Emergency Fund Quotes

This is true in personal finance, where you’re told to have a six-month emergency fund and save 10% of your salary.

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But you, dear #GIRLBOSS, should save 10 percent at the bare minimum. I know it’s a lot easier to talk about saving money than it is to actually save it. Here’s a tip: Treat your savings account like just another bill. It has to be paid every month, or there are consequences. If you have direct deposit, have a portion of your paycheck automatically diverted into a savings account. Once it’s in there, forget about it. You never saw it anyway. It’s an emergency fund only (and vacations are not emergencies).

Saving for a down payment or cash purchase of a home should occur after becoming debt-free in Step Two and after finishing the emergency fund in Step Three. That makes saving for a down payment Baby Step Three (b). You should save for the home if you have the itch before moving on to the next step. Many people are worried about getting a home, but please let it be a blessing rather than a curse. It will be a curse if you buy something while you are still broke. There are all sorts of folks who are eager to “work with you” so you can make it happen sooner, but the definition of “Creative Financing” is “Too Broke to Buy a House.

the emergency fund is not an investment; it’s insurance—and insurance costs you money.

Being the highly trained investment mogul that I am, I could certainly find places to put that money where it would earn more. Or would it? Remember, personal finance is personal. I have come to realize that Sharon’s peace of mind bought with the oversized emergency fund is a great return on investment. Guys, this can be a wonderful gift to your wife. An Emergency Fund Can

I'm sure someone would say it's my own damn fault. That it was my responsibility to build an emergency fund. At least three months' salary, the experts say. I would love to backhand whoever came up with that number. They clearly never had a job with take-home pay that barely covers rent, food, and utilities. Because here's the thing about being poor-most people don't understand it unless they've been there themselves.

Again, college is important—very important—but it is not the answer to all your kids’ problems. I will be so bold as to say college isn’t even a need; it is a want. It isn’t a necessity; it is a luxury. This luxury is one of the first on my list, but not before retirement, not before an emergency fund, and certainly not as a reason to go into debt.

Baby Steps: Step 1: $1,000 in an emergency fund. Step 2: Pay off all debt except the house utilizing the debt snowball. Step 3: Three to six months of savings in a fully-funded emergency fund. Step 4: Invest 15% of your household income into Roth IRAs and pre-tax retirement plans. Step 5: College Funding (i.e. 529 plan). Step 6: Pay off your home early. Step 7: Build wealth and give.

We said it should be enough to cover three to six months of expenses, but should you go with three months or six months? If you think about the purpose of this fund, it will help you determine what is right for you. The purpose of the fund is to absorb risk, so the more risky your situation, the greater the emergency fund you should have. For example, if you earn straight commission or are self-employed, you should use the six-months rule. If you are single or you are a one-income married household, you should use the six-months rule because a job loss in your situation is a 100 percent cut in household income.

I suggest a Money Market account with no penalties and full check-writing privileges for your emergency fund. We have a large emergency fund for our household in a mutual-fund company Money Market account. Wherever you get your mutual funds, look at the website to find Money Market accounts that pay interest equal to one-year CDs. I haven’t found bank Money Market accounts to be competitive. The FDIC does not insure the mutual-fund Money Market accounts, but I keep mine there anyway because I’ve never known one to fail. Keep in mind that the interest earned is not the main thing. The main thing is that the money is available to cover emergencies. Your wealth building is not going to happen in this account; that will come later, in other places. This account is more like insurance against rainy days than it is investing.

The Taliban emerged from former U.S. allies the mujahideen (“holy warriors”), who were partly funded by the United States in order to counter the Soviet invasion in 1979. There is a Western tendency to view Islamist extremism as intrinsic to Islam and as popular among Muslims, but groups such as the Taliban enjoyed only very minimal support from the Afghan population before the war against the Soviets.

Investment Owner’s Contract I, _____________ ___________________, hereby state that I am an investor who is seeking to accumulate wealth for many years into the future. I know that there will be many times when I will be tempted to invest in stocks or bonds because they have gone (or “are going”) up in price, and other times when I will be tempted to sell my investments because they have gone (or “are going”) down. I hereby declare my refusal to let a herd of strangers make my financial decisions for me. I further make a solemn commitment never to invest because the stock market has gone up, and never to sell because it has gone down. Instead, I will invest $______.00 per month, every month, through an automatic investment plan or “dollar-cost averaging program,” into the following mutual fund(s) or diversified portfolio(s): _________________________________, _________________________________, _________________________________. I will also invest additional amounts whenever I can afford to spare the cash (and can afford to lose it in the short run). I hereby declare that I will hold each of these investments continually through at least the following date (which must be a minimum of 10 years after the date of this contact): _________________ _____, 20__. The only exceptions allowed under the terms of this contract are a sudden, pressing need for cash, like a health-care emergency or the loss of my job, or a planned expenditure like a housing down payment or a tuition bill. I am, by signing below, stating my intention not only to abide by the terms of this contract, but to re-read this document whenever I am tempted to sell any of my investments. This contract is valid only when signed by at least one witness, and must be kept in a safe place that is easily accessible for future reference.

Everything I am is based on this ugly building on its lonely lawn—lit up during winter darkness; open in the slashing rain—which allowed a girl so poor she didn’t even own a purse to come in twice a day and experience actual magic: traveling through time, making contact with the dead—Dorothy Parker, Stella Gibbons, Charlotte Brontë, Spike Milligan. A library in the middle of a community is a cross be-tween an emergency exit, a life raft and a festival. They are cathedrals of the mind; hospitals of the soul; theme parks of the imagination. On a cold, rainy island, they are the only sheltered public spaces where you are not a consumer, but a citizen, instead. A human with a brain and a heart and a desire to be uplifted, rather than a customer with a credit card and an inchoate “need” for “stuff.” A mall—the shops—are places where your money makes the wealthy wealthier. But a library is where the wealthy’s taxes pay for you to become a little more extraordinary, instead. A satisfying reversal. A balancing of the power.

we tend to think that innovation comes from bureaucratic funding, through planning, or by putting people through a Harvard Business School class by one Highly Decorated Professor of Innovation and Entrepreneurship (who never innovated anything) or hiring a consultant (who never innovated anything). This is a fallacy—note for now the disproportionate contribution of uneducated technicians and entrepreneurs to various technological leaps, from the Industrial Revolution to the emergence of Silicon Valley, and you will see what I mean.

There are some Baby Step Three clarifications. Joe asked recently if he should stop his Snowball—Step Two—to get his emergency fund finished. Joe and his wife have twins due in six months. Brad’s plant is closing in four months, and he will lose his job. Mike got a huge severance check of $25,000 last week when his company downsized him. Should these people work on debt or finish the emergency fund? All three should temporarily stop Snowballing and concentrate on the emergency fund because we can see distant storm clouds that are real. Once the storm passes, they can resume the plan as before. Resuming the plan for Joe means that once the babies are born healthy, are home, and everyone is fine, Joe will take the emergency fund back down to $1,000 by using the rest of the savings to pay the Debt Snowball. Resuming for Brad would mean that once he finds his new job, he’ll do the same. Mike should hold his instant emergency fund of $25,000 until he is reemployed. The sooner he can get a job, the more that severance is going to look like a bonus and have a huge impact on the Debt Snowball.

The average household income in America is right around $50,000 per year, according to the Census Bureau. Joe and Suzy Average would invest $7,500 (15 percent) per year or $625 per month. If you make $50,000 per year and have no payments except the house mortgage and live on a budget, can you invest $625 per month? Follow me here. If Joe and Suzy invest $625 per month with no match into Roth IRAs from age thirty to age seventy, they will have $7,588,545 tax-FREE! That is almost $8 million. What if I’m half-wrong? What if you end up with only $4 million? What if I’m six times wrong? Sure beats the 97 out of 100 sixty-five-year-olds who can’t write a check for $600! I would submit to you that Joe and Suzy are well below average. Why? In our example they started at the average household income in America, and in forty years of work never got a raise. They saved 15 percent of income and never increased it by one dollar. There is no excuse to retire without financial dignity in the United States today. Most of you will have well over $2 million pass through your hands in your working lifetime, so do something about catching some of that money. Gayle asked me one day if it was too late for her to start saving. Gayle wasn’t twenty-seven like Joe and Suzy. She was fifty-seven years old, but with her attitude you would have thought this lady was 107. Harold Fisher had a much better outlook at age one hundred than Gayle did at age fifty-seven. Life had dealt her some blows and had knocked most of the hope out of her. A Total Money Makeover is not a magic show. You start where you are, and you do the steps. These steps work if you are twenty-seven or fifty-seven, and they don’t change. Gayle might be starting the retirement investing step at sixty that Joe and Suzy start at thirty years old. Gayle was unwise to enter her sixties without an emergency fund and with credit-card debt and a car payment. She, like all of us, couldn’t save when she has debt and no umbrella for when it rains. Would it have been better for Gayle to start when she was twenty-seven or even forty-seven? Obviously. But once she was done with the pity party, she still needed to start with Baby Step One and follow The Total Money Makeover step-by-step to put herself in the best position possible.

In these lean years, the Bolsheviks turned to crime to raise the funds they needed to stay alive as a movement, and the man who emerged as the John Dillinger of the Leninist faction was Stalin. “Sometimes a scoundrel is useful to our party,” Lenin wrote, “precisely because he is a scoundrel.

Dylan Rodriguez defines the non-profit industrial complex as “a set of symbiotic relationships that link political and financial technologies of state and owning class control with surveillance over public political ideology, including and especially emergent progressive and leftist social movements.

Just like religion, science as an institution is and always has been plagued by the temptations of confirmation bias. With alarming ease it morphs into pseudoscience, even – perhaps especially – in the hands of elite experts, and especially when predicting the future and when there’s lavish funding at stake.

