Dutch Money Quotes

The biggest lie in business is that it takes money to make money, remember that. You gotta be smart, have a plan, pay attention to what's going on around you. None of that costs a dime.

That night in my sister’s bed I stared at the ceiling and felt the true loss of our father. Not his money or his house, but the man I sat next to in the car. He had protected me from the world so completely that I had no idea what the world was capable of. I had never thought about him as a child. I had never asked him about the war. I had only seen him as my father, and as my father I had judged him. There was nothing to do about that now but add it to the catalog of my mistakes.

The only way to really understand what money means is to have been poor,

The author points to the impact of what he called Dutch disease, where the discovery of found wealth from a particular commodity causes a culture to atrophy with respect to work ethic and broader development. Continuing wealth from the single commodity is taken for granted. The government, flush with wealth, is expected to be generous. When the price of that commodity drops, a government which would remain in power dare not cut back on this generosity.

As I pass through my incarnations in every age and race, I make my proper prostrations to the Gods of the Market Place. Peering through reverent fingers I watch them flourish and fall, And the Gods of the Copybook Headings, I notice, outlast them all. We were living in trees when they met us. They showed us each in turn That Water would certainly wet us, as Fire would certainly burn: But we found them lacking in Uplift, Vision and Breadth of Mind, So we left them to teach the Gorillas while we followed the March of Mankind. We moved as the Spirit listed. They never altered their pace, Being neither cloud nor wind-borne like the Gods of the Market Place, But they always caught up with our progress, and presently word would come That a tribe had been wiped off its icefield, or the lights had gone out in Rome. With the Hopes that our World is built on they were utterly out of touch, They denied that the Moon was Stilton; they denied she was even Dutch; They denied that Wishes were Horses; they denied that a Pig had Wings; So we worshipped the Gods of the Market Who promised these beautiful things. When the Cambrian measures were forming, They promised perpetual peace. They swore, if we gave them our weapons, that the wars of the tribes would cease. But when we disarmed They sold us and delivered us bound to our foe, And the Gods of the Copybook Headings said: "Stick to the Devil you know." On the first Feminian Sandstones we were promised the Fuller Life (Which started by loving our neighbour and ended by loving his wife) Till our women had no more children and the men lost reason and faith, And the Gods of the Copybook Headings said: "The Wages of Sin is Death." In the Carboniferous Epoch we were promised abundance for all, By robbing selected Peter to pay for collective Paul; But, though we had plenty of money, there was nothing our money could buy, And the Gods of the Copybook Headings said: "If you don't work you die." Then the Gods of the Market tumbled, and their smooth-tongued wizards withdrew And the hearts of the meanest were humbled and began to believe it was true That All is not Gold that Glitters, and Two and Two make Four And the Gods of the Copybook Headings limped up to explain it once more. As it will be in the future, it was at the birth of Man There are only four things certain since Social Progress began. That the Dog returns to his Vomit and the Sow returns to her Mire, And the burnt Fool's bandaged finger goes wabbling back to the Fire; And that after this is accomplished, and the brave new world begins When all men are paid for existing and no man must pay for his sins, As surely as Water will wet us, as surely as Fire will burn, The Gods of the Copybook Headings with terror and slaughter return!

Quakers quaking. Congregationalists congregating, Baptists baptizing, Dutch Reformers reforming; Episcopalians pissing on the lot. All asked for money to support the war against evil.

The biggest lie in business is that it takes money to make money. Remember that. You’ve got to be smart, have a plan, pay attention to what’s going on around you. None of that costs a dime.

The biggest lie in business is that it takes money to make money. Remember that. You’ve got to be smart, have a plan, pay attention to what’s going on around you. None of that costs a dime.” My

The Swiss government had sent a bill to the Dutch government and the Dutch government said: pay up! They didn’t have the money of course. They were sent to the old factories in Eindhoven that they used like a big barn to send all the leftover Jews.

That night in my sister’s bed I stared at the ceiling and felt the true loss of our father. Not his money or his house, but the man I sat next to in the car. He had protected me from the world so completely that I had no idea what the world was capable of.

The southern half possesses the most outstanding scenery, the prettiest villages, the best gastronomy and, withal, a Gallic knack for living well, while the north has the finest cities, the most outstanding museums and churches, the ports, the coastal resorts, the bulk of the population, and most of the money. The Flemings can’t stand the Walloons and the Walloons can’t stand the Flemings, but when you talk to them a little you realize that what holds them together is an even deeper disdain for the French and the Dutch.

So, which of the two men do you think is telling the truth?" Sebastian asked, his gaze on her profile. "Van der Pals? Or Vescovi?" She shook her head, "I'm not convinced either of them is. Although if I had to put money on one or the other, I'd pick the Italian harpist over the decorative Dutch courtier any day.

In several Southern counties, mortgages taken out on enslaved workers injected more capital into the economy than sales from the crops harvested by workers themselves. Global financial markets had powered the slave economy for years. When Thomas Jefferson mortgaged his enslaved workers in 1796 to build Monticello, it was a Dutch firm that put up most of the money.

The only way to really understand what money means is to have been poor,” he said to me when we were eating lunch in the car. “That’s the strike you have against you. A boy grows up rich like you, never wanting for anything, never being hungry”—he shook his head, as if it had been a disappointing choice I’d made—“I don’t know how a person overcomes a thing like that.

