Currency War Quotes

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.

I'm hip to their game, hip to the science of war Propoganda makes me fight but what am I fightin for? My way of life? Beans and rice? Give and take, less or more? See through the eyes of the poor, plus I'm black to the core Ignorance is on tour bookin stadiums and more The days of hitler painted pictures patriotic before You raise your flag on a land snatched from bald eagles claw, and stamp the symbol on your currency to finance your war. I'm sayin no. Not in my name. Not in my life. Not by my hands. That ain't my fight. Not in my name. You wage your war against terrorists and violence, and try to wave your guns and fear us all into silence. NO.

Words and emotions are simple currencies. If we inflate them, they lose their value, just like money. They begin to mean nothing. Use 'beautiful' to describe a sandwich and the word means nothing. Since the war, there is no more room for inflated language. Words and feelings are small now - clear and precise. Humble like dreams.

Rape is integral to the cultures of war, colonization, and forced displacement that have turned gender oppression and sexual violence into a global currency of desperation

The first way to address the “war on poverty” is to get rid of currency inflation and return to a form of money whose value holds over the long term.

The printing presses of the state treasuries cranked out reams of paper currency- showing wise kinds and blissful martyrs- while bankers wept and peasants starved.

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.

Hitherto, the Palestinians had been relatively immune to this Allahu Akhbar style. I thought this was a hugely retrograde development. I said as much to Edward. To reprint Nazi propaganda and to make a theocratic claim to Spanish soil was to be a protofascist and a supporter of 'Caliphate' imperialism: it had nothing at all to do with the mistreatment of the Palestinians. Once again, he did not exactly disagree. But he was anxious to emphasize that the Israelis had often encouraged Hamas as a foil against Fatah and the PLO. This I had known since seeing the burning out of leftist Palestinians by Muslim mobs in Gaza as early as 1981. Yet once again, it seemed Edward could only condemn Islamism if it could somehow be blamed on either Israel or the United States or the West, and not as a thing in itself. He sometimes employed the same sort of knight's move when discussing other Arabist movements, excoriating Saddam Hussein's Ba'ath Party, for example, mainly because it had once enjoyed the support of the CIA. But when Saddam was really being attacked, as in the case of his use of chemical weapons on noncombatants at Halabja, Edward gave second-hand currency to the falsified story that it had 'really' been the Iranians who had done it. If that didn't work, well, hadn't the United States sold Saddam the weaponry in the first place? Finally, and always—and this question wasn't automatically discredited by being a change of subject—what about Israel's unwanted and ugly rule over more and more millions of non-Jews? I evolved a test for this mentality, which I applied to more people than Edward. What would, or did, the relevant person say when the United States intervened to stop the massacres and dispossessions in Bosnia-Herzegovina and Kosovo? Here were two majority-Muslim territories and populations being vilely mistreated by Orthodox and Catholic Christians. There was no oil in the region. The state interests of Israel were not involved (indeed, Ariel Sharon publicly opposed the return of the Kosovar refugees to their homes on the grounds that it set an alarming—I want to say 'unsettling'—precedent). The usual national-security 'hawks,' like Henry Kissinger, were also strongly opposed to the mission. One evening at Edward's apartment, with the other guest being the mercurial, courageous Azmi Bishara, then one of the more distinguished Arab members of the Israeli parliament, I was finally able to leave the arguing to someone else. Bishara [...] was quite shocked that Edward would not lend public support to Clinton for finally doing the right thing in the Balkans. Why was he being so stubborn? I had begun by then—belatedly you may say—to guess. Rather like our then-friend Noam Chomsky, Edward in the final instance believed that if the United States was doing something, then that thing could not by definition be a moral or ethical action.

We don’t need anything. Just listen to us and try to understand. Society is good at doing things, ‘giving’ medical help, pensions, flats. But all this so-called giving has been paid for in very expensive currency. Our blood.

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

Higher prices are the symptom, not the cause, of currency collapse.

There is hardly a part of the United States where men are not aware that secret private purposes and interests have been running the government.” President Woodrow Wilson

It is a natural propensity to attribute misfortune to someone’s malignity. When prices rise, it is due to the profiteer; when wages fall, it is due to the capitalist. Why the capitalist is ineffective when wages rise, and the profiteer when prices fall, the man in the street does not inquire. Nor does he notice that wages and prices rise and fall together. If he is a capitalist, he wants wages to fall and prices to rise; if he is a wage earner, he wants the opposite. When a currency expert tries to explain that profiteers and trade unions and ordinary employers have very little to do with the matter, he irritates everybody, like the man who threw doubt on German atrocities. (In World War I) We do not like to be robbed of an enemy; we want someone to have when we suffer. It is so depressing to think taht we suffer because we are fools; yet taking mankind in mass, that is the truth. For this reason, no political party can acquire any driving force except through hatred; it must hold someone to obloquy. If so-and-so’s wickedness is the sole cause of our misery, let us punish so-and-so and we shall be happy. The supreme example of this kind of political thought was the Treaty of Versailles. Yet most people are only seeking some new scapegoat to replace the Germans.

Printing dollars at home means higher inflation in China, higher food prices in Egypt and stock bubbles in Brazil. Printing money means that U.S. debt is devalued so foreign creditors get paid back in cheaper dollars. The devaluation means higher unemployment in developing economies as their exports become more expensive for Americans. The resulting inflation also means higher prices for inputs needed in developing economies like copper, corn, oil and wheat. Foreign countries have begun to fight back against U.S.-caused inflation through subsidies, tariffs and capital controls; the currency war is expanding fast.

University biologists working with infectious viruses have airtight facilities to ensure that the objects of their study do not escape from the laboratory and damage the population at large. Unfortunately, no such safeguards are imposed on economics departments.

Opinions are a useless currency

But the petrodollar system is not about oil, per se. It is about a system of sustaining the worldwide need for a paper currency by linking it to a true global necessity – oil.

Devaluation and currency wars never produce either the growth or the jobs that are promised, but they reliably produce inflation.

War is the currency of political power.

Only powerful currencies earn the right to have a symbol. Just imagine, one US dollar was worth 64 rials in 1939, right after World War II. And what is it worth today? Around 150,000 rials.

The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war; but such paper should depend for its value and currency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money.

American hurricane relief was strange. The United States sent no money. Instead, the following year, it outlawed all Puerto Rican currency and declared the island’s peso, with a global value equal to the US dollar, to be worth only sixty American cents.7 Every Puerto Rican lost 40 percent of his or her savings overnight.8 Then, in 1901, a colonial land tax known as the Hollander Bill forced many small farmers to mortgage their lands with US banks.9

Berlin. 25 June 1940. I have the impression that we are rushing for a common currency for the whole of Europe. That would be progress, of course, and, one would hope, of lasting significance. Letter from Helmuth von Moltke (military intelligence)1

In August, 1956, a Swedish bank teller cheerfully changed a $500 Confederate banknote for an enterprising customer, at the same favorable rate of exchange commanded by Federal currency in that season. His mistake was discovered only when it was much too late.

The Crippled God scattered some seeds onto the brazier’s coals. Popping sounds, then more smoke. ‘Peace. Warm yourself, warrior, while I tell you of peace. History is unerring, and even the least observant mortal can be made to understand, through innumerable repetition. Do you see peace as little more than the absence of war? Perhaps, on a surface level, it is just that. But let me describe the characteristics of peace, my young friend. A pervasive dulling of the senses, a decadence afflicting the culture, evinced by a growing obsession with low entertainment. The virtues of extremity—honour, loyalty, sacrifice—are lifted high as shoddy icons, currency for the cheapest of labours. The longer peace lasts, the more those words are used, and the weaker they become. Sentimentality pervades daily life. All becomes a mockery of itself, and the spirit grows…restless.

It is one thing when prices drift downward over time due to innovation, scalability or other efficiencies. This might be considered “good” deflation and is familiar to any contemporary consumer who has seen prices of computers or wide-screen TVs fall year after year. It is another matter when prices are forced down by unnecessary monetary contraction, credit constraints, deleveraging, business failures, bankruptcies and mass unemployment. This may be considered “bad” deflation. This bad deflation was exactly what was required in order to return the most important currencies to their prewar parity with gold.

I told them all, "If possible, I would be here with only you, forever. But I am a man who toils, and I must go where I must. We need currency for famous nightclubs, yes? I am doing something I hate for you. This is what it means to be in love. So do not spleen me." But to be truthful, I was not even the smallest portion sad to go to Lutsk to translate for Jonathan Safran Foer. As I mentioned before, my life is ordinary. But I had never been to Lutsk, or any of the multitudinous petite villages that still endure after the war. I desired to see new things. I desired to experience volumes. And I would be electrical to meet an American.

Bite the dog too often And you will tear it apart Before it even has the chance to rise Yet be too kind And it will forget that it was bred for war It will die in the killing fields Everything you do must be with purpose and reason All decisions must be made without emotion With respect to the mission And the currency of lives

There are no advantageous defeats, but there can be disastrous victories. Few days in France’s history have cost her so dear as Cassel, for it gave currency to a number of false ideas, such as that the new King was invincible, and that foot-soldiers were worthless in war. The defeat of Crécy, twenty years later, was the consequence of this illusion.

If the dollar falls, America’s national security falls with it.

Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency.

Regulators and bankers were using the wrong tools and the wrong metrics. Unfortunately, they still are.

patriotism of many is....a voice and nothing more... A spirit of money-making has eaten up our patriotism. Our morals are more depreciated than our currency.

That's your currency, isn't it? Souls. You have plenty right here. I won't give you mine.

Those producing the ‘money’ (i.e. currency) get fabulously wealthy from their crime—at the expense of impoverishing the masses and completely hollowing-out/destroying the broader economy.

That peril, suffering, and fear prove life is a squalid struggle with no point, since it always ends in loss. He thinks—and you’ve said so too, Colin—that it proves if there is a God, he’s a sadistic war criminal, a bystander who watches while children drown. But that’s not what it proves. What it proves is that acts of love and sacrifice have real value—that they’re the only currency that matters.

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

They spend billions of their currency every year on killing each other, and because they invest so much into killing, they don’t have enough money to run their shops, to give people enough homes or food. They have guns that can shoot out an eyeball from hundreds of yards away, and people who want to shoot an eyeball out from hundreds of yards: yet they turn both eyes blind to the problems humanity face.

Each time a police officer engages us, death, injury, maiming is possible. It is not enough to say that this is true of anyone or more true of criminals. The moment the officers began their pursuit of Prince Jones, his life was in danger. The Dreamers accept this as the cost of doing business, accept our bodies as currency, because it is their tradition. As slaves we were this country’s first windfall, the down payment on its freedom. After the ruin and liberation of the Civil War came Redemption for the unrepentant South and Reunion, and our bodies became this country’s second mortgage. In the New Deal we were their guestroom, their finished basement. And today, with a sprawling prison system, which has turned the warehousing of black bodies into a jobs program for Dreamers and a lucrative investment for Dreamers; today, when 8 percent of the world’s prisoners are black men, our bodies have refinanced the Dream of being white. Black life is cheap, but in America black bodies are a natural resource of incomparable value.

That brings us to the 20th century, which had two big cycles of boom, busts, wars, and new orders, the second of which we appear to be in the late stages of. Because I review these comprehensively in Chapters 10 through 13, and because they are much more familiar to most readers, I will end this overview here and dive now into the story of the Dutch and how they rose to become the first global reserve currency empire.

