Debt And Success Quotes

All the pieces of the puzzle were in play—money, different forms of currency, taxes, fees, debt, slavery, news, media, conditioning, programming, politicians, political parties, political issues, secret societies, religions, all the isms, et cetera. They were collectively upheld for one single reason—control. Money was the most effective means for control.

The speed of your success is limited only by your dedication and what you're willing to sacrifice

I grew up hearing over and over, to the point of tedium, that "hard work" was the secret of success: "Work hard and you'll get ahead" or "It's hard work that got us where we are." No one ever said that you could work hard - harder even than you ever thought possible - and still find yourself sinking ever deeper into poverty and debt.

Jethro had successfully torn me from my past, stripped me of my mind, and abducted my heart.

Freuchen tells how one day, after coming home hungry from an unsuccessful walrus-hunting expedition, he found one of the successful hunters dropping off several hundred pounds of meat. He thanked him profusely. The man objected indignantly: "Up in our country we are human!" said the hunter. "And since we are human we help each other. We don't like to hear anybody say thanks for that. What I get today you may get tomorrow. Up here we say that by gifts one makes slaves and by whips one makes dogs. ... The refusal to calculate credits and debits can be found throughout the anthropological literature on egalitarian hunting societies. Rather than seeing himself as human because he could make economic calculations, the hunter insisted that being truly human meant refusing to make such calculations, refusing to measure or remember who had given what to whom, for the precise reason that doing so would inevitably create a world where we began "comparing power with power, measuring, calculating" and reducing each other to slaves or dogs through debt. It's not that he, like untold millions of similar egalitarian spirits throughout history, was unaware that humans have a propensity to calculate. If he wasn't aware of it, he could not have said what he did. Of course we have a propensity to calculate. We have all sorts of propensities. In any real-life situation, we have propensities that drive us in several different contradictory directions simultaneously. No one is more real than any other. The real question is which we take as the foundation of our humanity, and therefore, make the basis of our civilization.

When things go wrong, as they sometimes will, When the road you’re trudging seems all uphill, When the funds are low and the debts are high, And you want to smile, but you have to sigh, When care is pressing you down a bit, Rest, if you must, but don’t you quit. Life is queer with its twists and turns, As every one of us sometimes learns, And many a failure turns about, When he might have won had he stuck it out; Don’t give up though the pace seems slow- You may succeed with another blow. Often the goal is nearer than, It seems to a faint and faltering man, Often the struggler has given up, When he might have captured the victor’s cup, And he learned too late when the night slipped down, How close he was to the golden crown. Success is failure turned inside out- The silver tint of the clouds of doubt, And you never can tell how close you are, It may be near when it seems so far, So stick to the fight when you’re hardest hit- It’s when things seem worst that you must not quit

If you commit to giving more time than you have to spend, you will constantly be running from time debt collectors.

In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.

We owe Clint Eastwood a debt of thanks. Not only because it was truly a hilarious twelve minutes of improvised "awesome" in a week of scripted "blah". But because it advanced our understanding. This president has issues, and there are very legitimate debates about his policies and actions, and successes and or failures as president - I mean, tune in next week. But I could never wrap my head around why the world, and the president republicans describe, bears so little resemblance to the world and the president that I experience. And now I know why : There is a president Obama that only republicans can see

For a long time it had seemed to me that life was about to begin—real life. But there was always some obstacle in the way. Something to be got through first, some unfinished business, time still to be served, a debt to be paid. Then life would begin. At last it dawned on me that these obstacles were my life. —FR. ALFRED D’SOUZA

We owe some of our successes to people who did not want to help us more than we do to those who have helped us.

I don’t know why she tries so hard to resist me. I’m not such a bad guy. I’m fit and healthy, a successful business owner, I’m not in debt, and I’m pretty damn good-looking. Or so I hear anyway.

Kindness is a currency that can cover a multitude of interpersonal debts.

Transaction successful. Safeword: Rainbow Your secret question: Have you ever danced with the devil in the pale moonlight? Correct Answer: Pineapples. Watch your back. Sincerely, Happy Kitty

Above all, recognize that if you have had success, you have also had luck—and with luck comes obligation. You owe a debt, and not just to your gods. You owe a debt to the unlucky.

Maybe anyone can do what he or she loves, but only the wealthy can avoid going into debt to pay for it.

Debt is just as dangerous in business as it is in personal finance. Entrepreneurs need to be careful not to cripple the businesses they lead with debt. Because one thing debt does well is cripple it's host.

Time debt is as big a problem as financial debt.

But now, older, he was able to appreciate that they had never even suggested he might owe them a debt—not success, or fealty, or affection, or even loyalty.

LIFE Leadership: Live the life you've always wanted by losing the debt you've never needed.

No man can save his brother’s soul, or pay his brother’s debt.” We can and should help one another on special occasions, but in the long run each must learn to do his own work, and “sin” no more, lest a worse thing befall him.

Basically, CEOs have five essential choices for deploying capital—investing in existing operations, acquiring other businesses, issuing dividends, paying down debt, or repurchasing stock—and three alternatives for raising it—tapping internal cash flow, issuing debt, or raising equity. Think of these options collectively as a tool kit. Over the long term, returns for shareholders will be determined largely by the decisions a CEO makes in choosing which tools to use (and which to avoid) among these various options. Stated simply, two companies with identical operating results and different approaches to allocating capital will derive two very different long-term outcomes for shareholders.

From this day, you are no longer children. If you have to fight, even if it is a friend, put him down as fast and hard as you possibly can. Kill if you have to, or spare him—but beware putting any man in your debt. Of all things, that causes resentment. Any warrior who raises his fist to you must know he is gambling with his life and that he will lose. If you cannot win at first, take revenge if it is the last thing you do. You are traveling with men who respect only strength greater than theirs, men harder than themselves. Above everything else, they respect success. Remember it.

If you sell your soul to get ahead it will cost more than you bargained for. When you earn your success and never take something for nothing, no one can lay claim to what’s rightfully yours. My biggest investors, now deceased, ask nothing of me. They are the only ones I owe for a debt I can never repay; but it’s the only kind that will ever be worth carrying.

If we had fooled her last night, I would have considered my life at a satisfactory end, with all debts paid. I would have wound up on skid row, or maybe I would have been a suicide." He shrugged and smiled sadly. "Now," he said, "if I'm ever going to square things with her, I've got to believe in a Heaven, I've got to believe she can look down and see me, and I've got to be a big success for her to see

Some people, when they do someone a favor, are always looking for a chance to call it in. And some aren’t, but they’re still aware of it—still regard it as a debt. But others don’t even do that. They’re like a vine that produces grapes without looking for anything in return . . . after helping others . . . They just go on to something else . . . We should be like that. —Marcus Aurelius, Roman emperor A

Financial success isn’t about how much you make, but about what you do with what you make.” “I work too hard for my money to spend it on fruitless things.” “It’s our responsibility today to plan for tomorrow’s expenses.” “Most of America’s wealthy aren’t showing it off.

The first principle to financial freedom is to spend less than you earn, but never deprive yourself to have those good vehicles,make those lake trips provided you don't fall in debts.You don't need to be rich to be financially successful, provided you don't worry when paying the bills and you have enough left in the bank

No debt goes unpaid in the universe.