The structure of the corporation is a telling case in point—and it is no coincidence that the first major joint-stock corporations in the world were the English and Dutch East India companies, ones that pursued that very same combination of exploration, conquest, and extraction as did the conquistadors. It is a structure designed to eliminate all moral imperatives but profit. The executives who make decisions can argue—and regularly do—that, if it were their own money, of course they would not fire lifelong employees a week before retirement, or dump carcinogenic waste next to schools. Yet they are morally bound to ignore such considerations, because they are mere employees whose only responsibility is to provide the maximum return on investment

That acknowledged interdependence of all segments of Dutch society contrasts with current trends in the United States, where wealthy people increasingly seek to insulate themselves from the rest of society, aspire to create their own separate virtual polders, use their own money to buy services for themselves privately, and vote against taxes that would extend those amenities as public services to everyone else.

The entrepreneur who is reckoning in terms of a currency with a stable value is unable to compete with the entrepreneur who is prepared to make a quasi-gift of part of his capital to his customers. In 1920 and 1921, Dutch traders who had sold commodities to Austria could buy them back again after a while much cheaper than they had originally sold them, because the Austrian traders completely failed to see that they were selling them for less than they had cost.

In country after country where local moneys were abolished in favor of interest-bearing central currency, people fell into poverty, health declined, and society deteriorated12 by all measures. Even the plague can be traced to the collapse of the marketplace of the late Middle Ages and the shift toward extractive currencies and urban wage labor. The new scheme instead favored bigger players, such as chartered monopolies, which had better access to capital than regular little businesses and more means of paying back the interest. When monarchs and their favored merchants founded the first corporations, the idea that they would be obligated to grow didn’t look like such a problem. They had their nations’ governments and armies on their side—usually as direct investors in their projects. For the Dutch East India Company to grow was as simple as sending a few warships to a new region of the world, taking the land, and enslaving its people. If this sounds a bit like the borrowing advantages enjoyed today by companies like Walmart and Amazon, that’s because it’s essentially the same money system in operation, favoring the same sorts of players. Yet however powerful the favored corporations may appear, they are really just the engines through which the larger money system extracts value from everyone’s economic activity. Even megacorporations are like competing apps on a universally accepted, barely acknowledged smartphone operating system. Their own survival is utterly dependent on their ability to grow capital for their debtors and investors.

The southern half possesses the most outstanding scenery, the prettiest villages, the best gastronomy and, withal, a Gallic knack for living well, while the north has the finest cities, the most outstanding museums and churches, the ports, the coastal resorts, the bulk of the population, and most of the money. The Flemings can’t stand the Walloons and the Walloons can’t stand the Flemings, but when you talk to them a little you realize that what holds them together is an even deeper disdain for the French and the Dutch. I once walked around Antwerp for a day with a Dutch-speaking local, and on every corner he would indicate to me with sliding eyes some innocent-looking couple and mutter disgustedly under his breath: “Dutch.” He was astonished that I couldn’t tell the difference between a Dutch person and a Fleming. When pressed on their objections, the Flemings become a trifle vague. The most common complaint I heard was that the Dutch drop in unannounced at mealtimes and never bring gifts. “Ah, like our own dear Scots,” I would say.

When Robert Livingston, one of the American plenipotentiaries, asked the French negotiators precisely where the Purchase territories extended north-westwards, since very few Europeans, let alone cartographers, had ever set foot there, he was told that they included whatever France had bought off Spain in 1800, but beyond that they simply didn’t know. ‘If an obscurity did not already exist,’ Napoleon advised, ‘it would perhaps be a good policy to put one there.’98 The deal was done after nearly three weeks of tough haggling in Paris with Livingston and his fellow negotiator James Monroe, all conducted against the backdrop of the deteriorating situation over Amiens, and was concluded only days before the resumption of war. The financing was arranged via the Anglo-Dutch merchant banks Barings Brothers and Hopes, which in effect bought Louisiana from France and sold it on to the United States for $11.25 million of 6 per cent American bonds, meaning that the American government did not have to provide the capital immediately.99 As a result, Barings were paying Napoleon 2 million francs a month even when Britain was at war with France. When the prime minister, Henry Addington, asked the bank to cease the remittances Barings agreed, but Hopes, based on the continent, continued to pay and were backed by Barings – so Napoleon got his money and Barings and Hopes made nearly $3 million from the deal. ‘We have lived long,’ said Livingston when the deal was concluded, ‘but this is the noblest work of our whole lives. The treaty which we have just signed has not been obtained by art or dictated by force; equally advantageous to the two contracting parties, it will change vast solitudes into flourishing districts. From this day the United States take their place among the powers of first rank.

AIA is about this girl named Anna (who narrates the story) and her one-eyed mom, who is a professional gardener obsessed with tulips, and they have a normal lower-middle- class life in a little central California town until Anna gets this rare blood cancer. But it’s not a cancer book, because cancer books suck. Like, in cancer books, the cancer person starts a charity that raises money to fight cancer, right? And this commitment to charity reminds the cancer person of the essential goodness of humanity and makes him/her feel loved and encouraged because s/he will leave a cancer-curing legacy. But in AIA, Anna decides that being a person with cancer who starts a cancer charity is a bit narcissistic, so she starts a charity called The Anna Foundation for People with Cancer Who Want to Cure Cholera. Also, Anna is honest about all of it in a way no one else really is: Throughout the book, she refers to herself as the side effect, which is just totally correct. Cancer kids are essentially side effects of the relentless mutation that made the diversity of life on earth possible. So as the story goes on, she gets sicker, the treatments and disease racing to kill her, and her mom falls in love with this Dutch tulip trader Anna calls the Dutch Tulip Man. The Dutch Tulip Man has lots of money and very eccentric ideas about how to treat cancer, but Anna thinks this guy might be a con man and possibly not even Dutch, and then just as the possibly Dutch guy and her mom are about to get married and Anna is about to start this crazy new treatment regimen involving wheatgrass and low doses of arsenic, the book ends right in the middle of a I know it’s a very literary decision and everything and probably part of the reason I love the book so much, but there is something to recommend a story that ends.