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

As earnings from abroad fell, wealthy Dutch savers moved their cash into British investments, which were more attractive due to their strong growth and higher yields.9 Despite this, the guilder remained widely used as a global reserve currency. As explained earlier, reserve currency status classically lags the decline of other key drivers of the rise and fall of empires. Then, as is typical, a rising great power challenged the existing great power in a war.

Worse yet, when the public realizes that it is being deceived, a feedback loop is created in which trust is broken and even the truth, if it can be found, is no longer believed. The United States is dangerously close to that point. ■

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

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

THE U.S. SECRET Service is one of the oldest law enforcement agencies in America, created in 1865. Its original mission was to investigate and prevent counterfeit currency, which was rampant after the Civil War and threatened to destabilize the country’s economy. The

But you didn’t mention Orrigar I, the first king of the House of Chaldarina. He put an end to years of unrest and civil strife. Neither did you mention Ronnick II, the one who reformed the monetary system and forbade the Great Houses to mint their own coins, thus stabilizing our currency. At the time it saved Ximerion from going bankrupt.” “I’m sorry. I told you we weren’t big—” “It’s not that, Hemarchidas. You remembered the fighting kings, those who brought war, destruction and ephemeral glory. Or those who ended tragically. You forgot the wise administrators, those who kept the peace, those who brought prosperity. You needn’t feel embarrassed, though. So did history.” Hemarchidas looked at his friend as if he saw him for the first time. “So, all in all, Hemarchidas, I’d rather history forgot me.

From its creation in 1913, the most important Fed mandate has been to maintain the purchasing power of the dollar; however, since 1913 the dollar has lost over 95 percent of its value. Put differently, it takes twenty dollars today to buy what one dollar would buy in 1913.

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

Hyperinflation produces fairly predictable sets of winners and losers and prompts certain behaviors and therefore can be used politically to rearrange social and economic relations among debtors, creditors, labor and capital, while gold is kept available to clean up the wreckage if necessary.

The institution of slavery was, for a quarter millennium, the conversion of human beings into currency, into machines who existed solely for the profit of their owners, to be worked as long as the owners desired, who had no rights over their bodies or loved ones, who could be mortgaged, bred, won in a bet, given as wedding presents, bequeathed to heirs, sold away from spouses or children to cover an owner’s debt or to spite a rival or to settle an estate. They were regularly whipped, raped, and branded, subjected to any whim or distemper of the people who owned them. Some were castrated or endured other tortures too grisly for these pages, tortures that the Geneva Conventions would have banned as war crimes had the conventions applied to people of African descent on this soil. Before there was a United States of America, there was enslavement. Theirs was a living death passed down for twelve generations.

Steel is the nation, went a Japanese saying. If the nation had a strong steel industry, then it would have a strong shipbuilding industry, and it would be a powerful, respectable nation again. Thus the efforts in the postwar years centered first and foremost on steel. The recovery did not come easily. At the end of the war only three of the nation’s thirty-five blast furnaces were in operation, the others closed down as much from lack of raw material as from American bombs. The nation was poor, hard currency was limited, but the government poured much of its treasure into steel. By 1949 Japan had reached its prewar steel-production figures.

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists. Ernest Hemingway War, Political, Both Never think that war, no matter how necessary, nor how justified, is not a crime. Ernest Hemingway War, Justified, Matter Once we have a war there is only one thing to do. It must be won. For defeat brings worse things than any that can ever happen in war. Ernest Hemingway War, Once, Happen The world is a fine place and worth the fighting for and I hate very much to leave it. Ernest Hemingway Hate, Leave, Worth Personal columnists are jackals and no jackal has been known to live on grass once he had learned about meat - no matter who killed the meat for him. Ernest Hemingway Once, Matter, Learned The only thing that could spoil a day was people. People were always the limiters of happiness except for the very few that were as good as spring itself. Ernest Hemingway Happiness, Good, Few But man is not made for defeat. A man can be destroyed but not defeated. Ernest Hemingway Defeat, Defeated, Destroyed You're beautiful, like a May fly. Ernest Hemingway Beauty, Beautiful, Fly His talent was as natural as the pattern that was made by the dust on a butterfly's wings. At one time he understood it no more than the butterfly did and he did not know when it was brushed or marred. Ernest Hemingway Time, Natural, Talent The good parts of a book may be only something a writer is lucky enough to overhear or it may be the wreck of his whole damn life and one is as good as the other.

We expect a solution of the unemployment problem, the cancer problem, the housing problem, the problems of currency, of war, of education. We expect from it a brighter, cleaner and fuller life for our children, in which we and they can march ever onward and onward and develop to the full urge of life which God has given each one of us.

The idea that the euro has “failed” is dangerously naive. The euro is doing exactly what its progenitor – and the wealthy 1%-ers who adopted it – predicted and planned for it to do. … Removing a government's control over currency would prevent nasty little elected officials from using Keynesian monetary and fiscal juice to pull a nation out of recession. “It puts monetary policy out of the reach of politicians,” [Robert] Mundell explained]. “Without fiscal policy, the only way nations can keep jobs is by the competitive reduction of rules on business.” … Hence, currency union is class war by other means. — Greg Palast, “Robert Mundell, evil genius of the euro.” Unlike

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

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

Jake, think of the population of this planet for one moment; we live for money, we fight for land then divide the land up and establish different currencies represented by different flags. The governments chosen to lead us are rife with corruption and at any given time one will be at war with another. And despite knowing that we are damaging the very environment that sustains us, we continue to pollute our skies and oceans.

America has, in fact, run trade deficits large enough to wipe out its gold hoard under the old rules of the game. Still, the idea of the gold standard was not to deplete nations of gold, but rather to force them to get their financial house in order long before the gold disappeared. In the absence of a gold standard and the real-time adjustments it causes, the American people seem unaware of how badly U.S. finances have actually deteriorated.

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

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.

Is the consideration of a little dirty pelf, to individuals, to be placed in competition with the essential rights & liberties of the present generation, & of millions yet unborn? shall a few designing men for their own aggrandizement, and to gratify their own avarice, overset the goodly fabric we have been rearing at the expence of so much time, blood, & treasure? and shall we at last become the victems of our own abominable lust of gain? Forbid it heaven! forbid it all, & every state in the union! by enacting & enforcing, efficatious laws for checking the growth of these monstrous evils, & restoring matters in some degree to the pristine state they were in at the commencement of the War. Our cause is noble. It is the cause of Mankind! and the danger to it springs from ourselves—Shall we slumber & sleep then while we should be punishing those miscreants who have brought these troubles upon us, & who are aiming to continue us in them? While we should be striving to fill our Battalions—and devising ways and means to appreciate the currency—On the credit of which every thing depends? I hope not—let vigorous measures be adopted—not to limit the price of articles—for this I conceive is inconsistent with the very nature of things, & impracticable in itself—but to punish speculators—forestallers—& extortioners—and above all—to sink the money by heavy Taxes—To promote public & private Œconomy—encourage Manufactures &ca—Measures of this sort gone heartily into by the several states will strike at once at the root of all our misfortunes, & give the coup-de-grace to British hope of subjugating this great Continent, either by their Arms or their Arts—The first as I have before observed they acknowledge is unequal to the task—the latter I am sure will be so if we are not lost to every thing that is good & virtuous.

This unique ability of the U.S. Government to borrow from foreign central banks rather than from its own citizens is one of the economic miracles of modern times. Without it the war-induced American prosperity of the 1960s and early 1970s would have ended quickly, as was threatened in 1973 when foreign central banks decided to cut their currencies loose from the dollar, letting them float upward rather than accepting a further flood of U.S. Treasury IOUs.

The root of all evil, the liberal insists, was precisely this interference with the freedom of employment, trade and currencies practiced by the various schools of social, national, and monopolistic protectionism since the third quarter of the nineteenth century; but for the unholy alliance of trade unions and labor parties with monopolistic manufacturers and agrarian interests, which in their shortsighted greed joined forces to frustrate economic liberty, the world would be enjoying today the fruits of an almost automatic system of creating material welfare. Liberal leaders never weary of repeating that the tragedy of the nineteenth century sprang from the incapacity of man to remain faithful to the inspiration of the early liberals; that the generous initiative of our ancestors was frustrated by the passions of nationalism and class war, vested interests, and monopolists, and above all, by the blindness of the working people to the ultimate beneficence of unrestricted economic freedom to all human interests, including their own. A great intellectual and moral advance was thus, it is claimed; frustrated by the intellectual and moral weaknesses of the mass of the people; what the spirit of Enlightenment had achieved was put to nought by the forces of selfishness. In a nutshell this is the economic liberal’s defense. Unless it is refuted, he will continue to hold the floor in the contest of arguments.

a result of the Bretton Woods Agreement, the dollar became the world’s leading reserve currency. This was natural because the two World Wars had made the US the richest and most powerful country by far. By the end of World War II the US had amassed its greatest gold/money savings ever—about two-thirds of all the government-held gold/money in the world, the equivalent to eight years of import purchases. Even after the war, it continued to earn a lot of money by exporting.

The risks to our nation are increasing, rather than decreasing, every minute we turn a blind eye to China’s theft of billions of dollars’ worth of intellectual property and technology; to years of piracy and copyright law violations; to the CCP’s closed economy, the artificial valuation of its own currency, its relentless political influencing operations; and so much more. As we continue to turn a blind eye, our nation moves closer to losing its independence and its freedom.

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.

You repay the debt,” he said. “That should be more than enough." “What if I disagree? And what if, after all your trouble, I still say no?” “I have ways to insist.” “I have ways to decline.” “You’ll pay one way or the other,” he said. “In euros? Dollars? How much do I owe you?” If he registered the sarcasm, he didn’t react to it. “You pay in the only currency that holds value to you,” he said. “You pay in innocent life.” The words stung like a hard smack across the face and her eyes smarted as if she’d been physically struck. He should not know these things. Casual indifference remained plastered on her face while deep below, in that hollow crevice where madness had lain dormant these last nine months, the slow, steady percussion of war tapped out, faint but perceptible. “Which innocents?” she said. He waved his hand with that dismissive gesture. “Innocents are innocents,” he said. “Is one life really valued higher than another?” From the fear bubbling to the surface, she instinctively knew. Knew that the only way a man in his position could gloat as if he owned her was if he held what she deemed most priceless.

Back then, Japan as a nation aspired to something in which each individual seemed invested. And that "something"wasn't just about economic growth, or transforming the yen into an international currency. It had more to do with accessing information. Information was indispensable, and not only as a means of obtaining necessities like food and clothing and medicine. Within two or three years of World War II's end, starvation had been basically eliminated in Japan, and yet the Japanese had continued slaving away as if their lives depended on it. Why? To create a more abundant life? If so, where was the abundance? Where were the luxurious living spaces? Eyesores dominated the scenery wherever you went, and people still crammed themselves into packed commuter trains each morning, submitting to conditions that would be fatal for any other mammal. Apparently what the Japanese wanted wasn't a better life, but more things. And things, of course, were a form of information. But as things became readily available and information began to flow smoothly, the original aspiration got lost in the shuffle. People were infected with the concept that happiness was something outside themselves, and a new and powerful form of loneliness was born. Mix loneliness with stress and enervation, and all sorts of madness can occur. Anxiety increases, and in order to obliterate the anxiety people turn to extreme sex, violence, and even murder.

