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I have a foreboding of an America in my children's or grandchildren's time -- when the United States is a service and information economy; when nearly all the manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness...
The dumbing down of American is most evident in the slow decay of substantive content in the enormously influential media, the 30 second sound bites (now down to 10 seconds or less), lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of celebration of ignorance
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Carl Sagan (The Demon-Haunted World: Science as a Candle in the Dark)
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Maybe they'd use biological or chemical weapons instead. Maybe they'd crash the world economy. Maybe they'd turn every program on television into one of those reality shows."
"That's mostly done already, Harry."
"Oh. Well. I've got to believe that the world is worth saving anyway.
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Jim Butcher (Small Favor (The Dresden Files, #10))
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I have a foreboding of America in my children’s or grandchildren’s time–when the United States is a service and information economy; when nearly all of the manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; with our critical faculties in decline, unable to distinguish between what feels good and what’s true, we slide almost without noticing, back into superstition and darkness.
And when the dumbing down of America is most evident in the slow decay of substantive content in the enormously influential media, the 30-second sound bites now down to 10 seconds or less, lowest-common-denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of celebration of ignorance.
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Carl Sagan (The Demon-Haunted World: Science as a Candle in the Dark)
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if we consider the total growth of the US economy in the thirty years prior to the crisis, that is, from 1977 to 2007, we find that the richest 10 percent appropriated three-quarters of the growth. The richest 1 percent alone absorbed nearly 60 percent of the total increase of US national income in this period. Hence for the bottom 90 percent, the rate of income growth was less than 0.5 percent per year.
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Thomas Piketty (Capital in the Twenty-First Century)
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Regardless of the timing, the economy, the product, or how big your venture is, the right acts done to the right degree over time will make you successful.
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Grant Cardone (The 10X Rule: The Only Difference Between Success and Failure)
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In the United States, government regulations are estimated to cost about $7,800 per employee in large businesses and about $10,600 per employee in small businesses.{662} Among other things, this suggests that the existence of numerous government regulations tends to give competitive advantages to big business, since there are apparently economies of scale in complying with these regulations.
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Thomas Sowell (Basic Economics: A Common Sense Guide to the Economy)
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A greater subject fitteth Faustus' wit: Bid Economy10 farewell, and11 Galen come, Seeing, Ubi desinit philosophus, ibi incipit medicus: Be a physician, Faustus; heap up gold, And be eterniz'd for some wondrous cure: Summum bonum medicinae sanitas, The end of physic is our body's health.
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Christopher Marlowe (The Tragical History of Doctor Faustus)
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We come from goldfish, essentially, but that [doesn’t] mean we turned around and killed all the goldfish. Maybe [the AIs] will feed us once a week…. If you had a machine with a 10 to the 18th power IQ over humans, wouldn’t you want it to govern, or at least control your economy? —SETH SHOSTAK
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Ray Kurzweil (The Singularity is Near: When Humans Transcend Biology)
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Principles of Liberty
1. The only reliable basis for sound government and just human relations is Natural Law.
2. A free people cannot survive under a republican constitution unless they remain virtuous and morally strong.
3. The most promising method of securing a virtuous and morally strong people is to elect virtuous leaders.
4. Without religion the government of a free people cannot be maintained.
5. All things were created by God, therefore upon him all mankind are equally dependent, and to Him they are equally responsible.
6. All men are created equal.
7. The proper role of government is to protect equal rights, not provide equal things.
8. Men are endowed by their Creator with certain unalienable rights.
9. To protect man's rights, God has revealed certain principles of divine law.
10. The God-given right to govern is vested in the sovereign authority of the whole people.
11. The majority of the people may alter or abolish a government which has become tyrannical.
12. The United States of America shall be a republic.
13. A constitution should be structured to permanently protect the people from the human frailties of their rulers.
14. Life and Liberty are secure only so long as the Igor of property is secure.
15. The highest level of securitiy occurs when there is a free market economy and a minimum of government regulations.
16. The government should be separated into three branches: legislative, executive, and judicial.
17. A system of checks and balances should be adopted to prevent the abuse of power.
18. The unalienable rights of the people are most likely to be preserved if the principles of government are set forth in a written constitution.
19. Only limited and carefully defined powers should be delegated to the government, all others being retained by the people.
20. Efficiency and dispatch require government to operate according to the will of the majority, but constitutional provisions must be made to protect the rights of the minority.
21. Strong human government is the keystone to preserving human freedom.
22. A free people should be governed by law and not by the whims of men.
23. A free society cannot survive a republic without a broad program of general education.
24. A free people will not survive unless they stay strong.
25. "Peace, commerce, and honest friendship with all nations; entangling alliances with none."
26. The core unit which determines the strength of any society is the family; therefore, the government should foster and protect its integrity.
27. The burden of debt is as destructive to freedom as subjugation by conquest.
28. The United States has a manifest destiny to be an example and a blessing to the entire human race.
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Founding Fathers
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What we have to do is trap them into consumerism. Carry out enough propaganda and teasers and so on to make freed slaves feel they’ve got to have these commodities. They go to the company store and they get them, they’re in debt, and pretty soon they’re trapped—the slave economy’s back.
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Noam Chomsky (Requiem for the American Dream: The 10 Principles of Concentration of Wealth & Power)
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There needs to be an intersection of the set of people who wish to go, and the set of people who can afford to go...and that intersection of sets has to be enough to establish a self-sustaining civilisation. My rough guess is that for a half-million dollars, there are enough people that could afford to go and would want to go. But it’s not going to be a vacation jaunt. It’s going to be saving up all your money and selling all your stuff, like when people moved to the early American colonies...even at a million people you’re assuming an incredible amount of productivity per person, because you would need to recreate the entire industrial base on Mars. You would need to mine and refine all of these different materials, in a much more difficult environment than Earth. There would be no trees growing. There would be no oxygen or nitrogen that are just there. No oil.Excluding organic growth, if you could take 100 people at a time, you would need 10,000 trips to get to a million people. But you would also need a lot of cargo to support those people. In fact, your cargo to person ratio is going to be quite high. It would probably be 10 cargo trips for every human trip, so more like 100,000 trips. And we’re talking 100,000 trips of a giant spaceship...If we can establish a Mars colony, we can almost certainly colonise the whole Solar System, because we’ll have created a strong economic forcing function for the improvement of space travel. We’ll go to the moons of Jupiter, at least some of the outer ones for sure, and probably Titan on Saturn, and the asteroids. Once we have that forcing function, and an Earth-to-Mars economy, we’ll cover the whole Solar System. But the key is that we have to make the Mars thing work. If we’re going to have any chance of sending stuff to other star systems, we need to be laser-focused on becoming a multi-planet civilisation. That’s the next step.
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Elon Musk
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For three decades almost all the gains from economic growth have gone to the top. In the 1960s and 1970s, the wealthiest 1 percent of Americans got 9–10 percent of our total income. By 2007, just before the Great Recession, that share had more than doubled, to 23.5 percent. Over the same period the wealthiest one-tenth of 1 percent tripled its share. We haven’t experienced this degree of concentrated wealth since the Gilded Age of the late nineteenth century.
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Robert B. Reich (Beyond Outrage (Expanded Edition): What has gone wrong with our economy and our democracy, and how to fix it)
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The Denarians want to disrupt civilization, and with the Archive under their control, they could do it. Maybe they’d use biological or chemical weapons instead. Maybe they’d crash the world economy. Maybe they’d turn every program on television into one of those reality shows.” “That’s mostly done already, Harry.
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Jim Butcher (Small Favor (The Dresden Files, #10))
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As we're told that 10 percent of all high school education will be computer-based by 2014 and rise to 50 percent by 2019, and as the PowerPoint throws up aphoristic bromides by the corporate heroes of the digitally driven 'global economy' -- the implication being that 'great companies' know what they're doing, while most schools don't -- and as we're goaded mercilessly to the conclusion that everything we are, know, and do is bound for the dustbin of history, I want to ask what kind of schooling Bill Gates and Steve Jobs had. Wasn't it at bottom the very sort of book-based, content-driven education that we declare obsolete in the name of their achievements?
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Garret Keizer (Getting Schooled: The Reeducation of an American Teacher)
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In 1961, before the container was in international use, ocean freight costs alone accounted for 12 percent of the value of U.S. exports and 10 percent of the value of U.S. imports.
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Marc Levinson (The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger)
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three hundred trout are required to support one man for a year. The trout, in turn, must consume 90,000 frogs, which must consume 27 million grasshoppers, which live off of 1,000 tons of grass.”10
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Jeremy Rifkin (The The Third Industrial Revolution: How Lateral Power Is Transforming Energy, the Economy, and the World)
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Over the next 10 years, the most important dynamics are the short-term debt/money/economy cycle (also called the business cycle), the internal political cycle, and the escalating conflicts/reducing interdependencies between the US and China.
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Ray Dalio (Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail)
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Life uses information (stored in DNA) to capture energy (which it stores in a chemical called ATP) to create order. Humans burn prodigious amounts of energy — we generate about 10,000 times as much energy per gram as the sun. The sun is hotter only because it is much bigger. We use energy to create and maintain intricate cellular and bodily complexity, the opposite of entropy, just as we do in the economy, where the harnessing of power from burning fuel enables us to build skyscrapers and aeroplanes.