And finally Money noted that the huge Dutch profits from Java depended on forced labor.

The appropriate behavior for dignified gentlemen pursuing a learned pastime within the context of a humanistic community was to exchange willingly; gifts, not sales, were the means of prosecuting these interlocking personal and intellectual relationships. But exchange, and friendship too, becomes more strained when the objects in question are not mere tokens, but expensive and coveted.

The DeVoses were devout members of the Dutch Reformed Church, a renegade branch of Calvinism brought to America by Dutch immigrants, many of whom settled around Lake Michigan. By the 1970s, the church had become a vibrant and, some would say, vitriolic center of the Christian Right. Members crusaded against abortion, homosexuality, feminism, and modern science that conflicted with their teachings. Extreme free-market economic theories rejecting government intervention and venerating hard work and success in the Calvinist tradition were also embraced by many followers. Within this community of extreme views, no family was more extreme or more active than the DeVoses.

Raw Cotton, the Dutch senseless slavery of pepper and salt.

According to Ivar, he and Dr Glowacki reached a final agreement on July 2, 1925, just days before the new participating preferred shares were to be sold. Ivar’s assistant, Karin Bökman, said she witnessed the signatures to the secret deal; she certified the translation of the original contract, as did a Polish notary. Dr Glowacki signed on behalf of the “Treasury of the Polish State,” and Ivar signed on behalf of International Match Corporation.32 Ivar apparently didn’t need to use the stamp he had prepared with a facsimile of Dr Glowacki’s signature. Like the B Shares, this contract was a marvel of financial innovation. First, the agreement provided for the creation of a new Dutch company called N.V. Maatschappij Garanta, or Garanta for short. Garanta would be incorporated in Amsterdam, and its shares would be owned by Polish citizens nominated by Dr Glowacki. Garanta would take over the entire match industry in Poland, from production to sale. Garanta also would assume “certain exchange losses which have been sustained by International Match Corporation in connection with financial transactions in Poland. This item is to be carried as an asset on the books of Garanta.”33 Apparently, Ivar had continued gambling on foreign exchange rates during 1925. This time, though, he had used International Match’s money, and this time he had lost. The secret agreement shifted those losses from International Match to Garanta. Durant and Berning were unaware of these losses, or their transfer.

There was one major problem with this provision. International Match did not have 17 million dollars. Indeed, International Match did not have any money. Remember that Ivar previously had moved all of the cash International Match had raised from the gold debentures to Continental, the Liechtenstein subsidiary. Then, he had used the cash from the participating preferred shares to repay the gold debentures. That meant all the money was gone. In order to comply with the secret Poland contract, International Match would need to raise another 17 million dollars right away. In other words, Ivar had signed a promise to give Poland 17 million dollars he didn’t have. The second Poland agreement also contained some extraordinary protections for International Match, terms that would have impressed Lee Higginson’s bankers, if they had seen them. For example, Ivar obtained an agreement that if “for one reason or another” Garanta did not earn enough profit to pay the 24 percent interest payments due to Poland, those payments would be covered by “the income of the Polish Alcohol Monopoly or … the Polish Tobacco Monopoly.”34 In other words, Ivar obtained a promise of payment supported not only by the match monopoly, but by unaffiliated monopolies on alcohol and tobacco. Ivar also included a binary foreign exchange option, a kind of derivative contract, to protect International Match from any declines in the value of the dollar: “International Match Corporation shall have the right to obtain payment of interest in Dutch guilders or US dollars according to its choice and for all such payments one dollar shall be counted as 2½ guilders.”35 Given that Garanta’s shareholders would be nominated by Dr Glowacki, how would Ivar retain control of Garanta? Here, as well, Ivar created another innovative financial provision: During the first four years until October 1, 1929, International Match Corporation shall have the right to appoint the managing director of Garanta who is alone entitled to sign for the company. On or after October 1, 1929, International Match Corporation has the right to acquire 60 percent of the shares at par.36 This option term secured both initial control over Garanta and the right to own a majority of Garanta’s shares in the future. Either way, Ivar, not Dr Glowacki, would have control.

TWO AND A HALF CENTURIES AGO, Amsterdam was the world’s commercial center, but many of its wealthy merchants were reeling from one of the world’s first financial crises. The shares of the British East India Company had collapsed, culminating in a series of bank failures, government bailouts, and ultimately nationalization, a debacle that rippled across the continent’s nascent markets. For a little-known Dutch merchant and stockbroker, it proved the inspiration for an idea ahead of its time. In 1774, Abraham von Ketwich set up a novel, pooled investment trust he called Eendragt Maakt Magt—Dutch for “Unity Creates Strength.” This would sell two thousand shares for five hundred guilders each to individual investors, and invest the proceeds into a diversified portfolio of fifty bonds. These were divided into ten different categories, from plantation loans, bonds backed by Spanish or Danish toll road payments, to an assortment of European government bonds. At the time, bonds were physical certificates written on paper or even goatskin, and these were stored in a solid iron chest with three locks, which could be opened only by Eendragt Maakt Magt’s board and an independent notary. The aim was to pay a 4 percent annual dividend, and disburse the final proceeds only after twenty-five years, hoping that the diversity of the portfolio would protect investors.1 As it turns out, a subsequent Anglo-Dutch war in 1780 and Napoleon’s occupation of Holland in 1795 wreaked havoc on Eendragt Maakt Magt. The annual payments never materialized, and investors didn’t receive their money back until 1824, albeit then receiving 561 guilders a share. Nonetheless, Eendragt Maakt Magt was a brilliant invention that would go on to inspire the birth of investment trusts in Great Britain and eventually the mutual fund we know today. It is also arguably the ultimate intellectual forefather of today’s index funds, given its minimal trading, diversified approach, and low fees, charging a mere 0.2 percent a year.

