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).

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

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.

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.

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

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.

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.

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.

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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.

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.

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.

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.

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

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.

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.

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 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.

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?

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.

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.

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.

As the trio continued their conversation, a sense of hope began to emerge from the depths of their concerns. Stella’s thoughts wandered to the broader implications of smart contracts. “You know, guys,” she said thoughtfully, “although Travis might be right in principle, smart contracts are decentralized and anonymous and if done right, very challenging to connect with a real-life person. Let’s say, as a thought experiment, what if someone created a smart contract that put a price on a leader’s head? A contract that could challenge those in power, just like offering a reward in the past.” Edie raised an eyebrow, intrigued yet cautious. “That’s a scary idea, Stella. We must be careful not to resort to violence. We need to find ways to inspire behavioral change, not replace one oppressive force with another. I severely doubt that this would suffice to bring an end to the cycle of violence we want to step away from in the first place.” Stella considered Edie’s words, but a spark of daring lingered in her eyes. “True, but imagine if we could show the world that the masses, when united, are never powerless. What if we created a smart contract that paid a bounty if a target was hit with a harmless paintball instead, preferably on their forehead? A contract funded by the crowd, proving that collective strength can be a force to reckon with, and signaling to the top-dogs there is an end to what people are willing to accept.

Uno de los grandes inspiradores de estos métodos es el sociólogo y psicólogo francés Gustave Le Bon, cuya obra Psicología de las masas fue aclamada por el dictador italiano Benito Mussolini e inspiró a Joseph Goebbels y, sin duda, a Hitler. El libro, publicado a finales del siglo XIX, no ha perdido nada de su actualidad. Analiza la metamorfosis del individuo cuando se funde en una multitud, lo cual reduce considerablemente sus facultades de reflexión y de voluntad propias: «Desvanecimiento de la personalidad consciente, predominio de la personalidad inconsciente, orientación mediante sugestión y contagio de los sentimientos y las ideas en un mismo sentido y tendencia a transformar inmediatamente en actos las ideas sugeridas, estas son las principales características del individuo en una multitud. Ya no es él mismo, se ha convertido en un autómata al que su voluntad ya no guía». Ante estos mecanismos, un cabecilla puede manipular fácilmente a una multitud. Tiene que utilizar términos que hacen emerger imágenes fuertes, señala Gustave Le Bon, tiene que impresionar, favorecer las pasiones y los deseos de los que lo escuchan, satisfacer el gusto de las multitudes por la leyenda, confundir las fronteras entre lo inverosímil y lo real y, sobre todo, renunciar a cualquier razonamiento. Entonces conseguirá de ellos abnegación, sacrificio de sí mismos, sentido del deber e incluso que renuncien a valores humanos profundamente anclados, hasta el punto de considerar el

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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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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

Specifically, I want to bring these songs and texts to bear on the ecological crisis. It seems to me that the environmental crisis is, at heart, a failure and a perversion of the human imagination. Our imaginations have been taken captive by an ecocidal ideology of economic growth that invariably will render us homeless in a world unfit for habitation. If imagination is the issue, then a redirection of our lives toward creation care will not emerge out of statistics of ecological despoliation, as important as those statistics might be. What we need is liberated imagination, imagination set free to envision an alternative life, an ecological imagination that engenders a life of restorative homemaking in our creational home. Cockburn’s art, especially when interpreted in dialogue with biblical visions, is a rich resource for funding such an imagination.[206]

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,

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

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.

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.

The Mercantilism represented by the Hamilton-Clay tradition transcends the history of the American political economy in its significance. Prior to the Industrial Revolution, France stood out for state commitment to internal improvements: in 1666, Colbert had convinced Louis XIV to finance the Canal du Midi as one aspect of the generations-long campaign to establish centralized state authority over the still-feudal French nation. Since time immemorial however, the public credit of the state had been predominantly devoted to the financing of war, whether the state was in the hands of a feudal king, an absolute monarch, a republican city-state, or the conflation of royal power circumscribed by parliamentary representatives of the propertied classes and tempered by "the mob" that emerged in Britain from 1688. The game between the financial markets and the state was played out over the terms on which the owners of liquid capital would fund the state's armies relative to the problematic likelihood of their being repaid.

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.

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

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.

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.