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Matt Ridley
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A definite pessimist believes the future can be known, but since it will be bleak, he must prepare for it. Perhaps surprisingly, China is probably the most definitely pessimistic place in the world today. When Americans see the Chinese economy grow ferociously fast (10% per year since 2000), we imagine a confident country mastering its future. But that’s because Americans are still optimists, and we project our optimism onto China. From China’s viewpoint, economic growth cannot come fast enough. Every other country is afraid that China is going to take over the world; China is the only country afraid that it won’t. China can grow so fast only because its starting base is so low. The easiest way for China to grow is to relentlessly copy what has already worked in the West. And that’s exactly what it’s doing: executing definite plans by burning ever more coal to build ever more factories and skyscrapers. But with a huge population pushing resource prices higher, there’s no way Chinese living standards can ever actually catch up to those of the richest countries, and the Chinese know it. This is why the Chinese leadership is obsessed with the way in which things threaten to get worse. Every senior Chinese leader experienced famine as a child, so when the Politburo looks to the future, disaster is not an abstraction. The Chinese public, too, knows that winter is coming. Outsiders are fascinated by the great fortunes being made inside China, but they pay less attention to the wealthy Chinese trying hard to get their money out of the country. Poorer Chinese just save everything they can and hope it will be enough. Every class of people in China takes the future deadly seriously.
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Peter Thiel (Zero to One: Notes on Startups, or How to Build the Future)
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The unemployment rate rose between 1968 and 1970 from 3.6 to 4.9 percent—a jump of more than 33 percent. The consumer price index increased by roughly 11 percent in the same period. Analysts of the economy coined a new and memorable term for what seemed to be happening: "stagflation.
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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In the agricultural age, women conceived younger and had many more children because children were economic assets as workers on the farm. In the postindustrial age, children are emotional assets but economic liabilities, costing both a middle-class husband and wife or a single parent over $10,000 a year.
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Rachel Lehmann-Haupt (In Her Own Sweet Time: Egg Freezing and the New Frontiers of Family)
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The 1950s witnessed especially rapid expansion of electronic and electrical firms, of tobacco, soft drink, and food-processing companies, and of the chemical, plastics, and pharmaceutical industries. IBM blossomed as a leader in the computer business, soon to become a guiding star of the American economy.
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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But the Great Society did not do nearly as much to improve the economic standing of people as did the extraordinary growth of the economy. When this stopped—in the 1970s—the flaws in LBJ's programs seemed glaring. Hyperbole about the Great Society aroused unrealistic popular expectations about government that later came to haunt American liberalism.
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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Another State Department representative noted that the central government lacked legitimacy in the eyes of the Afghan public, the lowest in 10 years, according to polling done in the country. He observed that the illicit economy, opium and illegal mining, was the size of the regular economy, and a significant portion was under control of Taliban insurgents.
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Bob Woodward (Fear: Trump in the White House)
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*wakes up and looks at phone* ah let’s see what fresh horrors await me on the fresh horrors device –@MISSOKISTIC IN A TWEET ON NOVEMBER 10, 2016
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Jenny Odell (How to Do Nothing: Resisting the Attention Economy)
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But the sluggishness of the economy widened the gulf between grand expectations and the real limits of progress, undercutting the all-important sense that the country had the means to do almost anything, and exacerbating the contentiousness that had been rending American society since the late 1960s. This was the final irony of the exciting and extraordinarily expectant thirty years following World War II.
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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Katayev’s notes show that the military-industrial complex was indeed as large as Gorbachev feared. In 1985, Katayev estimated, defense took up 20 percent of the Soviet economy.16 Of the 135 million adults working in the Soviet Union, Katayev said, 10.4 million worked directly in the military-industrial complex at 1,770 enterprises. Nine ministries served the military, although in a clumsy effort to mask its purpose, the nuclear ministry was given the name “Ministry of Medium Machine Building,” and others were similarly disguised. More than fifty cities were almost totally engaged in the defense effort, and hundreds less so. Defense factories were called upon to make the more advanced civilian products, too, including 100 percent of all Soviet televisions, tape recorders, movie and still cameras and sewing machines.17
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David E. Hoffman (The Dead Hand: The Untold Story of the Cold War Arms Race and its Dangerous Legacy)
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Along with the booming economy, which after 1962 seemed capable of almost anything, the magnified mystique of the presidency stimulated ever-greater expectations among liberals and others who imagined that government possessed big answers to big problems. The revolution of popular expectations, a central dynamic of the 1960s, owed a good deal of its strength to the glorification of presidential activism that Kennedy successfully sought to foment.
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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In 1900, 2 percent of fossil fuel production was devoted to producing electricity, by 1950 it was above 10 percent, and in 2000 it reached more than 30 percent. In 1900 global electricity generation stood at 8 terawatt-hours; fifty years later it was at 600, powering a transformed economy. The Nobel Prize–winning economist William Nordhaus calculated that the same amount of labor that once produced fifty-four minutes of quality light in the eighteenth century now produces more than fifty years of light.
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Mustafa Suleyman (The Coming Wave: AI, Power, and Our Future)
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Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children’s or grandchildren’s time—when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what’s true, we slide, almost without noticing, back into superstition and darkness.
The dumbing down of America is most evident in the slow decay of substantive content in the enormously influential media, the 30-second sound bites (now down to 10 seconds or less), lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of celebration of ignorance.
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Carl Sagan (The Demon-Haunted World: Science as a Candle in the Dark)
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Some estimate that the challenge, while immense, does not impose burdens comparable to those of 1941. Economist Jeffrey Sachs, in a careful study, concludes that 'contrary to some commentaries, decarbonization will not require grand mobilization of the U.S. economy on par with World War II. The incremental costs of decarbonization above our normal energy costs will amount to 1 to 2 percent of U.S. GDP per year during the period to 2050. By contrast, during World War II, federal outlays soared to 43 percent of GDP from the prewar level of 10 percent of GDP in 1940.
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Noam Chomsky (The Climate Crisis and the Global Green New Deal: The Political Economy of Saving the Planet)
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As an aside, Sheldon Rovin in his first draft of a guide to Systems Thinking, repeated this old chestnut: The often-quoted tribal wisdom of the Dakota Indians, passed on from generation to generation, says that, ‘When you discover that you are riding a dead horse, the best strategy is to dismount.’ However, in government more advanced strategies are often employed, such as: 1. Buying a stronger whip. 2. Changing riders. 29 3. Appointing a committee to study the horse. 4. Arranging to visit other countries to see how other cultures ride horses. 5. Lowering the standards so that dead horses can be included. 6. Reclassifying the dead horse as living impaired. 7. Hiring outside contractors to ride the dead horse. 82 8. Harnessing several dead horses together to increase speed. 9. Providing extra funding/training to increase the dead horse’s performance. 10. Doing a productivity study to see if lighter riders would improve the dead horse’s performance. 3 11. Declaring that as the dead horse does not have to be fed, it is less costly, carries lower overhead and therefore contributes substantially more to the bottom line of the economy than live horses. 12. Rewriting the expected performance requirements for all horses. And, of course… 13. Promoting the dead horse to a supervisory position.
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Russell L. Ackoff (Systems Thinking for Curious Managers: With 40 New Management f-Laws)
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Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children’s or grandchildren’s time—when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers are in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what’s true, we slide, almost without noticing, back into superstition and darkness. The dumbing down of America is most evident in the slow decay of substantive content in the enormously influential media, the 30-second sound bites (now down to 10 seconds or less), lowest common denominator programming, credulous presentations on pseudoscience and superstition, but especially a kind of celebration of ignorance. As I write, the number-one videocassette rental in America is the movie Dumb and Dumber. “Beavis and Butthead” remain popular (and influential) with young TV viewers. The plain lesson is that study and learning—not just of science, but of anything—are avoidable, even undesirable.
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Carl Sagan (The Demon-Haunted World: Science as a Candle in the Dark)
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Less apparent at the time, but in many ways more problematic, were deep-seated structural developments in the work force. By the late 1960s millions of baby boomers were already crowding the job market. Ever-higher percentages of women were also looking for employment outside the home. A rise in immigrant workers, made possible after 1968 by the immigration law of 1965, did not affect most labor markets but further intensified popular unease. These developments combined to hike the numbers seeking work by 10.1 million between 1964 and 1970, or 1.6 million per year. Many of these people landed in the service sector of the economy—as employees in fast-food chains, discount retail outlets, hospitals, and nursing homes—or as clerical or maintenance workers. Most of these jobs tended to be part-time, offering low pay and benefits.80
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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A sobering denouement had to come...exponential growth is a potent delusion-maker, and in 1999, 10 years after the Nikkei’s peak, I was thinking about the Japanese experience as we were waiting to claim our rental car at San Francisco airport. Silicon Valley was years into its first dotcom bubble, and even with advance reservations people had to wait for the just-returned cars to get serviced and released again into the halting traffic on the clogged Bayshore freeway. Mindful of the Japanese experience, I was thinking that every year after 1995 might be the last spell of what Alan Greenspan famously called irrational exuberance, but it was not in 1996 or 1997 or 1998. And even more so than a decade earlier, there were many economists ready to assure American investors that this spell of exponential growth was really different, that the old rules do not apply in the New Economy where endless rapid growth will readily continue.
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Vaclav Smil (Growth: From Microorganisms to Megacities (Mit Press))
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interaction of these few civilizations with one another, as much as with their own environments, has been among the most important drivers of historical change.10 The striking thing about these interactions is that authentic civilizations seem to remain true unto themselves for very long periods, despite outside influences. As Fernand Braudel put it: ‘Civilization is in fact the longest story of all . . . A civilization . . . can persist through a series of economies or societies.
