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What are the common wages of labour, depends everywhere upon the contract usually made between those two parties, whose interests are by no means the same. The workmen desire to get as much, the masters to give as little as possible. The former are disposed to combine in order to raise, the latter in order to lower the wages of labour. It is not, however, difficult to foresee which of the two parties must, upon all ordinary occasions, have the advantage in the dispute, and force the other into a compliance with their terms. The masters, being fewer in number, can combine much more easily; and the law, besides, authorizes, or at least does not prohibit their combinations, while it prohibits those of the workmen. We have no acts of parliament against combining to lower the price of work; but many against combining to raise it. In all such disputes the masters can hold out much longer. A landlord, a farmer, a master manufacturer, a merchant, though they did not employ a single workman, could generally live a year or two upon the stocks which they have already acquired. Many workmen could not subsist a week, few could subsist a month, and scarce any a year without employment. In the long run the workman may be as necessary to his master as his master is to him; but the necessity is not so immediate. We rarely hear, it has been said, of the combinations of masters, though frequently of those of workmen. But whoever imagines, upon this account, that masters rarely combine, is as ignorant of the world as of the subject. Masters are always and everywhere in a sort of tacit, but constant and uniform combination, not to raise the wages of labour above their actual rate. To violate this combination is everywhere a most unpopular action, and a sort of reproach to a master among his neighbours and equals. We seldom, indeed, hear of this combination, because it is the usual, and one may say, the natural state of things, which nobody ever hears of. Masters, too, sometimes enter into particular combinations to sink the wages of labour even below this rate. These are always conducted with the utmost silence and secrecy, till the moment of execution, and when the workmen yield, as they sometimes do, without resistance, though severely felt by them, they are never heard of by other people. Such combinations, however, are frequently resisted by a contrary defensive combination of the workmen; who sometimes too, without any provocation of this kind, combine of their own accord to raise the price of their labour. Their usual pretences are, sometimes the high price of provisions; sometimes the great profit which their masters make by their work. But whether their combinations be offensive or defensive, they are always abundantly heard of. In order to bring the point to a speedy decision, they have always recourse to the loudest clamour, and sometimes to the most shocking violence and outrage. They are desperate, and act with the folly and extravagance of desperate men, who must either starve, or frighten their masters into an immediate compliance with their demands. The masters upon these occasions are just as clamorous upon the other side, and never cease to call aloud for the assistance of the civil magistrate, and the rigorous execution of those laws which have been enacted with so much severity against the combinations of servants, labourers, and journeymen. The workmen, accordingly, very seldom derive any advantage from the violence of those tumultuous combinations, which, partly from the interposition of the civil magistrate, partly from the necessity superior steadiness of the masters, partly from the necessity which the greater part of the workmen are under of submitting for the sake of present subsistence, generally end in nothing, but the punishment or ruin of the ringleaders. But though in disputes with their workmen, masters must generally have the advantage, there is, however, a certain rate be.
Adam Smith
By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement. During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk. For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe. The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became. Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations. Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.
