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

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.

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

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.

Not too long ago he had to spend countless hours refining and improving his lucrative investment algorithm to keep money flowing into his accounts, but nowadays he was swimming in earnings received by way of inside information from numerous connections he’d acquired on his rise in the financial and business scene. He was reeling in windfall profits. His connections afforded him with gains that most people couldn’t dream of acquiring in their wildest dreams, and the best part was he didn’t need to use an ounce of his brainpower or intellect to make it happen. He’d reached that upper echelon tier where wealth was casually doled out to those who were on the list, on the take. It was akin to having one’s own money-printing machine sitting in their den. A privately owned banking system that printed money out of thin air and accumulated debt from anyone who laid hands on it—no different than the Federal Reserve.

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

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.

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

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.

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

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.

The irony, though, is that when we ignore our feelings, or suppress them, they only become stronger. The really powerful emotions build up inside us, like a dark force that inevitably poisons everything we do, whether we like it or not. Hurt feelings don’t vanish on their own. They don’t heal themselves. If we don’t express our emotions, they pile up like a debt that will eventually come due.

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.

An uncanny economy has emerged in which a secure, middle-class lifestyle receded for many, but the material trappings of middle-class success became affordable to most. In the 1960s, it was possible to attend a four-year college debt-free but impossible to purchase a flat-screen television. By the 2020s, the reality was close to the reverse.

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.

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

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

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

Financial success is when your desire for returns on your money is greater than a need for the return of your money.

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.

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

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.

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.

You value appearance more than truth?’ ‘Appearance is truth. If I hoard billions of credits but dress like a beggar I will be treated as such. Likewise, I may be drowning in debt, but if I carry myself as a success then that is how I shall be treated. You obsess over your view of the world, of forcing others to accept it. But you don’t realise the world is shaped by perception. If you know the truth, but all others think otherwise, then you are the liar.

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.

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.

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.

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 . . .

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.

What is true of every member of the society individually, is true of them all collectively, since the rights of the whole can be no more than the sum of the rights of the individuals. To keep our ideas clear when applying them to a multitude, let us suppose a whole generation of men to be born on the same day, to attain mature age on the same day, & to die on the same day, leaving a succeeding generation in the moment of attaining their mature age all together. Let the ripe age be supposed of 21. years, & their period of life 34. years more, that being the average term given by the bills of mortality to persons who have already attained 21. years of age. Each successive generation would, in this way, come on, and go off the stage at a fixed moment, as individuals do now. Then I say the earth belongs to each of these generations, during it’s course, fully, and in their own right. The 2d. generation receives it clear of the debts & incumbrances of the 1st. the 3d of the 2d. & so on. For if the 1st. could charge it with a debt, then the earth would belong to the dead & not the living generation. Then no generation can contract debts greater than may be paid during the course of it’s own existence.

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.

Stage 2: People and Their Countries Are Rich but Still Think of Themselves as Poor. Because people who grew up with financial insecurity typically don’t lose their financial cautiousness, people in this stage still work hard, sell a lot to foreigners, have pegged exchange rates, save a lot, and invest efficiently in real assets like real estate, gold, and local bank deposits, and in bonds of the reserve currency countries. Because they have a lot more money, they can and do invest in the things that make them more productive—e.g., human capital development, infrastructure, research and development, etc. This generation of parents wants to educate their children well and get them to work hard to be successful. They also improve their resource-allocation systems, including their capital markets and their legal systems. This is the most productive phase of the cycle. Countries in this stage experience rapidly rising income growth and rapidly rising productivity growth at the same time. The productivity growth means two things: 1) inflation is not a problem and 2) the country can become more competitive. During this stage, debts typically do not rise significantly relative to incomes and sometimes they decline. This is a very healthy period and a terrific time to invest in a country if it has adequate property rights protections. You can tell countries in this stage from those in the first stage because they have gleaming new cities next to old ones, high savings rates, rapidly rising incomes, and, typically, rising foreign exchange reserves. I call countries in this stage “late-stage emerging countries.” While countries of all sizes can go through this stage, when big countries go through it, they are typically emerging into great world powers.

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.

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The description of enterprise value highlights the clear, direct trade-off between the interests of stockholders and bondholders. The value of the enterprise lies in the sum of the value of the debt and the value of the equity. To the extent that owners of a company reduce the value of the bondholders’ position, the equity owners benefit. Stockholders gain by imposing losses on bondholders. Because corporate management’s interests generally align with equity investors, bondholders find themselves sitting across the table from corporate management.

Sensible investors avoid corporate debt, because credit risk and callability undermine the ability of fixed-income holdings to provide portfolio protection in times of financial or economic disruption.

