 on bottles of single malt whisky, or £100,000 on hunting weekends in the English countryside. The chief executive of the London arm of Kaupthing hired the Natural History Museum for a party, with Tom Jones providing the entertainment, and, by all accounts, Reykjavik’s actual snow was augmented by a blizzard of the Colombian variety. The collapse of Lehman Brothers in late 2008 exposed Iceland’s debts which, at one point, were said to be around 850 per cent of GDP (compared with the US’s 350 per cent), and set off a chain reaction which resulted in the krona plummeting to almost half its value. By this stage Iceland’s banks were lending money to their own shareholders so that they could buy shares in . . . those very same Icelandic banks. I am no Paul Krugman, but even I can see that this was hardly a sustainable business model. The government didn’t have the money to cover its banks’ debts. It was forced to withdraw the krona from currency markets and accept loans totalling £4 billion from the IMF, and from other countries. Even the little Faroe Islands forked out £33 million, which must have been especially humiliating for the Icelanders. Interest rates peaked at 18 per cent. The stock market dropped 77 per cent; inflation hit 20 per cent; and the krona dropped 80 per cent. Depending who you listen to, the country’s total debt ended up somewhere between £13 billion and £63 billion, or, to put it another way, anything from £38,000 to £210,000 for each and every Icelander.

Points 1 and 2. The United States represents less than 5 percent of the world’s population; it consumes more than 25 percent of the world’s resources. This is accomplished to a large degree through the exploitation of other countries, primarily in the developing world. Point 3. The United States maintains the largest and most sophisticated military in the world. Although this empire has been built primarily through economics—by EHMs—world leaders understand that whenever other measures fail, the military will step in, as it did in Iraq. Point 4. The English language and American culture dominate the world. Points 5 and 6. Although the United States does not tax countries directly, and the dollar has not replaced other currencies in local markets, the corporatocracy does impose a subtle global tax and the dollar is in fact the standard currency for world commerce. This process began at the end of World War II when the gold standard was modified; dollars could no longer be converted by individuals, only by governments. During the 1950s and 1960s, credit purchases were made abroad to finance America’s growing consumerism, the Korean and Vietnam Wars, and Lyndon B. Johnson’s Great Society. When foreign businessmen tried to buy goods and ser vices back from the United States, they found that inflation had reduced the value of their dollars—in effect, they paid an indirect tax. Their governments demanded debt settlements in gold.

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.

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

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.

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

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.

Financial Times commentator Martin Wolf concluded in 2010: "We already know that the earthquake of the past few years has damaged Western economies, while leaving those of emerging countries, particularly Asia, standing. It has also destroyed Western prestige. The West has dominated the world economically and intellectually for at least two centuries. That epoch is now over. Hitherto, the rulers of emerging countries disliked the West's pretensions, but respected its competence. This is true no longer. Never again will the West have the sole word." I was reminded of the Asian financial crisis in 1997. When Asian economies were devastated by similarly foolish borrowing the West – including the International Monetary Fund and World Bank – prescribed bitter medicine. They extolled traditional free market principles: Asia should raise interest rates to support sagging currencies, while state spending, debt, subsidies should be cut drastically. Banks and companies in trouble should be left to fail, there should be no bail-outs. South Korea, Thailand, Indonesia were pressured into swallowing the bitter medicine. President Suharto paid the ultimate price: he was forced to resign. Anger against the IMF was widespread. I was in Los Angeles for a seminar organised by the Claremont McKenna College to discuss, among other things, the Asian crisis. The Thai speaker resorted to profanity: F-- the IMF, he screamed. The Asian press was blamed by some Western academics. If we had the kind of press freedoms the West enjoyed, we could have flagged the danger before the crisis hit. Western credibility was torn to shreds when the financial tsunami struck Wall Street. Shamelessly abandoning the policy prescriptions they imposed on Asia, they decided their banks and companies like General Motors were too big to fail. How many Asian countries could have been spared severe pain if they had ignored the IMF? How vain was their criticism of the Asian press, for the almost unfettered press freedoms the West enjoyed had failed to prevent catastrophe.