What’s Your Foreign Policy? Investing in foreign stocks may not be mandatory for the intelligent investor, but it is definitely advisable. Why? Let’s try a little thought experiment. It’s the end of 1989, and you’re Japanese. Here are the facts: Over the past 10 years, your stock market has gained an annual average of 21.2%, well ahead of the 17.5% annual gains in the United States. Japanese companies are buying up everything in the United States from the Pebble Beach golf course to Rockefeller Center; meanwhile, American firms like Drexel Burnham Lambert, Financial Corp. of America, and Texaco are going bankrupt. The U.S. high-tech industry is dying. Japan’s is booming. In 1989, in the land of the rising sun, you can only conclude that investing outside of Japan is the dumbest idea since sushi vending machines. Naturally, you put all your money in Japanese stocks. The result? Over the next decade, you lose roughly two-thirds of your money. The lesson? It’s not that you should never invest in foreign markets like Japan; it’s that the Japanese should never have kept all their money at home. And neither should you. If you live in the United States, work in the United States, and get paid in U.S. dollars, you are already making a multilayered bet on the U.S. economy. To be prudent, you should put some of your investment portfolio elsewhere—simply because no one, anywhere, can ever know what the future will bring at home or abroad. 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.

Set financial goals. • Educate yourself on financial management. • Strive for financial independence. • Spend less than you earn. • Build an emergency fund. • Start with small investments. • Pay attention to day-to-day money management. • Talk about money with

Equity is a classical instrument used to fund private enterprises, with the value of shares based on the expectation of revenues and profit in the private enterprise. As such, equity is an appropriate tool to fund private profit centers, such as the centralized online platforms from the Web 2.0 world, or even the various Dapps emerging in the Web 3.0 landscape.

When playing a bear market, the same rules hold: You want to diversify your risks, especially knowing that collapses move even faster than rallies. You need to decide how much safe cash or near cash you want to hold to sleep at night and to handle financial emergencies, like the loss of your job or your house. Then decide how much to put into longer-term high-quality bonds, like those 30-year Treasuries and AAA corporates, but I think it’s still premature to make this move at the time of this writing, in August 2017. Then decide how much you want to put into a dollar bull fund or the ETF UUP, which tracks the U.S. dollar versus its six major trading partners. If you’re willing to risk part of your wealth, you can also bet on financial assets going down—from stocks to gold. Stocks are the one type of financial asset that goes down in either a deflationary crisis, like the 1930s, or an inflationary one, like the 1970s. So shorting stocks is the best way to prosper in the downturn, either way. But don’t leverage this bet. The markets are simply too volatile. You can short the stock market with no leverage by simply buying an ETF (exchange-traded fund) like the ProShares Short S&P 500 (NYSEArca: SH). It’s an inverse fund on the S&P 500, so if the index goes down 50 percent, you make 50 percent. The ProShares Ultrashort (NYSEArca: QID) is double short the NASDAQ 100, which is likely to get hit the worst. If you make this play, just do a half share, to avoid that two-times leverage (hold the other half in cash or short-term bonds). Direxion Daily Small Cap Bear 3X ETF (NYSEArca: TZA) is triple short the Russell 2000, which is also likely to lead on the way down. So buy only a one-third share of this one, to remain without leverage. (That means the money you allocate here should be one-third in TZA and two-thirds in cash, to offset the leverage.) And unlike the gold bugs, I see gold collapsing. It’s an inflation hedge, not a deflation hedge. If gold rallies back as high as $1,425—on my predicted bear-market rally—then it could easily drop to around $700 within a year. Your last decision is whether to risk some of your funds betting on gold’s downside, for the greatest potential returns. You can buy DB Gold Double Short ETN (NYSEArca: DZZ)—double short gold—at a half share, to offset the leverage, or just simply short GLD, the ETF that follows gold. There you have it. How to handle the coming crash.

It’s best to divide your money among three or four types of stock funds (growth, value, emerging growth, etc.) so you’ll always have some money invested in the most profitable sector of the market.

In building wealth, you can start by setting up your emergency fund. All it takes is $1,000 in the bank. You do this, then you're way ahead of most people in society.