There are no certainties in life—not even death and taxes if we assign a nonzero probability to the invention of technologies that let us upload the contents of our brains into a cloud-computing network and the emergence of a future society so public-spirited and prosperous that the state can be funded with charitable donations.

Industry leaders like IBM, Google, and Microsoft have been at the forefront, channeling significant portions of their extensive R&D budgets into quantum computing research and development. Alongside these tech giants, a dynamic landscape of startups has emerged, with companies such as Rigetti Computing, IonQ, and D-Wave collectively securing hundreds of millions of dollars in funding.

Jot down a few important personal details and passwords. Assign or update your beneficiaries. Update (or finally get) the right insurance policies. Finish your will, living will, and power-of-attorney documents. Plan for at least six months of expenses in a savings fund. Save for a long and lovely retirement or an emergency tomorrow. Prioritize the urgent items from the not-so-important.

If your teacher is in a private, for-profit school, however, and you withdraw your child, then the owner of the school will quickly feel the effect in his pocket, and the bad teacher will be fired. In a free system the parent, the consumer, is the boss. Tooley found that private-school proprietors constantly monitor their teachers and follow up parents’ complaints. His team visited classrooms in various parts of India and Africa, and found teachers actually teaching in fewer of the government classrooms they visited than in private classrooms – sometimes little more than half as many. Despite having no public funds or aid money, the unrecognised private schools had better facilities such as toilets, electricity and blackboards. Their pupils also got better results, especially in English and mathematics. The

In 1980 the Latin American nations collectively were receiving from their external creditors—major banks, the International Monetary Fund, the World Bank—about $11 billion more than they were losing in capital transfers back to wealthy-nation interests. But by 1985 these nations would be losing $35 billion more a year in capital transfers to North America and Europe than they received in loans and investments.41

Sol Bloom, chief of the Midway, emerged from the fair a rich young man. He invested heavily in a company that bought perishable foods and shipped them in the latest refrigerated cars to far-off cities. It was a fine, forward-looking business. But the Pullman strike halted all train traffic through Chicago, and the perishable foods rotted in their traincars. He was ruined. He was still young, however, and still Bloom. He used his remaining funds to buy two expensive suits, on the theory that whatever he did next, he had to look convincing. “But one thing was quite clear. . . .” he wrote. “[B]eing broke didn’t disturb me in the least. I had started with nothing, and if I now found myself with nothing, I was at least even. Actually, I was much better than even: I had had a wonderful time.” Bloom went on to become a congressman and one of the crafters of the charter that founded the United Nations.

In a 2008 retrospective paper on the 1975 Asilomar conference that he co-organized—the conference that led to a moratorium on genetic modification of humans—the biologist Paul Berg wrote,16 There is a lesson in Asilomar for all of science: the best way to respond to concerns created by emerging knowledge or early-stage technologies is for scientists from publicly funded institutions to find common cause with the wider public about the best way to regulate—as early as possible. Once scientists from corporations begin to dominate the research enterprise, it will simply be too late.

We cannot pick and choose whom among the oppressed it is convenient to support. We must stand with all the oppressed or none of the oppressed. This is a global fight for life against corporate tyranny. We will win only when we see the struggle of working people in Greece, Spain, and Egypt as our own struggle. This will mean a huge reordering of our world, one that turns away from the primacy of profit to full employment and unionized workplaces, inexpensive and modernized mass transit, especially in impoverished communities, universal single-payer health care and a banning of for-profit health care corporations. The minimum wage must be at least $15 an hour and a weekly income of $500 provided to the unemployed, the disabled, stay-at-home parents, the elderly, and those unable to work. Anti-union laws, like the Taft-Hartley Act, and trade agreements such as NAFTA, will be abolished. All Americans will be granted a pension in old age. A parent will receive two years of paid maternity leave, as well as shorter work weeks with no loss in pay and benefits. The Patriot Act and Section 1021 of the National Defense Authorization Act, which permits the military to be used to crush domestic unrest, as well as government spying on citizens, will end. Mass incarceration will be dismantled. Global warming will become a national and global emergency. We will divert our energy and resources to saving the planet through public investment in renewable energy and end our reliance on fossil fuels. Public utilities, including the railroads, energy companies, the arms industry, and banks, will be nationalized. Government funding for the arts, education, and public broadcasting will create places where creativity, self-expression, and voices of dissent can be heard and seen. We will terminate our nuclear weapons programs and build a nuclear-free world. We will demilitarize our police, meaning that police will no longer carry weapons when they patrol our streets but instead, as in Great Britain, rely on specialized armed units that have to be authorized case by case to use lethal force. There will be training and rehabilitation programs for the poor and those in our prisons, along with the abolition of the death penalty. We will grant full citizenship to undocumented workers. There will be a moratorium on foreclosures and bank repossessions. Education will be free from day care to university. All student debt will be forgiven. Mental health care, especially for those now caged in our prisons, will be available. Our empire will be dismantled. Our soldiers and marines will come home.

Here’s a Reader’s Digest version of my approach. I select mutual funds that have had a good track record of winning for more than five years, preferably for more than ten years. I don’t look at their one-year or three-year track records because I think long term. I spread my retirement, investing evenly across four types of funds. Growth and Income funds get 25 percent of my investment. (They are sometimes called Large Cap or Blue Chip funds.) Growth funds get 25 percent of my investment. (They are sometimes called Mid Cap or Equity funds; an S&P Index fund would also qualify.) International funds get 25 percent of my investment. (They are sometimes called Foreign or Overseas funds.) Aggressive Growth funds get the last 25 percent of my investment. (They are sometimes called Small Cap or Emerging Market funds.) For a full discussion of what mutual funds are and why I use this mix, go to daveramsey.com and visit MyTotalMoneyMakeover.com. The invested 15 percent of your income should take advantage of all the matching and tax advantages available to you. Again, our purpose here is not to teach the detailed differences in every retirement plan out there (see my other materials for that), but let me give you some guidelines on where to invest first. Always start where you have a match. When your company will give you free money, take it. If your 401(k) matches the first 3 percent, the 3 percent you put in will be the first 3 percent of your 15 percent invested. If you don’t have a match, or after you have invested through the match, you should next fund Roth IRAs. The Roth IRA will allow you to invest up to $5,000 per year, per person. There are some limitations as to income and situation, but most people can invest in a Roth IRA. The Roth grows tax-FREE. If you invest $3,000 per year from age thirty-five to age sixty-five, and your mutual funds average 12 percent, you will have $873,000 tax-FREE at age sixty-five. You have invested only $90,000 (30 years x 3,000); the rest is growth, and you pay no taxes. The Roth IRA is a very important tool in virtually anyone’s Total Money Makeover. Start with any match you can get, and then fully fund Roth IRAs. Be sure the total you are putting in is 15 percent of your total household gross income. If not, go back to 401(k)s, 403(b)s, 457s, or SEPPs (for the self-employed), and invest enough so that the total invested is 15 percent of your gross annual pay. Example: Household Income $81,000 Husband $45,000 Wife $36,000 Husband’s 401(k) matches first 3%. 3% of 45,000 ($1,350) goes into the 401(k). Two Roth IRAs are next, totaling $10,000. The goal is 15% of 81,000, which is $12,150. You have $11,350 going in. So you bump the husband’s 401(k) to 5%, making the total invested $12,250.

In the elaborate con that is American electoral politics, the Republican voter has long been the easiest mark in the game, the biggest dope in the room. Everyone inside the Beltway knows this. The Republican voters themselves are the only ones who never saw it. Elections are about a lot of things, but at the highest level, they’re about money. The people who sponsor election campaigns, who pay the hundreds of millions of dollars to fund the candidates’ charter jets and TV ads and 25-piece marching bands, those people have concrete needs. They want tax breaks, federal contracts, regulatory relief, cheap financing, free security for shipping lanes, antitrust waivers and dozens of other things. They mostly don’t care about abortion or gay marriage or school vouchers or any of the social issues the rest of us spend our time arguing about. It’s about money for them, and as far as that goes, the CEO class has had a brilliantly winning electoral strategy for a generation. They donate heavily to both parties, essentially hiring two different sets of politicians to market their needs to the population. The Republicans give them everything that they want, while the Democrats only give them mostly everything. They get everything from the Republicans because you don’t have to make a single concession to a Republican voter. All you have to do to secure a Republican vote is show lots of pictures of gay people kissing or black kids with their pants pulled down or Mexican babies at an emergency room. Then you push forward some dingbat like Michele Bachmann or Sarah Palin to reassure everyone that the Republican Party knows who the real Americans are. Call it the “Rove 1-2.” That’s literally all it’s taken to secure decades of Republican votes, a few patriotic words and a little over-the-pants rubbing. Policywise, a typical Republican voter never even asks a politician to go to second base. While we always got free trade agreements and wars and bailouts and mass deregulation of industry and lots of other stuff the donors definitely wanted, we didn’t get Roe v. Wade overturned or prayer in schools or balanced budgets or censorship of movies and video games or any of a dozen other things Republican voters said they wanted.

After analyzing our current crisis and studying well-established historical precedents, I must conclude that the global bankers have only three possible cards left to play. The first is admitting culpability and working to restore the American economic engine to its free-market potential. History has taught us that the ruling class rarely admits error and never concedes power. The second is to foment so much civil unrest and fear that the general population will be clamoring for a global dictator who will provide them food, shelter, and security in exchange for their individual freedom and sovereignty. I see the emerging militancy of the labor union movement playing right into this scenario. The final play is global conflict where they can try and control the outcome by means of funding both sides.