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.

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.

Is power like the vis viva and the quantite d’avancement? That is, is it conserved by the universe, or is it like shares of a stock, which may have great value one day, and be worthless the next? If power is like stock shares, then it follows that the immense sum thereof lately lost by B[olingbroke] has vanished like shadows in sunlight. For no matter how much wealth is lost in stock crashes, it never seems to turn up, but if power is conserved, then B’s must have gone somewhere. Where is it? Some say ‘twas scooped up by my Lord R, who hid it under a rock, lest my Lord M come from across the sea and snatch it away. My friends among the Whigs say that any power lost by a Tory is infallibly and insensibly distributed among all the people, but no matter how assiduously I search the lower rooms of the clink for B’s lost power, I cannot seem to find any there, which explodes that argument, for there are assuredly very many people in those dark salons. I propose a novel theory of power, which is inspired by . . . the engine for raising water by fire. As a mill makes flour, a loom makes cloth and a forge makes steel, so we are assured this engine shall make power. If the backers of this device speak truly, and I have no reason to deprecate their honesty, it proves that power is not a conserved quantity, for of such quantities, it is never possible to make more. The amount of power in the world, it follows, is ever increasing, and the rate of increase grows ever faster as more of these engines are built. A man who hordes power is therefore like a miser who sits on a heap of coins in a realm where the currency is being continually debased by the production of more coins than the market can bear. So that what was a great fortune, when first he raked it together, insensibly becomes a slag heap, and is found to be devoid of value. When at last he takes it to the marketplace to be spent. Thus my Lord B and his vaunted power hoard what is true of him is likely to be true of his lackeys, particularly his most base and slavish followers such as Mr. Charles White. This varmint has asserted that he owns me. He fancies that to own a man is to have power, yet he has got nothing by claiming to own me, while I who was supposed to be rendered powerless, am now writing for a Grub Street newspaper that is being perused by you, esteemed reader.

Sometimes we ate raw onions like apples, too, I wanted to tell her. Sometimes, the tin foil held shredded chicken petrified in aspic. A fish head to suck on! I was filled with shame and hateful glee: everything I was feeling turned out at the person next to me. I was the one with an uncut cow's tongue uncoiling in the refrigerator of his undergraduate quad, my roommates' Gatorades and half-finished pad Thai keeping a nervous distance. I sliced it thinly, and down it went with horseradish and cold vodka like the worry of a long day sloughing off, those little dots of fat between the cold meet like garlic roasted to paste. I am the one who fried liver. Who brought his own lunch in an old Tupperware to his cubicle in the Conde Nast Building; who accidentally warmed it too long, and now the scent of buckwheat, stewed chicken, and carrots hung like radiation over the floor, few of those inhabitants brought lunch from home, fewer of whom were careless enough to heat it for too long if they did, and none of whom brought a scent bomb in the first place. Fifteen floors below, the storks who staffed the fashion magazines grazed on greens in the Frank Gehry cafeteria. I was the one who ate mashed potatoes and frankfurters for breakfast. Who ate a sandwich for breakfast. Strange? But Americans ate cereal for dinner. Americans ate cereal, period, that oddment. They had a whole thing called 'breakfast for dinner.' And the only reason they were right and I was wrong was that it was their country. The problem with my desire to pass for native was that everything in the tinfoil was so f*****g good. When the world thinks of Soviet food, it thinks of all the wrong things. Though it was due to incompetence rather than ideology, we were local, seasonal, and organic long before Chez Panisse opened its doors. You just had to have it in a home instead of a restaurant, like British cooking after the war, as Orwell wrote. For me, the food also had cooked into it the memory of my grandmother's famine; my grandfather's black-marketeering to get us the 'deficit' goods that, in his view, we deserved no less than the political VIPs; all the family arguments that paused while we filled our mouths and our eyes rolled back in our heads. Food was so valuable that it was a kind of currency - and it was how you showed loved. If, as a person on the cusp of thirty, I wished to find sanity, I had to figure out how to temper this hunger without losing hold of what it fed, how to retain a connection to my past without being consumed by its poison.