With the simple suspension of gold redeemability, governments’ war efforts were no longer limited to the money that they had in their own treasuries, but extended virtually to the entire wealth of the population. For as long as the government could print more money and have that money accepted by its citizens and foreigners, it could keep financing the war. Previously, under a monetary system where gold as money was in the hands of the people, government only had its own treasuries to sustain its war effort, along with any taxation or bond issues to finance the war. This made conflict limited, and lay at the heart of the relatively long periods of peace experienced around the world before the twentieth century.

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.

It was not always the case, of course, that navies paid for themselves. In wartime, costs often exceeded revenues, and those deficits grew over time as fleets and armies got bigger. But this was hardly an insurmountable obstacle for the most dynamic economies in the world. The United Provinces and England were able to borrow all they needed to underwrite their defense budgets. The pressures of war gave a powerful impetus to the growth of stocks, bonds, loans, and paper currencies during the late seventeenth and early eighteenth centuries and helped to turn Amsterdam and then London into international financial centers. To take one example, the Bank of England was established in 1694 to raise funds to allow England to wage war against France.

The Dreamers accept this as the cost of doing business, accept our bodies as currency, because it is their tradition. As slaves we were this country’s first windfall, the down payment on its freedom. After the ruin and liberation of the Civil War came Redemption for the unrepentant South and Reunion, and our bodies became this country’s second mortgage. In the New Deal we were their guestroom, their finished basement. And today, with a sprawling prison system, which has turned the warehousing of black bodies into a jobs program for Dreamers and a lucrative investment for Dreamers; today, when 8 percent of the world’s prisoners are black men, our bodies have refinanced the Dream of being white. Black life is cheap, but in America black bodies are a natural resource of incomparable value.

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.

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

The obvious costs of such a policy became apparent to me as I sat along the back wall of vault V22 at NSA headquarters with two of the more talented infrastructure analysts, whose workspace was decorated with a seven-foot-tall picture of Star Wars’ famous wookie, Chewbacca. I realized, as one of them was explaining to me the details of his targets’ security routines, that intercepted nudes were a kind of informal office currency, because his buddy kept spinning in his chair to interrupt us with a smile, saying, “Check her out,” to which my instructor would invariably reply “Bonus!” or “Nice!” The unspoken transactional rule seemed to be that if you found a naked photo or video of an attractive target—or someone in communication with a target—you had to show the rest of the boys, at least as long as there weren’t any women around. That was how you knew you could trust each other: you had shared in one another’s crimes.

Our faith in victory had been unquestioning, its opposite, defeat, had no currency among us. Victory was possible, that was all. It would be easy or difficult, quick or prolonged, but it would be victory. So here came the disturbing Hoosier, displaying the other side of the coin, showing us defeat. It shook us. And it was from this moment that we dated the feeling of what is called expendability. All armies have expendable items, that is, a part or unit the destruction of which will not be fatal to the whole. In some ordeals, a man might consider his finger expendable, but not his hand, or in extremity his arm but not his heart. There are expendable items which may be lost or destroyed in the field either in peace or in war without their owner being required to replace them. A rifle is so expendable or a cartridge belt. So are men. Men are the most expendable of all. Hunger, the jungle, the Japanese, not one nor all of these could be quite as corrosive as the feeling of expendability. This was no feeling of dedication because it was absolutely involuntary. I do not doubt, that if the Marines had asked for volunteers for an impossible campaign such as Guadalcanal, almost everyone now fighting would have stepped forward. But that is sacrifice, that is voluntary. Being expended robs you of the exultation, the self-abnegation, the absolute freedom of self-sacrifice. Being expended puts one in the roll of victim rather than sacrificer, and there is always something begrudging in this. I doubt if Isaac would have accepted the knife of his father, Abraham, entirely without reproach yet, for the same master he would have gone gladly to his death a thousand times. The world is full of the sacrifices of heroes and martyrs, but there was only one victim. If we were to be victims, we were as firmly secured to our role as Isaac bound to the faggots. No day passed without extenuating it.

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

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.

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.

In the Afro-Asian world from which the Spaniards came, the obsession for gold was indeed an epidemic. Even the bitterest of enemies lusted after the same useless yellow metal. Three centuries before the conquest of Mexico, the ancestors of Cortés and his army waged a bloody war of religion against the Muslim kingdoms in Iberia and North Africa. The followers of Christ and the followers of Allah killed each other by the thousands, devastated fields and orchards, and turned prosperous cities into smouldering ruins – all for the greater glory of Christ or Allah. As the Christians gradually gained the upper hand, they marked their victories not only by destroying mosques and building churches,but also by issuing new gold and silver coins bearing the sign of the cross and thanking God for His help in combating the infidels. Yet alongside the new currency, the victors minted another type of coin, called the millares, which carried a somewhat different message. These square coins made by the Christian conquerors were emblazoned with flowing Arabic script that declared: ‘There is no god except Allah, and Muhammad is Allah’s messenger.’ Even the Catholic bishops of Melgueil and Agde issued these faithful copies of popular Muslim coins, and God-fearing Christians happily used them.2

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.

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

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

After dinner Karamenaios would drop in. We had about fifty words with which to make lingual currency. We didn't even need that many, as I soon discovered. There are a thousand ways of talking and words don't help if the spirit is absent. Karamenaios and I were eager to talk. lt made little difference to me whether we talked about the war or about knives and forks. Sometimes we discovered that a word or phrase which we had been using for days, he in English or I in Greek, meant something entirely different than we had thought it to mean. It made no difference. We understood one another even with the wrong words. I could learn five new words in an evening and forget six or eight during my sleep. The important thing was the warm handclasp, the light in the eyes, the grapes which we devoured in common, the glass we raised to our lips in sign of friendship. Now and then I would get excited and, using a melange of English, Greek, German, French, Choctaw, Eskimo, Swahili or any other tongue I felt would serve the purpose, using the chair, the table, the spoon, the lamp, the bread knife, I would enact for him a fragment of my life in New York, Paris, London, Chula Vista, Canarsie, Hackensack or in some place I had never been or some place I had been in a dream or when lying asleep on the operating table. Sometimes I felt so good, so versatile and acrobatic, that I would stand on the table and sing in some unknown language or hop from the table to the commode and from the commode to the staircase or swing from the rafters, anything to entertain him, keep him amused, make him roll from side to side with laughter. I was considered an old man in the village because of my bald pate and fringe of white hair. Nobody had ever seen an old man cut up the way I did. "The old man is going for a swim," they would say. "The old man is taking the boat out." Always "the old man." If a storm came up and they knew I was out in the middle of the pond they would send someone out to see that "the old man" got in safely. If I decided to take a jaunt through the hills Karamenaios would offer to accompany me so that no harm would come to me. If I got stranded somewhere I had only to announce that I was an American and at once a dozen hands were ready to help me.

In the 1860s, during its civil war, the US suspended gold convertibility and printed paper money (known as “greenbacks”) to help monetize war debts. Around the time the US returned to its gold peg in the mid-1870s, a number of other countries joined the gold standard; most currencies remained fixed against it until World War I. Major exceptions were Japan (which was on a silver-linked standard until the 1890s, which led its exchange rate to devalue against gold as silver prices fell during this period) and Spain, which frequently suspended convertibility to support large fiscal deficits. During World War I, warring countries ran enormous deficits that were funded by central banks’ printing and lending of money. Gold served as money in foreign transactions, as international trust (and hence credit) was lacking. When the war ended, a new monetary order was created with gold and the winning countries’ currencies, which were tied to gold. Still, between 1919 and 1922 several European countries, especially those that lost the war, were forced to print and devalue their currencies. The German mark and German mark debt sank between 1920 and 1923. Some of the winners of the war also had debts that had to be devalued to create a new start. With debt, domestic political, and international geopolitical restructurings done, the 1920s boomed, particularly in the US, inflating a debt bubble. The debt bubble burst in 1929, requiring central banks to print money and devalue it throughout the 1930s. More money printing and more money devaluations were required during World War II to fund military spending. In 1944–45, as the war ended, a new monetary system that linked the dollar to gold and other currencies to the dollar was created. The currencies and debts of Germany, Japan, and Italy, as well as those of China and a number of other countries, were quickly and totally destroyed, while those of most winners of the war were slowly but still substantially depreciated. This monetary system stayed in place until the late 1960s. In 1968–73 (most importantly in 1971), excessive spending and debt creation (especially by the US) required breaking the dollar’s link to gold because the claims on gold that were being turned in were far greater than the amount of gold available to redeem them. That led to a dollar-based fiat monetary system, which allowed the big increase in dollar-denominated money and credit that fueled the inflation of the 1970s and led to the debt crisis of the 1980s. Since 2000, the value of money has fallen in relation to the value of gold due to money and credit creation and because interest rates have been low in relation to inflation rates. Because the monetary system has been free-floating, it hasn’t experienced the abrupt breaks it did in the past; the devaluation has been more gradual and continuous. Low, and in some cases negative, interest rates have not provided compensation for the increasing amount of money and credit and the resulting (albeit low) inflation.

Certainty is eaten away by the thousand and one compromises that are the currency of democracy.

Don’t boast in cafes388 that American currency is the only real honest-to-God money in the world. It isn’t. Besides such bursts of financial patriotism are annoying to people who did not spend the years 1914 to 1916 accumulating world credit by selling munitions, cotton and wheat to other nations which were busy with a war. . . . Don’t confide to your fellow passengers on railway trains that America is the most generous of creditors because America has cancelled all that part of debts, which nobody can collect. Talk instead of our prowess in tennis, golf or Prohibition. It comes with better grace.

Currency wars begin in an atmosphere of insufficient internal growth. The country that starts down this road typically finds itself with high unemployment, low or declining growth, a weak banking sector and deteriorating public finances. In these circumstances it is difficult to generate growth through purely internal means and the promotion of exports through a devalued currency becomes the growth engine of last resort.

In an economy where individuals and businesses will not expand and where government spending is constrained, the only remaining way to grow the economy is to increase net exports (X − M) and the fastest, easiest way to do that is to cheapen one’s currency.

Well, this was the country that had seen its currency blown to smithereens. Lose a war that you started and the conditions imposed on your surrender could include reparations you were in no position to refuse, that would damn your population unto the seventh generation

Many Americans assume that part of maintaining quality of life in the country means that we should do whatever we can to maintain the status quo situation of the dollar as the world reserve currency. However, I view it differently. The status quo of the dollar’s hegemony has directly contributed to the domestic hollowing-out that we’ve experienced for decades — especially after the Cold War ended. The system that has been in place since the 1970s is antiquated monetary technology and is inherently unsustainable due to the accrued imbalances that it creates. Losing dollar hegemony at this point would harm special interests in the United States, would reduce the country’s imperial reach, and would require a shift of priorities, but ultimately it would lead toward a more natural and balanced global economy and provide the opportunity for U.S. domestic revitalization. The risk comes when we fail to recognize that and thus fail to make proactive changes from a position of strength. And so far, that’s the path we’ve chosen.

Less than a month after the fall of the wall, Mitterrand offered a deal to Helmut Kohl, the German chancellor. If Germany agreed to a common currency, France would support reunification. If Germany didn’t agree, France would oppose reunification—and the UK and the Soviet Union would go along with France, leaving Germany surrounded as it was before World War I. “We will return to the world of 1913,” Mitterrand told Kohl.