Facebook’s own North American marketing director, Michelle Klein, who told an audience in 2016 that while the average adult checks his or her phone 30 times a day, the average millennial, she enthusiastically reported, checks more than 157 times daily. Generation Z, we now know, exceeds this pace. Klein described Facebook’s engineering feat: “a sensory experience of communication that helps us connect to others, without having to look away,” noting with satisfaction that this condition is a boon to marketers. She underscored the design characteristics that produce this mesmerizing effect: design is narrative, engrossing, immediate, expressive, immersive, adaptive, and dynamic.11 If you are over the age of thirty, you know that Klein is not describing your adolescence, or that of your parents, and certainly not that of your grandparents. Adolescence and emerging adulthood in the hive are a human first, meticulously crafted by the science of behavioral engineering; institutionalized in the vast and complex architectures of computer-mediated means of behavior modification; overseen by Big Other; directed toward economies of scale, scope, and action in the capture of behavioral surplus; and funded by the surveillance capital that accrues from unprecedented concentrations of knowledge and power. Our children endeavor to come of age in a hive that is owned and operated by the applied utopianists of surveillance capitalism and is continuously monitored and shaped by the gathering force of instrumentarian power. Is this the life that we want for the most open, pliable, eager, self-conscious, and promising members of our society?

What the turbulent months of the campaign and the election revealed most of all, I think, was that the American people were voicing a profound demand for change. On the one hand, the Humphrey people were demanding a Marshall Plan for our diseased cities and an economic solution to our social problems. The Nixon and Wallace supporters, on the other hand, were making their own limited demands for change. They wanted more "law and order," to be achieved not through federal spending but through police, Mace, and the National Guard. We must recognize and accept the demand for change, but now we must struggle to give it a progressive direction. For the immediate agenda, I would make four proposals. First, the Electoral College should be eliminated. It is archaic, undemocratic, and potentially very dangerous. Had Nixon not achieved a majority of the electoral votes, Wallace might have been in the position to choose and influence our next President. A shift of only 46,000 votes in the states of Alaska, Delaware, New Jersey, and Missouri would have brought us to that impasse. We should do away with this system, which can give a minority and reactionary candidate so much power and replace it with one that provides for the popular election of the President. It is to be hoped that a reform bill to this effect will emerge from the hearings that will soon be conducted by Senator Birch Bayh of Indiana. Second, a simplified national registration law should be passed that provides for universal permanent registration and an end to residence requirements. Our present system discriminates against the poor who are always underregistered, often because they must frequently relocate their residence, either in search of better employment and living conditions or as a result of such poorly planned programs as urban renewal (which has been called Negro removal). Third, the cost of the presidential campaigns should come from the public treasury and not from private individuals. Nixon, who had the backing of wealthy corporate executives, spent $21 million on his campaign. Humphrey's expenditures totaled only $9.7 million. A system so heavily biased in favor of the rich cannot rightly be called democratic. And finally, we must maintain order in our public meetings. It was disgraceful that each candidate, for both the presidency and the vice-presidency, had to be surrounded by cordons of police in order to address an audience. And even then, hecklers were able to drown him out. There is no possibility for rational discourse, a prerequisite for democracy, under such conditions. If we are to have civility in our civil life, we must not permit a minority to disrupt our public gatherings.

This view, while understandable, given the sensational media coverage of crack in the 1980s and 1990s, is simply wrong. While it is true that the publicity surrounding crack cocaine led to a dramatic increase in funding for the drug war (as well as to sentencing policies that greatly exacerbated racial disparities in incarceration rates), there is no truth to the notion that the War on Drugs was launched in response to crack cocaine. President Ronald Reagan officially announced the current drug war in 1982, before crack became an issue in the media or a crisis in poor black neighborhoods. A few years after the drug war was declared, crack began to spread rapidly in the poor black neighborhoods of Los Angeles and later emerged in cities across the country.2 The Reagan administration hired staff to publicize the emergence of crack cocaine in 1985 as part of a strategic effort to build public and legislative support for the war.

Kim was twenty-three, single, on her own, and at a job making $27,000 per year. She had recently started her Total Money Makeover. She was behind on credit cards, not on a budget, and barely making her rent because her spending was out of control. She let her car insurance drop because she “couldn’t afford it.” She did her first budget and two days later was in a car wreck. Since it wasn’t bad, the damage to the other guy’s car was only about $550. As Kim looked at me through panicked tears, that $550 might as well have been $55,000. She hadn’t even started Baby Step One. She was trying to get current, and now she had one more hurdle to clear before she even started. This was a huge emergency. Seven years ago George and Sally were in the same place. They were broke with new babies, and George’s career was sputtering. George and Sally fought and scraped through a Total Money Makeover. Today they are debt-free, even their $85,000 home. They have a $12,000 emergency fund, retirement in Roth IRAs, and even the kids’ college is funded. George has grown personally, his career has blossomed, and he now makes $75,000 per year while Sally stays home with the kids. One day a piece of trash flew out of the back of George’s pickup and hit a car behind him on the interstate. The damage was about $550. I think you can see that George and Sally probably adjusted one month’s budget and paid the repairs, while Kim dealt with her wreck for months. The point is that as you get in better shape, it takes a lot more to rock your world. When the accidents occurred, George’s heart rate didn’t even change, but Kim needed a Valium sandwich to calm down. Those true stories illustrate the fact that as you progress through your Total Money Makeover, the definition of an emergency that is worthy to be covered by the emergency fund changes. As you have better health insurance, disability insurance, more room in your budget, and better cars, you will have fewer things that qualify as emergency-fund emergencies. What used to be a huge, life-altering event will become a mere inconvenience.

Imagine, for instance, that all of Washington’s 100,000 lobbyists were to go on strike tomorrow.3 Or that every tax accountant in Manhattan decided to stay home. It seems unlikely the mayor would announce a state of emergency. In fact, it’s unlikely that either of these scenarios would do much damage. A strike by, say, social media consultants, telemarketers, or high-frequency traders might never even make the news at all. When it comes to garbage collectors, though, it’s different. Any way you look at it, they do a job we can’t do without. And the harsh truth is that an increasing number of people do jobs that we can do just fine without. Were they to suddenly stop working the world wouldn’t get any poorer, uglier, or in any way worse. Take the slick Wall Street traders who line their pockets at the expense of another retirement fund. Take the shrewd lawyers who can draw a corporate lawsuit out until the end of days. Or take the brilliant ad writer who pens the slogan of the year and puts the competition right out of business. Instead of creating wealth, these jobs mostly just shift it around.

George W. Bush’s initiative to fight AIDS around the world, the President’s Emergency Plan for AIDS Relief (PEPFAR), saved millions of lives in Africa and elsewhere. From the program’s launch in 2003 to the time Bush left office, the number of HIV-infected people in Africa getting proper treatment went from fewer than fifty thousand to two million. 19 His efforts didn’t go unnoticed by the people of the African continent. When President Bush took a farewell tour of Africa near the end of his second term, massive crowds of grateful Africans cheered for him. 20 Despite massive spending increases spearheaded by Obama, he cut funding for PEPFAR21 and deprived hundreds of thousands of people around of treatment. This inexplicable decision had a devastating effect on Africa, where most AIDS deaths occur. 22 The AIDS Healthcare Foundation was highly critical of Obama’s cuts, which came after he had promised to expand the fight against AIDS months earlier: “This latest action merely confirms what people with HIV/ AIDS and their advocates have long suspected—the President simply is not committed to fighting global AIDS. Coming on the heels of the President’s flowery rhetoric last December, the cynicism is simply breathtaking,” said Michael Weinstein, President of AIDS Healthcare Foundation, which provides free HIV/ AIDS medical care to over 125,000 people in 26 countries abroad. 23 The lesson for Africans: American friendship was fickle and patronizing and they couldn’t trust our promises. And we wonder why ISIS propaganda was so attractive to North Africans.

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Financial Times commentator Martin Wolf concluded in 2010: "We already know that the earthquake of the past few years has damaged Western economies, while leaving those of emerging countries, particularly Asia, standing. It has also destroyed Western prestige. The West has dominated the world economically and intellectually for at least two centuries. That epoch is now over. Hitherto, the rulers of emerging countries disliked the West's pretensions, but respected its competence. This is true no longer. Never again will the West have the sole word." I was reminded of the Asian financial crisis in 1997. When Asian economies were devastated by similarly foolish borrowing the West – including the International Monetary Fund and World Bank – prescribed bitter medicine. They extolled traditional free market principles: Asia should raise interest rates to support sagging currencies, while state spending, debt, subsidies should be cut drastically. Banks and companies in trouble should be left to fail, there should be no bail-outs. South Korea, Thailand, Indonesia were pressured into swallowing the bitter medicine. President Suharto paid the ultimate price: he was forced to resign. Anger against the IMF was widespread. I was in Los Angeles for a seminar organised by the Claremont McKenna College to discuss, among other things, the Asian crisis. The Thai speaker resorted to profanity: F-- the IMF, he screamed. The Asian press was blamed by some Western academics. If we had the kind of press freedoms the West enjoyed, we could have flagged the danger before the crisis hit. Western credibility was torn to shreds when the financial tsunami struck Wall Street. Shamelessly abandoning the policy prescriptions they imposed on Asia, they decided their banks and companies like General Motors were too big to fail. How many Asian countries could have been spared severe pain if they had ignored the IMF? How vain was their criticism of the Asian press, for the almost unfettered press freedoms the West enjoyed had failed to prevent catastrophe.