Successful people always say that the trick to a happy life is never having regrets. That’s a load of bullshit. If we regret nothing, then we’ve never truly failed, never truly hurt, and never really lost. Without regret, we have never acted with all our passion and anger and love and hope only to have our skull stomped on while we bite a street curb. Those soft, empty people don’t know the satisfaction of rehabilitation. They have nothing but optimism, because optimism thrives where conflict is absent. Conflict makes us hearty. Hearty lives flourish in the blackest depths and the driest soil. I

Some take pains to be biblical, but many [Christian financial teachers, writers, investment counselors, and seminar leaders] simply parrot their secular colleagues. Other than beginning and ending with prayer, mentioning Christ, and sprinkling in some Bible verses, there's no fundamental difference. They reinforce people's materialist attitudes and lifestyles. They suggest a variety of profitable plans in which people can spend or stockpile the bulk of their resources. In short, to borrow a term from Jesus, some Christian financial experts are helping people to be the most successful 'rich fools' they can be.

A man runs into an old friend who had somehow never been able to make it in life. "I should give him some money", he thinks. But instead he learns that his old friend has grown rich and is actually seeking him out to repay the debts he had run up over the years. They go to a bar they used to frequent together and the friend buys drinks for everyone there, When they ask him how he became so successful, he answers that until only a few days ago, he had been living the role of the Other. "What is the Other?", they ask. "The 'Other' is the one who taught me what I should be like, but not what I am. The Other believes that it is out obligations to spend our entire life thinking about how to get our hands on as much money as possible so that we will not die of hunger when we are old. So we think so much about money and our plans for acquiring it that we discover that we are alive only when our days on earth are practically done. And then it's too late." "And you? Who are you?" "I am just like everyone else who listens to their heart: a person who is enchanted by the mystery of life. Who is open to miracles, who experiences joy and enthusiasm for what they do. It's just that the Other, afraid of disappointment, kept me from taking actions". "But there is suffering in life", one of the listeners said. "And there are defeats. No one can avoid them. But it's better to lose some of the battles in the struggle for your dreams than to be defeated without ever even knowing what you're fighting for." "That's it?", another listener asked. "Yes, that's it. When I learned this, I resolved to become the person I had always wanted to be. The Other stood there in the corner of my room, watching me, but I will never let the Other into myself again - even though it has already tried to frighten me, warning me that it's risky not to think about the future." "From the moment that I ousted the Other from my life, the Divine Energy began to perform its miracles".

Why should he choose me? He barely even knew me. But souls were wise things. They always knew before the brain or the heart. There was no discriminating—if you saw your perfect other…you knew—instantly. There was something there from the beginning. Just like there had been for us. And it would remain there until Jethro successfully tore it out and killed it. Because even though we were linked by this fragile, fluttering thing, it wouldn’t take much to ruin. It was already on the brink.

When things go wrong as they sometimes will, When the road you're trudging seems all up hill, When the funds are low and the debts are high And you want to smile, but you have to sigh, When care is pressing you down a bit, Rest if you must, but don't you quit. Life is strange with its twists and turns As every one of us sometimes learns And many a failure comes about When he might have won had he stuck it out; Don't give up though the pace seems slow— You may succeed with another blow. Success is failure turned inside out— The silver tint of the clouds of doubt, And you never can tell just how close you are, It may be near when it seems so far; So stick to the fight when you're hardest hit— It's when things seem worst that you must not quit

Someone driving a $100,000 car might be wealthy. But the only data point you have about their wealth is that they have $100,000 less than they did before they bought the car (or $100,000 more in debt). That’s all you know about them. We tend to judge wealth by what we see, because that’s the information we have in front of us. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Instagram photos. Modern capitalism makes helping people fake it until they make it a cherished industry.

Basically, CEOs have five essential choices for deploying capital—investing in existing operations, acquiring other businesses, issuing dividends, paying down debt, or repurchasing stock—and three alternatives for raising it—tapping internal cash flow, issuing debt, or raising equity.

In fact, wealth-maximizing individuals compare the after-tax costs of debt with the after-tax returns from bonds, liquidating bond positions to pay off loans when the costs of debt exceed the returns from bonds. Rational investors consider liability positions when making asset allocations.

1. Project What is the project? Why is it unique? Why is the business needed? Why will customers love your product? 2. Partners Who are you? Who are the partners? What are your educational backgrounds? How much experience do you all have? How are you and your partners qualified to make the project a success? 3. Financing What is the total cost of the project? How much debt and how much equity is there? Are partners investing their own money? What is the investor’s return and reward for their risk? What are the tax consequences? Who is your CFO or accounting firm? Who is responsible for investor communications? What is the investor’s exit? 4. Management Who is running your company? What is their experience? What is their track record? Have they ever failed? How does their experience relate to your industry? Do you believe this is the strongest management team you can assemble? Can you pitch them with confidence?

... success, and the success brought cash and cash brought debt and the debt brought drive for more, and more they had the more they needed and the more they wanted and their eyes showed that determined singular insanity and the universe laughed, and obese men, pregnant with madness spent obscene amounts ...

When you left me I was lost. I didn’t know what to do, who I was or what I was going to do. Time froze for me. I woke up every morning with you in my head. That feeling of being lost, not knowing who I was, was terrible. It was so bad that I spent everyday numbing my pain with drugs and alcohol until I passed out. Not because I enjoyed it but because it was the only way I could sleep. When I look back, you had every reason to leave me. I was no good for you. We rotted at my place, didn’t do anything, treated you bad, picked everything over you. I had no motivation to do begin work, debt stacked up higher and higher. Until finally, welcome to rock bottom. Heck im surprised you stayed as long as you did. But when you left and I realized what I did to cause this, I thought to my self that when I look back at this I want to know I tried to get her back. I couldn’t let you go without a fight, I wanted to know that I tried to get you back. And I tried. After I saw you with another person my heart broke in pieces and like pieces of glass it felt stuck in my throat. You told me its what you wanted to do from the beginning and I didn’t want to believe it. But after that I gave up on you and decided to pick up whatever pieces I had left and move on. At least I tried, that’s what I told my self. If I could go back and do it all over again, would I do it differently? Of course, but that’s not reality. I focused on what was. In a way im glad things happened this way. It opened my eyes to a different world, it made me who iam today. It gave me the best motivation possible, to prove to you and my self that I could be better. I used you everyday to get to that extra mile. Waking up every morning at awkward times thinking about you and not being able to fall back asleep. I used that to motivate me to start work everyday at 6am. And now I sit here with my successful career, my new girl friend, debt free and a fat bank account in less then a year and I have no one else to thank but MY SELF! To everyone that has made a mistake, im here to tell you that it always gets worse before its gets better!

Some people, when they do someone a favor, are always looking for a chance to call it in. And some aren’t, but they’re still aware of it—still regard it as a debt. But others don’t even do that. They’re like a vine that produces grapes without looking for anything in return… after helping others… They just go on to something else… We should be like that. —Marcus Aurelius, Roman emperor

You need to add a new voice inside your head, one that says, “So what?” What if you don’t get married by 30? So what? What if you haven’t paid off your loans or debt by 35? So what? What if you’re not a stand-out success by 28? So what? If you were to achieve everything you wanted in life by the age of 30, then what would you do for the next fifty years? You have time. You don’t have to get to everything right now.

In fact, war itself could become a commodity, just like opium. In 1821 the Greeks rebelled against the Ottoman empire. The uprising aroused great sympathy in liberal and romantic circles in Britain - Lord Byron, the poet, even went to Greece to fight alongside the insurgents. But London financiers saw an opportunity as well. They proposed to the rebel leaders the issue of tradable Greek Rebellion Bonds on the London stock exchange. The Greeks would promise to repay the bonds, plus interest, if and when they won their independence. Private investors bought bonds to make a profit, or out of sympathy for the Greek cause, or both. The value of Greek Rebellion Bonds rose and fell on the London stock exchange in tempo with military successes and failures on the battlefields of Hellas. The Turks gradually gained the upper hand. With a rebel defeat imminent, the bondholders faced the prospect of losing their trousers. The bondholders' interest was the national interest, so the British organised an international fleet that, in 1827, sank the main Ottoman flotilla in the Battle of Navarino. After centuries of subjugation, Greece was finally free. But freedom came with a huge debt that the new country had no way of repaying. The Greek economy was mortgaged to British creditors for decades to come.