The current political system was never designed to deal with the high complexity and frenetic pace of a knowledge-based economy. Parties and elections may come and go. New methods for fund-raising and campaigning are emerging, but in the United States, where the knowledge economy is most advanced and the Internet allows new political constituencies to form almost instantly, significant change in political structure comes so slowly as to be almost imperceptible. One hardly needs to defend the economic and social importance of political stability. But immobility is another matter. The U.S. political system, two centuries old, changed fundamentally after the Civil War of 1861–1865 and again in the 1930s after the Great Depression, when it adapted itself more fully to the industrial era. Since then the government has certainly grown. But as far as basic, institutional reform is involved, the U.S. political structure will continue crawling along at three miles per hour, with frequent rest stops at the side of the road, until a constitutional crisis strikes.

so I watched these guys closely, hoping to learn from the trajectories their companies followed. Gradually, a pattern began to emerge: Someone had a creative idea, obtained funding, brought on a lot of smart people, and developed and sold a product that got a boatload of attention.

As the foundation lifeline has sustained the NPIC’s emergence into a primary component of US political life, the assimilation of political resistance projects into quasi-entrepreneurial, corporate-style ventures occurs under the threat of unruliness and antisocial “deviance” that rules Abu-Jamal’s US “cavern of fear”: arguably, forms of sustained grassroots social movement that do not rely on the material assets and institutionalized legitimacy of the NPIC have become largely unimaginable within the political culture of the current US Left.

Jennifer Wolch’s notion of a “shadow state” crystallizes this symbiosis between the state and social change organizations, gesturing toward a broader conception of the state’s disciplinary power and surveillance capacities. According to Wolch, the structural and political interaction between the state and the non-profit industrial complex manifests as more than a relation of patronage, ideological repression, or institutional subordination. In excess of the expected organizational deference to state rules and regulations, social change groups are constituted by the operational paradigms of conventional state institutions, generating a reflection of state power in the same organizations that originally emerged to resist the very same state.

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.

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.

The emergence of this stable, public market for state debt was the most politically significant economic innovation of the age. It allowed the British government to borrow funds at a far lower rate than had been the case when it depended on moneylenders and tax farmers—the system that remained in force in France.

Government sales constituted 100 percent of the market for integrated circuits until 1964, and the federal government remained the largest buyer of chips for several years after that. The military had started funding research on new types of electric circuits in the early 1950s, when the tyranny of numbers first emerged. The problems inherent in complex circuits containing large numbers of individual components were particularly severe in defense applications. Such circuits tended to be big and heavy, but the services needed equipment that was light and portable. “The general rule of thumb in a missile was that one extra pound of payload cost $100,000 worth of extra fuel,” Noyce recalled. “The shipping cost of sending up a 50-pound computer was too high even for the Pentagon.” Further, space-age weapons had to be absolutely reliable—a goal that was inordinately difficult to achieve in a circuit with several thousand components and several thousand hand-soldered connections. When the Air Force ordered electronic equipment for the Minuteman I, the first modern intercontinental ballistic missile, specifications called for every single component—not just every radio but every transistor and every resistor in every radio—to have its own individual progress chart on which production, installation, checking, and rechecking could be recorded. Testing, retesting, and re-retesting more than doubled the cost of each electronic part.

Building an emergency fund is perhaps the single best investment available. The first $1000 to $2000 in the bank results in a state of mind unavailable to the guy who has bad debt and lacks emergency funds. The person with a small cash cushion gets to sleep at night, knowing they can afford next month’s rent and their next meal.

Could these groundbreaking and often unsung activists have imagined that only forty years later the 'official' gay rights agenda would be largely pro-police, pro-prisons, and pro-war - exactly the forces they worked so hard to resist? Just a few decades later, the most visible and well-funded arms of the 'LGBT movement' look much more like a corporate strategizing session than a grassroots social justice movement. There are countless examples of this dramatic shift in priorities. What emerged as a fight against racist, anti-poor, and anti-queer police violence now works hand in hand with local and federal law enforcement agencies - district attorneys are asked to speak at trans rallies, cops march in Gay Pride parades. The agendas of prosecutors - those who lock up our family, friends, and lovers - and many queer and trans organizations are becomingly increasingly similar, with sentence- and police-enhancing legislation at the top of the priority list. Hate crimes legislation is tacked on to multi-billion dollar 'defense' bills to support US military domination in Palestine, Iraq, Afghanistan, and elsewhere. Despite the rhetoric of an 'LGBT community,' transgender and gender-non-conforming people are our 'lead' organizations - most recently in the 2007 gutting of the Employment Non-Discrimination Act of gender identity protections. And as the rate of people (particularly poor queer and trans people of color) without steady jobs, housing, or healthcare continues to rise, and health and social services continue to be cut, those dubbed the leaders of the 'LGBT movement' insist that marriage rights are the way to redress the inequalities in our communities.