It was the missionaries who became the brave storm troopers of Christianity, slashing their way through jungles, going where no one had gone before. Mission was now reserved for work among the unreached nations and no longer simply happened next door or around the corner. But the churches that had outsourced their missionary activity to the mission societies tended to drift languidly into the role of fund-raiser for the mission societies. This dilemma was seriously exacerbated when, after World War II, a number of parachurch societies, mainly aimed at reaching young people, were formed. These included Youth for Christ, the Navigators, Campus Crusade for Christ, and so on, and were aimed at reaching students and teens right under the noses of existing churches. Once again, mission was outsourced to specialist agencies, leaving the local church focused primarily around pastoral issues and Sunday worship. Not only did this create the great stepchild, the parachurch, it crippled the church’s witness beyond the Sunday gathering. And again, given the significant cultural effect of the postwar baby boom, we understand the historical reasons why such specialization of local mission occurred. But it only deepened the cleft between missionary activity and church activity. Again, long before all this happened, Roland Allen was deeply concerned. We may compare the relation of the societies to the Church with the institution of divorce in relation to marriage. Just as divorce was permitted for the hardness of men’s hearts because they were unable to observe the divine institution of marriage in its original perfection, so the organization of missionary societies was permitted for the hardness of our hearts, because we had lost the power to appreciate and to use the divine organization of the Church in its simplicity for the purpose for which it was first created.[155] In the end Allen himself despondently capitulated to this great divorce, concluding that “the divine perfection of the Church as a missionary society cannot be recovered simply by abolishing the missionary societies, and saying, let the Church be her own missionary society.”[156] Maybe not in 1926, but today there is an increasing unease with this “divorce” between mission and church. Allen was ahead of his time. He forecast the situation we now find ourselves in—with missionless churches and churchless missions, and neither one being all it should be. We contend that the whole missional church conversation was one that the church has been building toward for over a century. And now is the time to have it. A new generation of young Christians is desperate for the adventure of mission. They were raised in the hermetically sealed environment of missionless church, and those who have emerged with their faith still intact are hungry for the risk and ordeal that only true missional activity can offer.

The period 1820–1850 was one of extremes in the development of education. Incompetent trustees of academy endowments frittered away assets; visionary legislatures set up educational funds, only to raid them for any emergency which arose; forward-looking men wagged an admonishing finger at those in places of responsibility; Governors addressed legislatures, and the press at times vigorously argued in behalf of the uneducated masses. Meanwhile, religious denominations were establishing or getting control of colleges, seminaries, and academies throughout the State; but this contributed little if anything to elementary education.

Chapter 3 What to Do with Money as You Save It Chapters 1 and 2 should have helped you understand the theory behind frugality and develop a practical plan to live on less than half your take-home pay; all in the context of building up your first $25,000. After reading those two chapters, you should understand what you need to do to put yourself in position to save thousands of dollars per month on a middle class income. Now, it’s time to deploy those savings in such a way as to develop your first year of financial runway. Your goal is stockpile a reserve capable of funding your frugal lifestyle for around a full year. Unlike many Americans who struggle to make ends meet, you now face a new problem. A good problem. You now have to decide how to deploy your rapidly expanding savings so that they extend your financial runway as much as possible. There are three initial steps that should be completed, in order, for the seeker of early financial freedom to build up that one-year stockpile. These three steps are (1) to build up an emergency fund of $1000 to $2000; (2) to pay off all “bad debts” (we define this term below) and build strong credit; and then (3) to build up one year of financial runway in the form of cash or equivalents By completing these three steps, readers will set themselves up for the next phase of wealth generation, discussed in part II. They will have the cash and credit they need to buy a home with ease, and will have the financial runway they need to pursue career opportunities with little risk of financial ruin. Central to the discussion in this chapter will be the concepts of debt—both good and bad debt—and credit. We must pay off our bad debts immediately, and treat them as a financial crisis. Good debts can still delay financial freedom, but may not need to be paid off early if money can be put to higher and better use in the meantime. While paying off bad debts and managing other debts, readers will want to focus on improving their credit scores as much as possible, and increase their access to credit.

What does this mean in practical terms? Let’s keep things simple, ignore private equity and commercial real estate, and focus just on the broad stock and bond market. You might buy three funds: an index fund offering exposure to the entire U.S. stock market, an index fund that will give you exposure to both developed foreign stock markets and emerging stock markets, and an index fund that owns the broad U.S. bond market. Suppose we were aiming to build a classic balanced portfolio, with 60 percent in stocks and 40 percent in bonds. Here are some possible investment mixes using index funds offered by major financial firms:     40 percent Fidelity Spartan Total Market Index Fund, 20 percent Fidelity Spartan Global ex U.S. Index Fund and 40 percent Fidelity Spartan U.S. Bond Index Fund. You can purchase these mutual funds directly from Fidelity Investments (Fidelity.com).     40 percent Vanguard Total Stock Market Index Fund, 20 percent Vanguard FTSE All-World ex-US Index Fund and 40 percent Vanguard Total Bond Market Index Fund. You can buy these mutual funds directly from Vanguard Group (Vanguard.com).     40 percent Vanguard Total Stock Market ETF, 20 percent Vanguard FTSE All-World ex-US ETF and 40 percent Vanguard Total Bond Market ETF. You can purchase these ETFs, or exchange-traded funds, through a discount or full-service brokerage firm. You can learn more about each of the funds at Vanguard.com.     40 percent iShares Core S&P Total U.S. Stock Market ETF, 20 percent iShares Core MSCI Total International Stock ETF and 40 percent iShares Core U.S. Aggregate Bond ETF. You can buy these ETFs through a brokerage account and find fund details at iShares.com.     40 percent SPDR Russell 3000 ETF, 20 percent SPDR MSCI ACWI ex-US ETF and 40 percent SPDR Barclays Aggregate Bond ETF. You can invest in these ETFs through a brokerage account and learn more at SPDRs.com.     40 percent Schwab Total Stock Market Index Fund, 20 percent Schwab International Index Fund and 40 percent Schwab Total Bond Market Fund. You can buy these mutual funds directly from Charles Schwab (Schwab.com). The good news: Schwab’s funds have a minimum initial investment of just $100. The bad news: Unlike the other foreign stock funds listed here, Schwab’s international index fund focuses solely on developed foreign markets. Those who want exposure to emerging markets might take a fifth of the money allocated to the international fund—equal to 4 percent of the entire portfolio—and invest it in an emerging markets stock index fund. One option: Schwab has an ETF that focuses on emerging markets.

Even the UN International Children’s Emergency Fund (UNICEF) maintained a discriminatory stance, assigning priority in the provision of aid to the children of “victims of aggression” and relegating those of German background to the end of the queue.55

According to BIS data, professionally managed funds increased their stake in emerging market equity and bonds from $900 billion to $1.4 trillion between 2008 and 2014.11 Set against global totals running into the tens of trillions, those were not huge numbers. But they were comparable to the stock of toxic subprime assets, which had caused such havoc in 2007–2008, and to the debts of Greece, Spain and Ireland, which had destabilized the eurozone in 2010–2012. After subprime and after eurozone sovereign debt, were emerging markets to be the next volume in the “trilogy” of debt crises?12

Once you are debt-free except for your mortgage, bump your starter emergency fund up to three to six months' worth of expenses. That will be your fully funded emergency fund.

Q. Some of the index fund providers today are charging operating expenses considerably higher than, say, Vanguard ever has. In fact, some are charging more than even active funds! Is there a limit to what one should ever pay for an index product? What should that limit be? A. I would draw the line at 0.20 percent in yearly operating expenses for a broad-market index fund. There's not much reason to pay more than that, and some broad-market index funds charge a lot more. A firm like Morgan Stanley, for example, charges what the traffic will bear, getting away with murder, and their investors are losing greatly in the process. [Author's note: The Morgan Stanley S&P 500 Index fund, A class (SPIAX), charges a front load (commission) of 5.25 percent, a net expense ratio of 0.64 percent, and a 12b-1 fee (ongoing marketing fee) of 0.24 percent.] It's absurd. The whole success of indexing depends on low cost. And there's no reason to charge a lot of money for an index fund, as the fund requires no management. In the case of international developed-world funds, I'd draw the line at 0.30 percent. And in the case of emerging markets, I wouldn't pay more than 0.40 percent. That's not to say that costs should be your only consideration in choosing an index fund — you also want a fund issued by a solid company with good people at the helm — but costs should always be paramount.

Maury and I spent more than one month in Pakistan, talking with AID personnel and their Pakistani counterparts and learning about the conduct of the projects over the six-year period. Most importantly, we focused on the dialogue between senior U.S. embassy and mission personnel and those in the Pakistani government responsible for economic policy formulation. One day, he and I were asked to attend a “brown bag luncheon” with the senior mission staff. The idea was to be totally informal, put our feet on the desks and just chat about our impressions. Everyone was eager to learn what Maury thought about the program. Three important things emerged for me out of that discussion. 1. The mission director explained that he had held some very successful consultations and brainstorming sessions with senior Pakistani government leaders. He said the Pakistanis were open to his ideas for needed reform, listened carefully and took extensive notes during these meetings. Although there had been little concrete action to implement these recommendations to date, he was confident they were seriously considering them. Maury smiled and responded, “Yeah. They used to jerk me around the same way when I was in your position. The Paks are masters at that game. They know how to make you feel good. I doubt that they are serious. This is a government of inaction.” The mission director was crestfallen. 2. Then the program officer asked what Maury thought about the mix of projects that had been selected by the government of Pakistan and the mission for inclusion in the program for funding. Maury responded that the projects selected were “old friends” of his. He too, had focused on the same areas i.e. agriculture, health, and power generation and supply. That said, the development problems had not gone away. He gave the new program credit for identifying the same obstacles to economic development that had existed twenty years earlier. 3. Finally, the mission director asked Maury for his impressions of any major changes he sensed had occurred in Pakistan since his departure. Maury thought about that for a while. Then he offered perhaps the most prescient observation of the entire review. He said, when he served in Pakistan in the 1960s, he had found that the educated Pakistani visualized himself and his society as being an important part of the South-Asian subcontinent. “Today” he said, “after having lost East Pakistan, they seem to perceive themselves as being the eastern anchor of the Middle-East.” One wonders whether the Indian government understands this significant shift in its neighbor’s outlook and how important it is to work to reverse that world view among the Pakistanis for India’s own security andwell-being.