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Niall Ferguson (Civilization: The West and the Rest)
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For example, Shawn Cole, a professor at Harvard Business School, finds that Indian state-owned banks increase their lending to the politically important but relatively poor constituency of farmers by about 5 to 10 percentage points in election years.51 The effect is most pronounced in districts with close elections. The consequences of the lending are greater loan defaults and no measurable increase in agricultural output, which suggest that it really serves as a costly form of income redistribution.
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Raghuram G. Rajan (Fault Lines: How Hidden Fractures Still Threaten The World Economy)
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There are tiny mites living in our eyelashes. Hal Roach was a famous director who used to hire drunk and insane people to generate creative ideas. To attract female goats, Billy goats urinate on their own heads. Jewish people do not eat pork. Khazaria was a medieval Turkic kingdom that adopted Judaism as its official religion; it was the only non-Semitic state to become Jewish after Israel. The largest economy in the United States is California. More deer are killed by drivers than by hunters. The automotive center of the world is in Detroit. If the earth were ever to stop spinning, all the oceans would flow to the north and south poles. Around 16 to 20 percent of the terms searched on Google are said to have been never searched before. Bamboo can grow 35 inches per day making it the fastest growing woody plant in the world. The heaviest insect found on the earth is ‘Giant Weta’. It weighs more than a pound and is found in New Zealand. The CIA is expected to release the JFK assassination records to the public no later than 10/26/2017.
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Nazar Shevchenko (Random Facts: 1869 Facts To Make You Want To Learn More)
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The only connection between Chile and the history of electricity comes from the fact that the Atacama Desert is full of copper atoms, which, just like most Chileans, were utterly unaware of the electric dreams that powered the passion of Faraday and Tesla. As the inventions that made these atoms valuable were created, Chile retained the right to hold many of these atoms hostage. Now Chile can make a living out of them. This brings us back to the narrative of exploitation we described earlier. The idea of crystallized imagination should make it clear that Chile is the one exploiting the imagination of Faraday, Tesla, and others, since it was the inventors’ imagination that endowed copper atoms with economic value. But Chile is not the only country that exploits foreign creativity this way. Oil producers like Venezuela and Russia exploit the imagination of Henry Ford, Rudolf Diesel, Gottlieb Daimler, Nicolas Carnot, James Watt, and James Joule by being involved in the commerce of a dark gelatinous goo that was virtually useless until combustion engines were invented.10
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César A. Hidalgo (Why Information Grows: The Evolution of Order, from Atoms to Economies)
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Man/Woman, it has always insisted, does not live by bread alone. The weakness of the church is that it has too often accepted the separation between the material and the spiritual … leaving the material to the economic and political power structure.… The crisis of a city like Detroit provides the church with an extraordinary opportunity to develop and practice a vision of a new economy and a new educational system which meets both the material and spiritual needs of human beings.… Churches are … in an excellent position to develop small enterprises that provide models of how to meet the needs of the community and the city and at the same time teach young people the importance of skills, process and respect for Nature. All over the city churches are surrounded by vacant and unused land. If Detroiters, and especially young Detroiters, could see this land being used by churches for organic gardens to supply produce for local needs or to plant Christmas trees for sale at Yuletide or greenhouses where vegetables are grown year round, the idea of a self-reliant living economy to meet the material and spiritual needs of people could come alive.10
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Grace Lee Boggs (Living for Change: An Autobiography)
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China's food comes from abroad: from South America, the United States and Australia. This means prosperity for agricultural traders and processors, like Archer Daniels Midland, which is making its way into China in every way imaginable, into a $ 100 billion domestic processed food market that is growing more than 10 percent annually. This translates into a windfall for farmers in the Midwest, who are now enjoying a two-thirds rise in the price of soybeans compared to a year ago. It also means a better diet for the Chinese, who have increased their caloric intake by a third over the past 25 years.
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Thomas Sowell (Basic Economics: A Citizen's Guide to the Economy)
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It is also possible to exaggerate the impact of ERP on the European economies. Americans, certain of their rectitude, power, and wealth, tend to do this without recognizing the important role that the industrious and efficient west Europeans played in their own recovery. Indeed, the Europeans deserve much of the credit for their economic revitalization after 1948. The plan gave them considerable autonomy and initiative, and they took it, reviving their historical possibilities in rapid time.58 In later years, when the United States directed aid at other less developed parts of the world, the results were by no means so felicitous.
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James T. Patterson (Grand Expectations: The United States, 1945-1974 (Oxford History of the United States Book 10))
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When India and China - historically two of the poorest nations in the world - began to make fundamental changes in their economic policies in the late 20th century, their economies began to grow dramatically. It is estimated that about 20 million people in India emerged from homelessness in the course of a decade. In China, the number of people living on a dollar or less a day fell from 374 million in 1990, a third of the country's total population, to 128 million, in 2004, which is equivalent to just 10 percent of a population in China. increase. In other words, nearly 250 million Chinese began to live better as a result of a change in economic policy.
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Thomas Sowell (Basic Economics: A Citizen's Guide to the Economy)
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What in essence happened under the Treuhand was a complete transfer without compensation of property and assets accumulated over forty years through hard work and effort by GDR citizens, as well as the land they owned (which in the GDR had no monetary value as such) to, in the main, West German owners. This transfer of a country's assets — unprecedented anywhere in the world during peacetime — amounted to billions of Euros: a robbing of ordinary people for the enrichment of a few. Of those companies and individuals who bought GDR property, 80 per cent were West Germans, only 10 per cent were from other countries, and a mere 5 per cent went to GDR citizens.
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Bruni de la Motte (Stasi State or Socialist Paradise?: The German Democratic Republic and What Became of It)
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Typically, the big cycle in the capital markets, along with cycles in wealth, values, and class divisions, drive the political left/right cycle because these create the motivations for political change. When capital markets and economies are booming, wealth gaps typically increase. While some societies succeed at striking a relatively sensible and steady balance between left and right, more frequently we see cyclical swings between norms. These swings typically occur throughout empires’ rises and declines, in roughly 10-year cycles. The big economic crises that mark the end of the Big Cycle often herald revolutions. For more, see the addendum to this chapter.
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Ray Dalio (Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail)
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Just as humanity has extended this basic equal consideration to humans (including those who were once outside of our moral community), we must extend this basic equal consideration to animals if we are going to treat like cases alike. Animals are very clearly in possession of a subjective experience of their own lives. Anyone who lives with companion animals knows this is true. I live with two dogs and a cat, and I know that each of them has wants, moods, desires, and needs.10 They are not mere automatons, reacting machine-like to the stimuli around them as behaviorists would likely argue. Instead, they are beings that are aware of themselves, their environment, and those around them.
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Bob Torres (Making A Killing: The Political Economy of Animal Rights)
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Neoliberal economics, the logic of which is tending today to win out throughout the world thanks to international bodies like the World Bank or the International Monetary Fund and the governments to whom they, directly or indirectly, dictate their principles of ‘governance’,10 owes a certain number of its allegedly universal characteristics to the fact that it is immersed or embedded in a particular society, that is to say, rooted in a system of beliefs and values, an ethos and a moral view of the world, in short, an economic common sense, linked, as such, to the social and cognitive structures of a particular social order. It is from this particular economy that neoclassical economic theory borrows its fundamental assumptions, which it formalizes and rationalizes, thereby establishing them as the foundations of a universal model. That model rests on two postulates (which their advocates regard as proven propositions): the economy is a separate domain governed by natural and universal laws with which governments must not interfere by inappropriate intervention; the market is the optimum means for organizing production and trade efficiently and equitably in democratic societies. It is the universalization of a particular case, that of the United States of America, characterized fundamentally by the weakness of the state which, though already reduced to a bare minimum, has been further weakened by the ultra-liberal conservative revolution, giving rise as a consequence to various typical characteristics: a policy oriented towards withdrawal or abstention by the state in economic matters; the shifting into the private sector (or the contracting out) of ‘public services’ and the conversion of public goods such as health, housing, safety, education and culture – books, films, television and radio – into commercial goods and the users of those services into clients; a renunciation (linked to the reduction in the capacity to intervene in the economy) of the power to equalize opportunities and reduce inequality (which is tending to increase excessively) in the name of the old liberal ‘self-help’ tradition (a legacy of the Calvinist belief that God helps those who help themselves) and of the conservative glorification of individual responsibility (which leads, for example, to ascribing responsibility for unemployment or economic failure primarily to individuals, not to the social order, and encourages the delegation of functions of social assistance to lower levels of authority, such as the region or city); the withering away of the Hegelian–Durkheimian view of the state as a collective authority with a responsibility to act as the collective will and consciousness, and a duty to make decisions in keeping with the general interest and contribute to promoting greater solidarity. Moreover,