The MTA had become increasingly reliant on borrowing money against its future revenue rather than on funding from the state and city. The State of New York had contributed $1.8 billion for the MTA’s first five-year capital program, but nothing for the 2000–2004 program. Meanwhile, successive mayors cut New York City’s contributions to the MTA’s capital programs. The public did not understand the MTA’s predicament. A citywide survey indicated that most New Yorkers thought the MTA earned a profit on its subway service. In fact, subway riders paid only 44 percent of the authority’s operating costs, with taxes and tolls making up the rest. In 2004, the fastest-growing portion of the MTA’s budget was the interest expenses on its debt. The MTA’s outstanding debt had skyrocketed from $9 billion in the early 1990s to nearly $20 billion by 2004, and its annual interest payments were over $800 million.95

was very broke. Not poor, never poor. Privileged and downwardly mobile. Like many of my peers, I could afford to work in publishing because I had a safety net. I had graduated college debt-free, by no accomplishment of my own: my parents and grandparents had saved for my tuition since I was a blur on the sonogram. I had no dependents. I had secret, minor credit-card debt, but I did not want to ask for help. Borrowing money to make rent, or pay off a medical bill, or even, in a fit of misguided aspiration, buy my own wrap dress, always felt like a multifront failure. I was ashamed that I couldn’t support myself, and ashamed that my generous, forgiving parents were effectively subsidizing a successful literary agency. I had one year left on their health insurance. The situation was not sustainable. I was not sustainable.

Value means “helping people.” Our unexpected entrepreneurs discovered that when they focused on providing value above all else, their businesses were successful. • Give people what they really want, not just what you think they should have. Give them the fish! • The more you can market a core benefit instead of a list of features, the easier it will be to profit from your idea. Core benefits usually relate to emotional needs more than physical needs. • Most people want more of some things (money, love, attention) and less of other things (stress, anxiety, debt). Always focus on what you can add or take away to improve someone’s life . . . and then prepare to get paid.

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.

Critics of capitalism often decry the “greed” that animates successful entrepreneurs. The real problem, however, is not the amount of money made by people at the top; it is the systematic suppression of people at the bottom. The real-life equivalent of the Monopoly player who has to mortgage all his money-making assets to pay his debts is the hand-to-mouth day laborer who, unable to pay his car insurance, loses his car and, unable to drive to his job, is unable to pay his rent. The villain here is not necessarily the avarice of the banker who loaned this poor fellow his money in the first place. It is the unstable dynamic of a system that mercilessly drives some people down to the bottom through a succession of cascading misfortunes. To experience the board game version of this kind of misery vortex in Monopoly is to appreciate the advantages of the welfare state, which, when it is functioning properly, does not just take money from rich people and give it to poor people. It also softens the iterative feedback dynamics within the system so as to ensure that minor nudges—a lost job, a criminal conviction, a divorce, a medical setback—do not create feedback effects that ultimately produce a full-blown personal catastrophe. Job training, public health care, a humane justice system, community housing and support for single mothers are examples of programs that can achieve that effect.

I noticed that they rarely mentioned that German and French banks were some of Greece’s biggest lenders, or that much of the Greeks’ accumulated debt had been racked up buying German and French exports—facts that might have made clear to voters why saving the Greeks from default amounted to saving their own banks and industries. Maybe they worried that such an admission would turn voter attention away from the failures of successive Greek governments and toward the failures of those German and French officials charged with supervising bank lending practices. Or maybe they feared that if their voters fully understood the underlying implications of European integration—the extent to which their economic fates, for good and for ill, had become bound up with those of people who were “not like us”—they might not find it entirely to their liking.

success is defined not as living as long as you can, but living life well in the time you have.

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.

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. The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly.

Unfortunately, the Bull that gilded Renaissance New York did little for most Americans. Eighties Wall Street was about institutional money released by deregulation, mergers and acquisitions, and, most of all, the debt that made it all possible. As John Kenneth Galbraith points out, financial euphoria always starts with new ways to borrow money; this time it was triggered by the Savings & Loan crisis. Volcker’s rocketing interest rates had forced S&Ls to offer double digits to new depositors while only getting back single digits on the old thirty-year mortgages on their books. S&Ls were going under, and getting a mortgage was nearly impossible, so in March 1980, with the banking system and the housing market on the brink, Carter had signed a law to allow them to issue credit cards, invest in commercial real estate, and offer checking accounts in order to stay in business. Reagan then took it a step further with a change that encouraged S&Ls to sell their mortgages in search of higher returns, freeing up a $1 trillion that needed to be invested in something. Which takes us back to Salomon Brothers, where in 1978 one Lew Ranieri had repackaged an old investment product the government had clamped down on during the Depression: A group of home mortgages all backed by government insurance would be bundled together, then sliced into bonds, thus converting the debt some people owed on their homes into an asset for others. Ranieri had been a bit ahead of the curve then—the same high interest rates that killed the S&Ls also made his bonds unattractive—but now deregulation let Salomon buy up the S&Ls’ mortgages at a deep discount, bundle them into bonds, and sell them back to the S&Ls who believed they’d diversified into the bond market when in fact they’d just bought ground meat made out of their own steaks. In June 1983, Salomon Brothers and Freddie Mac together issued the first collateralized mortgage obligation bonds (CMOs), which bundled up debt and cut it into tranches based on the amount of risk: you could choose between ground chuck and ground sirloin. It would be years before technology would allow doing this on a huge scale, but the immediate impact was that all kinds of debt, not just mortgages, were bundled, cut into bonds, and sold: credit card debt, car loans, you name it. Between 1983 and 1988, some $60 billion of CMOs were sold; GM’s financing arm became more profitable than its cars. America began to make debt instead of things. The