Maury and I spent more than one month in Pakistan, talking with AID personnel and their Pakistani counterparts and learning about the conduct of the projects over the six-year period. Most importantly, we focused on the dialogue between senior U.S. embassy and mission personnel and those in the Pakistani government responsible for economic policy formulation. One day, he and I were asked to attend a “brown bag luncheon” with the senior mission staff. The idea was to be totally informal, put our feet on the desks and just chat about our impressions. Everyone was eager to learn what Maury thought about the program. Three important things emerged for me out of that discussion. 1. The mission director explained that he had held some very successful consultations and brainstorming sessions with senior Pakistani government leaders. He said the Pakistanis were open to his ideas for needed reform, listened carefully and took extensive notes during these meetings. Although there had been little concrete action to implement these recommendations to date, he was confident they were seriously considering them. Maury smiled and responded, “Yeah. They used to jerk me around the same way when I was in your position. The Paks are masters at that game. They know how to make you feel good. I doubt that they are serious. This is a government of inaction.” The mission director was crestfallen. 2. Then the program officer asked what Maury thought about the mix of projects that had been selected by the government of Pakistan and the mission for inclusion in the program for funding. Maury responded that the projects selected were “old friends” of his. He too, had focused on the same areas i.e. agriculture, health, and power generation and supply. That said, the development problems had not gone away. He gave the new program credit for identifying the same obstacles to economic development that had existed twenty years earlier. 3. Finally, the mission director asked Maury for his impressions of any major changes he sensed had occurred in Pakistan since his departure. Maury thought about that for a while. Then he offered perhaps the most prescient observation of the entire review. He said, when he served in Pakistan in the 1960s, he had found that the educated Pakistani visualized himself and his society as being an important part of the South-Asian subcontinent. “Today” he said, “after having lost East Pakistan, they seem to perceive themselves as being the eastern anchor of the Middle-East.” One wonders whether the Indian government understands this significant shift in its neighbor’s outlook and how important it is to work to reverse that world view among the Pakistanis for India’s own security andwell-being.

When the corporation’s investment capital becomes impatient for growth, good money becomes bad money because it triggers a subsequent cascade of inevitable incorrect decisions. Innovators who seek funding for the disruptive innovations that could ultimately fuel the company’s growth with a high probability of success now find that their trial balloons get shot down because they can’t get big enough fast enough. Managers of most disruptive businesses can’t credibly project that the business will become very big very fast, because new-market disruptions need to compete against nonconsumption and must follow an emergent strategy process. Compelling them to project big numbers forces them to declare a strategy that confidently crams the innovation into a large, existing, and obvious market whose size can be statistically substantiated. This means competing against consumption.

However, Pauling’s interest in these carotenoids and flavonoids was confined to their chemical structures and the influence of structure on optical properties; he did not address their health functions. In 1941 Pauling was diagnosed with Bright’s disease, or glomerulonephritis, which was at the time an often-fatal kidney disorder. On the advice of physicians at the Rockefeller Institute, he went to San Francisco for treatment by Thomas Addis, an innovative Stanford nephrologist. Addis prescribed a diet low in salt and protein, plenty of water, and supplementary vitamins and minerals that Pauling followed for nearly 14 years and completely recovered. This was dramatic firsthand experience of the therapeutic value of the diet. Revelations When Pauling cast about for a new research direction in the 1950s, he realized that mental illness was a significant public health problem that had not been sufficiently addressed by scientists. Perhaps his mother’s megaloblastic madness and premature death caused by B12 deficiency underlay this interest. At about this time, Pauling’s eldest son, Linus Jr., began a residency in psychiatry, which undoubtedly prompted Pauling to consider the nature of mental illness. Thanks to funding from the Ford Foundation, Pauling investigated the role of enzymes in brain function but made little progress. When he came across a copy of Niacin Therapy in Psychiatry (1962) by Abram Hoffer in 1965, Pauling was astonished to learn that simple substances needed in minute amounts to prevent deficiency diseases could have therapeutic application in unrelated diseases when given in very large amounts. This serendipitous and key event was critically responsible for Pauling’s seminal paper in his emergent medical field. Later, Pauling was especially excited by Hoffer’s observations on the survival of patients with advanced cancer who responded well to his micronutrient and dietary regimen, originally formulated to help schizophrenics manage their illness.19,20 The regimen includes large doses of B vitamins, vitamin C, vitamin E, beta-carotene, selenium, zinc, and other micronutrients. About 40 percent of patients treated adjunctively with Hoffer’s regimen lived, on average, five or more years, and about 60 percent survived four times longer than controls. These results were even better than those achieved by Scottish surgeon Ewan Cameron, Pauling’s close clinical collaborator, in Scotland. After a long and extremely productive career at Caltech,

Government-subsidized private sector job creation is one way forward. Recently, the federal government sponsored a promising short-term subsidized jobs program through something called the TANF Emergency Fund. States that chose to participate were allowed to use TANF dollars to provide employers (mostly in the private sector) with incentives to hire unemployed workers, targeting those on TANF or those who were in a spell of extended unemployment. Each state was given considerable leeway to design the program however it saw fit, often in close collaboration with employers. Across the District of Columbia and the thirty-nine states that took part in the program, employers created more than 260,000 jobs with an investment of only $1.3 billion dollars. Roughly two-thirds of participating employers said they created positions that would not have existed otherwise, and the businesses that took part expressed, on the whole, eagerness to participate in such a program in the future. Further, many participants remained employed after the subsidy ended, and those who had experienced significant trouble finding work especially made gains. Researchers who studied the program noted that it garnered “strong support from employers, workers, and state and local officials from across the political spectrum.” Creating a subsidized jobs program modeled on the TANF Emergency Fund would be one way to improve the circumstances of America’s $2-a-day poor.

Learn before you earn, take risks, and run for what you want most." - Adam Messina

Building on the Pentagon’s anthrax simulation (1999) and the intelligence agency’s “Dark Winter” (2001), Atlantic Storm (2003, 2005), Global Mercury (2003), Schwartz’s “Lockstep” Scenario Document (2010), and MARS (2017), the Gates-funded SPARS scenario war-gamed a bioterrorist attack that precipitated a global coronavirus epidemic lasting from 2025 to 2028, culminating in coercive mass vaccination of the global population. And, as Gates had promised, the preparations were analogous to “preparing for war.”191 Under the code name “SPARS Pandemic,” Gates presided over a sinister summer school for globalists, spooks, and technocrats in Baltimore. The panelists role-played strategies for co-opting the world’s most influential political institutions, subverting democratic governance, and positioning themselves as unelected rulers of the emerging authoritarian regime. They practiced techniques for ruthlessly controlling dissent, expression, and movement, and degrading civil rights, autonomy, and sovereignty. The Gates simulation focused on deploying the usual psyops retinue of propaganda, surveillance, censorship, isolation, and political and social control to manage the pandemic. The official eighty-nine-page summary is a miracle of fortune-telling—an uncannily precise month-by-month prediction of the 2020 COVID-19 pandemic as it actually unfolded.192 Looked at another way, when it erupted five years later, the 2020 COVID-19 contagion faithfully followed the SPARS blueprint. Practically the only thing Gates and his planners got wrong was the year. Gates’s simulation instructs public health officials and other collaborators in the global vaccine cartel exactly what to expect and how to behave during the upcoming plague. Reading through the eighty-nine pages, it’s difficult not to interpret this stunningly prescient document as a planning, signaling, and training exercise for replacing democracy with a new regimen of militarized global medical tyranny. The scenario directs participants to deploy fear-driven propaganda narratives to induce mass psychosis and to direct the public toward unquestioning obedience to the emerging social and economic order. According to the scenario narrative, a so-called “SPARS” coronavirus ignites in the United States in January 2025 (the COVID-19 pandemic began in January 2020). As the WHO declares a global emergency, the federal government contracts a fictional firm that resembles Moderna. Consistent with Gates’s seeming preference for diabolical cognomens, the firm is dubbed “CynBio” (Sin-Bio) to develop an innovative vaccine using new “plug-and-play” technology. In the scenario, and now in real life, Federal health officials invoke the PREP Act to provide vaccine makers liability protection.

For example, maybe you and your spouse decide to cover your parents’ mortgage for three months and match their savings for an emergency fund if they go through Financial Peace University and work the plan.

The resource allocation process determines which deliberate and emergent initiatives get funded and implemented, and which are denied resources.

The great art dealers operated like index funds. They bought everything they could. And they bought it in portfolios, not individual pieces they happened to like. Then they sat and waited for a few winners to emerge. That’s all that happens.

sinking funds are where you save for expected expenses. Sinking funds enable you to prepare for irregular costs in advance, so you will no longer use emergency savings, or resort to using debt, to cover these costs.

Emergency savings can be used to pay for unexpected emergencies only, which include: ➔Unexpected home repairs and replacement of essential items ➔Unexpected essential car repairs ➔Unexpected medical/dental bills ➔Bills and household costs in the event of an unexpected drop in income. Examples of expenses that cannot be funded by emergency savings are: ➔Christmas and birthdays ➔Routine or advance-planned medical/dental treatments ➔Budgeting fails ➔Impulse purchases ➔Non-essential repairs/replacements ➔Holidays.

30 percent—Domestic equities: US stock funds, including small-, mid-, and large-cap stocks 15 percent—Developed-world international equities: funds from developed foreign countries, including the United Kingdom, Germany, and France 5 percent—Emerging-market equities: funds from developing foreign countries, such as China, India, and Brazil. These are riskier than developed-world equities, so don’t go off buying these to fill 95 percent of your portfolio. 20 percent—Real estate investment trusts: also known as REITs. REITs invest in mortgages and residential and commercial real estate, both domestically and internationally. 15 percent—Government bonds: fixed-interest US securities, which provide predictable income and balance risk in your portfolio. As an asset class, bonds generally return less than stocks. 15 percent—Treasury inflation-protected securities: also known as TIPS, these treasury notes protect against inflation. Eventually you’ll want to own these, but they’d be the last ones I’d get after investing in all the better-returning options first.