This includes enormous sums of money funneled to bodies that appear to support conflict resolution and fundamental rights. The problem is that far too much of this money goes to bodies that fight for the opposite. Below are just a few prominent examples. The Dutch government funds Electronic Intifada.[813] Ali Abunimah is one of its heads. Abunimah considers Mahmoud Abbas to be a “collaborator” with Israelis (the Palestinian term for a traitor who deserves death).[814] Abunimah is also a virulent opponent to the peace process and an open supporter of the “one-state solution”[815] whose real meaning—in the eyes of Europe, as well as Israel—is an end to the Jewish state. Sweden, Belgium, Ireland, Norway, and Holland have supported the NGO al-Haq over the last decade.[816] A Palestinian organization based in Ramallah, al-Haq is supposedly a neutral human rights organization. The problem? It supports both BDS and the right of return.[817] Could someone explain how funding such an organization promotes genuine peace? The Development Center (NDC) transfers millions of dollars to Israeli and Palestinian organizations. The fund is supported by the World Bank, France, and other European countries.[818] Formally, the fund supports human rights as such, but a check of the organizations it funds shows that most of them either support the right of return or are involved in BDS. Among the dozens of organizations backed by the European Union is the Israeli Committee Against House Demolitions (ICAHD), headed by Jeff Halper. Halper has made a name for himself giving lecture tours attacking not just Israel but also global capitalism. He even views the Saudi Peace Plan as nothing more than a ploy “intended more to placate the Arab Street than as an actual political position.”[819] In his opinion, Western leaders are practically begging Israel to become a regional power so that the West can continue to oppress the Arab masses. ICAHD also publicly supports BDS and Return.[820] Despite all this, this openly radical organization was supported by the European Union to the tune of €169,661 between February 2010 and June 2012.[821] We could go on like this forever to cover the ever-growing list of organizations which are funded by the European Union, and European countries.[822] Organization after organization sells the West a bill of goods about supporting human rights—and then goes on to support the campaign against the very existence of Israel, for a right of return,

Technically only involuntary sales were eligible for restitution under the new 1945 rules, and the Dutch authorities were insisting that Fritz Gutmann had willingly sold his artworks to the Nazis and had been paid for the sale—this despite the fact that the money “paid” to Fritz by Haberstock, Böhler, and other Nazis had been deposited in Nazi-controlled accounts.

They seem a selfish, churlish, unsocial race, totally absorbed in making money; a mongrel breed, half-English, half-Dutch, with the worst qualities of both countries,

Something in me - probably a small, nationalist dwarf part of my brain - something in me would like to feel proud of Dutch literature. But its hard to when the annual 'book week gift' year in year out is granted to a male. I dont like being part of an unjust system. But let me say this: it is the election method that is the real problem here. The 'vergadering' (meeting) that employs a simple flagging system - the basic way almost everything is decided here, from literary prizes to how much money is divided - it is a system based on the destruction of subtle values. You cannot ever ever say: I didnt understand this book. You can only say 'yes' or 'no'. And that system, that annihilates all forms of subtlety, that system is patriarchal in all its essence. So its useless to simply maintain the method, and try alter the outcome.

it was decreed that Banque Générale notes should be used in payment for all taxes, a measure initially resisted in some places but effectively enforced by the government. Law’s ambition was to revive economic confidence in France by establishing a public bank, on the Dutch model, but with the difference that this bank would issue paper money. As money was invested in the bank, the government’s huge debt would be consolidated. At the same time, paper money would revive French trade - and with it French economic power.

Although it performed the same functions as the Dutch Wisselbank, the Riksbank was also designed to be a Lanebank, meaning that it engaged in lending as well as facilitating commercial payments. By lending amounts in excess of its metallic reserve, it may be said to have pioneered the practice of what would later be known as fractional reserve banking, exploiting the fact that money left on deposit could profitably be lent out to borrowers.

Bulls don't read. Bears read financial history. As markets fall to bits, the bears dust off the Dutch tulip mania of 1637, the Banque Royale of 1719-20, the railway speculation of the 1840s, the great crash of 1929.

however, the round trip was a very long one (fourteen months was in fact well below the average). It was also hazardous: of twenty-two ships that set sail in 1598, only a dozen returned safely. For these reasons, it made sense for merchants to pool their resources. By 1600 there were around six fledgling East India companies operating out of the major Dutch ports. However, in each case the entities had a limited term that was specified in advance – usually the expected duration of a voyage – after which the capital was repaid to investors.10 This business model could not suffice to build the permanent bases and fortifications that were clearly necessary if the Portuguese and their Spanish allies* were to be supplanted. Actuated as much by strategic calculations as by the profit motive, the Dutch States-General, the parliament of the United Provinces, therefore proposed to merge the existing companies into a single entity. The result was the United East India Company – the Vereenigde Nederlandsche Geoctroyeerde Oostindische Compagnie (United Dutch Chartered East India Company, or VOC for short), formally chartered in 1602 to enjoy a monopoly on all Dutch trade east of the Cape of Good Hope and west of the Straits of Magellan.11 The structure of the VOC was novel in a number of respects. True, like its predecessors, it was supposed to last for a fixed period, in this case twenty-one years; indeed, Article 7 of its charter stated that investors would be entitled to withdraw their money at the end of just ten years, when the first general balance was drawn up. But the scale of the enterprise was unprecedented. Subscription to the Company’s capital was open to all residents of the United Provinces and the charter set no upper limit on how much might be raised. Merchants, artisans and even servants rushed to acquire shares; in Amsterdam alone there were 1,143 subscribers, only eighty of whom invested more than 10,000 guilders, and 445 of whom invested less than 1,000. The amount raised, 6.45 million guilders, made the VOC much the biggest corporation of the era. The capital of its English rival, the East India Company, founded two years earlier, was just £68,373 – around 820,000 guilders – shared between a mere 219 subscribers.12 Because the VOC was a government-sponsored enterprise, every effort was made to overcome the rivalry between the different provinces (and particularly between Holland, the richest province, and Zeeland). The capital of the Company was divided (albeit unequally) between six regional chambers (Amsterdam, Zeeland, Enkhuizen, Delft, Hoorn and Rotterdam). The seventy directors (bewindhebbers), who were each substantial investors, were also distributed between these chambers. One of their roles was to appoint seventeen people to act as the Heeren XVII – the Seventeen Lords – as a kind of company board. Although Amsterdam accounted for 57.4 per cent of the VOC’s total capital, it nominated only eight out of the Seventeen Lords.