Aren’t fears of disappearing jobs something that people claim periodically, like with both the agricultural and industrial revolution, and it’s always wrong?” It’s true that agriculture went from 40 percent of the workforce in 1900 to 2 percent in 2017 and we nonetheless managed to both grow more food and create many wondrous new jobs during that time. It’s also true that service-sector jobs multiplied in many unforeseen ways and absorbed most of the workforce after the Industrial Revolution. People sounded the alarm of automation destroying jobs in the 19th century—the Luddites destroying textile mills in England being the most famous—as well as in the 1920s and the 1960s, and they’ve always been wildly off the mark. Betting against new jobs has been completely ill-founded at every point in the past. So why is this time different? Essentially, the technology in question is more diverse and being implemented more broadly over a larger number of economic sectors at a faster pace than during any previous time. The advent of big farms, tractors, factories, assembly lines, and personal computers, while each a very big deal for the labor market, were orders of magnitude less revolutionary than advancements like artificial intelligence, machine learning, self-driving vehicles, advanced robotics, smartphones, drones, 3D printing, virtual and augmented reality, the Internet of things, genomics, digital currencies, and nanotechnology. These changes affect a multitude of industries that each employ millions of people. The speed, breadth, impact, and nature of the changes are considerably more dramatic than anything that has come before.

That’s not a government, it’s a rugby scrum with a currency.

Peace. Warm yourself, warrior, while I tell you of peace. History is unerring, and even the least observant mortal can be made to understand, through innumerable repetition. Do you see peace as little more than the absence of war? Perhaps, on a surface level, it is just that. But let me describe the characteristics of peace, my young friend. A pervasive dulling of the senses, a decadence afflicting the culture, evinced by a growing obsession with low entertainment. The virtues of extremity — honour, loyalty, sacrifice — are lifted high as shoddy icons, currency for the cheapest of labours. The longer peace lasts, the more those words are used, and the weaker they become. Sentimentality pervades daily life. All becomes a mockery of itself, and the spirit grows… restless. Is this a singular pessimism? Allow me to continue with a description of what follows a period of peace. Old warriors sit in taverns, telling tales of vigorous youth, their pasts when all things were simpler, clearer cut. They are not blind to the decay all around them, are not immune to the loss of respect for themselves, for all that they gave for their king, their land, their fellow citizens. The young must not be abandoned to forgetfulness. There are always enemies beyond the borders, and if none exist in truth, then one must be fashioned. Old crimes dug out of the indifferent earth. Slights and open insults, or the rumours thereof. A suddenly perceived threat where none existed before. The reasons matter not — what matters is that war is fashioned from peace, and once the journey is begun, an irresistible momentum is born. The old warriors are satisfied. The young are on fire with zeal. The king fears yet is relieved of domestic pressures. the army draws its oil and whetstone. Forges blast with molten iron, the anvils ring like temple bells. Grain-sellers and armourers and clothiers and horse-sellers and countless other suppliers smile with the pleasure of impending wealth. A new energy has gripped the kingdom, and those few voices raised in objection are quickly silenced. Charges of treason and summary execution soon persuade the doubters. Peace, my young warrior, is born of relief, endured in exhaustion, and dies with false remembrance. False? Ah, perhaps I am too cynical. Too old, witness to far too much. Do honour, loyalty and sacrifice truly exist? Are such virtues born only from extremity? What transforms them into empty words, words devalued by their overuse? What are the rules of the economy of the spirit, that civilization repeatedly twists and mocks? Withal of the Third City. You have fought wars. You have forged weapons. You have seen loyalty, and honour. You have seen courage and sacrifice. What say you to all this?" "Nothing," Hacking laughter. "You fear angering me, yes? No need. I give you leave to speak your mind." "I have sat in my share of taverns, in the company of fellow veterans. A select company, perhaps, not grown so blind with sentimentality as to fashion nostalgia from times of horror and terror. Did we spin out those days of our youth? No. Did we speak of war? Not if we could avoid it, and we worked hard at avoiding it." "Why?" "Why? Because the faces come back. So young, one after another. A flash of life, an eternity of death, there in our minds. Because loyalty is not to be spoken of, and honour is to be endured. Whilst courage is to be survived. Those virtues, Chained One, belong to silence." "Indeed. Yet how they proliferate in peace! Crowed again and again, as if solemn pronouncement bestows those very qualities upon the speaker. Do they not make you wince, every time you hear them? Do they not twist in your gut, grip hard your throat? Do you not feel a building rage—" "Aye. When I hear them used to raise a people once more to war.

And as news and what was described as ‘mounting enemy propaganda about conditions in German concentration camps’ spread, Dönitz and Jodl were among those who saw the need of a public statement ‘that neither the German Wehrmacht nor the German people had knowledge of these things’.144 The myth of the ‘good’ Wehrmacht, which had such currency for decades in post-war Germany, was being forged.

The population was angered by the ever-present censorship, hunger was looming due to the economic blockade, and industries were suffering due to coal, iron, wool, cotton, and people shortages. The government printed currency to cover its massive losses, but this only made inflation rapidly rise. By 1918, the cost of living in Austria rose more than tenfold in just four years. Bread rations were introduced for both the army and the civilians, and the overall consumption of meat dropped to half of what it was before the war.

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].

A hasty retreat from globalization would entail trade and currency wars, damaging every country’s economy, provoking social havoc and triggering ethno- or clan nationalism. The establishment of a much more inclusive and equitable form of globalization that makes it sustainable, both socially and environmentally, is the only viable way to manage retreat. This requires policy solutions addressed in the concluding chapter and some form of effective global governance. Progress is indeed possible in those global areas that have traditionally benefited from international cooperation, like environmental agreements, public health and tax havens.

Another subgroup was tackling government rules that prohibited pictures from using real money as props—putting currency on-screen was considered a form of counterfeit.

At the start of the millennium, the United Stated held a near monopoly on military technology and might. It commanded the world’s reserve currency and with it, was able to control the assets of much of the industrial world. Following the occupation of the oil fields of Iraq, one power, the United States, now commanded a near monopoly on future energy resources. The Pentagon had a term for it– ‘full spectrum dominance.’ It meant that the U.S. should control military, economic and political developments, everywhere. They appeared to be well along in the project.

Right as the Mexican Drug War rages, the debate is reaching the second great flux in its history. The first came in the seventies, with the Jimmy Carter White House. Legalization advocates, including various doctors, got into key government positions, their papers got play, their ideas gained currency. States began to decriminalize marijuana and cocaine was viewed in the media as a happy-go-lucky party drug. Reformers thought they had won the debate. They were wrong. In the eighties, America lashed back against narcotics with a vengeance, and in the nineties the drug war went on steroids. The crack epidemic broke out, celebrities died of overdoses, and lots of middle-class parents got concerned about lots of middle-class kids on smack, speed, and sensimilla. In the early 1990s, surveys found large numbers of Americans thought drugs were the number one problem the country faced. The media was packed with stories of crack babies, cracked-up gangbangers, and nice white kids turning into demons on drugs. But that was two decades ago. The pendulum has swung back again. For now. Most people don’t even list drugs in their top ten of America’s problems. The economy is most people’s priority, and terrorism, immigration, crime, religion, abortion, gay marriage, and the environment all spark more concern than narcotics. Meanwhile, drug-policy reformers have emerged strengthened with propositions to decriminalize, spread medical use, and finally fully legalize marijuana. Proposition 19 to legalize cannabis in California narrowly missed passing, getting 46.5 percent in the 2010 vote. Activists are determined it will pass in 2012. And if not, in 2014. Or 2016. They can just keep on going.

In 1963 the average left-wing French citizen hoped for a rosy future; his right-wing counterpart had reason to believe that France was key to the European project, and had cultural institutions, and nuclear bombs, too.3 In 2013 the average French citizen believes in nothing and no one, is frightened of the neighbors, is anxious about the future and regards the past with shame. Despite the gloom, this average person has a surprising resilience. Maintaining a capacity for reflection and foresight is vital. When the defense minister talks about “the fight against international terrorism”—an absurd expression that no longer has currency even in the US—to explain the intervention in Mali, we must accept that this is an advanced, and late, case of ideological takeover. When France categorizes Salafists, whom it hunts down in Mali, courts in Saudi Arabia and helps in Syria, within the catchall of “terrorism,” it is speaking the American language, and may well end up gibbering.

Going to Moscow was a dream for us,' Ilich said years later. He and his younger brother started the course within weeks of Soviet tanks rolling into Czechoslovakia to crush the heady 'Prague Spring'. But they soon found that discipline at the cosmopolitan university, whose 6000 students were all selected through the Communist Party of their country of origin, was as stifling as its modernist architecture. Drab grey concrete blocks squatted around a charmless artificial pond. The only dash of colour was a map of the world painted on to the façade of one block in a valiant attempt to symbolise the ideals of the university: from an open book, symbol of learning, a torch emerges, issuing multicoloured flames that spread like waves across the planisphere. Perhaps Ilich drew some comfort from glancing up at the mural as, huddled against the rigours of the Russian winter and wearing a black beret in tribute to Che Guevara who had died riddled by bullets in October of the previous year, he trudged across the bleak square on his way to lectures. Coincidentally, the base of the flame is very close to Venezuela. Rules and regulations governed virtually every aspect of Ilich's life from the moment he started the first year's induction course, which was designed to flesh out his knowledge of the Russian language and introduce him to the delights of Marxist society before he launched into his chosen subjects, languages and chemistry. Like father, like son. Ilich rebelled against the rules, preferring to spend his time chasing girls. He would often crawl back to his room drunk. His professors at the university, some of them children of Spanish Civil War veterans who had sought refuge in Moscow, were unimpressed by his academic performance. 'His name alone, Ilich Ramírez Sánchez, was so strange that people were curious about him,' relates Kirill Privalov, a journalist on the newspaper Druzhba (Friendship) which was printed at the small university press, and an acquaintance of Ilich. The Venezuelan's escapades, wildly excessive by the standards of the university, only fanned people's interest. 'llich was not at all the typical student sent by his country's Communist Party, nothing to do with the good little soldier of Mao who laboured in the fields every summer. He was a handsome young man although his cheeks looked swollen, and he was a great bon viveur. Flush with cash sent by his parents, Ilich could afford to spend lavishly on whisky and champagne in the special stores that only accepted payment in hard currencies and which were off-limits to most people. More Russian than the Russians, the privileged student and his friends would throw over their shoulders not only empty glasses but bottles as well. The university authorities, frustrated in their attempts to impose discipline on Ilich, reasoned that his freedom of action would be drastically limited if the allowance that his father sent him were reduced. But when they asked Ramírez Navas to be less generous, the father, piqued, retorted that his son had never wanted for anything. 'The university had a sort of vice squad, and at night students were supposed either to study or sleep,' recounts Privalov. "One night the patrol entered Ilich's room and saw empty bottles of alcohol and glasses on the table, but he was apparently alone. The squad opened the cupboard door and a girl who was completely drunk fell out. She was naked and was clutching her clothes in her hands. They asked her what she was doing there and she answered: 'I feel pity for the oppressed.' She was obviously a prostitute. Another time, and with another girl, Ilich didn't bother to hide her in the cupboard. He threw her out of the window. This one was fully dressed and landed in two metres of snow a foor or two below. She got up unhurt and shouted abuse at him.