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Pierre Bourdieu (The Social Structures of the Economy)
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Buffett declared the best inflation hedge is a company with a wonderful product that requires little capital to grow. As a test, he invited each of us to look at our own earning ability. In inflation, your compensation can go up without any additional investment. As a business example, Buffett noted that when See’s Candy was purchased in 1971, it had the revenues of $25 million and sold 16 million pounds of candy annually with $9 million in tangible assets. Today, See’s sells $300 million of candy with $40 million of tangible assets. Berkshire needed to invest only $31 million to generate a more than 10-fold increase in revenues. In aggregate, Buffett noted that Berkshire has earned $1.5 billion in profits at See’s over the years. See’s inventory turns fast, has no receivables and has little fixed investment – a perfect inflation hedge. Buffett allowed that if you have tons of receivables and inventory, that’s a lousy business in inflation. The railroad and MidAmerican Energy both have these undesirable characteristics, but that is offset by their utility to the economy and subsequent allowable returns. Buffett rued that there simply aren’t enough “See’s Candys” to buy. Buffett added that being an investor has made him a better businessman and that being a businessman has made him a better investor.(125) Munger noted that they didn’t always know this inflation-business element, which shows how continuous learning is so important.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Much of the so-called environmental movement today has transmuted into an aggressively nefarious and primitive faction. In the last fifteen years, many of the tenets of utopian statism have coalesced around something called the “degrowth” movement. Originating in Europe but now taking a firm hold in the United States, the “degrowthers,” as I shall characterize them, include in their ranks none other than President Barack Obama. On January 17, 2008, Obama made clear his hostility toward, of all things, electricity generated from coal and coal-powered plants. He told the San Francisco Chronicle, “You know, when I was asked earlier about the issue of coal . . . under my plan of a cap and trade system, electricity rates would necessarily skyrocket. . . .”3 Obama added, “. . . So if somebody wants to build a coal-powered plant, they can. It’s just that it will bankrupt them because they’re going to be charged a huge sum for all the greenhouse gas that’s being emitted.”4 Degrowthers define their agenda as follows: “Sustainable degrowth is a downscaling of production and consumption that increases human well-being and enhances ecological conditions and equity on the planet. It calls for a future where societies live within their ecological means, with open localized economies and resources more equally distributed through new forms of democratic institutions.”5 It “is an essential economic strategy to pursue in overdeveloped countries like the United States—for the well-being of the planet, of underdeveloped populations, and yes, even of the sick, stressed, and overweight ‘consumer’ populations of overdeveloped countries.”6 For its proponents and adherents, degrowth has quickly developed into a pseudo-religion and public-policy obsession. In fact, the degrowthers insist their ideology reaches far beyond the environment or even its odium for capitalism and is an all-encompassing lifestyle and governing philosophy. Some of its leading advocates argue that “Degrowth is not just an economic concept. We shall show that it is a frame constituted by a large array of concerns, goals, strategies and actions. As a result, degrowth has now become a confluence point where streams of critical ideas and political action converge.”7 Degrowth is “an interpretative frame for a social movement, understood as the mechanism through which actors engage in a collective action.”8 The degrowthers seek to eliminate carbon sources of energy and redistribute wealth according to terms they consider equitable. They reject the traditional economic reality that acknowledges growth as improving living conditions generally but especially for the impoverished. They embrace the notions of “less competition, large scale redistribution, sharing and reduction of excessive incomes and wealth.”9 Degrowthers want to engage in polices that will set “a maximum income, or maximum wealth, to weaken envy as a motor of consumerism, and opening borders (“no-border”) to reduce means to keep inequality between rich and poor countries.”10 And they demand reparations by supporting a “concept of ecological debt, or the demand that the Global North pays for past and present colonial exploitation in the Global South.”11
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Mark R. Levin (Plunder and Deceit: Big Government's Exploitation of Young People and the Future)
“
A Code of Nature must accommodate a mixture of individually different behavioral tendencies. The human race plays a mixed strategy in the game of life. People are not molecules, all alike and behaving differently only because of random interactions. People just differ, dancing to their own personal drummer. The merger of economic game theory with neuroscience promises more precise understanding of those individual differences and how they contribute to the totality of human social interactions. It's understanding those differences, Camerer says, that will make such a break with old schools of economic thought. "A lot of economic theory uses what is called the representative agent model," Camerer told me. In an economy with millions of people, everybody is clearly not going to be completely alike in behavior. Maybe 10 percent will be of some type, 14 percent another type, 6 percent something else. A real mix. "It's often really hard, mathematically, to add all that up," he said. "It's much easier to say that there's one kind of person and there's a million of them. And you can add things up rather easily." So for the sake of computational simplicity, economists would operate as though the world was populated by millions of one generic type of person, using assumptions about how that generic person would behave. "It's not that we don't think people are different—of course they are, but that wasn't the focus of analysis," Camerer said. "It was, well, let's just stick to one type of person. But I think the brain evidence, as well as genetics, is just going to force us to think about individual differences." And in a way, that is a very natural thing for economists to want to do.
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Tom Siegfried (A Beautiful Math: John Nash, Game Theory, and the Modern Quest for a Code of Nature (Mathematics))
“
HISTORICAL NOTE There are no nuclear power stations in Belarus. Of the functioning stations in the territory of the former USSR, the ones closest to Belarus are of the old Soviet-designed RBMK type. To the north, the Ignalinsk station, to the east, the Smolensk station, and to the south, Chernobyl. On April 26, 1986, at 1:23:58, a series of explosions destroyed the reactor in the building that housed Energy Block #4 of the Chernobyl Nuclear Power Station. The catastrophe at Chernobyl became the largest technological disaster of the twentieth century. For tiny Belarus (population: 10 million), it was a national disaster. During the Second World War, the Nazis destroyed 619 Belarussian villages along with their inhabitants. As a result of Chernobyl, the country lost 485 villages and settlements. Of these, 70 have been forever buried underground. During the war, one out of every four Belarussians was killed; today, one out of every five Belarussians lives on contaminated land. This amounts to 2.1 million people, of whom 700,000 are children. Among the demographic factors responsible for the depopulation of Belarus, radiation is number one. In the Gomel and Mogilev regions, which suffered the most from Chernobyl, mortality rates exceed birth rates by 20%. As a result of the accident, 50 million Ci of radionuclides were released into the atmosphere. Seventy percent of these descended on Belarus; fully 23% of its territory is contaminated by cesium-137 radionuclides with a density of over 1 Ci/km2. Ukraine on the other hand has 4.8% of its territory contaminated, and Russia, 0.5%. The area of arable land with a density of more than 1 Ci/km2 is over 18 million hectares; 2.4 thousand hectares have been taken out of the agricultural economy. Belarus is a land of forests. But 26% of all forests and a large part of all marshes near the rivers Pripyat, Dniepr, and Sozh are considered part of the radioactive zone. As a result of the perpetual presence of small doses of radiation, the number of people with cancer, mental retardation, neurological disorders, and genetic mutations increases with each year. —“Chernobyl.” Belaruskaya entsiklopedia On April 29, 1986, instruments recorded high levels of radiation in Poland, Germany, Austria, and Romania. On April 30, in Switzerland and northern Italy. On May 1 and 2, in France, Belgium, the Netherlands, Great Britain, and northern Greece. On May 3, in Israel, Kuwait, and Turkey. . . . Gaseous airborne particles traveled around the globe: on May 2 they were registered in Japan, on May 5 in India, on May 5 and 6 in the U.S. and Canada. It took less than a week for Chernobyl to become a problem for the entire world. —“The Consequences of the Chernobyl Accident in Belarus.” Minsk, Sakharov International College on Radioecology The fourth reactor, now known as the Cover, still holds about twenty tons of nuclear fuel in its lead-and-metal core. No one knows what is happening with it. The sarcophagus was well made, uniquely constructed, and the design engineers from St. Petersburg should probably be proud. But it was constructed in absentia, the plates were put together with the aid of robots and helicopters, and as a result there are fissures. According to some figures, there are now over 200 square meters of spaces and cracks, and radioactive particles continue to escape through them . . . Might the sarcophagus collapse? No one can answer that question, since it’s still impossible to reach many of the connections and constructions in order to see if they’re sturdy. But everyone knows that if the Cover were to collapse, the consequences would be even more dire than they were in 1986. —Ogonyok magazine, No. 17, April 1996
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Svetlana Alexievich (Voices from Chernobyl: The Oral History of a Nuclear Disaster)
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Putting it all together, fluctuations in attitudes and behavior combine to make the stock market the ultimate pendulum. In my 47 full calendar years in the investment business, starting with 1970, the annual returns on the S&P 500 have swung from plus 37% to minus 37%. Averaging out good years and bad years, the long-run return is usually stated as 10% or so. Everyone’s been happy with that typical performance and would love more of the same. But remember, a swinging pendulum may be at its midpoint “on average,” but it actually spends very little time there. The same is true of financial market performance. Here’s a fun question (and a good illustration): for how many of the 47 years from 1970 through 2016 was the annual return on the S&P 500 within 2% of “normal”—that is, between 8% and 12%? I expected the answer to be “not that often,” but I was surprised to learn that it had happened only three times! It also surprised me to learn that the return had been more than 20 percentage points away from “normal”—either up more than 30% or down more than 10%—more than one-quarter of the time: 13 out of the last 47 years. So one thing that can be said with total conviction about stock market performance is that the average certainly isn’t the norm. Market fluctuations of this magnitude aren’t nearly fully explained by the changing fortunes of companies, industries or economies. They’re largely attributable to the mood swings of investors. Lastly, the times when return is at the extremes aren’t randomly distributed over the years. Rather they’re clustered, due to the fact that investors’ psychological swings tend to persist for a while—to paraphrase Herb Stein, they tend to continue until they stop. Most of those 13 extreme up or down years were within a year or two of another year of similarly extreme performance in the same direction.