The California State Teachers’ Retirement System (CalSTRS) provides one example of what leveraging public equities at a system level looks like in practice. It has determined that climate change is a systemic risk and developed a multiyear, multi-asset-class, internally managed Low-Carbon Index (LCI) for passive equity management. Launched in 2017 with a $2.5 billion commitment, the LCI is made up of stocks in all industries in all markets (US, developed, and emerging) around the world. CalSTRS’s goal is for these holdings to have reduced carbon emissions and reserves in each market by between 61 percent and 93 percent in the coming years.4 Since passive index funds hold hundreds, if not thousands, of stocks across all industries, the CalSTRS index will paint a picture of what the future should look like in all companies around the world, in effect setting a benchmark and model for the environmental performance of large corporations on climate change.

SANDINISTAS. The Sandinista National Liberation Front (Frente Sandinista de Liberación Nacional—FSLN), more commonly known as Sandinistas, ruled Nicaragua from 1979 until 1990, attempting to transform the country along Marxist-influenced lines. The group formed in the early 1960s, and spent the first two decades of its existence engaged in a guerrilla campaign against the dictatorship of Anastasio Somoza, receiving backing from Cuba which remained a close ally when the Sandinistas took office. With popular revulsion towards Somoza rising, in 1978 the Sandinistas encouraged the Nicaraguan people to rise up against his regime. After a brief but bloody battle, in July 1979 the dictator was forced into exile, and the Sandinistas emerged victorious. With the country in a state of morass, they quickly convened a multi-interest five-person Junta of National Reconstruction to implement sweeping changes. The junta included rigid Marxist and long-serving Sandinista Daniel Ortega, and under his influence Somoza’s vast array of property and land was confiscated and brought under public ownership. Additionally, mining, banking and a limited number of private enterprises were nationalized, sugar distribution was taken into state hands, and vast areas of rural land were expropriated and distributed among the peasantry as collective farms. There was also a highly successful literacy campaign, and the creation of neighborhood groups to place regional governance in the hands of workers. Inevitably, these socialist undertakings got tangled up in the Cold War period United States, and in 1981 President Ronald Reagan began funding oppositional “Contra” groups which for the entire decade waged an economic and military guerrilla campaign against the Sandinista government. Despite this and in contrast to other communist states, the government fulfilled its commitment to political plurality, prompting the growth of opposition groups and parties banned under the previous administration. In keeping with this, an internationally recognized general election was held in 1984, returning Ortega as president and giving the Sandinistas 61 of 90 parliamentary seats. Yet, in the election of 1990, the now peaceful Contra’s National Opposition Union emerged victorious, and Ortega’s Sandinistas were relegated to the position of the second party in Nicaraguan politics, a status they retain today. The Marxism of the Sandinistas offered an alternative to the Marx- ism–Leninism of the Soviet Bloc and elsewhere. This emanated from the fact that the group attempted to blend a Christian perspective on theories of liberation with a fervent devotion to both democracy and the Marxian concepts of dialectical materialism, worker rule and proletariat-led revolution. The result was an arguably fairly success- ful form of socialism cut short by regional factors.

I don’t mean to imply that no one is minding the store to stop bubbles from getting too big. On the contrary, many smart people are trying to do just that. It’s an immense challenge. The problem is not inattention, ill intention, or negligence. It’s the fact that every decision in the macroeconomic sphere has gigantic stakes attached. The wrong call can cause a lot of damage. To mitigate damage, a welter of rules and regulations has emerged since the global financial crisis. The traditional focus on maintaining sound individual financial institutions has turned by necessity to a larger realm. “Keeping individual financial institutions sound is not enough,” the International Monetary Fund has warned. “Policy makers need a broader approach to safeguard the financial system as a whole. They can use macro-prudential policy to achieve this goal.” That’s a fancy way to say, let’s think about the aggregate picture, not just the moving parts.

Decades later, it emerged that the Ford Foundation had been a major conduit of CIA funds dispersed to influence and manipulate culture

The Financial Priority List Starter emergency fund (three months of living expenses in a high-yield savings account). 1.5.  If your employer matches your contributions to a 401(k) or 403(b) retirement savings account, pay in as much as you can. Pay down high-interest debt (anything with interest over 7 percent). Invest for retirement while also paying off lower-cost debt (again, any debt racking up less than 7 percent in interest, such as most student and car loans, mortgages, and so forth). Save for the Big Life Stuff.

P4 - The good news is that there is at least one emerging technology out there that is looking mighty promising right now: it’s called helium persufflation, and I’m currently orchestrating the funding of the most critical research into making it work. Over the course of 2023 LEV Foundation has coordinated an effort, conceived by Martin O’Dea and Dr. Aubrey de Grey, to lay to rest the lamentable opinion that aging, along with the disease and death it brings, is inevitable - and by extension, that attempts to combat it are unworthy of serious recognition or support. We assert instead that an immediate expansion of work to extend healthy lifespans is not only credible, but indeed crucial to the quality of our collective future. In collaboration with primary author Professor Brian Kennedy, with input and enthusiastic endorsement from iconic researchers and leaders across the field of longevity medicine and allied fields, we are now able to publish the result of that effort - the Dublin Longevity Declaration: Consensus Recommendation to Immediately Expand Research on Extending Healthy Human Lifespans. Whatever your background, we encourage everyone who reads the Declaration and agrees with its message to add your signature, and encourage your friends and colleagues to consider doing the same: www. dublinlongevitydeclaration. org More on all of this here: www. quora. com/profile/Aubrey-de-Grey/answers

When the Fed makes a loan, taking securities or bank loans as collateral, the recipient of the loan deposits the funds in a commercial bank. The bank in turn adds the funds to its reserve account at the Fed. When banks hold substantial reserves, they have little need to borrow from other banks, and so the interest rate that banks charge each other for short-term loans—the federal funds rate—tends to fall. But the FOMC targets that same short-term interest rate when making monetary policy. Without offsetting action, our emergency lending—by increasing the reserves that banks held at the Fed—would tend to push down the federal funds rate and other short-term interest rates. Since April, we had set our target for the federal funds rate at 2 percent—the right level, we thought, to balance our goals of supporting employment and keeping inflation under control. We needed to continue our emergency lending and at the same time prevent the federal funds rate from falling below 2 percent. Thus far, we had successfully resolved the potential inconsistency by selling a dollar’s worth of Treasury securities from our portfolio for each dollar of our emergency lending. The sales of Treasuries drained reserves from the banking system, offsetting the increase in reserves created by our lending. This procedure, known as sterilization, allowed us to make loans as needed while keeping short-term interest rates where we wanted them.

The data bears this out. In addition to a “persistence scorecard,” S&P Dow Jones Indices publishes snapshots of how many mutual funds beat their benchmarks. Most years, a majority underperform their indices, whatever the market. Over multiple years, the data becomes progressively grimmer. As of June 2020, only 15 percent of US stock-pickers had cumulatively managed to surpass their benchmark over the last decade. In bond markets, it is a similar tale, albeit varying depending on the flavor of fixed income. The data is more favorable for fund managers in more exotic, less efficient asset classes, such as emerging markets, but on the whole the data is clear that in the longer run most fund managers still underperform their passive rivals after fees.

To simplify Markowitz’s model, Sharpe stipulated one fundamental underlying factor—the return of the overall stock market—and instead calculated the variation of individual securities relative to this, rather than each security relative to each other. In his formula, it was given the Greek letter beta. So if Coca-Cola’s shares rise by 0.8 percentage points for every 1 percent the broader stock market climbs, it has a beta of 0.8. If a racier stock gains 2 percent, it has a beta of 2. Higher-beta stocks are more volatile, and should therefore offer greater returns than steadier, lower-beta securities. And thus beta became the lingua franca for the returns of the stock market as a whole, while “alpha” later emerged as the term for the extra returns generated by a skilled investor.

Gold Buyer in Chennai: Santhi Jewellery Chennai is a city where gold holds a special place because of its extensive cultural heritage. Gold has been used as a symbol of wealth and prestige in South Indian culture for centuries. Santhi Jewellery is the most popular place to sell gold in Chennai because of its dedication to trust, openness, and excellent service among the many gold buyers there. Why Exchange Gold? The decision to sell gold can be made for a variety of reasons, including the need to upgrade outdated designs, unlock financial liquidity in the event of an emergency, or simply to make a strategic financial decision. In any case, if you want to get the most money for your precious metal, you need to find a reputable gold buyer. Santhi Gems - A Confided in Gold Buyer in Chennai Santhi Gems has procured a standing as quite possibly of the most confided in gold purchaser in Chennai. Santhi Jewellery, which is located in the center of the city, takes pride in providing transparent and sincere evaluations for your gold assets, ensuring that you receive the best price based on market rates at the present time. Why Santhi Jewelers? Fair Market Value: Santhi Jewellery is known for providing honest and accurate gold appraisals. They use cutting-edge technology to evaluate the purity and weight of your gold, ensuring that you are compensated fairly based on current market prices. The process is open and transparent. Experience and knowledge: Santhi Jewellery has a deep understanding of gold's value and market trends thanks to years of experience in the gold industry. Whether your gold is in the form of old jewelry, coins, or bullion, their team of experts will make sure you get the best price for it. A focus on the customer: Customer satisfaction is a top priority at Santhi Jewellery. They make selling easy and comfortable for you, and they make sure that all of your questions are answered. Whether you are selling a little piece of gems or a lot of gold, each exchange is dealt with absolute attention to detail and impressive skill. Payment in a flash: The guarantee of immediate payments is one of the biggest advantages of selling gold at Santhi Jewellery. Payment is processed immediately after your gold has been evaluated and you agree to the price. Because of this, it is a convenient choice for people who require quick access to funds. No extra costs: At Santhi Jewellery, openness is important. Santhi Jewellery guarantees a transparent transaction, in contrast to some gold buyers who may deduct concealed fees or charges. The whole thing is easy, so there won't be any surprises. You'll know exactly how much you'll get. Convenient Location Santhi Jewellery is conveniently located in the center of Chennai, making it convenient for people looking to sell gold in the city. Their courteous staff is always available to assist you with any inquiries, and their modern and secure premises guarantee a safe environment for your transaction. Conclusion Santhi Jewellery is a name that stands out when looking for a dependable Gold Buyer in Chennai because of its professionalism, open process, and dedication to customer satisfaction. Santhi Jewellery guarantees that you will receive the highest possible value for your gold, without any hassle, whether you are selling old gold jewelry or looking for a quick financial solution. Visit them right now for a hassle-free and dependable gold buying experience.