Ben Mezrich (The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees)
thepsychchic chips clips ii If you think of yourself instead as an almost-victor who thought correctly and did everything possible but was foiled by crap variance? No matter: you will have other opportunities, and if you keep thinking correctly, eventually it will even out. These are the seeds of resilience, of being able to overcome the bad beats that you can’t avoid and mentally position yourself to be prepared for the next time. People share things with you: if you’ve lost your job, your social network thinks of you when new jobs come up; if you’re recently divorced or separated or bereaved, and someone single who may be a good match pops up, you’re top of mind. This attitude is what I think of as a luck amplifier. … you will feel a whole lot happier … and your ready mindset will prepare you for the change in variance that will come … 134-135 W. H. Auden: “Choice of attention—to pay attention to this and ignore that—is to the inner life what choice of action is to the outer. In both cases man is responsible for his choice and must accept the consequences.” Pay attention, or accept the consequences of your failure. 142 Attention is a powerful mitigator to overconfidence: it forces you to constantly reevaluate your knowledge and your game plan, lest you become too tied to a certain course of action. And if you lose? Well, it allows you to admit when it’s actually your fault and not a bad beat. 147 Following up on Phil Galfond’s suggestion to be both a detective and a storyteller and figure out “what your opponent’s actions mean, and sometimes what they don’t mean.” [Like the dog that didn’t bark in the Sherlock Holmes “Silver Blaze” story.] 159 You don’t have to have studied the description-experience gap to understand, if you’re truly expert at something, that you need experience to balance out the descriptions. Otherwise, you’re left with the illusion of knowledge—knowledge without substance. You’re an armchair philosopher who thinks that just because she read an article about something she is a sudden expert. (David Dunning, a psychologist at the University of Michigan most famous for being one half of the Dunning-Kruger effect—the more incompetent you are, the less you’re aware of your incompetence—has found that people go quickly from being circumspect beginners, who are perfectly aware of their limitations, to “unconscious incompetents,” people who no longer realize how much they don’t know and instead fancy themselves quite proficient.) 161-162 Erik: Generally, the people who cash the most are actually losing players (Nassim Taleb’s Black Swan strategy, jp). You can’t be a winning player by min cashing. 190 The more you learn, the harder it gets; the better you get, the worse you are—because the flaws that you wouldn’t even think of looking at before are now visible and need to be addressed. 191 An edge, even a tiny one, is an edge worth pursuing if you have the time and energy. 208 Blake Eastman: “Before each action, stop, think about what you want to do, and execute.” … Streamlined decisions, no immediate actions, or reactions. A standard process. 217 John Boyd’s OODA: Observe, Orient, Decide, and Act. The way to outmaneuver your opponent is to get inside their OODA loop. 224 Here’s a free life lesson: seek out situations where you’re a favorite; avoid those where you’re an underdog. 237 [on folding] No matter how good your starting hand, you have to be willing to read the signs and let it go. One thing Erik has stressed, over and over, is to never feel committed to playing an event, ever. “See how you feel in the morning.” Tilt makes you revert to your worst self. 257 Jared Tindler, psychologist, “It all comes down to confidence, self-esteem, identity, what some people call ego.” 251 JT: “As far as hope in poker, f#¢k it. … You need to think in terms of preparation. Don’t worry about hoping. Just Do.” 252
Maria Konnikova (The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win)
How is Single-Person CQB Different? Single-person CQB tactics are different from tactics developed for teams and multiple teams. The reason for this is the increased risk associated with operating alone. Even if you are very experienced in team-level operations, it may still take time for you to master the specific skills and movements needed for single-person operations. Team-level CQB is generally divided into “immediate entry” and “delayed entry” tactics. Immediate entry methods call for offensive, aggressive movement and were developed by elite military special operations forces for hostage rescue situations. Delayed entry tactics are more common in the law enforcement community and are designed to minimize your exposure and maximize the benefits of cover and concealment. For single-person operations, delayed entry is generally a safer option than immediate entry. If you have a team behind you, it is possible to aggressively rush through a door to dominate a room. However, if you are operating alone with no support, it is dangerous to rush into a fight when the odds might not be in your favor. By employing delayed entry tactics you clear as much of a room or hallway as possible from the outside, before you actually make entry. The tactics in this book are primarily delayed entry tactics. Team-level CQB can also be divided into “deliberate” tactics and “emergency” tactics. The difference has less to do with speed and more to do with the level of care and attention applied to the clearing process. It is possible to execute deliberate tactics very quickly, as long as you are careful to clear each room and danger area completely. Essentially, when conducting a deliberate clear, you will not take any shortcuts.