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Indeed, a persuasive case can be made that [the Minotaur] played a major part in the defeat of America’s greatest foes – the Soviet Union and its satellites, as well as those non-aligned Third World regimes that had become too uppity in the 1960s. Key to this triumph was not so much the successful pursuit of the arms race, but rather the humble US interest rates – those very same rates whose phenomenal rise under Paul Volcker had assisted the Global Minotaur’s birth.

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.

The reason we are in debts and depressed is because we are the generation of price tags. If it is not expensive enough then it is not good enough. If they are not rich enough. They are not good enough. We value someone based on how much they are worth or giving .

Nearly every doctor I worked with dreamed as a child about curing disease and worked like crazy to become a doctor. They studied tirelessly to learn science, entered medical school with idealistic visions, and became the pride of their family. They entered residency with hundreds of thousands of dollars of student loan debt and initially saw the chronic sleep deprivation and verbal abuse by their superiors as integral parts of the experience—because “great achievement is born of great sacrifice.” But almost universally among doctors I have met, this idealism eventually turns to cynicism. My colleagues in residency talked often about questioning their sanity, of wondering whether this was all worth it. I spoke with successful surgeons who’d drafted their resignation letters dozens of times. Another had a recurring daydream of leaving everything behind and becoming a baker. Many of my supervising physicians were desperate to spend more time with their children. I witnessed more than one tearful breakdown in the operating room when surgical cases were delayed and led to yet another missed bedtime for their kids. Several had dealt with suicidal depression. I understood why doctors had the highest burnout and suicide rate of any profession. Inevitably, these conversations led to an insight that I believe is whispered by doctors in every hospital in America: they feel trapped inside a broken system.

Although the Honduran debt would mostly go unpaid, Zemurray had achieved a remarkable personal victory. He had outmaneuvered Knox, successfully defied the US government, poked J. P. Morgan in the eye, and ended up a much wealthier man. In engineering the “invasion,” he had covered his tracks so well that contemporary investigations into the scheme were never able to connect him to it or prove he broke any laws. But he had also intentionally overthrown a government to achieve his own financial ends.

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The question I’m always asked when I tell our story about getting out and staying out of debt is “How did you do it?” And my answer is always “We changed our attitudes toward money.” An attitude is a disposition, orientation, or mental or emotional outlook on something.[2] As Marco and I changed our outlook about money, we were able to make decisions consistent with our goals. Prior to that, we said we wanted financial success and stability, but our actions didn’t line up with what we said.

The 9/11 Commission warned that Al Qaeda "could... scheme to wield weapons of unprecedented destructive power in the largest cities of the United States." Future attacks could impose enormous costs on the entire economy. Having used up the surplus that the country enjoyed as part of the Cold War peace dividend, the U.S. government is in a weakened financial position to respond to another major terrorist attack, and its position will be damaged further by the large budget gaps and growing dependence on foreign capital projected for the future. As the historian Paul Kennedy wrote in his book The Rise and Fall of Great Powers, too many decisions made in Washington today "bring merely short-term advantage but long-term disadvantage." The absence of a sound, long-term financial strategy could bring about a deterioration that, in his words, "leads to the downward spiral of slower growth, heavier taxes, deepening domestic splits over spending priorities and a weakening capacity to bear the burdens of defense." Decades of success in mobilizing enormous sums of money to fight large wars and meet other government needs have led Americans to believe that ample funds will be readily available in the event of a future war, terrorist attack, or other emergency. But that can no longer be assumed. Budget constraints could limit the availability or raise the cost of resources to deal with new emergencies. If government debt continues to pile up, deficits rise to stratospheric levels, and heave dependence on foreign capital grows, borrowing the money needed will be very costly. [Alexander] Hamilton understood the risks of such a precarious situation. After suffering through financial shortages, lack of adequate food and weapons, desertions, and collapsing morale during the Revolution, he considered the risk that the government would have difficulty in assembling funds to defend itself all too real. If America remains on its dangerous financial course, Hamilton's gift to the nation - the blessing of sound finances - will be squandered. The U.S. government had no higher obligation that to protect the security of its citizens. Doing so becomes increasingly difficult if its finances are unsound. While the nature of this new brand of warfare, the war on terrorism, remains uncharted, there is much to be gained if our leaders look to the experiences of the past for guidance in responding to the challenges of the future. The willingness of the American people and their leaders to ensure that the nation's finances remain sound in the face of these new challenges - sacrificing parochial interests for the common good - is the price we must pay to preserve the nation's security and thus the liberties that Hamilton and his generation bequeathed us.

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