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Howard Marks (Mastering The Market Cycle: Getting the Odds on Your Side)
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if all money comes into existence through loans, with the returning of those loans removing the money from the money supply, where does the money to pay the interest come from? To better understand the question, consider a small island with 100 inhabitants. They have a bank that creates and loans money. Let’s assume each person gets a $100 loan. This means $10,000 has been created as the island’s total money supply. Everyone then buys goods and services, exchanging this money with each other, generating economic activity. This $10,000 in loans could then technically be returned to the bank, fulfilling the society’s loan obligations, removing all money from existence. However, if interest is charged, more money needs to be returned than actually exists. If each of those $100 loans required has a 10 percent interest fee, then while the total money supply is still $10,000, the actual value owed back to the bank is actually $11,000. So where does that extra $1,000 come from?
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Peter Joseph (The New Human Rights Movement: Reinventing the Economy to End Oppression)
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Bitcoin is not a currency. Bitcoin is the internet of money. As a technology, it can bring economic inclusion and empowerment to billions of people in the world. I’ll give you one example of a specific application that is going to fundamentally change the lives of more than a billion people in the next five to ten years. Every day, an immigrant somewhere cashes their paycheck and stands in line to wire 50 percent of that paycheck back to their home country to feed their extended family. Here in the US, 60 million people have no bank accounts, yet they cash their paychecks and send them abroad. Overall in the world, $550 billion is transmitted every year as remittances from first-world countries. Much of that money is sent to five major destinations: Mexico, India, the Philippines, Indonesia, and China. In some of these places, remittances represent up to 40 percent of the local economy. Sitting on top of that flow of $550 billion are companies like Western Union, and they take, on average, a cut of 9 percent of every single one of these transactions out of the pockets of the poorest people of the world. Imagine what happens when one day one of these immigrants figures out they can do the same thing with bitcoin — not for 15 percent, not 10 percent, not 5 percent, but for 5 cents. Not a percentage; a flat fee. What happens when they can do that? They can, right now. There is a startup company that is handling remittances between the US and the Philippines. They’re doing a few million dollars right now, but they’re going to start growing. There’s $500 billion sitting behind that dam. When you’re an immigrant and you can change your financial future by not paying 9 percent to send money home, imagine what happens if every month, instead of sending 91 dollars home, you send 100 dollars home. That makes a difference. There are a billion people, right now, with access to the internet and feature phones who could use bitcoin as an international wire-transfer service.
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Andreas M. Antonopoulos (The Internet of Money)
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Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.
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Anonymous
“
If there are costs to becoming legal, there are also bound to be costs to remaining outside the law. We found that operating outside the world of legal work and business was surprisingly expensive. In Peru, for example, the cost of operating a business extralegally includes paying 10 to 15 per cent of its annual income in bribes and commissions to authorities. Add to such payoffs the costs of avoiding penalties, making transfers outside legal channels and operating from dispersed locations and without credit, and the life of the extralegal entrepreneur turns out to be far more costly and full of daily hassles than that of the legal businessman. Perhaps the most significant cost was caused by the absence of institutions that create incentives for people to seize economic and social opportunities to specialize within the market place. We found that people who could not operate within the law also could not hold property efficiently or enforce contracts through the courts; nor could they reduce uncertainty through limited liability systems and insurance policies, or create stock companies to attract additional capital and share risk. Being unable to raise money for investment, they could not achieve economies of scale or protect their innovations through royalties and patents.
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Hernando de Soto (The Mystery Of Capital)
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Economics is a notoriously complicated subject. To make things easier, let’s imagine a simple example.
Samuel Greedy, a shrewd financier, founds a bank in El Dorado, California.
A. A. Stone, an up-and-coming contractor in El Dorado, finishes his first big job, receiving payment in cash to the tune of $1 million. He deposits this sum in Mr Greedy’s bank. The bank now has $1 million in capital.
In the meantime, Jane McDoughnut, an experienced but impecunious El Dorado chef, thinks she sees a business opportunity – there’s no really good bakery in her part of town. But she doesn’t have enough money of her own to buy a proper facility complete with industrial ovens, sinks, knives and pots. She goes to the bank, presents her business plan to Greedy, and persuades him that it’s a worthwhile investment. He issues her a $1 million loan, by crediting her account in the bank with that sum.
McDoughnut now hires Stone, the contractor, to build and furnish her bakery. His price is $1,000,000.
When she pays him, with a cheque drawn on her account, Stone deposits it in his account in the Greedy bank.
So how much money does Stone have in his bank account? Right, $2 million.
How much money, cash, is actually located in the bank’s safe? Yes, $1 million.
It doesn’t stop there. As contractors are wont to do, two months into the job Stone informs McDoughnut that, due to unforeseen problems and expenses, the bill for constructing the bakery will actually be $2 million. Mrs McDoughnut is not pleased, but she can hardly stop the job in the middle. So she pays another visit to the bank, convinces Mr Greedy to give her an additional loan, and he puts another $1 million in her account. She transfers the money to the contractor’s account.
How much money does Stone have in his account now? He’s got $3 million.
But how much money is actually sitting in the bank? Still just $1 million. In fact, the same $1 million that’s been in the bank all along.
Current US banking law permits the bank to repeat this exercise seven more times. The contractor would eventually have $10 million in his account, even though the bank still has but $1 million in its vaults. Banks are allowed to loan $10 for every dollar they actually possess, which means that 90 per cent of all the money in our bank accounts is not covered by actual coins and notes.2 If all of the account holders at Barclays Bank suddenly demand their money, Barclays will promptly collapse (unless the government steps in to save it). The same is true of Lloyds, Deutsche Bank, Citibank, and all other banks in the world.
It sounds like a giant Ponzi scheme, doesn’t it? But if it’s a fraud, then the entire modern economy is a fraud. The fact is, it’s not a deception, but rather a tribute to the amazing abilities of the human imagination. What enables banks – and the entire economy – to survive and flourish is our trust in the future. This trust is the sole backing for most of the money in the world.
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Yuval Noah Harari (Sapiens: A Brief History of Humankind)
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Victorious in World War I, the ruling powers of France and the United Kingdom spent the 1920s rebuilding their economies and military strength, while Germany remained subordinate, its power stunted by the punitive conditions of the Treaty of Versailles. The treaty demanded severe economic reparations and imposed tight constraints on the German military, prohibiting it from having planes, tanks, and any more than 100,000 troops. Germany was forced to surrender its overseas colonies as well as 13 percent of its European territory (and 10 percent of its population), and to submit to Allied occupation of its industrial core, the Rhineland.125 Most damaging to German pride was the “war guilt” clause, which laid blame for the war squarely on Germany. While “bitterly resented by almost all Germans,”126 the so-called “slave treaty”127 nevertheless “left the Reich geographically and economically largely intact and preserved her political unity and her potential strength as a great nation.”128 Only twenty years after the Great War, Adolf Hitler would use that strength in a second attempt to overturn the European order. Hitler “focused relentlessly” on bringing about Germany’s rise.129 After his National Socialist Party won elections in 1933, Hitler moved to consolidate his power through extra-democratic means. He justified himself with a call to marshal “all German national energies” toward the singular objective of rearmament to secure his vision of Lebensraum for the German people: “He wanted the whole of central Europe and all of Russia, up to the Volga for German Lebensraum to secure Germany’s self-sufficiency and status as a great power,” as Paul Kennedy puts it.130
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Graham Allison (Destined For War: Can America and China Escape Thucydides's Trap?—A Critical Examination of Historical Patterns Leading to War Between Great Powers)
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If you’re looking to take control of your international payments without facing restrictions, the best step you can take is to Buy Verified Payeer Accounts. A verified Payeer wallet gives you access to unlimited transactions, faster transfers, and seamless currency exchanges—all in one place.
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What is a Verified Payeer Account?
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This got me thinking that perhaps the granularity of attention we achieve outward also extends inward, so that as the perceptual details of our environment unfold in surprising ways, so too do our own intricacies and contradictions. My dad said that leaving the confined context of a job made him understand himself not in relation to that world, but just to the world, and forever after that, things that happened at work only seemed like one small part of something much larger. It reminds me of how John Muir described himself not as a naturalist but as a “poetico-trampo-geologist-botanist and ornithologist-naturalist etc. etc.,” or of how Pauline Oliveros described herself in 1974: Pauline Oliveros is a two legged human being, female, lesbian, musician, and composer among other things which contribute to her identity. She is herself and lives with her partner…along with assorted poultry, dogs, cats, rabbits and tropical hermit crabs.10 Of course, there’s an obvious critique of all of this, and that’s that it comes from a place of privilege. I can go to the Rose Garden, stare into trees, and sit on hills all the time because I have a teaching job that only requires me to be on campus two days a week, not to mention a whole set of other privileges.
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Jenny Odell (How to Do Nothing: Resisting the Attention Economy)
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In the UK, for example, 97 percent of money is created by commercial banks and its character takes the form of debt-based, interest-bearing loans. As for its intended use? In the 10 years running up to the 2008 financial crash, over 75 percent of those loans were granted for buying stocks or houses—so fuelling the house-price bubble—while a mere 13 percent went to small businesses engaged in productive enterprise.47 When such debt increases, a growing share of a nation’s income is siphoned off as payments to those with interest-earning investments and as profit for the banking sector, leaving less income available for spending on products and services made by people working in the productive economy. ‘Just as landlords were the archetypal rentiers of their agricultural societies,’ writes economist Michael Hudson, ‘so investors, financiers and bankers are in the largest rentier sector of today’s financialized economies.