Imagine Melitene, land of plenty, under snow and ice and high blue skies; imagine it in spring, with the meltwater running off the mountains and the herds going up to the high pastures to graze and their milk scented with mint and citrus; imagine it in high summer, limpid in the day’s heat, with the hawks circling high above and the mares full fat with foal, swatting flies with their tails. Imagine that a man enters this idyll who does not know that he has come to paradise, who brings with him such ill luck as to make the statue of Fortune fall on her face at his passing and set the crows circling in murderous groups, eleven at a time, number of ill augur. Imagine such a man causing the minted milk to sour, and the men to sour with it, even before he gives the word to prosecute an unwinnable war, against the orders of his betters; or at least against Corbulo’s explicit command. Such a man was our new general and while you will have heard of the statue that fell on its face and the other ill omens – they became common enough currency in Rome soon after – you may not know that he disobeyed orders when he began his war.

Words and emotions are simple currencies. If we inflate them, they lose their value, just like money. They begin to mean nothing. Use ‘beautiful’ to describe a sandwich and the word means nothing. Since the war, there is no more room for inflated language. Words and feelings are small now—clear and precise. Humble like dreams.

We labored to understand before we learned how dear knowledge had become, that in the war between nations to dominate so much new territory, ideas had transmuted into a new currency recognizable to all and immediately transferable. Intellectual property rights now serve as an ephemeral gold, weightless and invisible, priceless artifacts one can slip into the folds of his or her brain and smuggle anywhere, undetected.

The military-strategic dimensions of world order were, in American thinking, inseparable from the economic dimensions. US planners viewed the establishment of a freer and more open international economic system as equally indispensable to the new order they were determined to construct from the ashes of history’s most horrific conflict. Experience had instructed them, Secretary of State Cordell Hull recalled, that free trade stood as an essential prerequisite for peace. The autarky, closed trading blocs, and nationalistic barriers to foreign investment and currency convertibility that had characterized the depression decade just encouraged interstate rivalry and conflict. A

The state's monopoly on the military, entirely tax funded, is used by this elite to wage war after war between the dominant state (in this day and age, the United States), and other, weaker states, propping up more central banks and forcing these other states to adopt their currency or peg their currency to it. Now there is twofold inflation: that which occurs through the dominant state and holder of the "reserve currenc", and that which occurs externally, by its respective satellite states abroad. Predictably, a world of perpetual war is created, since there is heavy influence on the state by this banking class to use its military to wage these wars to benefit this elite (and indirectly the political class since they are often cut in on the profits), but furthermore, the state's military is entirely tax funded; nobody organizing this democratic show nor working within it bears the cost of this agressive military state. Because of this, there is virtually no incentive to avoid warfare and heavy incentives to engage in it.

Experience, when no longer a measure of security, becomes what it is now: freely exchangeable currency.

Experience”, when no longer a measure of security, becomes what it is now: freely exchangeable currency.

At first I thought of green skies, blue grass, and all the rest of the childish exotica apt to inflict the mind that conceives of other than Urthly worlds. But in time I tired of those puerile ideas, and began in their place to think of societies and ways of thought wholly different from our own, worlds in which all the people, knowing themselves descended from a single pair of colonists, treated one another as brothers and sisters, worlds where there was no currency but honor, so that everyone worked in order that he might be entitled to associate himself with some man or woman who had saved the community, worlds in which the long war between mankind and the beasts was pursued no more. With these thoughts came a hundred or more new ones—how justice might be meted out when all loved all, for example; how a beggar who retained nothing but his humanity might beg for honor, and the ways in which people who would kill no sentient animal might be shod and fed.

Mario García Menocal was born on December 17, 1866, in the town of Jagüey, located southeast of Havana in the Matanzas Province of Cuba. As a young man, he was a partisan in Cuba's fight for independence and he later became a prominent conservative politician. Menocal was elected to the presidency of Cuba in 1912 and assumed the office in 1913. During his administration, he strongly supported business and corporations, as he had promised in his platform. While in office, Cuba also established its own currency, but the United States dollar continued to be the only paper money in circulation on the island until 1934. During his second term as president of Cuba, the United States entered into World War I. During the war, due in part to his close ties to the United States and the escalating prices of sugar, Cuba experienced an economic resurgence. However, once the war ended, the sugar market plunged and the country slid into a severe recession. While in office, García Menoca, a graduate of Cornell University, hosted the 1920 Delta Kappa Epsilon National Convention in Havana. When his presidency ended on May 20, 1921, Menocal unsuccessfully attempted to remain in politics. He died in Santiago de Cuba on September 7, 1941.

A good part of the state’s assets were privatized, including electric power distribution, banks, and telecommunications. The country lacks a national currency, having shifted from the colón to the U.S. dollar in 2001. The country’s main export is people, who travel to and remain in the United States and other countries and send back remittances, which constitute one of the largest contributions to the nation’s GDP; drug money-laundering may bring in more than remittances, but nobody knows for sure. A sizable proportion of economically viable enterprises are now owned wholly or partially by multinational corporations, including the important banks, all communications (mobile phones and internet), beer, petroleum derivatives, and airlines. The country imports a lot of what it consumes, especially foodstuffs, energy, and health products, which is reflected in a chronic trade deficit that would be unsustainable were it not for remittances.

A long time ago, in a galaxy far, far away. In Star Wars, a currency known as the “Galactic Credit Standard” or “credit” functioned as money.88 According to Wookieepedia, a website devoted to all things Star Wars, credit was created on Sojourn, a moon on which the InterGalactic Business Clan (IGBC) vacationed.

The age of territory was driven by acquisition. Leaders of nations sought to increase their nation’s power by gaining territory—mostly through force. Accumulated military prowess by one drove would-be victims to arm. War was thus inevitable. Lost lives and wasted resources were its currency. And always, one side’s gain was the other’s loss. Today, the importance of land as the primary source of human livelihood has diminished, giving way to science instead. Unlike territory, science has no borders or flags. Science can’t be conquered by tanks or defended by fighter jets. It has no limitations. A nation can increase its scientific achievement without taking anything from somebody else. In fact, great scientific achievement by one nation lifts the fortunes of all nations. It is the first time in history that we can win, without making anyone lose. In the age of science, the traditional power of states and leaders is declining. Rather than politicians, it is innovators that drive the global economy and wield the most influence. The young leaders who created Facebook and Google have sparked a revolution without killing one person. The globalized economy affects every state, yet no single state is powerful enough to determine outcomes. We are participating in the birth of a new world.

They will tell you that we are traitors to our nation by encouraging people to use bitcoin. They will tell you that we are criminals, thugs, drug dealers, and terrorists. Don’t believe me? Look up what the Indian government has said just in the last two weeks about people who trade gold on the black market: "terrorists," "criminals," "thugs." ​ I’m just a coder, I’m just a talker; I’m not a terrorist, I’m not a thug. But if I have the opportunity to build an exit from this system, then I will take that opportunity—because I know who the real terrorists are. There is no greater form of terrorism than creating war against your own people, by deliberately disrupting the very lifeblood of an economy, when there is no crisis; creating a natural disaster of enormous proportions simply to fight a currency war against another country.

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

Perhaps, like real currency, rumour even keeps things liquid, because it does not always require you to commit to an opinion or to modify your views.

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.

People driving down the New Jersey Turnpike through the flat, gray wetlands just south of New York City would never notice the unmarked semi-tractor trailers pulling onto the turnpike at exit 16W, coming from the operations center just down the street. But the East Rutherford Operations Center is hiding riches beyond imagining. Deep inside the complex sits a gargantuan vault, measuring 1 million cubic feet. It is filled with U.S. currency, capable of holding as much as $60 billion. And those trucks driving onto the turnpike are loaded with secret cargo—cash.

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

an increase in the supply of paper money, and hence a decrease in the purchasing power of the currencies in which most bonds were denominated. A rational investor who anticipated a major war would sell bonds in anticipation of these effects.

People talk about world peace but how will that ever happen as long as dealing in arms is legal? As long as its trade is used as world currency by governments? If the profit were taken out of war, if war was no longer business, surely then wars would end? At least, on such a terrifying scale.

On the whole, it is difficult to think of another government agency that has failed more consistently on more of its key missions than the Fed.

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

The military is not serving as the world’s policeman or defending the US from its enemies. It is guarding the world reserve status of the currency by forcing the payment of oil in US dollars.

Napoleon was convinced his system of sound money could defeat the vaporous credit creation of the British. He felt that people would reject a paper currency in favor of gold backing. His defeat made clear the awesome power of fractional reserve banking, a point not lost on bankers.

THE FIRST DEMOCRAT The real founder of the modern Democratic Party was Andrew Jackson. Jackson, an orphan from Appalachia, rose from obscurity to become America’s most celebrated general and military hero after George Washington. He won the presidency by a landslide in 1828 and an even bigger one in 1832. His proteges dominated the Democratic Party for half a century, until the Civil War. During his lifetime Jackson was immensely popular with ordinary people, earning him the reputation of being the common man’s president. One might expect the Democrats—who even today purport to be the party of the common man—to embrace Jackson and acknowledge his paternity of their party. This, however, is not the case. So why do they distance themselves from Jackson? Why do progressives consider him such an embarrassment? Not only do many on the Left refuse to acknowledge Jackson’s founding role in the Democratic Party, they also want to kick him off the $20 bill where his face currently appears. Progressives want to see him replaced on the currency with the woman who ran the Underground Railroad, Harriet Tubman. To some degree, the progressive objective seems clear. Jackson, after all, owned some three hundred slaves during his lifetime. At one time he ran a plantation that had 150 slaves. So Jackson’s expulsion seems consistent with the general progressive antipathy toward slavery. The same antipathy explains the choice of Tubman, who was a female abolitionist. Moreover, Tubman was a woman. If the Democrats are going to place a woman, Hillary, on the presidential ticket, why not also have a woman, Tubman, on the currency? Even so, the proposal is interesting because Jackson was a Democrat—the founding father of the Democratic Party—while Tubman was a Republican. Admittedly progressives have no intention of highlighting that fact about Tubman; indeed it goes virtually unmentioned in the news reports. The progressive media is not comfortable with a female black abolitionist representing the Republican Party while a white male slave owner represents the Democratic Party.

Sound is the hard currency; meaning is the network of cultural and formal conventions that turns it into a stick of gum at the candy store.

In the ancient tales, to which each Viking aspired, strenght was the only virtue, iron the only currency that mattered. Loki with his cunning, whereby a weaker man might outdo a stronger one, was an anathema to these folk.