Blest who was youthful in his youth; blest who matured at the right time; who gradually the chill of life with years was able to withstand; who never was addicted to strange dreams; who did not shun the fahsinable rabble; who was at twenty fop or blade, and then at thirty, profitably married; who rid himself at fifty of private and of other debts; who fame, money, and rank in due course calmly gained; about whom lifelong one kept saying: N. N. is an excellent man. But it is sad to think that to no purpose youth was given us, that we betrayed it every hour, that it duped us; that our best wishes, that our fresh dreamings, in quick succession have decayed like leaves in putrid autumn. It is unbearable to see before one only of dinners a long series, to look on life as on a rite, and in the wake of the decorous crowd to go, not sharing with it either general views, or passions.

Blest who was youthful in his youth; blest who matured at the right time; who gradually the chill of life with years was able to withstand; who never was addicted to strange dreams; who did not shun the fashionable rabble; who was at twenty fop or blade, and then at thirty, profitably married; who rid himself at fifty of private and of other debts; who fame, money, and rank in due course calmly gained; about whom lifelong one kept saying: N. N. is an excellent man. But it is sad to think that to no purpose youth was given us, that we betrayed it every hour, that it duped us; that our best wishes, that our fresh dreamings, in quick succession have decayed like leaves in putrid autumn. It is unbearable to see before one only of dinners a long series, to look on life as on a rite, and in the wake of the decorous crowd to go, not sharing with it either general views, or passions.

Steamboat Willie put Walt Disney on the map as an animator. Business success was another story. Disney’s first studio went bankrupt. His films were monstrously expensive to produce, and financed at outrageous terms. By the mid-1930s Disney had produced more than 400 cartoons. Most of them were short, most of them were beloved by viewers, and most of them lost a fortune. Snow White and the Seven Dwarfs changed everything. The $8 million it earned in the first six months of 1938 was an order of magnitude higher than anything the company earned previously. It transformed Disney Studios. All company debts were paid off. Key employees got retention bonuses. The company purchased a new state-of-the-art studio in Burbank, where it remains today. An Oscar turned Walt from famous to full-blown celebrity. By 1938 he had produced several hundred hours of film. But in business terms, the 83 minutes of Snow White were all that mattered.

We mostly control this money, but our real influence consists of the huge debts we basically force upon all governments in order to deal with the economy, and therefore in the social field — in the way we like it. This is basically the main target for which we founded two high financial structures in the world: the World Bank and the International Monetary Fund (IMF). But the strongest stroke which made our greatest success was getting the USA into debt so that they completely fall under the financial politics we arrange. 

For much of his life Cohn faced an almost constant threat of prosecution on charges related to his tax returns—IRS officials ultimately pegged his debt at $7 million—and his professional conduct. (He once put a pen in a comatose man’s hand in an attempt to get a signature on an amendment to his will.) Although repeated efforts were made to prosecute or discipline him through the bar association, all but one failed. The last, which ended with the revocation of his law license, occurred just prior to Cohn’s death in 1986 at age fifty-nine. More

He had successfully avoided meeting his landlady on the staircase. His garret was under the roof of a high, five-storied house and was more like a cupboard than a room. The landlady who provided him with garret, dinners, and attendance, lived on the floor below, and every time he went out he was obliged to pass her kitchen, the door of which invariably stood open. And each time he passed, the young man had a sick, frightened feeling, which made him scowl and feel ashamed. He was hopelessly in debt to his landlady, and was afraid of meeting her.

Egypt, too, learned to respect the long arm of British capitalism. During the nineteenth century, French and British investors lent huge sums to the rulers of Egypt, first in order to finance the Suez Canal project, and later to fund far less successful enterprises. Egyptian debt swelled, and European creditors increasingly meddled in Egyptian affairs. In 1881 Egyptian nationalists had had enough and rebelled. They declared a unilateral abrogation of all foreign debt. Queen Victoria was not amused. A year later she dispatched her army and navy to the Nile and Egypt remained a British protectorate until after World War Two.

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

The succession of financial bubbles, and the amassing of personal and public debt, Whybrow views as simply an expression of the lizard-brained way of life. A color-coded map of American personal indebtedness could be laid on top of the Centers for Disease Control’s color-coded map that illustrates the fantastic rise in rates of obesity across the United States since 1985 without disturbing the general pattern. The boom in trading activity in individual stock portfolios; the spread of legalized gambling; the rise of drug and alcohol addiction; it is all of a piece. Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.

I often would think about how we have built our society, and when you describe it out loud, it sounds rather insane. The idea of being funnelled through a conventional life progression of education, work, career, marriage, kids, divorce, retirement and then death doesn’t seem that inspiring to me. Then we’re told we have to struggle to make a living, sacrifice enjoyment to have a family, delay our happiness until we’re retired, fight the next person for a job, climb the ladder of success to get an even more stressful job, spend more money than we earn, go into debt, live in fear of being blown up by some terrorist and then have TV passed off as the only way to escape it all. And when all of this gets too much and you can’t keep up, you get prescribed antidepressants and made to feel like you’ve failed.

Now, now, calm down, Lily." Mia smiled teasingly at her friend. "We understand that when a witch and wizard are in love, they like to express that love in a very special way." "A very loud special way," Sirius added with a chuckle and looked to James. "Muffliato, mate; it's not hard." "All right, very funny." James scowled. "You've successfully embarrassed us, now sod off, the lot of you, so I can finish my breakfast." "Not going to happen." Sirius shook his head and cracked his knuckles. "See, Lily here is like a sister to me." "And me," Remus added. "And me," Mia agreed. "I'm sitting this one out," Peter insisted from the sofa. "And we feel the need to defend sweet Lily's honour after we discovered that some horrid wretch had come along and stolen her . . ." Sirius took a deep breath and stared into James's eyes before continuing, "maidenhead.

As tensions built in the increasingly calamitous debt ceiling stalemate, two sources say, Boehner traveled to New York to personally beseech David Koch’s help. One former adviser to the Koch family says that “Boehner begged David to ‘call off the dogs!’ He pointed out that if the country defaulted, David’s own investments would tank.” A spokeswoman for Boehner, Emily Schillinger, confirmed the visit but insisted, “Anyone who knows Speaker Boehner knows he doesn’t ‘beg.’ ” But the spectacle of the Speaker of the House, who was among the most powerful elected officials in the country, third in line in the order of presidential succession, traveling to the Manhattan office of a billionaire businessman to ask for his help in an internecine congressional fight captures just how far the Republican Party’s fulcrum of power had shifted toward the outside donors by 2011.

One bitcoin block is expected to be produced around every ten minutes. Every 210,000 blocks, or roughly four years, the protocol halves the number of coins produced with each block. This means that the daily bitcoin production on any given day is half of what it was four years earlier. Four more years of successful operation will likely increase people’s awareness of bitcoin and increase the chances they place on its continued survival, thus increasing their subjective valuation and demand for it. So as long as bitcoin continues to operate, and its supply drops by half every four years, it is highly likely that marginal demand for it will be higher, and the marginal supply lower, than four years previously. This monetary time bomb keeps clicking with each new block, and it is time for economists to begin to seriously contemplate what its continued clicking means for the world’s monetary and financial system.