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Kate Raworth (Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist)
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Labor also dominates stories of elite income at the next rung down. Although only three hedge fund managers took home over $1 billion in 2017, more than twenty-five took home $100 million or more, and $10 million incomes are so common that they do not make the papers. Even only modestly elite finance workers now receive huge paydays. According to one survey, a portfolio manager at a midsized hedge fund makes on average $2.4 million, and average Wall Street bonuses exploded from roughly $14,000 in 1985 to more than $180,000 in 2017, a year in which the average total salary for New York City’s 175,000 securities industry workers reached over $420,000. These sums reflect the fact that a typical investment bank disburses roughly half of its revenues after interest paid to its professional workers (making it a better three decades to be an elite banker than to be an owner of bank stocks). Elite managers in the real economy also do well. CEO incomes—the wages paid to top managerial labor—regularly reach seven figures; indeed, the average 2017 income of the CEO of an S&P 500 company was nearly $14 million. In a typical recent year the total compensation paid to the five highest-paid employees of each S&P 1500 firm (7,500 workers overall) might amount to 10 percent of S&P 1500 firms’ collective profits. These workers do not own the assets—the portfolios or the companies—that they manage. Their incomes constitute wages paid for managerial labor rather than a return on invested capital. The enormous paydays reflect what prominent business analysts recently called a war between talent and capital—a war that talent is winning.
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Daniel Markovits (The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite)
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A recent study from the University of Chicago’s Booth School of Business (not a place known for its socialist tendencies) uses a clever trick to answer whether tax cuts that benefit the rich have more or less of a growth effect than tax cuts that benefit the rest of the economy. Different states have very different income distributions, and therefore tax cuts for the rich should have very different consequences in different states. Connecticut, for example, has many more rich people than Maine. Using the thirty-one tax reforms since the war, the study shows that tax cuts benefitting the top 10 percent produce no significant growth in employment and income, whereas tax cuts for the bottom 90 percent do.56
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Abhijit V. Banerjee (Good Economics for Hard Times: Better Answers to Our Biggest Problems)
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In an economy that prizes immediacy and flexibility, how do we manage time? In a culture that values autonomy and self-reliance, how do we motivate ourselves? In a world in which material excess is now as much a problem as deficiency, how do we relate to stuff? In a period of increasing uncertainty but ubiquitous monitoring, how do we know what really works? When others are within a finger's reach on our devices, how ought we connect and relate to one another? When we realize that nothing, even the most clever hacks, will save us from uncertainty and loss, how do we find meaning in life? (*Hacking Life*, p. 10 )
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Joseph Reagle
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There was support for Immelt’s foray into software in the traditionally gritty industrial world. Marc Andreessen famously wrote in 2011 that “software is eating the world,” meaning that it was transforming and disrupting businesses and sectors throughout the economy. But the widespread innovation, he noted, wouldn’t be as destructive for certain companies. “In some industries, particularly those with a heavy real-world component such as oil and gas, the software revolution is primarily an opportunity for incumbents,” he wrote. “Over the next 10 years, the battles between incumbents and software-powered insurgents will be epic.” GE
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Thomas Gryta (Lights Out: Pride, Delusion, and the Fall of General Electric)
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False political news traveled deeper and more broadly, reached more people, and was more viral than any other category of false news. It reached more than 20,000 people nearly three times faster than all other types of false news reached just 10,000 people. News about politics and urban legends spread the fastest and was the most viral. Falsehoods were 70 percent more likely to be retweeted than the truth, even when controlling for the age of the account holder, activity level, and number of followers and followees of the original tweeter and whether the original tweeter was a verified user.
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Sinan Aral (The Hype Machine: How Social Media Disrupts Our Elections, Our Economy, and Our Health--and How WeMust Adapt)
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The prospects for electric power in the twenty-first century can be summarized in a single word: growth. Electricity consumption, both worldwide and in the United States, has doubled since 1980. It is expected, on a global basis, to about double again by 2035. And the absolute amount of the doubling this time will be so much larger, as it is off a much larger base. An increase on such a scale is both enormous and expensive. The cost for building the new capacity to accommodate this growth between now and 2035 is currently estimated at $10 trillion—and is rising. But that expansion is what will be required to support what could be by then a $130 or $140 trillion world economy.1 Such very big numbers generate very big questions—and a fierce battle. What kind of power plants to construct and, then, how to get them built? The crux of the matter is fuel choice. Making those choices involves a complex argument over energy security and physical safety, economics, environment, carbon and climate change, values and public policy, and over the basic requirement of reliability—keeping on not just the lights but everything else in this digital age. The centrality of electricity makes the matter of fuel choice and meeting future power needs one of the most fundamental issues for the global economy.
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Daniel Yergin (The Quest: Energy, Security, and the Remaking of the Modern World)
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З важкої промисловості в місті розвиваються лише супермаркети.
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Serhiy Zhadan (Господь симпатизує аутсайдерам. 10 книг віршів.)
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The God of covenant is a God of hospitality who welcomes into the community and into the political economy those who are inconvenient. This is the God who executes justice for the orphan and the widow, and who loves the strangers, providing them food and clothing. (Deut 10:18) Imagine God making provision for food and clothing for those outside “the tribe”! That provision, moreover, is said to be an “execution of justice,” so that the needs of orphan, widow, and immigrant are not charity but a just right.
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Walter Brueggemann (Tenacious Solidarity: Biblical Provocations on Race, Religion, Climate, and the Economy)
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PayPal’s big challenge was to get new customers. They tried advertising. It was too expensive. They tried BD [business development] deals with big banks. Bureaucratic hilarity ensued. … the PayPal team reached an important conclusion: BD didn’t work. They needed organic, viral growth. They needed to give people money. So that’s what they did. New customers got $10 for signing up, and existing ones got $10 for referrals. Growth went exponential, and PayPal wound up paying $20 for each new customer. It felt like things were working and not working at the same time; 7 to 10 percent daily growth and 100 million users was good. No revenues and an exponentially growing cost structure were not. Things felt a little unstable. PayPal needed buzz so it could raise more capital and continue on. (Ultimately, this worked out. That does not mean it’s the best way to run a company. Indeed, it probably isn’t.)2
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Geoffrey G. Parker (Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You)
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Most important, the PayPal team realized that getting users to sign up wasn’t enough; they needed them to try the payment service, recognize its value to them, and become regular users. In other words, user commitment was more important than user acquisition. So PayPal designed the incentives to tip new customers into the ranks of active users. Not only did the incentive payments make joining PayPal feel riskless and attractive, they also virtually guaranteed that new users would start participating in transactions—if only to spend the $10 they’d been gifted in their accounts.
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Geoffrey G. Parker (Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You)
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We live in an era that involves an extraordinary amount of change. To see this, consider the rate of global economic growth, which in recent decades averaged around 3 percent per year.51 This is historically unprecedented. For the first 290,000 years of humanity’s existence, global growth was close to 0 percent per year; in the agricultural era that increased to around 0.1 percent, and it accelerated from there after the Industrial Revolution. It’s only in the last hundred years that the world economy has grown at a rate above 2 percent per year. Putting this another way: from 10,000 BC onwards, it took many hundreds of years for the world economy to double in size. The most recent doubling took just
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William MacAskill (What We Owe the Future)
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The rise of AWS and other cloud computing providers, in turn, helped to drive still more innovation, lowering the cost of computing power and fueling the conditions that drove the emergence of Ecosystem 1.0 in the first place. Startups, suddenly, could get the IT services they needed at a variable rather than a fixed cost—what Amazon called “pay as you go.”28 This created opportunities for new players, but it also made it much easier for established companies to enter new sectors, especially digital ones, and compete in unexpected ways.
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Venkat Atluri (The Ecosystem Economy: How to Lead in the New Age of Sectors Without Borders)
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In a recent article, Zuboff exposes this hoax of free services in her powerful voice: We celebrated the new digital services as free, but now we see that the surveillance capitalists behind those services regard us as the free commodity. We thought that we search Google, but now we understand that Google searches us. We assumed that we use social media to connect, but we learned that connection is how social media uses us. …We’ve begun to understand that “privacy” policies are actually surveillance policies.… The Financial Times reported that a Microsoft facial recognition training database of 10 million images plucked from the internet without anyone’s knowledge and supposedly limited to academic research was employed by companies like IBM and state agencies that included the United States and Chinese military.… ….Privacy is not private, because the effectiveness of these and other private or public surveillance and control systems depends upon the pieces of ourselves that we give up—or that are secretly stolen from us.5 The private flow of data from consumer to machine also promotes the transfer of human agency from humans to machines. The data that surveillance companies capture is their source of power and is the fuel for the new economy of trillions of dollars. Zuboff has called this a “bloodless coup from above” and warns of a growing gap between “what we know and what is known about us”.6 By figuring out the cognitive comfort zones for individuals, AI-driven systems can deliver emotional and psychological needs, thus gradually
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Rajiv Malhotra (Artificial Intelligence and the Future of Power: 5 Battlegrounds)
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Israel remains the biggest recipient of US aid, although the Jewish state is now less reliant on that aid than it once was. While this is true financially, it’s protected diplomatically by the US from a tsunami of global condemnation after decades of occupation and frequent wars on Gaza. US backing remains vital to Israel’s relative strength. Nonetheless, in 1981 US aid was equivalent to roughly 10 percent of Israel’s economy, but by 2020, at close to US$4 billion annually, it was down to around 1 percent.2 For this reason, Israel cares far less about even the mildest American pressure to curtail illegal Jewish colonies in the West Bank, attacks on Gaza, or house demolitions in East Jerusalem.