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.

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

Indifference is expensive. Hostility is unaffordable. Trust is priceless. It’s all about Relationships!

Foreign stocks have historically offered several benefits for U.S. investors. First, foreign stocks do not always move in correlation with the U.S. equity markets, which creates a diversification opportunity. Second, international stocks trade in foreign currencies. This offers investors a hedge against a decline in the U.S. dollar. Both are important reasons to have some foreign stock exposure in a portfolio.

The word blockchain is often mistakenly used as synonymous with bitcoins or with cryptocurrencies in general, but it is -de facto- the technology behind it, not the currency itself. Which came first, the chicken or the egg? In this case probably the egg, but we should be more interested in the chicken.

These policies would come back to haunt Europe in the aftermath of the 2008 collapse. Instead of the vigorous, countercyclical fiscal, monetary, and debt relief policies called for in the wake of a 1929-scale crash, Europe’s institutions promoted austerity reminiscent of the post–World War I era. The debt and deficit limits of Maastricht precluded strong fiscal stimulus, and the government of Angela Merkel resisted emergency waivers. Germany, an export champion, which in effect had an artificially cheap currency in the euro, profited from other nations’ misery. Germany could prosper by running a large export surplus (equal to almost 10 percent of its GDP), but not all nations can have surpluses. The European Central Bank, which reported to nineteen different national masters that used the euro, had neither the tools nor the mandate available to the US Federal Reserve. The ECB did cut interest rates, but it did not engage in the scale of credit creation pursued by the Fed. The Germans successfully resisted any Europeanizing of the sovereign debt of the EU’s weaker nations, pressing them instead to regain the confidence of capital markets by deflating. Sovereign debt financing by the ECB went mainly to repay private and state creditors, not to rekindle growth. Thus did “fortress Europe,” which advocates and detractors circa 1981 both saw as a kind of social democratic alternative to the liberal capitalism of the Anglo-Saxon nations, replicate the worst aspects of a global system captive to the demands of speculative private capital. The Maastricht constitution not only internalized those norms, but enforced them. The dream of managed capitalism on one continent became a laissez-faire nightmare—not laissez-faire in the sense of no rules, but rather rules structured to serve corporations and banks at the expense of workers and citizens. The fortress became a brig. There was plenty to criticize in the US response to the 2008 collapse—too small a stimulus, too much focus on deficit reduction, too little attention to labor policy, too feeble a financial restructuring—but by 2016, US unemployment had come back down to less than 5 percent. In Europe, it remained stuck at more than 10 percent, with all of the social dynamite produced by persistent joblessness.

The most intensely value-laden artifacts of human creativity - works of art - are now the purist examples of that old capitalist alchemy: turning human value into exchange value. At a certain point, and that point has been passed, the art market will only be a mathematical exchange. Art is worth money, but what’s money worth? Money is the ultimate numbers game. What the furor over the art market brings tantalizingly close to the surface is the fact that it is not just the value of art that is dependant on a shared fantasy, it is also money itself. Warhol is not the name of an artist, it is the name of a currency. “Warhol” is a big number because its denomination (soup cans, Brillo box simulacrums, etc.) is presumed to be stable and growing. But it can inflate or deflate like any stock or bond or national currency. Jeff Koons is also a currency but less stable. The only thing that really changes hands are the numbers that are for some reason associated with these opaque talismans called “artworks.” The billionaire buyers of these works have been reduced to South sea natives who insist on the magical properties of certain queer objects - a cornhusk doll with pearls for eyes and a colourful ribbon about its head - but are unable to say why they are so important or why their world would collapse without them. Investors in the art market need to fear bot only the economic boogies of bubbles and ponzi schemes but also that dreaded moment when they look at one another in panic and say, “What were we thinking? What is this stuff? What could have possessed us to say that a glass balloon dog is worth thens of millions? Sell! Sell!