Doggerel by a Senior Citizen (for Robert Lederer) Our earth in 1969 Is not the planet I call mine, The world, I mean, that gives me strength To hold off chaos at arm’s length. My Eden landscapes and their climes Are constructs from Edwardian times, When bath-rooms took up lots of space, And, before eating, one said Grace. The automobile, the aeroplane, Are useful gadgets, but profane: The enginry of which I dream Is moved by water or by steam. Reason requires that I approve The light-bulb which I cannot love: To me more reverence-commanding A fish-tail burner on the landing. My family ghosts I fought and routed, Their values, though, I never doubted: I thought the Protestant Work-Ethic Both practical and sympathetic. When couples played or sang duets, It was immoral to have debts: I shall continue till I die To pay in cash for what I buy. The Book of Common Prayer we knew Was that of 1662: Though with-it sermons may be well, Liturgical reforms are hell. Sex was of course —it always is— The most enticing of mysteries, But news-stands did not then supply Manichean pornography. Then Speech was mannerly, an Art, Like learning not to belch or fart: I cannot settle which is worse, The Anti-Novel or Free Verse. Nor are those Ph.D’s my kith, Who dig the symbol and the myth: I count myself a man of letters Who writes, or hopes to, for his betters. Dare any call Permissiveness An educational success? Saner those class-rooms which I sat in, Compelled to study Greek and Latin. Though I suspect the term is crap, There is a Generation Gap, Who is to blame? Those, old or young, Who will not learn their Mother-Tongue. But Love, at least, is not a state Either en vogue or out-of-date, And I’ve true friends, I will allow, To talk and eat with here and now. Me alienated? Bosh! It’s just As a sworn citizen who must Skirmish with it that I feel Most at home with what is Real.

They proposed to the rebel leaders the issue of tradable Greek Rebellion Bonds on the London stock exchange. The Greeks would promise to repay the bonds, plus interest, if and when they won their independence. Private investors bought bonds to make a profit, or out of sympathy for the Greek cause, or both. The value of Greek Rebellion Bonds rose and fell on the London stock exchange in tempo with military successes and failures on the battlefields of Hellas. The Turks gradually gained the upper hand. With a rebel defeat imminent, the bondholders faced the prospect of losing their trousers. The bondholders’ interest was the national interest, so the British organised an international fleet that, in 1827, sank the main Ottoman flotilla in the Battle of Navarino. After centuries of subjugation, Greece was finally free. But freedom came with a huge debt that the new country had no way of repaying. The Greek economy was mortgaged to British creditors for decades to come. 40.

Don't Quit When things go wrong, as they sometimes will, when the road you're trudging seems all uphill, when the funds are low and the debts are high, and you want to smile but you have to sigh, when care is pressing you down a bit - rest if you must, but don't you quit. Life is queer with its twists and turns. As everyone of us sometimes learns. And many a fellow turns about when he might have won had he stuck it out. Don't give up though the pace seems slow - you may succeed with another blow. Often the goal is nearer than it seems to a faint and faltering man; Often the struggler has given up when he might have captured the victor's cup; and he learned too late when the night came down, how close he was to the golden crown. Success is failure turned inside out - the silver tint of the clouds of doubt, and when you never can tell how close you are, it may be near when it seems afar; so stick to the fight when you're hardest hit - it's when things seem worst, you must not quit.

When things go wrong, as they sometimes will, When the road you're trudging seems all uphill, When the funds are low and the debts are high, And you want to smile, but you have to sigh, When care is pressing you down a bit, Rest if you must, but don't you quit. Life is queer with its twists and turns, As every one of us sometimes learns, And many a fellow turns about When he might have won had he stuck it out. Don't give up though the pace seems slow — You may succeed with another blow. Often the goal is nearer than It seems to a faint and faltering man; Often the struggler has given up When he might have captured the victor's cup; And he learned too late when the night came down, How close he was to the golden crown. Success is failure turned inside out — The silver tint in the clouds of doubt, And you never can tell how close you are, It might be near when it seems afar; So stick to the fight when you're hardest hit — It's when things seem worst that you must not quit.

As we’ve seen, one of the most frequently pursued paths for achievement-minded college seniors is to spend several years advancing professionally and getting trained and paid by an investment bank, consulting firm, or law firm. Then, the thought process goes, they can set out to do something else with some exposure and experience under their belts. People are generally not making lifelong commitments to the field in their own minds. They’re “getting some skills” and making some connections before figuring out what they really want to do. I subscribed to a version of this mind-set when I graduated from Brown. In my case, I went to law school thinking I’d practice for a few years (and pay down my law school debt) before lining up another opportunity. It’s clear why this is such an attractive approach. There are some immensely constructive things about spending several years in professional services after graduating from college. Professional service firms are designed to train large groups of recruits annually, and they do so very successfully. After even just a year or two in a high-level bank or consulting firm, you emerge with a set of skills that can be applied in other contexts (financial modeling in Excel if you’re a financial analyst, PowerPoint and data organization and presentation if you’re a consultant, and editing and issue spotting if you’re a lawyer). This is very appealing to most any recent graduate who may not yet feel equipped with practical skills coming right out of college. Even more than the professional skill you gain, if you spend time at a bank, consultancy, or law firm, you will become excellent at producing world-class work. Every model, report, presentation, or contract needs to be sophisticated, well done, and error free, in large part because that’s one of the core value propositions of your organization. The people above you will push you to become more rigorous and disciplined, and your work product will improve across the board as a result. You’ll get used to dressing professionally, preparing for meetings, speaking appropriately, showing up on time, writing official correspondence, and so forth. You will be able to speak the corporate language. You’ll become accustomed to working very long hours doing detail-intensive work. These attributes are transferable to and helpful in many other contexts.

The problem is there’s no evidence that it ever happened, and an enormous amount of evidence suggesting that it did not. For centuries now, explorers have been trying to find this fabled land of barter—none with success. Adam Smith set his story in aboriginal North America (others preferred Africa or the Pacific). In Smith’s defense, at least it could be said that in his time, reliable information on Native American economic systems was unavailable in Scottish libraries. His successors have no excuse. By mid-century, Lewis Henry Morgan’s descriptions of the Six Nations of the Iroquois, among others, were widely published—and they made clear that the main economic institution among the Iroquois nations were longhouses where most goods were stockpiled and then allocated by women’s councils, and no one ever traded arrowheads for slabs of meat. Economists simply ignored this information.15 Stanley Jevons, for example, who in 1871 wrote what has come to be considered the classic book on the origins of money, took his examples straight from Smith, with Indians swapping venison for elk and beaver hides, and made no use of actual descriptions of Indian life that made it clear that Smith had simply made this up.

How had I come to this? I had kept unswervingly to the path placed before me, had tried to be exactly what I was expected to be, had done exactly what I was expected to do -- yet, instead of winning the expected reward, here I was stumbling along, holding on desperately to one of my eyes in order to keep from bursting out my brain against some familiar object swerved into my path by my distorted vision. And now to drive me wild I felt suddenly that my grandfather was hovering over me, grinning triumphantly out of the dark. I simply could not endure it. For, despite my anguish and anger, I knew of no other way of living, nor other forms of success available to such as me. I was so completely a part of that existence that in the end I had to make my peace. It was either that or admit that my grandfather had made sense. Which was impossible, for though I still believed myself innocent, I saw that the only alternative to permanently facing the world of Trueblood and the Golden Day was to accept the responsibility for what had happened. Somehow, I convinced myself, I had violated the code and thus would have to submit to punishment. Dr. Bledsoe is right, I told myself, he's right; the school and what it stands for have to be protected. There was no other way, and no matter how much I suffered I would pay my debt as quickly as possible and return to building my career . . .