Special Tactics (Single-Person Close Quarters Battle: Urban Tactics for Civilians, Law Enforcement and Military (Special Tactics Manuals Book 1))
Hindu treatise on the art of government, the Arthashastra, lays down the rules of policy for the complete tyrant, describing the organization of his palace, his court, and his state in such fashion as to make Machiavelli seem a liberal. The first rule is that he must trust no one, and be without a single intimate friend. Beyond this, he must organize his government as a series of concentric circles composed of the various ministers, generals, officers, secretaries, and servants who execute his orders, every circle constituting a degree of rank leading up to the king himself at the center—like a spider in its web. Beginning with the circle immediately surrounding the king, the circles must consist alternately of his natural enemies and his natural friends. Because the very highest rank of princes will be plotting to seize the king’s power, they must be surrounded and watched by a circle of ministers eager to gain the king’s favor—and this hierarchy of mutually mistrusting circles must go all the way out to the fringe of the web. Divide et impera—divide and rule. Meanwhile, the king remains in the safety of his inmost apartments, attended by guards who are in turn watched by other guards hidden in the walls. Slaves taste his food for poison, and he must sleep either with one eye open or with his door firmly locked on the inside. In case of a serious revolution, there must be a secret, underground passage giving him escape from the center—a passage containing a lever which will unsettle the keystone of the building and bring it crashing down upon his rebellious court. The Arthashastra does not forget to warn the tyrant that he can never win. He may rise to eminence through ambition or the call of duty, but the more absolute his power, the more he is hated, and the more he is the prisoner of his own trap. The web catches the spider. He cannot wander at leisure in the streets and parks of his own capital, or sit on a lonely beach listening to the waves and watching the gulls. Through enslaving others he himself becomes the most miserable of slaves.
Alan W. Watts (The Book: On the Taboo Against Knowing Who You Are)
Set the table: Decide exactly what you want. Clarity is essential. Write out your goals and objectives before you begin. Plan every day in advance: Think on paper. Every minute you spend in planning can save you five or ten minutes in execution. Apply the 80/20 Rule to everything: Twenty percent of your activities will account for 80 percent of your results. Always concentrate your efforts on that top 20 percent. Consider the consequences: Your most important tasks and priorities are those that can have the most serious consequences, positive or negative, on your life or work. Focus on these above all else. Practice creative procrastination: Since you can't do everything, you must learn to deliberately put off those tasks that are of low value so that you have enough time to do the few things that really count. Use the ABCDE Method continually: Before you begin work on a list of tasks, take a few moments to organize them by value and priority so you can be sure of working on your most important activities. Focus on key result areas: Identify and determine those results that you absolutely, positively have to get to do your job well, and work on them all day long. The Law of Three: Identify the three things you do in your work that account for 90 percent of your contribution, and focus on getting them done before anything else. You will then have more time for your family and personal life. Prepare thoroughly before you begin: Have everything you need at hand before you start. Assemble all the papers, information, tools, work materials, and numbers you might require so that you can get started and keep going. Take it one oil barrel at a time: You can accomplish the biggest and most complicated job if you just complete it one step at a time. Upgrade your key skills: The more knowledgeable and skilled you become at your key tasks, the faster you start them and the sooner you get them done. Leverage your special talents: Determine exactly what it is that you are very good at doing, or could be very good at, and throw your whole heart into doing those specific things very, very well. Identify your key constraints: Determine the bottlenecks or choke points, internal or external, that set the speed at which you achieve your most important goals, and focus on alleviating them. Put the pressure on yourself: Imagine that you have to leave town for a month, and work as if you had to get all your major tasks completed before you left. Maximize your personal power: Identify your periods of highest mental and physical energy each day, and structure your most important and demanding tasks around these times. Get lots of rest so you can perform at your best. Motivate yourself into action: Be your own cheerleader. Look for the good in every situation. Focus on the solution rather than the problem. Always be optimistic and constructive. Get out of the technological time sinks: Use technology to improve the quality of your communications, but do not allow yourself to become a slave to it. Learn to occasionally turn things off and leave them off. Slice and dice the task: Break large, complex tasks down into bite-sized pieces, and then do just one small part of the task to get started. Create large chunks of time: Organize your days around large blocks of time where you can concentrate for extended periods on your most important tasks. Develop a sense of urgency: Make a habit of moving fast on your key tasks. Become known as a person who does things quickly and well. Single handle every task: Set clear priorities, start immediately on your most important task, and then work without stopping until the job is 100 percent complete. This is the real key to high performance and maximum personal productivity.