Platform businesses at this scale control economic systems that are bigger than all but the biggest national economies. No wonder Brad Burnham, one of the lead investors at Union Square Ventures, responded to the introduction of Facebook Credits—a short-lived system of virtual currency for use in playing online games—by wondering what the move said about Facebook’s monetary policy.

The enterprise management platform company SAP uses a social currency like that of iStockphoto or Stack Overflow to motivate developers to answer one another’s questions. Points earned when the employee of a development company answers a question are credited to a company account; when the account reaches a specified level, SAP makes a generous contribution to a charity of the company’s choice. The system has saved SAP $6–8 million in tech support costs, generated numerous new product and service ideas, and reduced average response time

Even more interesting, SAP has used the social currency supply to stimulate its developer economy in the same way as the Federal Reserve uses the money supply to stimulate the U.S. economy. When SAP introduced a new customer relationship management (CRM) product, it offered double points on any answer, code, or white paper relating to CRM. During the two-month duration of this “monetary expansion” policy, developers found gaps in the software and devised new features at a vastly higher rate.43 Used as a money supply, the increased flow of social currency caused overall economic output to rise. In effect, SAP employed an expansionary monetary policy to stimulate growth—and it worked.

I would add that I am not persuaded that international funds are a necessary component of an investor’s portfolio. Foreign funds may reduce a portfolio’s volatility, but their economic and currency risks may reduce returns by a still larger amount. The idea that a theoretically optimal portfolio must hold each geographical component at its market weight simply pushes me further than I would dream of being pushed. (I explore the pros and cons of global investing in Chapter 8.) My best judgment is that international holdings should comprise 20 percent of equities at a maximum, and that a zero weight is fully acceptable in most portfolios.

What they didn’t own was the mindspace and shelfspace Cadbury had painstakingly built up over 180 years, especially in emerging markets like India. Cadbury had operated in India since 1948, and have a formidable presence with a 70% share of the rapidly growing chocolate market and a sales coverage that reached over one million stores. The costs and time for Kraft to attempt to replicate this would be unsustainable. Kraft can now use the Cadbury set-up to launch their own brands, and with their superior financial resources are able to add more juice than Cadbury would have been able to. In April 2011, Cadbury India launched Oreo, the Kraft-owned world’s number-one cookie brand, using Cadbury contract manufacturing expertise to source the product locally, Cadbury mindspace to brand the product under the Cadbury name and Cadbury shelfspace capabilities to achieve widespread distribution and prominent display. Mindspace and shelfspace are the valuable currencies of FMCG industries.

Markets are voting machines; they function by taking referenda. In the new world money market, for example, currency values are now decided by a constant referendum of thousands of currency traders in hundreds of trading rooms around the globe, all connected to each other by a vast electronic network giving each trader instant access to information about any factor that might affect values. That constant referendum makes it much harder for central banks and governments to manipulate currency values.

During the FDR administration, economic policy was set from the top; ignoring the injunction by economically laissez-faire thinkers that no set of individuals can know more than the entire market at large, FDR and his cadre of geniuses lengthened the Great Depression by nearly a decade by manipulating the currency, setting wages and prices, and bullying those who objected into silence.

He endorsed the dollar as the basic currency, divided into smaller coins on a decimal basis. Because many Americans still bartered, Hamilton wanted to encourage the use of coins. As part of his campaign to foster a market economy, Hamilton suggested introducing a wide variety of coins, including gold and silver dollars, a ten-cent silver piece, and copper coins of a cent or half cent.