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.

When policymakers lost interest in Regeneron’s drug for MERS, the company advanced an idea for a pan-coronavirus antibody that could be used if another coronavirus should emerge and threaten a pandemic.27 Regeneron believed it was possible to develop a cocktail of antibodies that would be effective against any coronavirus. But the project couldn’t attract investment from federal agencies like BARDA that would have had to fund these sorts of countermeasures.

Despite my desperate need for money as Pronto emerged from Rexall in 1962, I’d had a bellyful of under-the-table offers from creameries. “We’ll pay you in cash, if you’ll just meet us anywhere outside the United States—our foreign subsidiaries will fund it, and the IRS will never know.” That was a typical pitch. I was prudent enough to guess, however, that it would expose me to blackmail should I ever try to switch brands.

The goal of an emergency fund is to bail you from going to jail while your savings account is about buying you more options. The role of investing is to give you more time freedom.

Before you start to save one penny for a child’s future college costs, I insist that you have the following financial priorities taken care of: You do not have credit card debt. You have an eight-month emergency savings fund. You have a term life insurance policy. You are saving for retirement; aiming to set aside 15% of your gross salary. Until all of that is in place you are not to think about saving for college.

Many of you have heard me say this repeatedly over the years: There is financial aid for college. There are loans for college. But there is no aid or loans to help you in retirement. There is no aid if you run into a rough patch and you do not have sufficient funds in an emergency savings account to navigate your way out of trouble.

A Roth can also be a backup emergency fund. Because your contributions are made with after-tax dollars, you are free to withdraw them (though not the earnings on them) at any age without incurring taxes or penalties.

The tide began to turn in Rudy’s favor when he endorsed Clinton’s crime bill and its funds for social programs he’d just gutted. “My city comes first,” said the mayor to congressional Republicans. “Political parties come second.” His approval rating broke 50%, something Mario Cuomo noticed as he ran for a fourth term, this time against D’Amato’s guy George Pataki. Despite giving signals that he’d sit this one out, Giuliani endorsed Cuomo on live television on October 25, a “Dirty Deal” Republicans packaged to represent everything they hated about New York City. Massive Upstate turnout gave Pataki an easy win, but Rudy had made himself look like the Fusion mayor he’d promised to be, transforming perceptions of his Reaganomic takeover into the rough but necessary medicine of Koch’s emergency budgets.

_____________ ___________________, 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.

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.

in the strategy process, resource allocation is where the rubber meets the road. The resource allocation process determines which deliberate and emergent initiatives get funded and implemented, and which are denied resources. Everything related to strategy inside a company is only intent until it gets to the resource allocation stage. A company’s vision, plans, and opportunities—and all of its threats and problems—all want priority, vying against one another to become the actual strategy the company implements

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.

To guard against possible contagion effects on the rest of Europe, we also recommended that the Europeans construct a credible “firewall”—basically, a joint loan fund with enough heft to give capital markets confidence that in an emergency the eurozone stood behind its members’ debts. Once again, our European counterparts had other ideas. As far as the Germans, the Dutch, and many of the other eurozone members were concerned, the Greeks had brought their troubles on themselves with their shoddy governance and spendthrift ways. Although Merkel assured me that “we won’t do a Lehman” by letting Greece default, both she and her austerity-minded finance minister, Wolfgang Schäuble, appeared determined to condition any assistance on an adequate penance, despite our warnings that squeezing an already battered Greek economy too hard would be counterproductive.

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.

The Queen and I attended many of the sales calls in person, to explain these complexities. I traveled to Boston to meet with some of the top U.S. fund managers, including the managers of two of the largest emerging markets mutual funds in the world, Rob Citrone, portfolio manager at Fidelity Investments, and Mark Siegel, vice president and head of emerging markets at Putnam Investment Management. Both of them, as well as dozens of other fund managers, gave BIDS a big thumbs down. The trade was too complicated, and the fees we were charging were too large. The BIDS deal ended a failure, although it probably would have been worse if Scarecrow had been involved throughout. On the one hand, we were only able to sell $21 million of BIDS in total, mostly because we couldn’t pique the interest of U.S. investors. On the other hand, we were able to charge such an enormous fee on the BIDS we actually sold that the group still grossed half a million dollars in profits.

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

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.