Where to stash your organizational risk? Lately, I’m increasingly hearing folks reference the idea of organizational debt. This is the organizational sibling of technical debt, and it represents things like biased interview processes and inequitable compensation mechanisms. These are systemic problems that are preventing your organization from reaching its potential. Like technical debt, these risks linger because they are never the most pressing problem. Until that one fateful moment when they are. Within organizational debt, there is a volatile subset most likely to come abruptly due, and I call that subset organizational risk. Some good examples might be a toxic team culture, a toilsome fire drill, or a struggling leader. These problems bubble up from your peers, skip-level one-on-ones,16 and organizational health surveys. If you care and are listening, these are hard to miss. But they are slow to fix. And, oh, do they accumulate! The larger and older your organization is, the more you’ll find perched on your capable shoulders. How you respond to this is, in my opinion, the core challenge of leading a large organization. How do you continue to remain emotionally engaged with the challenges faced by individuals you’re responsible to help, when their problem is low in your problems queue? In that moment, do you shrug off the responsibility, either by changing roles or picking powerlessness? Hide in indifference? Become so hard on yourself that you collapse inward? I’ve tried all of these! They weren’t very satisfying. What I’ve found most successful is to identify a few areas to improve, ensure you’re making progress on those, and give yourself permission to do the rest poorly. Work with your manager to write this up as an explicit plan and agree on what reasonable progress looks like. These issues are still stored with your other bags of risk and responsibility, but you’ve agreed on expectations. Now you have a set of organizational risks that you’re pretty confident will get fixed, and then you have all the others: known problems, likely to go sideways, that you don’t believe you’re able to address quickly. What do you do about those? I like to keep them close. Typically, my organizational philosophy is to stabilize team-by-team and organization-by-organization. Ensuring any given area is well on the path to health before moving my focus. I try not to push risks onto teams that are functioning well. You do need to delegate some risks, but generally I think it’s best to only delegate solvable risk. If something simply isn’t likely to go well, I think it’s best to hold the bag yourself. You may be the best suited to manage the risk, but you’re almost certainly the best positioned to take responsibility. As an organizational leader, you’ll always have a portfolio of risk, and you’ll always be doing very badly at some things that are important to you. That’s not only okay, it’s unavoidable.

Animals are the lower intelligent of creatures, yet God illustrates man as one of them. Why? To demonstrate to us how careless, how thoughtless, and sometimes how cruel and low-life we can be without him. Without God, we go through a hard, disappointing, and dreadful life. We are like fearful, untrained, and bitter children that have played all day and are afraid to go to sleep at night, thinking we are going to miss out or be left out of things. A sailor out on a stormy sea needs a strong sail and anchor for the days and a lighthouse for the nights to survive. This is a good illustration of witnessing. We draw from one another’s strength for the day and mediate on it in the nights in accordance with God’s Word. God has faded out of the mind of this generation, we like immature children, believe that the Toyland of material wealth is a sufficient world. Yet houses, cars, and money really do not fulfill. Abraham begot Isaac, and Isaac begot Jacob – a generation of God-fearing men. But in the next generation, God was not the God of Isaac. He had faded and became second place in their lives. Even in the mother’s womb, there was a struggle for honor and success. Jacob stole his brother’s birthright. Morals were decaying, rottenness appeared. The same things have happened with us. Our whole nation is reaping the results of a fading faith and trust, which is producing decaying morals and a decaying country. We are morally out of control. Unless we, like Jacob, who when frightened for his life desired a moral renewal, acknowledge that we are wrong and find God in the process. We must seek God with our whole hearts. The future of this world is in the hands of the believers. God has left everything in the hands of the church. Therefore, we must witness. An evangelical team must go out and bring the people back to the Garden of Eden as God had originally planned. Grace is always available!

Liberal anticulture rests on three pillars: first, the wholesale conquest of nature, which consequently makes nature into an independent object requiring salvation by the notional elimination of humanity; second, a new experience of time as a pastless present in which the future is a foreign land; and third, an order that renders place fungible and bereft of definitional meaning. These three cornerstones of human experience—nature, time and place—form the basis of culture, and liberalism’s success is premised upon their uprooting and replacement with facsimiles that bear the same names. The advance of this anticulture takes two primary forms. Anticulture is the consequence of a regime of standardizing law replacing widely observed informal norms that come to be discarded as forms of oppression; and it is the simultaneous consequence of a universal and homogenous market, resulting in a monoculture that, like its agricultural analogue, colonizes and destroys actual cultures rooted in experience, history, and place. These two visages of the liberal anticulture thus free us from other specific people and embedded relationships, replacing custom with abstract and depersonalized law, liberating us from personal obligations and debts, replacing what have come to be perceived as burdens on our individual autonomous freedom with pervasive legal threat and generalized financial indebtedness. In the effort to secure the radical autonomy of individuals, liberal law and the liberal market replace actual culture with an encompassing anticulture. This anticulture is the arena of our liberty—yet increasingly, it is rightly perceived as the locus of our bondage and even a threat to our continued existence. The simultaneous heady joy and gnawing anxieties of a liberated humanity, shorn of the compass of tradition and inheritance that were the hallmarks of embedded culture, are indicators of liberalism’s waxing success and accumulating failure. The paradox is our growing belief that we are thralls to the very sources of our liberation—pervasive legal surveillance and control of people alongside technological control of nature. As the empire of liberty grows, the reality of liberty recedes. The anticulture of liberalism—supposedly the source of our liberation—accelerates liberalism’s success and demise.

How I Turned a Troubled Company into a Personal Fortune. How to ________ This is a simple, straightforward headline structure that works with any desirable benefit. “How to” are two of the most powerful words you can use in a headline. Examples: How to Collect from Social Security at Any Age. How to Win Friends and Influence People. How to Improve Telemarketers' Productivity — for Just $19.95. Secrets Of ________ The word secrets works well in headlines. Examples: Secrets of a Madison Ave. Maverick — “Contrarian Advertising.” Secrets of Four Champion Golfers. Thousands (Hundreds, Millions) Now ________ Even Though They ________ This is a “plural” version of the very first structure demonstrated in this collection of winning headlines. Examples: Thousands Now Play Even Though They Have “Clumsy Fingers.” Two Million People Owe Their Health to This Idea Even Though They Laughed at It. 138,000 Members of Your Profession Receive a Check from Us Every Month Even Though They Once Threw This Letter into the Wastebasket Warning: ________ Warning is a powerful, attention-getting word and can usually work for a headline tied to any sales letter using a problem-solution copy theme. Examples: Warning: Two-Thirds of the Middle Managers in Your Industry Will Lose Their Jobs in the Next 36 Months. Warning: Your “Corporate Shield” May Be Made of Tissue Paper — 9 Ways You Can Be Held Personally Liable for Your Business's Debts, Losses, or Lawsuits Give Me ________ and I'll ________ This structure simplifies the gist of any sales message: a promise. It truly telegraphs your offer, and if your offer is clear and good, this may be your best strategy. Examples: Give Me 5 Days and I'll Give You a Magnetic Personality. Give Me Just 1 Hour a Day and I'll Have You Speaking French Like “Pierre” in 1 Month. Give Me a Chance to Ask Seven Questions and I'll Prove You Are Wasting a Small Fortune on Your Advertising. ________ ways to ________ This is just the “how to” headline enhanced with an intriguing specific number. Examples: 101 Ways to Increase New Patient Flow. 17 Ways to Slash Your Equipment Maintenance Costs. Many of these example headlines are classics from very successful books, advertisements, sales letters, and brochures, obtained from a number of research sources. Some are from my own sales letters. Some were created for this book.