Based on my readings of history, my readings of existing conditions, and my understanding of how the economic machine works, the promises that are denominated in the world’s reserve currencies, most importantly the dollar, are too large and growing too fast to be paid in hard money. In other words, the debt that is denominated in these currencies is an overhang, so money will probably be printed to service debts and debt growth4 and interest rates will probably be held below inflation and economic/income growth rates. This reflects the fact that the major reserve currency countries are late in their debt/money/capital market/economic cycles and that wealth will probably be increasingly redistributed from those who have a lot of it to those who don’t have enough of it in one way or another. The extent to which these things will be true will vary from country to country, though it will likely be worldwide.

Each part of the EKG system works together as a puzzle, and each part contains a number of potential strategies that you can choose from to create your desired Nomad Capitalist lifestyle: E - Enhance Your Personal Freedom ● Living Overseas - Whether in one place, a few places, or as a perpetual traveler. ● Second Passports and Residencies - Obtain a residence permit or citizenship in another country for better travel, better treatment, and more options. ● Digital Privacy - Host your website overseas or use secure offshore email. ● Socializing Overseas - Make friends, dates, or a lifelong partner in another country. ● Personal Happiness - Find the place where you feel totally at home. K - Keep More of Your Money ● Tax Reduction - Legally reduce or eliminate your personal taxes by relocating your business the right way. ● Offshore Banking - Protect your money in quality banks and earn higher returns. ● Offshore Companies - Legally choose the tax rate for your business. G - Grow Your Money ● Frontier Market Entrepreneurship - Start a business in a less developed market. ● Foreign Real Estate - Buy, rent, sell, or hold property in fast-growing markets. ● Foreign Currencies - Earn high rates of return just by holding another currency.

new currency to replace the bankrupt Reichsmark in February 1948 led the following month to a dramatic walkout by the Soviet delegation at the Allied Control Council, which had governed Germany since the end of the war. The Russians had intentionally debased and over-circulated the Reichsmark by excessive printing, deliberately reducing the German population to penury, until bartering with cigarettes and the black market underpinned their economy. The introduction by the West of the new Deutschmark in June subsequently brought the hostility of the negotiating table out into the open. On June 16, Colonel Yelizarkov, the deputy to the commander of the Soviet Sector, withdrew from the Four Power Kommandatura [the governing body of Berlin].

When a young employee gasped at his blue language, Simons flashed a grin. “I know—that is an impressive rate!” A few times a week, Marilyn came by to visit, usually with their baby, Nicholas. Other times, Barbara checked in on her ex-husband. Other employees’ spouses and children also wandered around the office. Each afternoon, the team met for tea in the library, where Simons, Baum, and others discussed the latest news and debated the direction of the economy. Simons also hosted staffers on his yacht, The Lord Jim, docked in nearby Port Jefferson. Most days, Simons sat in his office, wearing jeans and a golf shirt, staring at his computer screen, developing new trades—reading the news and predicting where markets were going, like most everyone else. When he was especially engrossed in thought, Simons would hold a cigarette in one hand and chew on his cheek. Baum, in a smaller, nearby office, trading his own account, favored raggedy sweaters, wrinkled trousers, and worn Hush Puppies shoes. To compensate for his worsening eyesight, he hunched close to his computer, trying to ignore the smoke wafting through the office from Simons’s cigarettes. Their traditional trading approach was going so well that, when the boutique next door closed, Simons rented the space and punched through the adjoining wall. The new space was filled with offices for new hires, including an economist and others who provided expert intelligence and made their own trades, helping to boost returns. At the same time, Simons was developing a new passion: backing promising technology companies, including an electronic dictionary company called Franklin Electronic Publishers, which developed the first hand-held computer. In 1982, Simons changed Monemetrics’ name to Renaissance Technologies Corporation, reflecting his developing interest in these upstart companies. Simons came to see himself as a venture capitalist as much as a trader. He spent much of the week working in an office in New York City, where he interacted with his hedge fund’s investors while also dealing with his tech companies. Simons also took time to care for his children, one of whom needed extra attention. Paul, Simons’s second child with Barbara, had been born with a rare hereditary condition called ectodermal dysplasia. Paul’s skin, hair, and sweat glands didn’t develop properly, he was short for his age, and his teeth were few and misshapen. To cope with the resulting insecurities, Paul asked his parents to buy him stylish and popular clothing in the hopes of fitting in with his grade-school peers. Paul’s challenges weighed on Simons, who sometimes drove Paul to Trenton, New Jersey, where a pediatric dentist made cosmetic improvements to Paul’s teeth. Later, a New York dentist fitted Paul with a complete set of implants, improving his self-esteem. Baum was fine with Simons working from the New York office, dealing with his outside investments, and tending to family matters. Baum didn’t need much help. He was making so much money trading various currencies using intuition and instinct that pursuing a systematic, “quantitative” style of trading seemed a waste of