the Dutch had improved on the Italian system of public debt (introducing, among other things, lottery loans which allowed people to gamble as they invested their savings in government debt). They had also reformed their currency by creating what was arguably the world’s first central bank, the Amsterdam Exchange Bank (Wisselbank), which solved the problem of debased coinage by creating a reliable form of bank money (see Chapter 1). But perhaps the single greatest Dutch invention of all was the joint-stock company.

Consider the strategy of any typical early chartered corporation. In 1602, the Dutch Crown sanctioned the United East India Company to conquer territory and exploit resources in the Pacific. The Company’s scheme was to acquire lands in Indonesia by lending money to cultivators and then dispossessing them when they failed to make payments. This was made easier by trade policies that guaranteed the farmers’ failure. The Company got the Dutch to prohibit cultivation of the most profitable export crops—like cloves—on land not already under Dutch ownership. Loans failed, and more collateral in the form of land passed into Company hands. Indonesians lost access to the most fertile land, and were ultimately forced to buy their rice from United East India at the artificially inflated, monopoly-supported prices. The local economy was devastated as more land and labor were surrendered to the corporation. As

Art had intrinsic, lasting value and, conveniently for the new owners, it was portable as well. “Art soon became a major factor in the economy,” writes Nicholas, “as everyone with cash, from black marketeers to Hitler, sought safe assets. As the trade heated up, prices rose and family attics were scoured for the Dutch old masters and romantic genre scenes beloved by the conquerors.” For the occupiers, it was a game with a deck stacked in their favor. The Nazis could buy what ever they wanted, with state money, from intimidated sellers. A cadre of eager agents helped them scout out special prizes and “bargain” with the owners.

First, the frenzy to buy art meant that paintings turned up out of nowhere, every day, and sold with no questions asked. Second, the Nazis had endless reserves of cash. Third, Hitler and Goering were rubes who fancied themselves connoisseurs. (In Goering’s case, at least, his chief art expert was no great shakes, either.) Fourth, the Nazis were not the only ones in the market. Faced with the hideous prospect of Dutch masterpieces falling into German hands, Holland’s art establishment and its great industrialists flung money at the sellers. Best of all, from a schemer’s point of view, all the wheeling-and-dealing went on at hyperspeed, with no time for reflection or second thoughts. With ordinary paintings, this urgency posed no great danger—faced with a middling work, one could make only a middling mistake. But make the purchase of a lifetime in haste and you might well make the mistake of a lifetime.

One Dutch scholar has made a careful estimate of how productive painters were in Holland’s Golden Age—to earn a living, he calculated, most artists needed to produce one or two paintings a week. Rembrandt did not achieve quite that pace, but he completed about twenty-five paintings a year, year in and year out. The exact tally is in dispute, as scholars debate which paintings are by Rembrandt himself and which by his followers, but the current estimate is on the order of 350. Vermeer painted only one tenth as many, a total of thirty-five or thirty-six paintings over the course of his entire, twenty-year career.* To boost his income, he worked as an art dealer, and that second job may have brought in more money than did his own paintings.

Old money and new. Families with far-reaching Dutch heritages, New York City financiers and real estate tycoons, renowned artists, Hollywood actors—all of them had homes here, lives here. Often second lives, hidden chapters that could unfold in the dark, in a place fewer people were watching.