Initially working out of our home in Northern California, with a garage-based lab, I wrote a one page letter introducing myself and what we had and posted it to the CEOs of twenty-two Fortune 500 companies. Within a couple of weeks, we had received seventeen responses, with invitations to meetings and referrals to heads of engineering departments. I met with those CEOs or their deputies and received an enthusiastic response from almost every individual. There was also strong interest from engineers given the task of interfacing with us. However, support from their senior engineering and product development managers was less forthcoming. We learned that many of the big companies we had approached were no longer manufacturers themselves but assemblers of components or were value-added reseller companies, who put their famous names on systems that other original equipment manufacturers (OEMs) had built. That didn't daunt us, though when helpful VPs of engineering at top-of-the-food-chain companies referred us to their suppliers, we found that many had little or no R & D capacity, were unwilling to take a risk on outside ideas, or had no room in their already stripped-down budgets for innovation. Our designs found nowhere to land. It became clear that we needed to build actual products and create an apples-to-apples comparison before we could interest potential manufacturing customers. Where to start? We created a matrix of the product areas that we believed PAX could impact and identified more than five hundred distinct market sectors-with potentially hundreds of thousands of products that we could improve. We had to focus. After analysis that included the size of the addressable market, ease of access, the cost and time it would take to develop working prototypes, the certifications and metrics of the various industries, the need for energy efficiency in the sector, and so on, we prioritized the list to fans, mixers, pumps, and propellers. We began hand-making prototypes as comparisons to existing, leading products. By this time, we were raising working capital from angel investors. It's important to note that this was during the first half of the last decade. The tragedy of September 11, 2001, and ensuing military actions had the world's attention. Clean tech and green tech were just emerging as terms, and energy efficiency was still more of a slogan than a driver for industry. The dot-com boom had busted. We'd researched venture capital firms in the late 1990s and found only seven in the United States investing in mechanical engineering inventions. These tended to be expansion-stage investors that didn't match our phase of development. Still, we were close to the famous Silicon Valley and had a few comical conversations with venture capitalists who said they'd be interested in investing-if we could turn our technology into a website. Instead, every six months or so, we drew up a budget for the following six months. Via a growing network of forward-thinking private investors who could see the looming need for dramatic changes in energy efficiency and the performance results of our prototypes compared to currently marketed products, we funded the next phase of research and business development.

Thurmond Rule,” a largely fictional claim that in presidential-election years the party whose President is in office is supposed to sit on its hands and await the outcome in November. This is named for Senator Strom Thurmond, arch-segregationist to the end; Strom Thurmond, who never saw a wasteful weapons system he didn't want to fund; Strom Thurmond, who attempted to get John Lennon deported; Senator Strom Thurmond, who has no moral standing to be invoked for one blessed thing. If we truly believe that this is a real emergency because these vacancies are denying the opportunity for Americans to be heard when their fundamental rights and liberties are in jeopardy, then we should insist that the Senate not allow the Thurmond rule to be the last word.

The total amount of funds flowing into emerging-market stocks grew by 92 percent between 2000 and 2005, and by a staggering 478 percent between 2005 and 2010.

It was only after World War II that Stanford began to emerge as a center of technical excellence, owing largely to the campaigns of Frederick Terman, dean of the School of Engineering and architect-of-record of the military-industrial-academic complex that is Silicon Valley. During World War II Terman had been tapped by his own mentor, presidential science advisor Vannevar Bush, to run the secret Radio Research Lab at Harvard and was determined to capture a share of the defense funding the federal government was preparing to redirect toward postwar academic research. Within a decade he had succeeded in turning the governor’s stud farm into the Stanford Industrial Park, instituted a lucrative honors cooperative program that provided a camino real for local companies to put selected employees through a master’s degree program, and overseen major investments in the most promising areas of research. Enrollments rose by 20 percent, and over one-third of entering class of 1957 started in the School of Engineering—more than double the national average.4 As he rose from chairman to dean to provost, Terman was unwavering in his belief that engineering formed the heart of a liberal education and labored to erect his famous “steeples of excellence” with strategic appointments in areas such as semiconductors, microwave electronics, and aeronautics. Design, to the extent that it was a recognized field at all, remained on the margins, the province of an older generation of draftsmen and machine builders who were more at home in the shop than the research laboratory—a situation Terman hoped to remedy with a promising new hire from MIT: “The world has heard very little, if anything, of engineering design at Stanford,” he reported to President Wallace Sterling, “but they will be hearing about it in the future.

Step 1: Secure your basic needs: food, clothing and shelter. Step 2: Create a $1,000 emergency fund. Step 3: Pay off all debts as fast as possible, other than your home. Step 4: Increase your emergency fund until it reaches 6 to 10 months of your basic needs. Step 5: Begin saving 15 percent of your income for retirement. Step 6: If so desired, save for your child's college education. Step 7: Pay off your mortgage early. Step 8: Express your values with your money. Tactics That Bring Your Strategies to Life Live by a zero-balance budget, created at

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

When negative findings emerged about some important ingredient, companies would fund studies to counter them.

We also proposed an interesting design for the new fund. Instead of raising the money exclusively from the traditional group of advanced economies, we proposed that emerging markets should help finance it and help govern it. This was partly to reflect the new global balance of power; the rising Asian and South American economies deserved a more influential presence alongside rich establishment nations at the IMF. But it was partly to dilute the power of more conservative European countries; we didn’t want their occasional parochialism and moral hazard fundamentalism to paralyze future crisis responses.

Civic imagination and innovation and creativity are emerging from local ecosystems now and radiating outward, and this great innovation, this great wave of localism that's now arriving, and you see it in how people eat and work and share and buy and move and live their everyday lives, this isn't some precious parochialism, this isn't some retreat into insularity, no. This is emergent. The localism of our time is networked powerfully. And so, for instance, consider the ways that strategies for making cities more bike-friendly have spread so rapidly from Copenhagen to New York to Austin to Boston to Seattle. Think about how experiments in participatory budgeting, where everyday citizens get a chance to allocate and decide upon the allocation of city funds. Those experiments have spread from Porto Alegre, Brazil to here in New York City, to the wards of Chicago. Migrant workers from Rome to Los Angeles and many cities between are now organizing to stage strikes to remind the people who live in their cities what a day without immigrants would look like. In China, all across that country, members of the New Citizens' Movement are beginning to activate and organize to fight official corruption and graft, and they're drawing the ire of officials there, but they're also drawing the attention of anti-corruption activists all around the world. In Seattle, where I'm from, we've become part of a great global array of cities that are now working together bypassing government altogether, national government altogether, in order to try to meet the carbon reduction goals of the Kyoto Protocol. All of these citizens, united, are forming a web, a great archipelago of power that allows us to bypass brokenness and monopolies of control.

In a market where multiple offers are raising prices, Teri Toombs, Principal Broker at Living Room Realty, says she discourages people from overpaying for homes. But some can’t resist. Some people don’t want to continue renting. And they don’t care what that costs. An in-house poll led by Toombs’ colleague Alyssa Isenstein Krueger, Living Room found more than a few first-time buyers with cash to throw around. The Living Room agents that responded said that of 148 first-time buyers served in 2014, 42 percent came to the table with funds from friends and relatives to help grab whatever edge they could leverage. The sums ranged from up to $470,000. It’s not scientific, but it suggests a hard new reality in the market. For those without cash? Those that can’t overpay? “It’s torture. And I try my best to prepare them for what they’re in for and I see them starting to glaze over like, ‘Why is this lady saying all this? Why can’t we just start looking at houses? Why is she bringing us down like this?’” said Toombs. “With determination and being really diligent about it, they can get into a house. But they have to realize that they’re going to be moving into emerging neighborhoods.

My premise is that startups and emerging companies should adopt a new, simple approach—start small, stay lean, raise only the funding you really need, grow the business judiciously and then execute an early exit.

Health related emergency can occur in any one’s life without giving any prior notifications. It is quite tough for some of us to deal with their unexpected health troubles as they are not having sufficient amount of income or saving. To assist such unprivileged people in emergency healthcare loans are planned. With the assistance of this loan service borrowers can easily gain the desired amount of funds to deal with their unexpected health related emergency.

Speaking on ABC’s “This Week,’’ Pfeiffer said Obama has no choice but to act on his own because of Congress’s ‘‘failure to fix the immigration system’’ and to provide extra money to deal with Central American children crossing the US-Mexico border. House Republicans on Friday approved a bill to address the problem of unattended children crossing the Mexican border. The measure would allocate $694 million for border security efforts, including $35 million for the National Guard, and also clear the way for eventual deportation of more than 700,000 immigrants brought here illegally as children. The Senate shelved its own bill on emergency border funds, which means no final congressional action will occur until lawmakers return from their five-week summer break.