Once again, I listened as people told me I was nuts. Emerging markets were largely considered untouchable by foreign investors at the time. They were still under the shadow of loan defaults from the 1980s, and Mexico’s recent Tequila Crisis (the devaluation of the peso) had triggered widespread currency devaluation across Latin America. To top it off, many emerging market countries were reeling from the Asian financial crisis in 1997 and Russia’s default in 1998. Emerging markets at the time were not for the faint of heart. For me, of course, that presented an environment with no competition for assets.

The lesson that a nation cannot devalue its way to prosperity eluded Nixon, Connally, Peterson and the stock market in late 1971 as it had their predecessors during the Great Depression. It seemed a hard lesson to learn.

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.

Whereas a “Bitcoin maximalist” view holds that every payment or expression of value will eventually gravitate to Bitcoin (so long as its network can securely scale), the token economy vision is one of fragmentation in our instruments of value. In fact, if we take it to its logical conclusion, and software-driven systems can be developed to allow liquid exchanges across digital tokens, we may not need to hold a common currency at all to make exchanges with each other. For this to happen, we would need a powerful computer program that could, in real time, create markets to generate counter-referencing values on any two things. We’d need that program to be able to tell us, for example, how many Basic Attention Tokens it would take to buy the rights to a third of a Jackson Pollock painting. It would be a world of digital barter, a world without money as we know it.

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?

The true reserve currency is munitions, the willingness to use them, the will-ingness to sell them, and the complicity of servile nations. The real arms race is about market share.

The modern use of Repo financing, though not yet called a Repo, began shortly after the U.S. entered World War I in 1917. Part of the Fed’s official mandate was to "provide an elastic currency," which, as we know, includes providing liquidity to the banking system. During its first few years, injecting cash into the financial system exclusively involved the rediscounting of commercial paper. The Fed loaned money to banks and received commercial paper as collateral. Then, with the growing issuance of Liberty Bonds by the U.S. government, banks began presenting these new government securities to the Fed for rediscounting. When the Fed rediscounted the first Liberty Bond, the Repo market was born.

The RBI Governor influences a wide range of microeconomic and macroeconomic issues in the country. His signature appears on currency notes and he controls the country's monetary, currency, and credit systems. His actions influence not only the entire banking system, but also stock markets, the economy, and people's lives at large. It is said that if he sneezes, markets tend to catch a cold!

In the geopolitical game of societal development, a temple may yield currency in prayers, and a library invests in the intellectual stock market – and trust me, both the returns are profound!

Trust is the currency of social marketing.

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

For businessmen tied to Asian financial capital, the sex industry allows men to broker deals by projecting confidence in the Vietnamese market. For Western men and overseas Viet Kieus, who are largely excluded from the segment of the sex industry linked to business transactions and FDI flows—since the vast majority of FDI into Vietnam comes primarily from Asia—the sex industry serves a different purpose, allowing men to displace their status anxieties onto women’s bodies.

The niche markets that catered to Western men were not about establishing relations of trust among men that would lead to business deals.

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.