I went to see the house. (...) The place was a squat—thirty-five heroin addicts were living there. The chaos was palpable. It smelled like dog shit, cat shit, piss. (...) One floor was literally burned—it was nothing but charred floorboards with a toilet sitting in the middle. This place looked terrible. “How much?” I asked. Forty thousand guilder, they told me. They clearly just wanted to dump this house. But if you bought it, you were also getting the heroin addicts who were squatting in it, and under Dutch law, it was all but impossible to get them out. For any normal human being to buy this place would be like throwing money out the window. So I said, “Okay, I’m interested.” I talked about it with my friends. “You’re nuts,” they said. “It’s not money you have—what the hell are you going to do?” ...A drug dealer [had] bought the place. But he didn’t pay the mortgage. And he didn’t pay and he didn’t pay, and finally he was in such financial trouble that he decided to burn the place down for the insurance. Except that the fire was stopped in time and only the one floor was damaged. And then the insurance investigator found that the drug dealer had done it intentionally, and the bank took the house away from him. And this was how it turned into a squat for heroin addicts. “But where is this guy?” I asked. “He’s still living in the house,” the neighbor told me. This house had two entrances. One went to the first floor and the other to the second. The door with the board across it was the entrance to the first floor, where I’d already been; the drug dealer was living on the second floor. So I went around and knocked on the door, and he answered. “I want to talk to you,” I said. He let me in. There was a table in the middle of the floor, covered with ecstasy, cocaine, hashish, all ready to go into bags. There was a pistol on the table. This guy was bloated—he looked like hell. And suddenly I poured my heart out to him. I told him everything... I said that this house was what I wanted—all I wanted—the only home I could afford with the little money I had. I was weeping. This guy was standing there with his mouth open. He stood there looking at me. Then he said, “Okay. But I have a condition.” “This is my deal. I’ll get everybody out; you’ll get your mortgage. But the moment you sign the contract and get the house, you’re going to sign a contract that I can stay on this floor for the rest of my life. That’s the deal. If you cross me...” He showed me the pistol. It was in a good neighborhood, where a comparable place would sell for forty to fifty times the price. And [now] it was empty—not a heroin addict in sight. I got a mortgage in less than a week. But now, since my bank knew the house was empty, Dutch law gave them the right to buy the house for themselves. So I went back to the drug dealer and said, “Can we get some addicts back into the place? Because it’s too good now.” “How many you want?” he asked. “About twelve,” I said. “No problem,” he said. He got twelve addicts back. I took curtains I found in a dumpster and put them on the windows. Then I scattered some more debris around the place. Now all I had to do was wait. My contract signing was two weeks away—it was the longest two weeks in my life. Finally the day came... and I walked into the bank. The atmosphere was very serious. One of the bankers looked at me and said, “I heard that the unwanted tenants have left the house.” I just looked at him very coolly and said, “Yeah, some left.” He cleared his throat and said, “Sign here.” I signed. “Congratulations,” the banker said. “You’re the owner of the house.” I looked at him and said, “You know what? Actually everybody left the house.” He looked back at me and said, “My dear girl, if this is true, you have just made the best real-estate deal I’ve heard of in my twenty-five-year career.

Initially, CERs did spur some forest projects in the tropics. But they also increased activity in an unexpected quarter. A small number of companies in China and India produced a chemical used in refrigerators. Their manufacturing process created a by-product called HFC-23. This chemical has an unusual property: it is a super greenhouse gas. Just one HFC-23 molecule causes as much global warming as 11,700 molecules of carbon dioxide. The manufacturers spotted an opportunity with CERs. Five years into the trading program, it emerged that these companies had doubled their output and had earned roughly half the world’s total CERs. The market for refrigerants had not grown, though, so why had they ramped up production? These companies had changed their business model. Their profit no longer came from producing and selling refrigerant. What they now cared about was producing and destroying the HFC-23 by-product. They duly incinerated every pound of HFC-23 they created. And for every pound of super greenhouse gas they destroyed, the companies were awarded CERs—which they then sold to polluting countries and companies in Europe and Japan. As Gerben-Jan Gerbrandy, a Dutch member of the European Parliament, explained, “It’s perverse. You have companies which make a lot of money by making more of this gas, and then getting paid to destroy it.” Creating and then destroying HFC-23 generated a lot of profit—but it provided zero environmental benefit. Even worse, it was cheaper for companies to buy credits from HFC-23 destroyers than from forest builders. So very little money flowed to rainforests. By the time this scam was recognized and stopped, Chinese and Indian HFC-23 makers had earned a fortune. Billions of dollars had been wasted; the world’s climate got nothing in return.

The Capital Markets Cycle of the Dutch The Dutch invented capitalism as we know it. This was great for the Dutch and great for the world, but like most great inventions, it brought with it some potentially deadly consequences. While production, trade, and private ownership had existed before, the ability of large numbers of people to collectively buy ownership in money-making endeavors through public equity markets did not exist. The Dutch created that when they invented the world’s first publicly listed company (the Dutch East India Company) and the first stock exchange in 1602.

Shortly after that nerve-racking event, Minister Delikatny, whom I really liked, did indeed disappear, but at least UMC was ‘in formation’. UMC would make a real and huge change in this highly secretive world. I still had a long to-do list. First, I needed to open a bank account to transfer the share capital. There was only one, very new, international bank, the First Ukrainian bank, a subsidiary of a Dutch bank that I hoped would be able to help. No such luck, there were no transfer processes in place yet. I decided to simply put the required USD 10,000 in my shoes next time I would travel. Fifty notes in each shoe was surely not a problem. I delivered the money to the bank on my next stay in Kiev and we were up and running. We could officially start building now.

Moteefee, a platform founded in 2015 and that currently has 2,500 micro-retailers and entrepreneurs, recently raised 4.5 million euros that will be used for further business expansion. According to PaySpace Magazine, Moteefe has raised €4.5 million in a Series A round led by Gresham House and Force Over Mass Capital. The platform for on-demand production of merchandise aims to use the money for further expansion worldwide. What is more, it plans to launch new products for large retailers and scale its operations. Moteefe enables influencers and retailers to create custom and personalized merchandise and then sell them around the world. The Dutch company takes care of the printing, the store, the payment, the customer service, and the fulfillment, charging a commission for every sale. In 2019, Moteefe was the UK’s fastest-growing e-commerce company with revenue growth of over 9,000 percent between 2015 and 2018.

In 1672 a severe economic downturn (the “Year of Disaster”) struck the Netherlands, after Louis XIV and a French army invaded the Dutch Republic from the south (known as the Franco-Dutch War). During the Third Anglo-Dutch War an English fleet and two allied German bishops attacked the country from the east causing more destruction. Many people panicked; courts, theatres, shops and schools were closed. Five years passed before circumstances improved. In the summer of 1675 Vermeer borrowed money in Amsterdam, using his mother-in-law as a surety. In December 1675 Vermeer fell into a frenzy and, within a day and a half, died. He was buried in the Protestant Old Church on 15 December 1675. Catharina Bolnes attributed her husband’s death to the stress of financial pressures.