At first, the American war effort faced financial difficulties. In 1842, the government, in an effort to protect growing American industries and, as Southerners would say, to force them to buy eastern goods, set a high tariff on imports. While the tariff was successful in stifling foreign competition, it also drastically reduced government revenues and put severe limitations on the extension of international credit to American entrepreneurs. Coupled with currency inflation and a slowing of the business cycle, the United States Treasury was hard put to finance a war. At the beginning of hostilities, the treasury held only a small surplus of $7 million. When Polk recommended that the Congress place additional taxes on coffee and tea, the House of Representatives indignantly refused. Polk, however, was able to have passed a new bill lowering tariffs, and by the beginning of 1847 revenues began to increase. The Congress also voted to issue $10 million in new Treasury notes and bonds. Technical

It is understood that the Bank need not relinquish the bonds it holds, but will continue to collect interest on them. The Bank then loans the new printed currency into circulation to anyone who can provide it with satisfactory collateral. In less than twenty years the Federal Reserve brought the money system, banks, exchanges and economy to utter ruin.[77] Every dollar in circulation in the United States is a borrowed dollar and pays its toll of interest to the Illuminati bankers. Nearly eleven trillion dollars in debt has been created since 1913. The American people cannot even pay the interest! Every month more than two billion dollars interest has to be paid. It is madness that a government hands over so much power to a private bank that is not controlled by anybody. A power that can create money out of nothing! Why the United States borrow its own money, based on its own credit, at interest, from private bankers? Please bear in mind the fact that the founding fathers made sure that provisions were made by the Constitution for an honest and debt free money system. In part Article 1, Section 8, Paragraph 5 of the Constitution states: “Congress shall have power to coin money and regulate the value thereof.” It is most evident that by this provision, Congress alone should be the money-creating agency of the nation.[78] Although the Constitution has been set aside through the intrigue and power of the Illuminati, the Congress of the United States is authorized by the Constitution to do as Abraham Lincoln did in order to finance the Civil War, to-wit: “issue the money required against the credit of the nation, debt-and interest free”. Lincoln didn’t want to borrow money from the Rothschilds and Co. The interest rate set by the banks was twenty-eight percent. For Lincoln Article 1, Section 8, Paragraph 5 was sufficient authority to disregard the powerfully entrenched bankers. So, in spite of the greedy bankers’ protests he caused to have printed in the Bureau of Printing and Engraving a total of $450,000,000 of honest money, constitutionally created on the credit of the nation.

war. This is true whether it’s a Republican or Democratic-leaning entity. Both sides spout the lies delivered by government officials to encourage public support for wars. Whether the president is a Republican or a Democrat, the media will be supportive. It just may be that the owners of the large media entities are closely connected to the military-industrial complex. Our economic policy, and in particular the Federal Reserve, is intertwined in global finance and our foreign policy. Without the power over the creation of money and credit employed by the politicians and central bankers working in secret, most wars could not be fought. The people would never tolerate the taxation and borrowing required to pay for the wars. Inflating the currency is more convenient and less noticeable. To the benefit of those who promote war, the cost of war is hidden and the payment delayed.

The US Federal Reserve, Bank of England, Bank of Japan and European Central Bank (for the 12 euro currency countries) have powers beyond what most people imagine. As a result, they and the Bank of International Settlements (BIS) control financial conditions everywhere in an increasingly borderless world where significant economic events in one nation affect others for better or worse. Based in Basle, Switzerland, BIS is the central banker for central bankers, a banking boss of bosses accountable to no government. Moreover, it’s privately owned by its members, the most powerful ones having most influence. Along with dominant central banks, financial elitists established it to control world economies globally, ideally with a single currency.

Kennedy also offended the Military-Intelligence complex. Amongs others for the reason that he decided to pull out of Vietnam.[81] He was against a continuation of Western colonialist domination of Vietnam and criticized the U.S. alliance with the French effort to retain its empire. During his presidency he opposed a massive commitment of U.S. forces to fight a war that he felt the Vietnamese had to fight primarily on their own. He consistently rejected recommendations to introduce U.S. ground forces. Shortly before his assassination he started withdrawing U.S. troops from Vietnam. At the time of his death about 16,000 U.S. troops were in Vietnam. U.S. policy in Vietnam changed within twenty-four hours of Kennedy’s death. Under President Johnson the U.S. involvement escalated and 543,000 soldiers (ground forces) were sent to Vietnam.[82] Kennedy wanted to establish a lasting peace in a world free of nuclear weapons. Amongst others he wanted to stop Israel developing its own nuclear bomb. He also was seeking for a peaceful coexistence with Russia and Cuba. Kennedy came up against the Federal Reserve Bank as well. He was the only president of the United States who tried to put an end to the power of the Federal Reserve. He refused to cooperate with the Federal Reserve Bank any longer. Four months prior to his death John Kennedy dared to challenge the Federal Reserve Bank. Kennedy wanted to have his own state money printed instead of prolonging the outstanding loans of compound interest issued by the Federal Reserve Bank. On June 4, 1963, a little-known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through the Federal Reserve. Kennedy’s order gave the Treasury the power “to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury”. This meant that for every ounce of silver in the U.S. Treasury’s vault, the government could introduce new money into circulation.

the police traced the importation of the counterfeit currency to the Freud family.

If there was history being made in the city, if history was the high-level war rich people waged for their own turf in the city—those wars about waterfront developments and opera houses and real-estate deals and privatization contracts—then the poor waged wars for control of their small alleyways and walkways, their streets and the trade in unofficial goods. Their currency was not stocks, wealth and influence peddling, but tough reputations and threats of physical damage; their gains weren’t stock options and expensive homes but momentary physical control and perennially contested fearsomeness. This war was a more volatile war, perhaps. There was no cushion of security to land on if you lost a skirmish.

We knew that millions of Ukrainians died from starvation. Stalin wanted their food for the Russians, and the rest he sold for money internationally. Stalin needed currency. The Ukrainians and many others were arrested and sent to mines and labor camps. We Germans have a bad reputation because of the Jews, and that is deserved, I will admit. However, we never hear anything about the Soviets, their crimes, killing their own people, the gulags and mass murder, what they did to other Europeans during and after the war.

Civil war tends to give a helping hand to the velocity of currency, Ukraine can attest to that. However, it is quite an unpleasant way to find the intrinsic value of worthlessness.

currency, interest rates, already 20%, will rise further. That will make it more difficult to repay loans. Added to all that is government austerity, on which the IMF is insisting. By 2017 domestic gas prices will have increased to five times the level of 2013. The government is freezing pensions. With such high inflation, that amounts to a substantial cut. Even if the war stopped tomorrow, there would be a lot more pain to come.

Complexity theorists Eric J. Chaisson and Joseph A. Tainter supply the tools required to understand why spending discipline will likely fail and why currency wars and a dollar collapse may follow. Chaisson, an astrophysicist, is a leading theorist of complexity in evolution. Tainter, an anthropologist, is also a leading theorist of complexity as it relates to the collapse of civilization. Their theories, taken together and applied to capital markets as affected by contemporary politics, should give us pause.

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

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

ON AUGUST 15, 1971, United States President Richard Nixon announced that foreign-held U.S. dollars would no longer be convertible into gold—thus stripping away the last vestige of the international gold standard.1 This was the end of a policy that had been effective since 1931, and confirmed by the Bretton Woods accords at the end of World War II: that while United States citizens might no longer be allowed to cash in their dollars for gold, all U.S. currency held outside the country was to be redeemable at the rate of $35 an ounce. By doing so, Nixon initiated the regime of free-floating currencies that continues to this day.

the Knickerbocker Trust and the Panic of 1907 in

Throngs congregated in Pia ta Victoria (Victory Square) people hugged and kissed and whistled and danced, with abandon. The only military around were Russians and they kept to themselves. Life was supposed to return to normal, but it never did for Romania any more. In over a year, the Communists took over and life there was steadily deteriorating. I had housing trouble all along, all through the over two years of my life in Bucharest. I changed addresses about six times. Inflation ate up the value of the currency to an extent that, as soon as I rented a room and agreed on a rent, that sum was almost worthless next month. Since the landlady could not raise your rent every month, she just chased you out under one pretext or another. Bucharest had been bombed several times during the war and therefore housing was in very short supply. Many refugees converged on the capital and it turned into a nightmare.

Existentialism is commonly associated with Left-Bank Parisian cafes and the ‘family’ of philosophers Jean-Paul Sartre and Simone de Beauvoir who gathered there in the years immediately following the liberation of Paris at the end of World War II. One imagines offbeat, avant-garde intellectuals, attached to their cigarettes, listening to jazz as they hotly debate the implications of their new-found political and artistic liberty. The mood is one of enthusiasm, creativity, anguished self-analysis, and freedom – always freedom. Though this reflects the image projected by the media of the day and doubtless captures the spirit of the time, it glosses over the philosophical significance of existentialist thought, packaging it as a cultural phenomenon of a certain historical period. That is perhaps the price paid by a manner of thinking so bent on doing philosophy concretely rather than in some abstract and timeless manner. The existentialists’ urge for contemporary relevance fired their social and political commitment. But it also linked them with the problems of their day and invited subsequent generations to view them as having the currency of yesterday’s news. Such is the misreading of existentialist thought that I hope to correct in this short volume. If it bears the marks of its post-war appearance, existentialism as a manner of doing philosophy and a way of addressing the issues that matter in people’s lives is at least as old as philosophy itself. It is as current as the human condition which it examines.

Within the small village of the West Coast Asian diasporic scene, from Seattle down to Orange County, gossip was the only true currency that had weight—aside from gold bars, jade with 14-karat gold trimming, and other bits of jewelry that could be easily sewn into linings in times of war.

But it’s a cold war, where information, above all else, is currency. This is about the past versus the future, good versus evil. And you’re a smart girl. Saffron said you’re a content creator, right? You know that no matter how long Loretta prolongs this, Digital is going to win at the end. We have longevity and momentum that Print lost years ago.” I wish people would stop calling

After the war, successive British governments urged BMC especially (they had less influence over US-owned Ford, or General Motors’ subsidiaries in the UK) to sell every car they could overseas—as part of the desperate search for foreign currency earnings to offset the country’s huge war debts (the official government export target at the end of the 1940s was 75 percent of all UK car production). The company duly and deliberately neglected quality control in favor of rapid output.

Serbian Nationalism and the Origins of the Yugoslav Crisis, Peaceworks No. 8, United States Institute of Peace, 1996 by Vesna Pesic The sheer complexity of the former Yugoslavia's current crisis has supported numerous interpretations of its origins. One explanation that has acquired a certain currency is "nationalism as a power game," which views the main cause of the Yugoslav crisis as an ideology (in the sense of "false consciousness") of "aggressive nationalism," perpetuated by members of the old nomenklatura who seek to preserve their threatened positions of power in the face of democratic change. … The problem with this approach is that it treats the "national question" as an epiphenomenon of the struggle to preserve power and privilege. In doing so, it forgets that political battles in Yugoslavia have almost always developed around the "national question." Such an understanding of nationalism as "false consciousness" discounts the power of national sentiment among the region's ethnic groups. … By its very nature, Yugoslavia has never had a staatsvolk ("state-people") that could "naturally" dominate by its numbers and serve as the foundation on which a modern nation-state could be built. (As members of the most populous national group, Serbs constituted only 40 percent of the total Yugoslav population.) … An aggressive Serbian nationalism broke the thin thread holding together Yugoslavia's nations in a compromise arrangement, pushing toward an extreme solution of its national question through threats and warmongering: Either Yugoslavia's various nations would accept Serbia's vision of a "normal," unified state that served Serbian interests, or Serbs from all the republics would "join together" and achieve their national unity by force.