Soros (2013) notes that the euro crisis has already transformed the EU from a free association of states enjoying equal rights to a more or less enduring relationship between debtors and creditors. The creditors risk losing a good deal of money if a member states leaves the union, while the debtors are forced to accept conditions which can only aggravate their economic depression, and place them in a subordinate position for an indefinite period of time. In this way the euro crisis threatens to destroy the EU itself. According to the American financier these are the consequences of the fatal flaw of the European monetary union: in creating the ECB as a fully independent central bank the member states indebted themselves in a currency which they cannot control. As a consequence, when the risk of a Greek default became concrete, the financial markets reacted by reducing the status of all heavily indebted members of the euro zone to that of developing countries with large debts in foreign currencies. In this way, these members of the euro zone were treated as if they alone were responsible for their present condition. The correct response to this situation, Soros concludes, would be the creation of Eurobonds and a banking union, together with the necessary structural reforms. However, Germany refuses to choose between the two alternatives: either accept the Eurobonds or leave the euro zone. On the other hand, a solution of the crisis would also require a level of centralization of the economic and fiscal policies of the member states that is, most likely, politically unfeasible. Thus the end of monetary union appears to be only a question of time, while the position of the major German parties – pro monetary union but against Eurobonds – is clearly contradictory.

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).

So I lean over carefully, and there, piled a foot high against the sides of the metal bin, are beat-up U.S. quarters, dimes, nickels, and pennies. Next to the filling bin is another bin, a full bin of coins that fell from the pockets of Americans who had more pressing matters than loose change. According to Jack, an average junked U.S. automobile contains $1.65 in loose change when it’s shredded. If that’s right—and from what I see, I believe that it must be—then the 14 million cars scrapped in good years (good for automobile recyclers, at least) in the United States contain within them more than $20 million in cash just waiting to be recovered. Understandably, Huron Valley isn’t interested in revealing just how much money they recover from U.S. automobiles (they have a deal whereby they return the currency to the U.S. Treasury for a percentage of the original value), but David is willing to note that the coin recovery system has “paid for itself.” It occurs to me that Huron Valley has happened upon the most brilliant of businesses: one whose product is money itself! That is, rather than make something that needs to be marketed for money, Huron Valley just makes money.

two simultaneous processes are at work in HCMC’s niche markets—a recuperation of Western power and a contestation of that very power by those with aspirations for Asian ascendancy.

To fit into the Golden Straitjacket a country must either adopt, or be seen as moving toward, the following golden rules: making the private sector the primary engine of its economic growth, maintaining a low rate of inflation and price stability, shrinking the size of its state bureaucracy, maintaining as close to a balanced budget as possible, if not a surplus, eliminating and lowering tariffs on imported goods, removing restrictions on foreign investment, getting rid of quotas and domestic monopolies, increasing exports, privatizing state-owned industries and utilities, deregulating capital markets, making its currency convertible, opening its industries, stock and bond markets to direct foreign ownership and investment, deregulating its economy to promote as much domestic competition as possible, eliminating government corruption, subsidies and kickbacks as much as possible, opening its banking and telecommunications systems to private ownership and competition and allowing its citizens to choose from an array of competing pension options and foreign-run pension and mutual funds. When you stitch all of these pieces together you have the Golden Straitjacket. . . . As your country puts on the Golden Straitjacket, two things tend to happen: your economy grows and your politics shrinks. That is, on the economic front the Golden Straitjacket usually fosters more growth and higher average incomes—through more trade, foreign investment, privatization and more efficient use of resources under the pressure of global competition. But on the political front, the Golden Straitjacket narrows the political and economic policy choices of those in power to relatively tight parameters. . . . Governments—be they led by Democrats or Republicans, Conservatives or Labourites, Gaullists or Socialists, Christian Democrats or Social Democrats—that deviate too far from the core rules will see their investors stampede away, interest rates rise and stock market valuations fall.36

As such, different configurations of racialized desires, social status, business success, and hope for upward mobility all play out differently in the four niche markets in which I conducted fieldwork.