Murray nodded knowingly. “CRUSH and SKORPION have never liked SPYDER much, though I’d put my money on ITGA. They’re about as evil as people get.” “ITGA?” Alexander asked curiously. “Yes. The International Tulip Growers Association.” “Um… ,” Mike said. “That doesn’t sound very evil.” “That’s the whole point,” Murray said. “It’s a front. If they called themselves the International Association of Evil People Who Commit Crimes for a Living, the good guys would have caught on right away.” Alexander gasped in shock. “Are you telling me that every tulip grower in the world is part of an international criminal consortium?” “No,” Murray explained patiently. “The legit growers are part of ITFA, the International Tulip Farming Association. From what I understand, they’re a lovely group of people, mostly Dutch. Although I wouldn’t mess with the International Daisy Farmers Association if I were you.” “Are they also a front for evil?” I asked. “No,” Murray said. “Daisy farmers are just jerks.

that is a Gouda.

Tulips, we are told, were the center of life for the bloemisten, as those who grew and traded in tulips were sometimes known.

If we trace these stories back through the centuries, we find how weak their foundations actually are. In fact, they are based on one or two contemporary pieces of propaganda and a prodigious amount of plagiarism. From there we have our modern story of tulipmania.

De Maes was excited to report, had "many rarities, among others the double-flowered jonquil,

De Maes went to see him and learned that L'Amoral himself was planning to write to Clusius, to send him a bulb of the martagon pomponii

L'Amoral took the time not only to discuss the flower with him, but to show him others, such as a pan porcin, "white as snow," which had been sent to him from Italy, and a very beautiful double heparica of a "celestial blue.

When the Sieur de la Chesnee Monstereul made a list of tulip names in 1654, he included fifty-five of the Agate class alone, and in the Netherlands we find, in various tulip books, names such as Agaat Bisschop, Agaat Fenis da Costa, and Agaat van Enckhuysen. Other French tulips were marbr es or jaspees, and in the Netherlands names like Ghemarmerde [marbled] de Goyer, Ghemarmerde van der Eyck, Ghemarmerde van Willem Willemsz, and so on, were usual. Tulips were not a collector's item simply because they were expensive but because they were part of the same aesthetic universe as shells and many other items so prized in early modern collections. Tulips, like shells, could be stone.

One French tulip was called a Coquille marbr e, a marbled shell.

double white Narcissus,

Admirael de Mans that were of sufficient quality. Seys, at the center of a variety of tulip deals, knew what a good Admirael de Man looked like. It was likewise an excuse for Susanna Sprangers (sister of the important Amsterdam art collector Gommer Spranger), when trying to extricate herself from a bad deal with Lambert Massa (buyer of art at auction, connected with various art dealers, and brother of an important Muscovy merchant who was painted by Hals), that she knew nothing about tulips: "having no knowledge of the flowers nor knowing the worth of them....

During the dinner, Pieter Wynants' cousin Hendrick Jan several times suggested to Geertruyt Schoudt that she might like to buy a pound of tulip bulbs. These were Switsers, which, along with Coornharts, were the most popular sort of bulbs in late 1636 and 1637. Switsers, which were red and yellow striped flowers named after Swiss mercenary soldiers and celebrated by various poets, including Andrew Marvell, would have been in bulb form at the beginning of February and, for their own good health, buried in someone's garden. Schoudt would have to take the bulbs on trust, although as she was through various ties closely bound to the Wynants family, this was perhaps not such a problem.

Geertruyt Schoudt was not the first person Hendrick Jan Wynants had sold to that day. He offered her the Switsers at a discount: she could have them for 50 guilders less than he had sold similar ones to "doctor Plas"- Gregorius van der Plas, the city doctor-that is, for A400 instead of Plas' fl,45o. But Schoudt was not buying.

Michiel Kistgens and Jan de Haes, brothers-in-law (and Mennonites), are one example of this dynamic. Among the numbers of Amsterdam merchants whom the Haarlemmer Hans Baert was chasing for payment in June 1637 were Kistgens and De Haes. On January 18 the pair had bought for f 1,25o an Admirael van der Eyck bulb weighing 18o asen. The bulb was at that moment growing in the garden of Jan Woutersz in Haarlem, and, like so many, they seem to have been reluctant to pay for their purchase.

That was the experience of the baker Jeuriaen Jansz, whom we have already encountered. In late May or early June 1636 he bought the offset of an Admirael Lieffkens-a flower that happened to be standing in the garden of Marten Kretser in Amsterdam-from the shopkeeper Heinrick Bartelsz.

Bartholomeus van Rijn, thirty-six, had bought a Coornhart and a Blijenburger from Double in the "dry bulb time" between flowering and replanting of the bulbs in the early autumn.

high. If we compare them to contemporary commodity prices on the Amsterdam exchange, we find that for the fi,ooo one might pay in January 1637 for one hypothetical Admirael van der Eyck bulb, one could have bought 4,651 pounds of figs, or 3,448 pounds of almonds, or 5,633 pounds of raisins, or 370 pounds of cinnamon, or in tuns of Bordeaux. On a more everyday level for most Dutch people, fi,ooo would buy a modest house in Haarlem, or, if we look at consumables,11,587 kilos of rye bread, or 13.4 vats of butter, or 5,714 pounds of meat. Although we know little about wages in this period, we can establish the income of craftsmen and laborers to place against these figures. For the first half of the century, the figures were fairly static: a master carpenter in Alkmaar at this time made a little more than a guilder a day (24 stuivers), meaning that a tulip costing fi,ooo would cost him nearly three years' wages. This amount would have the purchasing power of €9,395.36, or around $12,000, in today's money.