Was this luck, or was it more than that? Proving skill is difficult in venture investing because, as we have seen, it hinges on subjective judgment calls rather than objective or quantifiable metrics. If a distressed-debt hedge fund hires analysts and lawyers to scrutinize a bankrupt firm, it can learn precisely which bond is backed by which piece of collateral, and it can foresee how the bankruptcy judge is likely to rule; its profits are not lucky. Likewise, if an algorithmic hedge fund hires astrophysicists to look for patterns in markets, it may discover statistical signals that are reliably profitable. But when Perkins backed Tandem and Genentech, or when Valentine backed Atari, they could not muster the same certainty. They were investing in human founders with human combinations of brilliance and weakness. They were dealing with products and manufacturing processes that were untested and complex; they faced competitors whose behaviors could not be forecast; they were investing over long horizons. In consequence, quantifiable risks were multiplied by unquantifiable uncertainties; there were known unknowns and unknown unknowns; the bracing unpredictability of life could not be masked by neat financial models. Of course, in this environment, luck played its part. Kleiner Perkins lost money on six of the fourteen investments in its first fund. Its methods were not as fail-safe as Tandem’s computers. But Perkins and Valentine were not merely lucky. Just as Arthur Rock embraced methods and attitudes that put him ahead of ARD and the Small Business Investment Companies in the 1960s, so the leading figures of the 1970s had an edge over their competitors. Perkins and Valentine had been managers at leading Valley companies; they knew how to be hands-on; and their contributions to the success of their portfolio companies were obvious. It was Perkins who brought in the early consultants to eliminate the white-hot risks at Tandem, and Perkins who pressed Swanson to contract Genentech’s research out to existing laboratories. Similarly, it was Valentine who drove Atari to focus on Home Pong and to ally itself with Sears, and Valentine who arranged for Warner Communications to buy the company. Early risk elimination plus stage-by-stage financing worked wonders for all three companies. Skeptical observers have sometimes asked whether venture capitalists create innovation or whether they merely show up for it. In the case of Don Valentine and Tom Perkins, there was not much passive showing up. By force of character and intellect, they stamped their will on their portfolio companies.

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.

The mixture of a solidly established Romance aristocracy with the Old English grassroots produced a new language, a “French of England,” which came to be known as Anglo-Norman. It was perfectly intelligible to the speakers of other langues d’oïl and also gave French its first anglicisms, words such as bateau (boat) and the four points of the compass, nord, sud, est and ouest. The most famous Romance chanson de geste, the Song of Roland, was written in Anglo-Norman. The first verse shows how “French” this language was: Carles li reis, nostre emperere magnes, set anz tuz pleins ad estéd en Espaigne, Tresqu’en la mer cunquist la tere altaigne… King Charles, our great emperor, stayed in Spain a full seven years: and he conquered the high lands up to the sea… Francophones are probably not aware of how much England contributed to the development of French. England’s court was an important production centre for Romance literature, and most of the early legends of King Arthur were written in Anglo-Norman. Robert Wace, who came from the Channel Island of Jersey, first evoked the mythical Round Table in his Roman de Brut, written in French in 1155. An Englishman, William Caxton, even produced the first “vocabulary” of French and English (a precursor of the dictionary) in 1480. But for four centuries after William seized the English crown, the exchange between Old English and Romance was pretty much the other way around—from Romance to English. Linguists dispute whether a quarter or a half of the basic English vocabulary comes from French. Part of the argument has to do with the fact that some borrowings are referred to as Latinates, a term that tends to obscure the fact that they actually come from French (as we explain later, the English worked hard to push away or hide the influence of French). Words such as charge, council, court, debt, judge, justice, merchant and parliament are straight borrowings from eleventh-century Romance, often with no modification in spelling. In her book Honni soit qui mal y pense, Henriette Walter points out that the historical developments of French and English are so closely related that anglophone students find it easier to read Old French than francophones do. The reason is simple: Words such as acointance, chalenge, plege, estriver, remaindre and esquier disappeared from the French vocabulary but remained in English as acquaintance, challenge, pledge, strive, remain and squire—with their original meanings. The word bacon, which francophones today decry as an English import, is an old Frankish term that took root in English. Words that people think are totally English, such as foreign, pedigree, budget, proud and view, are actually Romance terms pronounced with an English accent: forain, pied-de-grue (crane’s foot—a symbol used in genealogical trees to mark a line of succession), bougette (purse), prud (valiant) and vëue. Like all other Romance vernaculars, Anglo-Norman evolved quickly. English became the expression of a profound brand of nationalism long before French did. As early as the thirteenth century, the English were struggling to define their nation in opposition to the French, a phenomenon that is no doubt the root of the peculiar mixture of attraction and repulsion most anglophones feel towards the French today, whether they admit it or not. When Norman kings tried to add their French territory to England and unify their kingdom under the English Crown, the French of course resisted. The situation led to the first, lesser-known Hundred Years War (1159–1299). This long quarrel forced the Anglo-Norman aristocracy to take sides. Those who chose England got closer to the local grassroots, setting the Anglo-Norman aristocracy on the road to assimilation into English.

Deepak Chopra, an authority in mind-body medicine, identified these issues in his bestselling book, The Seven Spiritual Laws of Success, saying ‘no debt in the universe ever goes unpaid.

On the first day of the meeting that would become known as the United States Constitutional Convention, Edmund Randolph of Virginia kicked off the proceedings. Addressing his great fellow Virginian General George Washington, victorious hero of the War of Independence, who sat in the chair, Randolph hoped to convince delegates sent by seven, so far, of the thirteen states, with more on the way, to abandon the confederation formed by the states that had sent them—the union that had declared American independence from England and won the war—and to replace it with another form of government. “Our chief danger,” Randolph announced, “arises from the democratic parts of our constitutions.” This was in May of 1787, in Philadelphia, in the same ground-floor room of the Pennsylvania State House, borrowed from the Pennsylvania assembly, where in 1776 the Continental Congress had declared independence. Others in the room already agreed with Randolph: James Madison, also of Virginia; Robert Morris of Pennsylvania; Gouverneur Morris of New York and Pennsylvania; Alexander Hamilton of New York; Washington. They wanted the convention to institute a national government. As we know, their effort was a success. We often say the confederation was a weak government, the national government stronger. But the more important difference has to do with whom those governments acted on. The confederation acted on thirteen state legislatures. The nation would act on all American citizens, throughout all the states. That would be a mighty change. To persuade his fellow delegates to make it, Randolph was reeling off a list of what he said were potentially fatal problems, urgently in need, he said, of immediate repair. He reiterated what he called the chief threat to the country. “None of the constitutions”—he meant those of the states’ governments—“have provided sufficient checks against the democracy.” The term “democracy” could mean different things, sometimes even contradictory things, in 1787. People used it to mean “the mob,” which historians today would call “the crowd,” a movement of people denied other access to power, involving protest, riot, what recently has been called occupation, and often violence against people and property. But sometimes “democracy” just meant assertive lawmaking by a legislative body staffed by gentlemen highly sensitive to the desires of their genteel constituents. Men who condemned the working-class mob as a democracy sometimes prided themselves on being “democratical” in their own representative bodies. What Randolph meant that morning by “democracy” is clear. When he said “our chief danger arises from the democratic parts of our constitutions,” and “none of the constitutions have provided sufficient checks against the democracy,” he was speaking in a context of social and economic turmoil, pervading all thirteen states, which the other delegates were not only aware of but also had good reason to be urgently worried about. So familiar was the problem that Randolph would barely have had to explain it, and he didn’t explain it in detail. Yet he did say things whose context everyone there would already have understood.