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Antony Loewenstein (The Palestine Laboratory: How Israel Exports the Technology of Occupation Around the World)
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LOCAL SELF AS HOST FOR NONLOCAL SELF When you drop back into your daily life after meditation, you’re changed. You’ve communed with nonlocal mind for an hour, experiencing the highest possible cadence of who you are. That High Self version of you rearranges neurons in your head to create a physical structure to anchor it. You now have a brain that accommodates both the local self and the nonlocal self. My experience has been that the longer you spend in Bliss Brain, whether in or out of meditation, the greater the volume of neural tissue available to anchor that transcendent self in physical experience. Once a critical mass of neurons has wired together, a tipping point occurs. You begin to flash spontaneously into Bliss Brain throughout your day. When you’re idle for a while, like being stuck in traffic or standing in line at the grocery store, the most natural activity seems to be to go into Bliss Brain for a few moments. This reminds you, in the middle of everyday life, that the nonlocal component of your Self exists. It also brings all the enhanced creativity, productivity, and problem-solving ability of Bliss Brain to bear on your daily tasks. You become a happy, creative, and effective person. These enhanced capabilities render you much more able to cope with the challenges of life. They don’t confer exceptional luck. When everyone’s house burns down, yours does too. When the economy nosedives, it takes you with it. But because you possess resilience, and a daily experience of your nonlocal self, you take it in stride. Even when external things vanish, you still have the neural network that Bliss Brain created. No one can take that away from you. DEEPENING PRACTICES Here are practices you can do this week to integrate the information in this chapter into your life: Posttraumatic Growth Exercise 1: In your journal, write down the names of the most resilient people you’ve known personally. They can be alive or dead. They’re people who’ve gone through tragedy and come out intact. Make an appointment to spend time with at least two of the living ones in the coming month. Listen to their stories and allow inspiration to fill you. Neural Reconsolidation Exercise: This week, after a particularly deep meditation, savor the experience. Set a timer and lie down for 15 to 30 minutes. Visualize your synapses wiring together as you deliberately fire them by remembering the deliciousness of the meditation. Choices Exercise: Make 10 photocopies of illustration 7.4, the two doors. Next, analyze in what areas of your environment you often make negative choices. Maybe it’s in online meetings with an annoying colleague at work. Maybe it’s the food choices you make when you walk to the fridge. Maybe it’s the movies you watch on your TV. Tape a copy of the two doors illustration to those objects, such as the monitor, fridge, or TV. This will help you remember, when you’re under stress, that you have a choice.
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Dawson Church (Bliss Brain: The Neuroscience of Remodeling Your Brain for Resilience, Creativity, and Joy)
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Several forces can widen a company’s moat: a strong brand identity (think of Harley Davidson, whose buyers tattoo the company’s logo onto their bodies); a monopoly or near-monopoly on the market; economies of scale, or the ability to supply huge amounts of goods or services cheaply (consider Gillette, which churns out razor blades by the billion); a unique intangible asset (think of Coca-Cola, whose secret formula for flavored syrup has no real physical value but maintains a priceless hold on consumers); a resistance to substitution (most businesses have no alternative to electricity, so utility companies are unlikely to be supplanted any time soon).5 The company is a marathoner, not a sprinter. By looking back at the income statements, you can see whether revenues and net earnings have grown smoothly and steadily over the previous 10 years.
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Benjamin Graham (The Intelligent Investor)
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Several forces can widen a company’s moat: a strong brand identity (think of Harley Davidson, whose buyers tattoo the company’s logo onto their bodies); a monopoly or near-monopoly on the market; economies of scale, or the ability to supply huge amounts of goods or services cheaply (consider Gillette, which churns out razor blades by the billion); a unique intangible asset (think of Coca-Cola, whose secret formula for flavored syrup has no real physical value but maintains a priceless hold on consumers); a resistance to substitution (most businesses have no alternative to electricity, so utility companies are unlikely to be supplanted any time soon). The company is a marathoner, not a sprinter. By looking back at the income statements, you can see whether revenues and net earnings have grown smoothly and steadily over the previous 10 years.
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Benjamin Graham (The Intelligent Investor)
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Labour-power was not always a commodity (merchandise). Labour was not always wage-labour, i.e., free labour. The slave did not sell his labour-power to the slave-owner, any more than the ox sells his labour to the farmer. The slave, together with his labour-power, was sold to his owner once for all. He is a commodity that can pass from the hand of one owner to that of another. He himself is a commodity, but his labour-power is not his commodity. The serf sells only a portion of his labour-power. It is not he who receives wages from the owner of the land; it is rather the owner of the land who receives a tribute from him. The serf belongs to the soil, and to the lord of the soil he brings its fruit. The free labourer, on the other hand, sells his very self, and that by fractions. He auctions off eight, 10, 12, 15 hours of his life, one day like the next, to the highest bidder, to the owner of raw materials, tools, and the means of life – i.e., to the capitalist. The labourer belongs neither to an owner nor to the soil, but eight, 10, 12, 15 hours of his daily life belong to whomsoever buys them. The worker leaves the capitalist, to whom he has sold himself, as often as he chooses, and the capitalist discharges him as often as he sees fit, as soon as he no longer gets any use, or not the required use, out of him. But the worker, whose only source of income is the sale of his labour-power, cannot leave the whole class of buyers, i.e., the capitalist class, unless he gives up his own existence. He does not belong to this or that capitalist, but to the capitalist class; and it is for him to find his man – i.e., to find a buyer in this capitalist class.
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Karl Marx (Wage Labour and Capital)
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Tibetans also discovered a niche that was almost uniquely their own: collecting medicinal herbs. Herbs were commonly used in both Chinese and Tibetan medicine, and many of the more valuable were found on the Tibetan plateau. Beimu, an alpine lily used to treat coughs, grew at altitudes of more than 10,000 feet, and Tibetan nomads were perfectly situated to collect it. Most lucrative was Cordyceps sinensis, a prized ingredient in traditional medicine, believed to boost immunity, stamina, and lung and kidney function. Tibetans call it yartsa gunbu, meaning “summer grass, winter worm,” or simply bu, “worm,” for short. The worm is actually a fungus that feeds on the larvae of caterpillars. In the past, the worm was commonplace enough that Tibetans would feed it to a sluggish horse or yak, but the Chinese developed a hankering for it that sent prices soaring. Chinese coaches with gold-medal ambitions would feed it to athletes; aging businessmen would eat it to enhance their sexual potency. At one point, the best-quality caterpillar fungus was worth nearly the price of gold, as much as $900 an ounce. Tibetans had a natural monopoly on the caterpillar fungus. Non-Tibetans didn’t have the local knowledge or the lung capacity to compete. The best worm was in Golok, northwest of Ngaba. Nomadic families would bring their children with them, sometimes taking them out of school because their sharp eyesight and short stature allowed them to more easily scan the ground for the worm amid the grasses and weeds. The season ran for approximately forty days of early spring, the time when the melting snow turned the still-brown hills into a spongy carpet. The families would camp out for weeks in the mountains. In a good season, a Tibetan family could make more in this period than a Chinese factory worker could earn in a year. The Communist Party would later brag about how their policies had boosted the Tibetan economy, but the truth was that nothing contributed as much as the caterpillar fungus, which according to one scholar accounted for as much as 40 percent of Tibetans’ cash earnings. Unlike earnings from mining and forestry, industries that came to be dominated by Chinese companies, this was cash that went directly into the pockets of Tibetans. The nomads acquired the spending power to support the new shops and cafés. The golden worm was part of a cycle of rising prosperity.
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Barbara Demick (Eat the Buddha: Life and Death in a Tibetan Town)
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A few key points were well established. The Taliban imposed two religious taxes, ushr and zakat, on the opium economy. The taxes hit farmers, truckers, morphine makers, and smugglers. The tax rates were 10 and 20 percent, prescribed by the Koran, and so not subject to change. Therefore, as opium growing boomed in the south in 2006 and 2007, it was logical to conclude that the Taliban’s coffers had also swelled.
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Steve Coll (Directorate S: The C.I.A. and America's Secret Wars in Afghanistan and Pakistan, 2001-2016)
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The purpose was not to destroy the alliances and organizations that were built after World War II but to spread the responsibilities among key nations for making those alliances and organizations work. The goal was not to destroy but to adjust and modernize (p. 324).
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Jeffrey E. Garten (Three Days at Camp David : How a Secret Meeting in 1971 Transformed The Global Economy)
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Like yes, your toaster is theoretically worth $10 billion until it’s time to sell it—and then it isn’t.
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Kyla Scanlon (In This Economy?: How Money & Markets Really Work)
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The first step is asking what kind of church are we? VALUE DISCOVERY AND DEVELOPMENT It asks why we do what we do? The answer will reveal the church's core values. They are what drive the church, MISSIONS DEVELOPMENT The church's mission statement answers the functional question what are we supposed to be doing? This will enable each church to personalize the great commission and implement it in their unique ministry context. ENVIRONMENTAL SCAN This answers the question what is going on out there? This helps churches anticipate trends and coming changes in the general environment, that affect society, technology, economy, politics. This positions the church to be creative and proactive in thinking, so that we are not over whelmed or left behind in our ministry. VISION DEVELOPMENT While the Mission provides a statement of where the church is going, while the vision paints a picture of what that will look like. Vision development is seeing the church's future for it to happen. STRATEGY DEVELOPMENT The strategy answers the question: How will we get to where we want to be? Once we know (Missions) and see (Vision) where we are going, we must decide how we will get there. A well thought through strategy consists of a target group we want to reach.