There is no old age like anxiety,” said one of the monks I met in India. “And there is no freedom from old age like the freedom from anxiety.” In desperate love, we always invent the characters of our partners, demanding that they be what we need of them, and then feeling devastated when they refuse to perform the role we created in the first place. Generally speaking, though, Americans have an inability to relax into sheer pleasure. Ours is an entertainment-seeking nation, but not necessarily a pleasure-seeking one. Americans spend billions to keep themselves amused with everything from porn to theme parks to wars, but that’s not exactly the same thing as quiet enjoyment. The beauty of doing nothing is the goal of all your work, the final accomplishment for which you are most highly congratulated. The more exquisitely and delightfully you can do nothing, the higher your life’s achievement. You don’t necessarily need to be rich in order to experience this, either. I am having a relationship with this pizza, almost an affair. Without seeing Sicily one cannot get a clear idea of what Italy is. “No town can live peacefully, whatever its laws,” Plato wrote, “when its citizens…do nothing but feast and drink and tire themselves out in the cares of love.” In a world of disorder and disaster and fraud, sometimes only beauty can be trusted. Only artistic excellence is incorruptible. Pleasure cannot be bargained down. And sometimes the meal is the only currency that is real. The idea that the appreciation of pleasure can be an anchor of one’s humanity. You should never give yourself a chance to fall apart because, when you do, it becomes a tendency and it happens over and over again. You must practice staying strong, instead. People think a soul mate is your perfect fit, and that’s what everyone wants. But a true soul mate is a mirror, the person who shows you everything that’s holding you back, the person who brings you to your own attention so you can change your life. A true soul mate is probably the most important person you’ll ever meet, because they tear down your walls and smack you awake. But to live with a soul mate forever? Nah. Too painful. Soul mates, they come into your life just to reveal another layer of yourself to you, and then they leave. They break your heart open so new light could get in, make you so desperate and out of control that you had to transform your life. The Zen masters always say that you cannot see your reflection in running water, only in still water. Your treasure—your perfection—is within you already. But to claim it, you must leave the busy commotion of the mind and abandon the desires of the ego and enter into the silence of the heart. Balinese families are always allowed to eat their own donations to the gods, since the offering is more metaphysical than literal. The way the Balinese see it, God takes what belongs to God—the gesture—while man takes what belongs to man—the food itself.) To meditate, only you must smile. Smile with face, smile with mind, and good energy will come to you and clean away dirty energy. Even smile in your liver. Practice tonight at hotel. Not to hurry, not to try too hard. Too serious, you make you sick. You can calling the good energy with a smile. The word paradise, by the way, which comes to us from the Persian, means literally “a walled garden.” The four virtues a person needs in order to be safe and happy in life: intelligence, friendship, strength and (I love this one) poetry. Happiness is the consequence of personal effort. You fight for it, strive for it, insist upon it, and sometimes even travel around the world looking for it. Once you have achieved a state of happiness, you must never become lax about maintaining it, you must make a mighty effort to keep swimming upward into that happiness forever, to stay afloat on top of it.

Page 10-11: Because of America's vigorous growth, and because the dollar plays a special role in the international economy, foreigners have been willing to finance the nation's imports and consumption. The bad news is that America's trade and investment deficits with the rest of the world (i.e., the amounts by which it is spending more than it is producing and borrowing more than it is lending) are growing so fast that they threaten to place the United States in the position of Thailand in 1997. That is to say, America's debts to the rest of the world may soon become large enough that its creditors could start wondering about the nation's ability to repay. Should foreigners lose faith in America's creditworthiness, they may start dumping dollars the way they dumped Thai baht. In that case, the American consumer would face significant belt-tightening to enable to country to start paying the debt down. Alternatively, the Federal Reserve could raise interest rates very high. This step would aim at persuading foreigners to keep up their lending by offering them higher rates of return on their loans, but it would also slow down the domestic economy by making the cost of money much more expensive for businesses and consumers. It would also add greatly to the total debt that would have to be repaid. ... A significant U.S. slowdown, therefore, would most likely leave the Japanese and Europeans (plus the Chinese and the rest of Asia and Latin America) with ever greater stockpiles of goods that no one could or would buy. These products would either languish on the shelf, or global price wars would break out, with each country trying to undercut the other in a frantic attempt to trim losses. Nations would either offer their goods for sale for much less than their production costs, or they would devalue their currencies, making them cheaper relative to other currencies. Thus their goods would automatically sell for less in foreign markets, and foreign goods would automatically become more expensive in their market.

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

In God we trust” was first added to American coinage in 1863, during the height of the Civil War, seventy-five years after the Constitutional Convention. It was added to paper currency in 1955 and became the national motto in 1956. “Under God” was added to the Pledge of Allegiance in 1954. The first president to close a speech with “God bless America” was Richard Nixon, in a mendacious presidential message about Watergate.

Keeping blacks out of white Northerners’ midst was a good reason for opposing slavery’s expansion.77 What did gain wide currency among Northerners—even many who detested blacks and abolitionists in equal measure—was the self-congratulatory conceit that the North was the land of liberty and the South the land of slavery.

devalued the yuan by a third, from 5.8 yuan per dollar to 8.7 yuan per dollar. By the middle of 1995, a new hard peg had been established at 8.3 yuan per dollar. This exchange rate would be rigidly maintained until the middle of 2005. The result was that the yuan became progressively undervalued relative to economic fundamentals. China had tied its currency to the dollar even though productivity was growing far slower in the United States than in China, or much of the rest of the world. This made Chinese exports increasingly cheap for foreign consumers and simultaneously deprived Chinese consumers of the ability to buy everything their labor had earned. It was a transfer from China’s consumers that subsidized the profits

Sparta’s new currency was made from iron and coated with vinegar, making it frail and worthless to foreign traders.

The wit of man,” said Democratic Congressman George Pendleton of Ohio, “has never discovered a means by which paper currency can be kept at par value, except by its speedy, cheap, certain convertibility into gold and silver.” If this bill passed, “prices will be inflated . . . incomes will depreciate; the savings of the poor will vanish; the hoardings of the widow will melt away; bonds, mortgages, and notes—everything of fixed value—will lose their value.

Himalayan Sonneteer Sonnet 81 If we treat people, Like we treat currency, That is the end of the world, That is the end of society. Currency is a social construct, So, its value varies based on geography. Humanity is the foundation of our existence, How can we be human if we value people like currency! North, South, East, West, humans are the best, Mind not location, human life is worth just the same. Appearance may differ across geography, But our innate humanity is one and the same. So I say, a nation's value lies not in its currency, But its regard for the welfare of all humanity.

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

For the Bank had been originally created, in fact, not to regulate the currency but to help pay for a war.

Agents that are diverse, connected, interdependent and adaptive are the foundation of a complex system.

If the price of gold was too low, the problem was not a shortage of gold but an excess of paper money in relation to gold. This excess money was reflected in rising inflation in the United States, the United Kingdom and France.

It is time to diminish the role of finance and empower the role of commerce.

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.

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

The blood of innocents has always been the currency of charismatic leaders.

To the modern mind, which views national sovereignty as a natural condition (although the concept did not gain wide currency until after the French Revolution of 1789), the question arises of why Khmelnytsky did not declare independence for Ukraine. During the uprising there were, in fact, rumors to the effect that he wished to reestablish the "old Rus' principality," and even that he planned to form a separate "Cossack principality." Although such ideas may have been considered, it would have been impossible under the circumstances to realize them. As the interminable wars demonstrated, the Cossacks, although able to administer severe defeats to the Poles, were incapable of permanently preventing the szlachta from launching repeated efforts to regain Ukraine. To assure themselves of a lasting victory over the Poles, Khmelnytsky needed the continuing and reliable support of a major foreign power. The usual price of such aid was acceptance of the overlordship of the ruler who provided it. In the view of the masses, the main thrust of the uprising was to redress socioeconomic ills, and to many in Ukraine the question of whether these problems were to be resolved under their own or under foreign rule was of secondary importance. Finally, in 17th-century Eastern Europe, sovereignty rested not in the people, but in the person of a legitimate (that is, generally recognized) monarch. Because Khmelnytsky, despite his popularity and power, did not possess such legitimacy, he had to find for Ukraine an overlord who did. At issue was not self-rule for Ukraine, for Ukrainians already had gained it. Their goal was to find a monarch who could provide their newly formed autonomous society with legitimacy and protection.

What happened in 1970 in Los Angeles was the worst economic episode I’ve ever had to fight through. Unlike the post–Cold War Recession, we did not have the waves of in-migration from Mexico, nor were drug sales as great. I believe the underground economy was a silent savior of Los Angeles during 1990–94. The Kent State Massacre and the Pentagon Papers scandal didn’t help the 1970 scene. Furthermore, things didn’t get better in the early 1970s. The sharp recession of 1970 was followed by a sudden inflation caused by Vietnam spending. Nixon “slammed the gold window shut.” From 1945 to 1971, the U.S., under the Bretton Woods Agreement, had agreed to back its currency to a limited extent with gold at $35 per ounce. Other nations’ central banks were withdrawing our gold so fast that Nixon had to renege on the promise. This was followed in 1973 by the end of fixed currency exchange rates. The dollar plummeted. Traveling to the wine country of France in the summer of 1973, I was unable to cash American Express dollar-denominated traveler’s checks. Inflation jumped with the 1973 Energy Crisis. Nixon imposed wage and price controls. Then Watergate, accompanied by the Dow Jones hitting bottom in 1974. Three Initiatives to Turn the Tide Against all this, Trader Joe’s mounted three initiatives. In chronological order: We launched the Fearless Flyer early in 1970. We broke the price of imported wines in late 1970 thanks to a loophole in the Fair Trade law. Most importantly, in 1971, we married the health food store to the Good Time Charley party store, which had been the 1967–70 version of Trader Joe’s. Together these three elements comprised the second version of Trader Joe’s, Whole Earth Harry.

Notwithstanding the currency of ideas about ‘two Spains’ ready to confront each other on 18 July 1936, ‘us’ and ‘them’ were categories actively made by the violent experience of the war and did not fully exist prior to it.

The Allies had fixed reparations at 132 billion gold marks, specifying the gold-standard-based currency Germany had abandoned in 1914 to prevent repayment in the fluctuating post-war Papiermark (paper mark).

The Secret Service began at the end of the Civil War when as much as a third of American currency was counterfeit. The head of the Treasury Department convinced President Abraham Lincoln that an enforcement division was critical. Executive protection wasn’t the reason. Saving the nation’s financial system was, and on April 14, 1865, Lincoln signed the bill creating the U.S. Secret Service. That night he and the first lady had no bodyguard while attending a raucous comedy at Ford’s Theatre less than a mile from the White House. As the audience laughed uproariously, Lincoln was shot to death inside his private booth. “Our

Lingering fraud and regulatory problems aside, the post-integration PayPal is certainly better positioned now than it was during its starry-eyed startup days to revolutionize money transfers and wrest control of currencies away from corrupt governments.

Imagine you're alive at the end of the Civil War. You're living in the South, but you're a Northerner. You plan to move home as soon as the war's over. While in the South you've accumulated lots of Confederate currency. Now, suppose you know for a fact the North's going to win the war, and the end is imminent. What will you do with your Confederate money? If you're smart, there's only one answer. You should immediately cash in your Confederate currency for U. S. currency - the only money that will have value once the war's over. Keep only enough Confederate currency to meet your short-term needs. Kingdom currency, backed by the eternal treasury, is the only medium of exchange recognized by the Son of God, whose government will last forever. The currency of his kingdom is our present faithful service and sacrificial use of our resources for him. The payoff in eternity will be what Paul called 'a firm foundation' consisting of treasures beyond our wildest dreams.

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

Reduction and shortage of currency to force us into borrowing into credibility, once borrowed, we pay back triple its heavy penalty. War debts from Foreign Supremacies stacked on top of the back of tax paying entities. God is the ambassador of this embassy. He rules and nothing happens without Him noticing, this suffering is truly meant to be, it's repetition of history. These versus I splurge are juicy like Biggie; Pac got riddles with led cause his mouth exposed that which was too deep for publicity. Was it worth the heat though his legacy lives on immortally?

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.

In 1922, the inflation turned to hyperinflation as the Reichsbank gave up trying to control the situation and printed money frantically to meet the demands of union and government workers. A single U.S. dollar became so valuable thatAmerican visitors could not spend it because merchants could not locate the millions of marks needed to make change. Diners offered to pay for meals in advance because the price would be vastly higher by the time they finished eating.