I’ve never much liked the whole setup of Christianity, with its emphasis on being saved, thereby acknowledging a debt that can only be paid by a lifetime of sacrifice and devotion. Must God’s love have strings attached? People who crave salvation should think about how they’re going to feel if it turns out that this God who saved them is, upon closer acquaintance, completely alien. He, possibly she (or, more likely, it), is not now and never has been one of us. Jesus clearly was not one of us, with his crypto-stories about the prodigal who is more beloved by the father than the dutiful son and the sliding pay scale for field hands, with his magic powers that run the gamut from improving the wedding beverage to blasting trees to raising the dead. These days we have born-agains everywhere, even in the White House, carping about how clear and meaningful everything is now that they’ve seen the light and accepted Christ as their Savior. There they were, just sinning along aimlessly, drinking and fornicating down that slippery slope lined with good intentions and ending you know where, when suddenly Jesus reached out and down or across and saved them. And now they feel grateful all the time, every day. It things go wrong, that’s God’s way of testing their faith, and if they are successful and make lots of money, that proves they have been chosen by God. It's supposed to be all about free will, but there’s not much freedom in it. And if God is really so eager to save the desperate from themselves, where was he when my mother was knocking back the Seconal with her lunatic girlfriend from hell.

I have questions," she said. "Ask away." Poppy decided to be blunt. "Are you dangerous? Everyone says you are." "To you? No." "To others?" Harry shrugged innocently. "I'm a hotelier. How dangerous could I be?" Poppy gave him a dubious glance, not at all deceived. "I may be gullible, Harry, but I'm not brainless. You know the rumors... you're well aware of your reputation. Are you as unscrupulous as you're made out to be?" Harry was quiet for a long moment, his gaze fixed on a distant cluster of blossoms. The sun threw its light into the filter of branches, scattering leaf shadows over the pair in the arbor. Eventually he lifted his head and looked at her directly, his eyes greener than the sun struck rose leaves. "I'm not a gentleman," he said. "Not by birth, and not by character. Very few men can afford to be honorable while trying to make a success of themselves. I don't lie, but I rarely tell everything I know. I'm not a religious man, nor a spiritual one. I act in my own interests, and I make no secret of it. However, I always keep my side of a bargain, I don't cheat, and I pay my debts." Pausing, Harry fished in his coat pocket, pulled out a penknife, and reached up to cut a rose in full bloom. After neatly severing the stem, he occupied himself with stripping the thorns with the sharp little blade. "I would never use physical force against a woman, or anyone weaker than myself. I don't smoke, take snuff, or chew tobacco. I always hold my liquor. I don't sleep well. And I can make a clock from scratch." Removing the last thorn, he handed the rose to her, and slipped the knife back into his pocket. Poppy concentrated on the satiny pink rose, running her fingers along the top edges of the petals.

Competition also was coming from a new trend in industry to finance future growth out of profits rather than from borrowed capital. This was the outgrowth of free-market interest rates which set a realistic balance between debt and thrift. Rates were low enough to attract serious borrowers who were confident of the success of their business ventures and of their ability to repay, but they were high enough to discourage loans for frivolous ventures or those for which there were alternative sources of funding—for example, one's own capital. That balance between debt and thrift was the result of a limited money supply. Banks could create loans in excess of their actual deposits, as we shall see, but there was a limit to that process. And that limit was ultimately determined by the supply of gold they held. Consequently, between 1900 and 1910, seventy per cent of the funding for American corporate growth was generated internally, making industry increasingly independent of the banks.12 Even the federal government was becoming thrifty. It had a growing stockpile of gold, was systematically redeeming the Greenbacks—which had been issued during the Civil War—and was rapidly reducing the national debt. Here was another trend that had to be halted. What the bankers wanted—and what many businessmen wanted also—was to intervene in the free market and tip the balance of interest rates downward, to favor debt over thrift. To accomplish this, the money supply simply had to be disconnected from gold and made more plentiful or, as they described it, more elastic.

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

The formula that allowed Murphy to overtake Paley’s QE2 was deceptively simple: focus on industries with attractive economic characteristics, selectively use leverage to buy occasional large properties, improve operations, pay down debt, and repeat.

Keep the right perspective Some people would love to have your problems. They would gladly trade places with you. They would love to have the job that frustrates you. They would love to sit in traffic in that car you don’t like. They would love to have your husband, who gets on your nerves. They would love to live in the house you think is too small. You may be thinking, “As soon as I get out of this neighborhood, then I’m going to be happy.” Instead, why don’t you choose to be happy right where you are? Choose to have a good attitude without thinking about what you have or don’t have. Your happiness is all about your approach to life. One man gets up and says, “Good morning, Lord.” Another man gets up and says, “Oh Lord, it’s morning.” Which person are you? You control what kind of day you’re having. You’re as happy as you want to be. It’s not your circumstances that keep you unhappy. It’s how you respond to them. A lot of times we’re making ourselves unhappy. You can’t change the traffic, the weather, or how others treat you. If your happiness is based on everything going your way and everybody treating you right, you will be frustrated. Before you leave the house, you need to make up your mind to stay positive and enjoy the day no matter what comes your way. You have to decide ahead of time. That’s what it says in Colossians 3:2, “Set your mind on the higher things and keep it set.” The higher things are the positive things. When you get out of bed in the morning, you need to set your mind for victory. Set your mind for success. Have the attitude: “This is going to be a great day. God’s favor is on my life. I’m excited about my future.” When your mind is set as positive, hopeful, and expecting good things, that’s when you’ll go places you’ve never dreamed. New doors will open. New opportunities, and the right people will come across your path. But if you don’t set your mind, negative thoughts will set it for you. You can’t start the day in neutral. If you’re passive, lying in bed, negative thoughts like these will come: “You’ll never accomplish your dreams. You’ll never get married. You’re too old. You’ll never get well. Nothing good ever happens to you. You’ll never get out of debt.

The difference between Franklin’s unconventional work and Abagnale’s was that the former managed to create value for others while the latter cheated others. Franklin’s approach was a lateral solution to the unfairness of present convention. Abagnale’s, however entertaining, was a con, and he paid for it. And that’s the difference between rapid, but short-term gains, which I call shortcuts, and sustainable success achieved quickly through smart work, or smartcuts. Whereas by dictionary definition shortcuts can be amoral, you can think of smartcuts as shortcuts with integrity. Working smarter and achieving more—without creating negative externalities. Abagnale took shortcuts and regretted it. Franklin used smartcuts and got his face on a $ 100 bill. After being released from prison, Abagnale spent three decades repaying his debt to society, working for the FBI, without pay. Eventually, he started a security business, met his future wife while on undercover assignment, and had three kids. “True success is not defined by how much money do I make, how well do I speak, how well do I deal with the subjects I deal with,” he says. “But how great of a father I am.” As we explore the unconventional behavior of history’s overachievers in Smartcuts, I hope we’ll keep Abagnale’s lesson in mind. To some people, success means wealth. To others it means recognition, popularity, or promotions; it means free time, inventing products, growing businesses, making breakthroughs at work. Those can all be good things, and in this book, we’ll look at people and companies that achieved big things in the above categories. But I’m convinced that true success has more to do with our becoming better people and building a better world while we do these things than it does with the size of our bank accounts.

Olaudah Equiano, born sometime around 1745 in a rural community somewhere within the confines of the Kingdom of Benin. Kidnapped from his home at the age of eleven, Equiano was eventually sold to British slavers operating in the Bight of Biafra, from whence he was conveyed first to Barbados, then to a plantation in colonial Virginia. Equiano’s further adventures—and there were many—are narrated in his autobiography, The Interesting Narrative of the Life of Olaudah Equiano: or, Gustavus Vassa, the African, published in 1789. After spending much of the Seven Years’ War hauling gunpowder on a British frigate, he was promised his freedom, denied his freedom, sold to several owners—who regularly lied to him, promising his freedom, and then broke their word—until he passed into the hands of a Quaker merchant in Pennsylvania, who eventually allowed him to purchase his liberty. Over the course of his later years he was to become a successful merchant in his own right, a best-selling author, an Arctic explorer, and eventually, one of the leading voices of English Abolitionism. His eloquence and the power of his life story played significant parts in the movement that led to the British abolition of the slave trade in 1807.