The stepped-up patrols began last October after 366 migrants fleeing African countries drowned when their boat capsized a mile from Sicily. After that episode, the European Union pledged nearly $41 million in emergency funds, mainly for financing immigration facilities. The number of migrants who have reached Italy by boat this year has already topped the total of more than 40,000 for the whole of 2013. The pace of arrivals is on track to exceed the record of 62,000 set in 2011.

International Monetary Fund and other groups are currently predicting that some 70% of the world’s growth between now and 2016 will come from emerging markets.

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

As a memorial fund in her memory attracts hundreds of millions of pounds, as Elton John’s Diana tribute becomes the fastest- and biggest-selling record of all time, as the books, videos, magazines and other memorabilia emerge, Diana has joined the pantheon of the immortals.

She was determined to guard against moral hazard and protect the FDIC insurance fund. She saw this as a teachable moment, a chance to show the world that the irresponsibility of WaMu and its bondholders would be punished. She made the same argument the Germans and other moral hazard critics had made against IMF assistance during the emerging-market crises: It will only encourage bad behavior in the future.

Whatever his disappointments, Hamilton, forty, must have left Philadelphia with an immense feeling of accomplishment. The Whiskey Rebellion had been suppressed, the country's finances flourished, and the investigation into his affairs had ended with a ringing exoneration. He had prevailed in almost every major program he had sponsored--whether the bank, assumption, funding the public debt, the tax system, the Customs Service, or the Coast Guard--despite years of complaints and bitter smears. John Quincy Adams later stated that his financial system "operated like enchantment for the restoration of public credit." Bankrupt when Hamilton took office, the United States now enjoyed a credit rating equal to that of any European nation. He had laid the groundwork for both liberal democracy and capitalism and helped to transform the role of the president from passive administrator to active policy maker, creating the institutional scaffolding for America's future emergence as a great power. He had demonstrated the creative uses of government and helped to weld the states irreversibly into one nation. He had also defended Washington's administration more brilliantly that anyone else, articulating its constitutional underpinnings and enunciating key tenets of foreign policy. "We look in vain for a man who, in an equal space of time, has produced such direct and lasting effects upon our institutions and history," Henry Cabot Lodge was to contend. Hamilton's achievements were never matched because he was present at the government's inception, when he could draw freely on a blank slate. If Washington was the father of the country and Madison the father of the Constitution, then Alexander Hamilton was surely the father of the American government.

And, as inflation has fallen, so bonds have rallied in what has been one of the great bond bull markets of modern history. Even more remarkably, despite the spectacular Argentine default – not to mention Russia’s in 1998 – the spreads on emerging market bonds have trended steadily downwards, reaching lows in early 2007 that had not been seen since before the First World War, implying an almost unshakeable confidence in the economic future. Rumours of the death of Mr Bond have clearly proved to be exaggerated. Inflation has come down partly because many of the items we buy, from clothes to computers, have got cheaper as a result of technological innovation and the relocation of production to low-wage economies in Asia. It has also been reduced because of a worldwide transformation in monetary policy, which began with the monetarist-inspired increases in short-term rates implemented by the Bank of England and the Federal Reserve in the late 1970s and early 1980s, and continued with the spread of central bank independence and explicit targets in the 1990s. Just as importantly, as the Argentine case shows, some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the social constituency with an interest in positive real returns on bonds has grown. In the developed world a rising share of wealth is held in the form of private pension funds and other savings institutions that are required, or at least expected, to hold a high proportion of their assets in the form of government bonds and other fixed income securities. In 2007 a survey of pension funds in eleven major economies revealed that bonds accounted for more than a quarter of their assets, substantially lower than in past decades, but still a substantial share.71 With every passing year, the proportion of the population living off the income from such funds goes up, as the share of retirees increases.

For the APA and pharma companies, the emergence of NAMI could not have come at a more opportune moment. This was a parents’ group eager to embrace biological psychiatry, and both the APA and pharmaceutical firms pounced. In 1983, the APA “entered into an agreement with NAMI” to write a pamphlet on neuroleptic drugs, and soon the APA was encouraging its branches across the country “to foster collaborations with local chapters of the National Alliance for the Mentally Ill.”61 The APA and NAMI joined together to lobby Congress to increase funding for biomedical research, and the beneficiary of that effort, the NIMH—which saw its research budget soar 84 percent during the 1980s—thanked the parents for it. “The NIMH in a very meaningful sense is NAMI’s institute,” Judd told NAMI president Laurie Flynn in a 1990 letter.62 By that time, NAMI had more than 125,000 members, most of whom were middle-class, and it was busily seeking to “educate the media, public officials, healthcare providers, educators, the business community, and the general public about the true nature of brain disorders,” said one NAMI leader.63 NAMI brought a powerful moral authority to the telling of the broken-brain story, and naturally pharmaceutical companies were eager to fund its educational programs, with eighteen firms giving NAMI $11.72 million from 1996 to 1999.64

Your financial life is like a sandcastle. You spend time tending to it, building it, and making decisions and choices that you hope will keep it from crumbling. You can control what you can, but there are always things outside of your control—like whether or not, you have the right tools or someone to help you build, when the tide will change and when the waves will start to move in. Financial shocks and emergencies are the waves threatening your sandcastle. The thing about the tides—and emergencies is—they will always come. Sometimes very suddenly as if out of the blue, and sometimes gradually. When it does come in, hopefully you’ll have dug that trench or built that wall. In the same way a trench or a wall is the best defense in weathering the shock of a changing tide, an emergency fund is the first line of defense against a financial shock.

Taking a Founder Retreat The two biggest things that have helped me in my journey as a founder are masterminds and founder retreats. Without those, I sincerely don’t think I would be as successful as I have been. My wife Sherry has a PhD in psychology. She started going on annual retreats after we had kids, where she got away for 48 or 72 hours without podcasts, movies, or books—just herself, a notebook, and silent reflection. When she first started taking retreats, it didn’t sound like my thing. I’m always listening to a podcast or an audiobook. I’m constantly working on the next project. But after seeing her come back from these retreats energized and focused, I decided to give it a try. I booked myself a hotel on the coast and drove out for the weekend with no radio, no project, no kids, and no distractions. Over the course of that two-and-a-half-hour drive, things began to settle. I started feeling everything I hadn’t had time to feel for the past year. In the silence, I had sudden realizations because I was finally giving them quiet time to emerge. During that retreat, it became obvious that my whole life had been about entrepreneurship. Ever since I was a kid, I have wanted to start a business. I’ve always been enamored with being an entrepreneur and the excitement of startups. I realized that I was coming to this decision of what to do next because of the idea of wanting to get away from the thing that had caused me to feel bad—as though startups were at fault rather than the decisions I made. At that time, my podcast had more than 400 episodes, which had been recorded over eight years. That wasn’t an accident. It existed because I loved doing it. I showed up every week even though it didn’t generate any revenue. During my retreat, I realized that being involved in the startup space is my life’s work. The podcast, my books and essays, MicroConf—all were part of my legacy. Instead of selling it off and striking out in a new direction, I decided to double down. Within a couple months, I launched TinySeed. Then I leaned into the next stage for MicroConf, where we transitioned from a community built around in-person events to an online and in-person community, plus mastermind matching, virtual events, funding, and mentorship. I also began working on this book. As a founder, it’s important to know yourself. Even if you started out with firm self-knowledge, the fast pace and pressure of bootstrapping a business—not to mention the pressures of the rest of your life—can make it difficult to see your path. A founder retreat is a way to reacquaint yourself with yourself every so often. After my first founder retreat nearly a decade ago, I started going on a retreat every six months. Now I do one a year, and it’s one of the most important things I do for myself, my business, and my family. If you’re considering a retreat, several years ago Sherry wrote an ebook called The Zen Founder Guide to Founder Retreats that explains exactly what questions to ask yourself, the four steps to ensuring you have a successful retreat, the list of tools she recommends bringing along, and how to translate your insights into action for the next year.

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Putting up to a third of your stock money in mutual funds that hold foreign stocks (including those in emerging markets) helps insure against the risk that our own backyard may not always be the best place in the world to invest.

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

an emergency/protection fund. According to a Princeton University–University of Chicago study in 2014, 40% of Americans say they couldn’t come up with $2,000 if they needed

Among the many lessons that emerge from the geologic record, perhaps the most sobering is that in life, as in mutual funds, past performance is no guarantee of future results.

Actions Summary The following list of new institutions, policies and actions is my best effort at envisaging what is required for Australia to survive the climate emergency. • A National Target and Plan for 95% or more of electricity to be supplied by renewables by 2030. • State plans to electrify all transport, beginning with the swift retirement of non-electric buses and including a plan for 50% of all new car sales to be EVs by 2030. • Implement planned changes to how we work and live so as to minimise unnecessary travel. • A plan for clean hydrogen to replace bunker fuel in shipping. • A plan for the adoption of e-fuels for aviation, with an aim to have all domestic flights running on e-fuel by 2030. • A National Commission for Climate Adaptation, with a Coastal Defence Fund and a Commission for Primary Production operating under its umbrella. • A National Initiative on Drawdown Innovation to provide leadership in early stage research and fund some on-ground projects. • The Federal Government to help convene a Global Working Group on Geoengineering.

The truth that emerged was that Norton Warburg had been siphoning off funds from their investments company, an apparently gilt-edged set-up, to underwrite the disastrous venture capital side, all those skateboards, pizzas and dodgy cars. Eventually the company founder Andrew Warburg fled to Spain, returning to England in 1982, where he was arrested, charged, and served three years. A lot of people lost their money. Because Norton Warburg had been approved by reputable organisations such as American Express and the Bank of England many people had put their entire life savings or pensions in.