The government granted the VOC a monopoly on all Dutch trade in Asia. The English had done something similar two years before, creating their own East India Company. But the Dutch East India Company would evolve in a way that would make it the first modern multinational corporation—the predecessor of Coca-Cola and Google and ExxonMobil.

The murder program accelerated in the spring of 1943. German troops entered the Warsaw ghetto and killed thousands of Jews in street fighting. In the south, the Nazis began deporting Greek Jews from Salonika to Auschwitz. In the north, they deported Dutch Jews to Sobibor, gassing about 34,000 people there as they arrived. The SS also arranged a special transport for 3,000 Jewish mothers and children from the Netherlands; they murdered all of them.11

Generally the rival companies used to molest the ships travelling with passes issued by their rivals. At times commanders of the issuing company were not averse to molest the ships, on account of various allegafions, such as carrying people, money, goods, jewels, letters, etc. forbidden by the pass or accusing them being in league with their enemies in any form. The Dutch issued time and again instructions to their factors to seize all those ships, which were in league with their enemies in any form, despite having passes from them.'^' And this compelled the Indian merchants to make a 'custom' to buy passes from more than one European Company for their voyage.'^^ The best way to ensure safety on the sea was to accompany the ships of the issuing authority of the pass with their permission.

That idea, that God signaled his “election” of a person by showering him or her with money, followed the Dutch and English Protestants to the New World and became a central strand in America’s own mythology. Still, over the course of history and around the world, the intensity of people’s obsession with money has not been constant over time. It waxes and wanes. The 1980s marks a waxing phase.

In all countries ethnic diversity reduces trust. In Peruvian credit-sharing cooperatives, members default more often on loans when there is ethnic diversity among co-op members. Likewise, in Kenyan school districts, fundraising is easier in tribally homogenous areas. Dutch researchers found that immigrants to Holland were more likely to develop schizophrenia if they lived in mixed neighborhoods with Dutch people than if they lived in purely immigrant areas. Surinamese and Turks had twice the chance of getting schizophrenia if they had to deal with Dutch neighbors; for Moroccans, the likelihood quadrupled. Dora Costa of the Massachusetts Institute of Technology and Matthew Kahn of Tufts University analyzed 15 recent studies of the impact of diversity on social cohesion. They found that every study had “the same punch line: heterogeneity reduces civic engagement.” James Poterba of MIT has found that public spending on education falls as the percentage of elderly people without children rises. He notes, however, that the effect “is particularly large when the elderly residents and the school-age population are from different racial groups.” This unwillingness of taxpayers to fund public projects if the beneficiaries are from a different group is so consistent it has its own name—“the Florida effect”—from the fact that old, white Floridians are reluctant to pay taxes or vote for bond issues to support schools attended by blacks and Hispanics. Maine, Vermont, and West Virginia are the most racially homogeneous states, and spend the highest proportion of gross state product on public education. Most people believe charity begins with their own people. A study of begging in Moscow, for example, found that Russians are more likely to give money to fellow Russians than to Central Asians or others who do not look like them. Researchers in Australia have found that immigrants from countries racially and culturally similar to Australia—Britain, the United States, New Zealand, and South Africa—fit in and become involved in volunteer work at the same level as native-born Australians. Immigrants from non white countries volunteer at just over half that rate. At the same time, the more racially diverse the neighborhood in which immigrants live, the less likely native Australians themselves are to do volunteer work. Sydney has the most diversity of any Australian city—and also the lowest level of volunteerism. People want their efforts to benefit people like themselves. It has long been theorized that welfare programs are more generous in Europe because European countries have traditionally been more homogeneous than the United States, and that people are less resistant to paying for welfare if the beneficiaries are of the same race. Alberto Alesina and Edward Glaeser have used statistical regression techniques to conclude that about half the difference in welfare levels is explained by greater American diversity, and the other half by weaker leftist political parties. Americans are not stingy—they give more to charity than Europeans do—but they prefer to give to specific groups. Many Jews and blacks give largely or even exclusively to ethnic charities. There are no specifically white charities, but much church giving is essentially ethnic. Church congregations are usually homogeneous, which means that offerings for aid within the congregation stay within the ethnic group.

As Dutch Renaissance man Erasmus once said: “When I have a little money, I buy books; and if I have any left, I buy food and clothes.

First, said Niebuhr, pride in one’s people is a good thing, but when the power and prosperity of the nation become unconditioned absolutes that veto all other concerns, then violence and injustice can be perpetrated without question.68 When this happens, Dutch scholar Bob Goudzwaard writes: ... the end indiscriminately justifies every means. . . . Thus a nation’s goal of material prosperity becomes an idol when we use it to justify the destruction of the natural environment or allow the abuse of individuals or classes of people. A nation’s goal of military security becomes an idol when we use it to justify the removal of rights to free speech and judicial process, or the abuse of an ethnic minority.

In the Netherlands, the government health plan provides for a specially trained nurse/lactation expert to help each new baby’s parents in their home for a full ten days following each birth (with a small co-payment). Hired for three, five, or eight hours according to individual families’ needs, this maternity nurse serves the new parents breakfast in bed, feeds any older children their breakfast, walks the dog, helps the new mother with breastfeeding if necessary, cleans the house, and notifies the midwife if the mother or baby should need medical attention for any reason. The Dutch consider the care provided each family by the maternity nurse to be an investment in good health, which benefits the entire society because it so effectively reduces the number of illnesses mothers and babies experience during the first year of the baby’s life and thus saves money