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Albert O. Aina (10 Healthy System for Healthy Church Growth)
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For as in the natural economy parents vary the mode of instruction according to the age of their children (that while infants may be taught at first by spoken word, then by the voice of a master and the reading of books and finally may derive instruction by themselves from books), so the heavenly Father who chasteneth his people as a man chasteneth his son (Dt. 8:5), instructs the church yet in infancy and lisping by the spoken word, the simplest mode of revelation. The church presently growing up and in the beginning of its youth constituted under the law, he teaches it both by spoken word (on account of the remains of its infancy) and by writing (on account of the beginnings of a more robust age in the time of the apostles). At length, as of full age under the gospel, he wishes it to be content with the most perfect mode of revelation (viz., with the light of the written word). So the Scriptures are made necessary not only by the necessity of command, but by the hypothesis of the divine economy which God wished to be various and manifold (polypoikilon) according to the different ages of the church (Eph. 3:10).
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Francis Turretin (Institutes of Elenctic Theology (Vol. 1))
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When we say that cage-free egg production costs only 10% to 20% more to produce at the level of retail (not farm) prices, we are assuming that the same distribution system is used for cage and cage-free eggs. When both cage-free and cage eggs are sold, it likely costs more to distribute cage-free eggs. The cage-free sector is small, prohibiting them from realizing the economies of scale enjoyed by the cage egg sector.
Also, they are often different types of eggs. Studies have shown that about half of this 57% pre- mium charged for cage-free eggs is due to the fact that cage-free eggs tend to be brown eggs instead of white eggs. Consumers value brown eggs more, and stores have learned that when they bundle brown eggs with a cage-free production system they can charge particularly high prices. Moreover, cage-free eggs are often targeted to more affluent consumers and come in more elaborate packaging. In economics, this is referred to as price discrimination, and grocery stores probably charge a higher premium for cage-free eggs partly because they can.
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Bob Fischer (The Routledge Handbook of Animal Ethics)
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it is clear that Republicans are 10 to 15 years behind the Democrats’ advanced strategies and tactics on how to win an election. That was the case in 2018, 2020, and 2022.
We saw it play out yet again in elections across select states in 2023. Despite the terrible economy, widespread cultural backlash to “woke” policies, a literal invasion of illegal migrants at our southern border, a disastrous and humiliating defeat and withdrawal of the U.S. military forces from Afghanistan, two massive foreign conflicts, runaway inflation, and the bottomless pit of national debt, Election Day 2023 was a wipeout for Republicans and a big win for Democrats.
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Craig Huey (The Great Deception: 10 Shocking Dangers and the Blueprint for Rescuing The American Dream)
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In precapitalist feudal societies agriculture employed around 80 percent of the population, basic manufactures about 10 percent and services 10 percent. Capitalist economies were marked by industry and manufacturing which, on average, employed 40 to 50 percent of total labor forces in advanced states. Agriculture employed around 20 percent and services the remainder. At the dawn of the 21st century, manufacturing in the US employed around 20 percent of the workforce, agriculture less, with services reaching over 75 percent of all employment.
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Richard Westra (Unleashing Usury: How Finance Opened the Door for Capitalism Then Swallowed It Whole)
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Money begets more money. And what happens when you become really wealthy is that you get into investing. Though most Americans’ net worth is tied up in their homes, the very wealthy hold a majority of their wealth in stocks and private businesses. In fact, the top 10 percent of households in the United States own 84 percent of all stocks, while the bottom 50 percent own just 0.5 percent. This disparity in stock ownership has widened in recent years, with the top 1 percent of households owning 53 percent of all stocks as of 2020.
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Kyla Scanlon (In This Economy?: How Money & Markets Really Work)
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Enjoy the economy of diversity through the diversity of job opportunities and do not delay today's work until tomorrow.... and remember one riyal in your hand now is better than 10 riyals after a year.
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Fahad M Bin Jumah
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The gains in wealth and income have gone largely to a tiny share of the population, as is common knowledge by now. The people in the top 0.1 percent did fantastically well after 1980, those in the top 1 percent did very well, those below them in the top 10 percent enjoyed incomes growing at the same pace as the economy and those in the bottom 90 percent all lost ground—their incomes grew more slowly than the overall economy—during the last four decades.
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Nicholas D. Kristof (Tightrope: Americans Reaching for Hope)
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So how many of the Forbes 400 fortunes from 1982 remained on the list 20 years later? Only 64 of the original members—a measly 16%—were still on the list in 2002. By keeping all their eggs in the one basket that had gotten them onto the list in the first place—once-booming industries like oil and gas, or computer hardware, or basic manufacturing—all the other original members fell away. When hard times hit, none of these people—despite all the huge advantages that great wealth can bring—were properly prepared. They could only stand by and wince at the sickening crunch as the constantly changing economy crushed their only basket and all their eggs.10
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Benjamin Graham (The Intelligent Investor)
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Paul Ricœur has two terms that neatly sum up this difference between modern contracts and God’s covenants.12 Contracts obey a logic of equivalence, a regime of strict justice in which unerring calculation determines the just measure of commitment in each case. It is the logic of the transaction and of the market, a reciprocal paradigm in which debts must be paid in full, but no more. The logic of equivalence belongs to a view of the world in which every gift is a trojan horse that requires reciprocation sooner or later: “They invited us round for dinner and baked their own dessert; we will have to do the same!” It is the ethics of a Derrida who ruefully acknowledges that “for there to be gift, there must be no reciprocity, return, exchange, counter-gift, or debt.”13 This is an impossible standard that leads him to conclude that the pure gift is impossible and could not even be recognized as such: gifts always fall back into economies of debt sooner or later, a grim reality that leads Terry Eagleton to remark “one would not have wished to spend Christmas in the Derrida household.”14 The contractual logic of equivalence is the logic of an eye for an eye and a tooth for a tooth. It is a human logic. God’s covenants, by contrast, operate according to a logic of superabundance, a lavish, gracious, loving paradigm of excess. God walks between the animal parts alone; the exodus rescue precedes the Sinai law; Christ lays down his life in the new covenant in his blood. This is the logic of the “how much more” of the Pauline epistles (Rom 5:9, 10, 15, 17; 11:24; 1 Cor 6:3; 2 Cor 3:9) and the letter to the Hebrews (Heb 9:14; 10:29; 12:9), of going beyond the call of duty, beyond what is right and proper, beyond what could reasonably be demanded on a ledger of credit and debt. The logic of superabundance replaces the fear and submission of Hobbes’s Leviathan or the tyranny of Rousseau’s general will with the love and sacrifice of Christ. It is the logic of grace and the gift. It is a divine logic. The
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Christopher Watkin (Biblical Critical Theory: How the Bible's Unfolding Story Makes Sense of Modern Life and Culture)
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To maximize innovation, maximize the fringes.
Encourage borders, outskirts, and temporary isolation where the voltage of difference can spark the new. The principle of skunk works plays a vital role in the network economy. By definition a network is one huge edge. It has no fixed center. As the network grows it holds increasing opportunities for protected backwaters where innovations can hatch, out of view but plugged in. Once fine-tuned, the innovation can replicate wildly. The global dimensions of the network economy means that an advance can be spread quickly and completely through the globe. The World Wide Web itself was created this way. The first software for the web was written in the relative obscurity of an academic research station in Geneva, Switzerland. Once it was up and running in their own labs in 1991, it spread within six months to computers all around the world.
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Kevin Kelly (New Rules for the New Economy: 10 Radical Strategies for a Connected World)
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It was a strike against the edifice of policy and politics coming to rest upon Keynesian concepts of savings and consumption. Years later, Friedman spelled out the ultimate implications. Dorothy and Rose’s paper fed into a much larger body of research, the permanent income hypothesis, that “removes completely one of the pillars of the ‘secular stagnation’ thesis.” It also had implications for the Keynesian proposition that there was “no automatic force in a monetary economy to assure the existence of a full-employment equilibrium.”9 On the surface, Dorothy and Rose had published a basic research report. Considered in the bigger picture, their conclusions spoke to the politically charged question of consumption. Was the paper deliberately framed as an attack upon Keynes?10 Both women were dedicated empiricists, and the problem in the data was compelling. At the same time, the solution they came up with dovetailed nicely with each woman’s intellectual inclinations. The paper’s emphasis on relative income reflected the traditional approach of consumption research that Dorothy knew well. Dorothy’s long tenure in reformist D.C. agencies suggests that like most consumption economists, she was probably sympathetic to New Deal social spending. By contrast, although Rose has left little trace of her thinking in this period, she was among the most loyal of Frank Knight’s students. His teachings would have primed her to be skeptical of both the New Deal and the Keynesian concepts that were newly popular among economists.
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Jennifer Burns (Milton Friedman: The Last Conservative)
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This thriving new Jerusalem with 132,661 inhabitants by 1931, proved that British rule and Zionist immigration did help create a flourishing economy--and rising Arab immigration: more Arabs immigrated to Palestine than Jews, and the Arab population of Palestine increased by 10 %, twice as fast as that of Syria or Lebanon.*. In ten years, Jerusalem attracted 21,000 new Arabs and 20,000 new Jews....
*The Woodhead Commission of 1938 stated that between 1918 and 1938, the Arab population of Palestine had increased by 419,000, the Jewish population by 343,000.
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Simon Sebag Montefiore (Jerusalem: The Biography)
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This is how I decide what IP to create in the form of an Ai Playbook to create massive value for the audience (and of course, for me). I grab their answers to these six questions:
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Mike Koenigs (The Ai Accelerator: How to 10X Your Productivity, Clone Your Smartest Employees, and Monetize Your IP in the New Ai-Economy)