I’ve heard of the legend of the Amaxines. It’s an old story—one my mother told me, dating back to the dawn of the Old Republic.” Princess Leia’s eyes gazed into an unseen distance. “Supposedly they were a warrior people, their entire culture based on battle. Instead of currency, they traded weapons for goods and services. The tale has it that they refused to make peace with the Old Republic but knew they could never defeat such an enemy. So instead they pointed their ships at the galaxy beyond ours and left forever, searching for yet another war to fight.

The great divergence 1. Some questions arise from why we need to study economic history: 'why are some countries rich and others poor?'/ 'why did the Industrial Revolution happen in England rather than France' 2. time span of history 1500-1800: the mercantilist era. The leading European countries sought to increase their trade by acquring colonies and using tariffs and war to prevent other countries from trading with them. European manufacturing was promoted at the expense of the colonies, but economic development, as such, was not the objective 19th century: Western Europe and the USA made economic development a priority and tried to achieve it with a standard set of four policies: creation of a unified national market by eliminating internal tariffs and building transportation infrastructure; the erection of an external tariff to protect their industries from British competition; the chartering of banks to stablise the currency and finance industrial investment; the establishment of mass education to upgrade the labour force. --> the government play a critical role in promoting economic. and we can get to know that European countries had used the tarrif protection to thrive their economic before. also by boosting the transportation infrastructure and education section, along with the function of bank, economic can proliferate 20th century: the policies above proved less effective in countries that had not yet developed. most new technology is not cost-effective in low-wage countries, but it is what they need in order to catch up to the West. Most countries have adopted modern technology to some degree, but not rapidly enough to overtake the rich countries. the coutries that have closed the gap with West have done so with Big Push that has used planning and investment coordination to jump ahead. --> that can explain the Mattew Effect: as the rich will be richer, poor will get poorer.

I hoarded real gold when that was worth anything. If the currency had changed to sugar cubes, I might've opened a candy shop.

dressed… oddly. He nodded hello but pecked at a terminal behind the counter like he was wrapping something up. Jason examined Pierre with an eagerness that matched Pierre’s inspection of him, once he turned his full attention away from the terminal. He looked so pleased to see Pierre that for the first time he regretted dressing up to travel. He hadn’t considered that an affluent appearance might hamper his ability to negotiate terms of a financial transaction. Most of the time dressing well led to a degree of deference and better treatment. Jason however was regarding him like a prize steer that would soon be select cuts of beef. “Good day,” Pierre said, and tried to keep a pleasant face and made an attempt at humor. “Are you the Jason of fame, heralded by your establishment’s signage?” “I wouldn’t hire another Jason,” the fellow said bluntly. “If one wanted to hire on I suppose I might, if he let me call him George. Life’s perplexing enough without feeling like I’ve slipped into speaking in the third person every day. Fortunately there’s little enough to distract me on ISSII to make it a burden to keep the doors open without help. It’s like a very quiet little town.” “Indeed, I noticed the lack of a crowd in the corridor,” Pierre agreed. “Been that way since the war, and it’s been slow to come back all the way. But I figure in another five years, maybe six years it’ll be hopping again.” Pierre nodded politely. He’d really like to know why the fellow thought so, but he’d leave it for another time rather than neglect his business. “I wonder, if you might do currency exchanges among your services? I find the shuttle service I wish to take to Home doesn’t take EuroMarks. I’d like something they take, preferably Solars to facilitate other payments when I reach Home or beyond.” “I wouldn’t mind a bucket of them myself,” Jason allowed. “But for most transactions they’re a bit unwieldy. A full Solar is twenty five grams of gold or platinum. Most folks use the smaller coins and bits or a credit card that can shave transactions down to the milligram.” “What would you suggest? I have EuroMark credit, banknotes, and a small amount of Suisse Credit bars. What would be easiest?” “Not that I don’t want the business, but I’m too little a fish to risk handling a large sum of EuroMarks with currency fluctuations being what they are. EMs are depreciating assets anyway. Now, I’d take your gold if you were staying here, but the banks on Home will give you a much better conversion rate, and I’d rather you not be pissed off at me and tell everybody to avoid the scoundrel on ISSII after you found that out. I know the exchange rate looks bad but go back to the Russians and tell them you want to convert your EuroMarks to Australian dollars - they’ll do that. The gold, it don’t matter, it’s not going to fluctuate in value very much. If you finish up your business and want to take any of it back to France you can’t take it as Solars and you’d have to pay for a second exchange.” “I never said I was French, nor did I mention speaking with the Russians.” “I hear your vowels and can place your province if not your town under that fancy Parisian accent. It’s five hundred and twenty of my steps from here to the bank and Peter called and told me you were on your way. As I said, it’s like a small town here. If you sneeze

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.

Some viewed Chinese investors as the latest “dumb money” to hit Hollywood. It is no doubt true that financing movies is not the smartest way for any investor, from anywhere in the world, to earn the best returns. Others had a different theory—that some wealthy Chinese individuals and businesses were seeking to get their money out of China, where an autocratic government could still steal anyone’s wealth at any time, for any reason. Certainly Hollywood had long been a destination for legal money laundering. But those who worked most closely with the Chinese knew that the biggest reason for these investments was a form of reverse-colonialism. After more than a decade as a place for Hollywood to make money, China wanted to turn the tables. The United States had already proved the power of pop culture to help establish a nation’s global dominance. Now China wanted to do the same. The Beijing government considered art and culture to be a form of “soft power,” whereby it could extend influence around the world without the use of weapons. Over the past few years, locally produced Chinese films had become more successful at the box office there. But most were culturally specific comedies and love stories that didn’t translate anywhere else. China had yet to produce a global blockbuster. And with box-office growth in that country slowing in 2016 and early 2017, hits that resonated internationally would be critical if the Communist nation was to grow its movie business and use it to become the kind of global power it wanted to be. So Chinese companies, with the backing of the government, started investing in Hollywood, with a mission to learn how experienced hands there made blockbusters that thrived worldwide. Within a few years, they figured, China would learn how to do that without anyone’s help. “Working with a company like Universal will help us elevate our skill set in moviemaking,” the head of the Chinese entertainment company Perfect World Pictures said, while investing $250 million in a slate of upcoming films from the American studio. Getting there wouldn’t be easy. One of the highest-profile efforts to produce a worldwide hit out of China was The Great Wall, starring Matt Damon and made by Wanda’s Legendary Pictures. The $150 million film, about a war against monsters set on the Chinese historic landmark, grossed an underwhelming $171 million and a disastrous $45 million in the United States. Then, to create another obstacle, Chinese government currency controls established in early 2017 slowed, at least temporarily, the flow of money from China into Hollywood. But by then it was too late to turn back. As seemed to always be true when it came to Hollywood’s relationship with China, the Americans had no choice but to keep playing along. Nobody else was willing to pour billions of dollars into the struggling movie business in the mid-2010s, particularly for original or lower-budget productions.

Jacobi outlined the process by which Swiss banks accepted looted gold—and gold ripped from the teeth of Jews on the way to the gas chambers—and converted it into the hard currency Hitler used to buy the raw materials needed to keep his war machine running.

Had the cold war gone hot, there’s no question but that religious fervor would have played a role in the battle against “godless Communism.” Not “brutal” communism, not “economically suicidal” communism, not “anti-democratic” communism. Godless. In 1957, midway between McCarthyism and the Cuban Missile Crisis, the words “In God We Trust” were added to U.S. paper currency. In 1954, “under God” was added to the Pledge of Allegiance that had previously said, “one nation, indivisible, with liberty and justice for all.”19 Note that “In God We Trust” had been added to U.S. coins by the Union during the Civil War.20 Abraham Lincoln himself said, “Both (sides) read the same Bible and pray to the same God, and each invokes His aid against the other.”21 But it was the Union that stamped its claim to God’s allegiance on the coins.22 Warring parties want strong allies, and God is one ally who can be recruited simply by declaration.

All the raw materials come from the ground within the borders of the nation. 2. Domestic labor is employed to create the finished products. 3. Labor, materials, and all other expenses are paid for in domestic currency. 4. A good credit system prevails, which benefits business, industry, and the consumer. 5. A strong government guarantees enforcement of its laws to preserve the freedom of private enterprise and to protect the life and property rights of each individual equally. 6. The government endeavors to avoid war by being so strong that no unfriendly nation will dare attack it. 7. The attitude of the people is positive and develops pride in personal achievement, which engenders the joy of work, and the desire to make their nation and the rest of the world a better place to live in.

The party conflict of 1920–21 reflected the grave problems of the time of transition through which the country was passing. By the close of 1919 the Reds were clearly on their way to victory in the Civil War, but the prize—Soviet Russia—was a war-ravaged land with a hungry and dispirited people, an industry in shambles, an inflation-debased currency, a railway system in a state of virtual collapse, and a peasantry with no incentive to supply food for the towns. It took the revolt of the Kronstadt sailors in March 1921 and other ominous signs of popular unrest to galvanize the regime into its decision—made at the Tenth Party Congress that very month—to abandon War Communism for the NEP. Meanwhile, however, Trotsky had offered a plan prescribing the militarization of the labor force as a way out of the crisis, and this precipitated the party conflict.[365]

The next chart shows the real returns from holding gold between 1850 and the present. From 1850 to 1971, gold returned (through its appreciation) an amount that roughly equaled the amount of money lost to inflation on average, though there were big variations around that average both across countries (e.g., Germany seeing large gold outperformance, while countries with only limited devaluations, like the US, saw gold prices not keep up with inflation) and across time (e.g., the 1930s currency devaluations and the World War II-era devaluations of money that were part of the formation of the Bretton Woods monetary system in 1944). After the war, gold stayed steady in price across most countries, while money and credit expanded until 1971. Then, in 1971, there was a shift from a Type 2 monetary system (notes backed by gold) to a Type 3 fiat monetary system. That delinking of currencies from gold gave central banks the unconstrained ability to create money and credit. That led to high inflation and low real interest rates, which led to the big appreciation in the real gold price until 1980–81, when interest rates were raised significantly above the inflation rate, leading currencies to strengthen and gold to fall until 2000. That is when central banks pushed interest rates down relative to inflation rates and, when they couldn’t push rates any lower by normal means, printed money and bought financial assets, which supported gold prices.

Fugitive Peace (Sonnet 2219) In the opera of war, peace is fugitive - thinking soldiers are no good to state, either you kill without question, and grab your medal, or get discharged dishonorably. Thinking citizens are no good to democracy, either you obey blind or be branded a terrorist. Either you hold your mouth, mind and backbone, or be jailed as an anarchist. If you want to be an actor, don't go to film school, become an intern to some politician. Some say secularism is in their blood, some say liberty, all the while being the posterboys of persecution. No politician will prioritize peace, if they did, they would be out of business. War is the currency of political power - abandon fanaticism, and politicians go extinct.

The second thing to happen is that inflation takes off. As printing-press money flooded the Southern economy, inflation increased rapidly, more than 700 percent in the first two years of the war alone. As the war continued, the inflationary spiral deepened and the Southern economy began to spin out of control while the currency became essentially worthless. Hoarding, shortages, and black markets spread inexorably as support for the war effort eroded and living standards fell sharply. The movie of Gone With the Wind is not good history in many, many ways, but the scene of the black butler, hatchet in hand, pursuing a scrawny rooster through the pouring rain, saying it is going to be Christmas dinner for the white folks epitomizes the facts of life for hundreds of thousands of Southern households in the last, desperate years of the war.