I am debt-free in Jesus’ name. I attract God-inspired ideas that produce great wealth. Opportunities and resources are headed my way now, in Jesus’ name.” Release the power of God into your pocket book.

Make babies, or make sure you’re ok with being the last of a hundred-thousand-year chain of successful parents. Life’s main purpose is to survive and produce more life, and we owe this debt to the universe in return for allowing us this experience.

When things go wrong, as they sometimes will, When the road you're trudging seems all uphill, When the funds are low and the debts are high, And you want to smile, but you have to sigh, When care is pressing you down a bit, Rest if you must, but don't you quit. Life is queer with its twists and turns, As every one of us sometimes learns, And many a fellow turns about When he might have won had he stuck it out. Don't give up though the pace seems slow — You may succeed with another blow. Often the goal is nearer than It seems to a faint and faltering man; Often the struggler has given up When he might have captured the victor's cup; And he learned too late when the night came down, How close he was to the golden crown. Success is failure turned inside out — The silver tint in the clouds of doubt, And you never can tell how close you are, It might be near when it seems afar; So stick to the fight when you're hardest hit — It's when things seem worst that you must not quit.

The first distinction is that millionaires think long-term while the middle class thinks short-term. Shifting this mindset is the starting point for achieving success.

If you do what the masses do, you get the following picture: As an employee who is also a homeowner, your working efforts are generally as follows: 1. You work for the company. Employees make their business owner or the shareholders rich, not themselves. Your efforts and success will help provide for the owner’s success and retirement. 2. You work for the government. The government takes its share from your paycheck before you even see it. By working harder, you simply increase the amount of taxes taken by the government. Most people work from January to May just for the government. 3. You work for the bank. After taxes, your next largest expense is usually your mortgage and credit-card debt.

Now, now, calm down, Lily." Mia smiled teasingly at her friend. "We understand that when a witch and wizard are in love, they like to express that love in a very special way." "A very loud special way," Sirius added with a chuckle and looked to James. "Muffliato, mate; it's not hard." "All right, very funny." James scowled. "You've successfully embarrassed us, now sod off, the lot of you, so I can finish my breakfast." "Not going to happen." Sirius shook his head and cracked his knuckles. "See, Lily here is like a sister to me." "And me," Remus added. "And me," Mia agreed. "I'm sitting this one out," Peter insisted from the sofa. "And we feel the need to defend sweet Lily's honour after we discovered that some horrid wretch had come along and stolen her..." Sirius took a deep breath and stared into James's eyes before continuing, "maidenhead.

You can see that I’ve heard all the excuses and complaints, but here’s the deal: budgeting is crucial to your success. Your income is your responsibility. If you get to retirement with a mountain of debt and nothing to live on, it’s no one else’s fault. But beyond the obvious financial benefits to taking control of your money, there are a ton of other reasons to pull out the budget forms every month.

All those nights when it had simply been the two of them, out in the field, running, jumping, throwing, catching. No judges or fans. Wallace was not a spurned breed or a do that no one wanted; Roo was not a man saddled with debts and marital trouble. They were similar in their single-minded determination and tireless drive, and that effort led them to a state in which there was no thinking, no trying, no worrying – they simply were. Man and dog locked together in pursuit of a single goal. Doing, being, sharing. That, thought Roo, was the definition of a lot of things: success, happiness, life.

This book describes these early efforts and the success of Baptists in securing this religious freedom and making it a part of the United States Constitution. Though other denominations may not be aware of this fact, they owe a debt of gratitude to the Baptists, for Baptists, practically alone, fought for and secured this freedom for all.

it is because of the United States’ great global successes that the US dollar became the world’s dominant reserve currency, which allowed Americans to borrow excessively from the rest of the world (including from China), which put the US in the tenuous position of owing other countries (including China) a lot of money which has put those other countries in the tenuous position of holding the debt of an overly indebted country that is rapidly increasing and monetizing its debt and that pays significantly negative real interest rates to those holding its debt.

People work hard five out of seven days to be able to afford the material objects that they think will bring them happiness and that they believe represent success. Once they attain the object, they realize that it hasn’t filled them up, so they get into debt trying to buy more things to fill the void just to wake up every morning and still feel unhappy … and even more broke. The cycle goes on and on.

To successfully pay yourself first, keep the following in mind: 1.​Don’t get into large debt positions that you have to pay for. Keep your expenses low. Build up assets first. Then buy the big house or nice car. Being stuck in the Rat Race is not intelligent. 2.​When you come up short, let the pressure build and don’t dip into your savings or investments. Use the pressure to inspire your financial genius to come up with new ways of making more money, and then pay your bills. You will have increased your ability to make more money as well as your financial intelligence.

Other people do sensible things. They climb career ladders. They save and invest and create personal wealth. They buy property. They vote tactically. They tell little lies in order to negotiate relationships. They stay in challenging or even dead relationships because it seems like a better idea than being alone. None of these things mattered to me, and I fully accept that in a certain way that does make me stupid. For a whole chapter of my life I was in quite a lot of debt.

Special meals out, and vacations are allowed in moderation. 5. Work essentials bought as needed. 6. Cultural essentials like books, art museums, and ballet are allowed. These are essential to your growth as a human. CHAPTER 7 Set Yourself up for Success First of all let’s set you up for success.

The old priesthood, and everything associated with it, had to be discarded and totally replaced. It was not just altered, or updated, or even revised just a bit. It had to be totally done away with and replaced by something “better.” It had to be done away because it was ineffective in bringing sinners into the most holy presence of God. The Aaronic priesthood could not offer a sacrifice that could pay the debt our sin incurred. Hebrews 2:17 is telling us that Christ is the first High Priest that could successfully make a true atonement for sinners. He is the first High Priest who could open the veil and give us assurance to “come boldly” into the presence of God.

Other narratives in the same constellation with the Laffer curve sprang up around the same time. The terms leveraged buyouts and corporate raiders also went viral in the 1980s, often in admiring stories about companies that responded well to true incentives and that produced high profits as a result. One marker for such stories is the phrase maximize shareholder value, which, according to ProQuest News & Newspapers and Google Ngrams, was not used until the 1970s and whose usage grew steadily until the twenty-first century. The phrase maximize shareholder value puts a nice spin on questionable corporate raider practices, such as saddling the company with extreme levels of debt and ignoring implicit contracts with employees and stakeholders. Maximize suggests intelligence, science, calculus. Shareholder reminds the listener that there are people whose money started the whole enterprise, and who may sometimes be forgotten. Value sounds better, more idealistic, than wealth or profit. Use of the three words together as a phrase is an invention of the 1980s, used to tell stories of corporate raiders and their success. The term maximize shareholder value is a contagious justification for aggressiveness and the pursuit of wealth, and the narratives that exploited the term are most certainly economically significant.

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.

Not factored into the equation are marketing costs, allocations for overhead expenses, interest payments on debt, or income taxes. Deduction of these items would yield net profit.

Despite Winslow’s claim that Plymouth was a place where “religion and profit jump together,” the colony was unable to achieve any sort of long-term financial success. By 1626, the Merchant Adventurers in London had disbanded, and Bradford and seven others, including Winslow, Brewster, Standish, Alden, Howland, Allerton, and Thomas Prence, who had come over in the Fortune in 1621, agreed to assume the colony’s debt with the understanding that they be given a monopoly in the fur trade.

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