Brian Tracy (Eat That Frog!: 21 Great Ways to Stop Procrastinating and Get More Done in Less Time)
I’m giving you a chance to walk away, to live. Don’t be a fool--take it.” Cannan tucked his knife into the shaft of his boot, then cast his eyes over Steldor, Galen, Adrik and Koranis. All resolutely met his gaze. “I don’t see fear in this room, Narian,” he said, shaking his head. “Do what you must, as will we.” “Then you’re asking to die!” For a moment there was a pleading note in Narian’s voice, an indication of how torn he was about his position. He didn’t want to put these men to death. “If I arrest you, you will be executed. If I let you go forward, you will fail.” “The only way we could fail,” Steldor interjected in a low voice, “is by accepting what you have handed our people. We owe this to them.” “You owe them your leadership, not the sacrifice of your lives. The High Priestess will not relinquish this province, in that she is unyielding. She and the Overlord fought too long and too hard for it. Don’t do this.” My uncle approached the Cokyrian commander with an almost sympathetic expression. His dark eyes had lost none of their determination, but he meant to reach the young man with his words. “Who are you, Narian?” The question was strange, but Narian seemed to understand its significance. “From the moment you set foot in Hytanica, you have tried to play both sides. You’ve spent far too long being a Cokyrian with Hytanican blood, and it ends now, for better or worse. There is no more in between, so do what you must. Either have us arrested, or allow us to go forward.” Narian met Cannan’s gaze, not discomfited by the taller man’s proximity. In truth, he had nothing at all to fear from us, what with the powers he possessed. But I wished I could see something in his eyes, some indication of what he would do from here. “Very well, Captain. I will do as you say--what I must.” Showing us his back, Narian ascended the stairs, disappearing through the cellar door. Steldor immediately made to follow, but Cannan grasped his shirt. “Let me go,” my cousin snapped, but his father stepped closer, until their faces were just inches apart. “Don’t be reckless,” the captain muttered. “He will kill you if you challenge him.” Steldor gave in, and his father released his grip. “Then what do we do?” Galen asked. “Nothing has changed.” Cannan looked around at the men who would follow his orders, to the grave and beyond. “We will do exactly what we have planned. Until and unless Narian stops us, we proceed.” “But…but isn’t that dangerous?” King Adrik queried. “This has always been dangerous. But I’m willing to take a chance on Narian.” The silence in the aftermath of the captain’s statement reinforced my sense that, at a single wave of the Cokyrian commander’s hand, we would all be buried alive.
Cayla Kluver (Sacrifice (Legacy, #3))
[W]hat befell the philosophers in AD 529 was not just one single law but a staccato burst of legal aggression issued by Justinian. ‘Your Clemency . . . the Glorious and Indulgent’ Justinian is how laws of this period referred to him. Justinian’s reverence, the legal code of the time announced, shone out ‘as a specially pure light, like that of a star’, while Justinian himself was referred to as ‘Your Holiness’; the ‘Glorious emperor’. There was little glorious or indulgent about what was coming. And there was certainly nothing that was clement. This was the end. The ‘impious and wicked pagans’ were to be allowed to continue in their ‘insane error’ no longer. Anyone who refused salvation in the next life would, from now on, be all but damned in this one. A series of legal hammer blows fell: anyone who offered sacrifice would be executed. Anyone who worshipped statues would be executed. Anyone who was baptized – but who then continued to sacrifice – they, too, would be executed. The laws went further. This was no longer mere prohibition of other religious practices. It was the active enforcement of Christianity on every single, sinful pagan in the empire. The roads to error were being closed, forcefully. Everyone now had to become Christian. Every single person in the empire who had not yet been baptized now had to come forward immediately, go to the holy churches and ‘entirely abandon the former error [and] receive saving baptism’. Those who refused would be stripped of all their property, movable and immovable, lose their civil rights, be left in penury and, ‘in addition’ – as if what had gone before was not punishment but mere preamble, they would be ‘subject to the proper punishment’. If any man did not immediately hurry to the ‘holy churches’ with his family and force them also to be baptized, then he would suffer all of the above – and then he would be exiled. The ‘insane error’ of paganism was to be wiped from the face of the earth.
Catherine Nixey (The Darkening Age: The Christian Destruction of the Classical World)
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There was little glorious or indulgent about what was coming. And there was certainly nothing that was clement. This was the end. The “impious and wicked pagans” were to be allowed to continue in their “insane error” no longer.18 Anyone who refused salvation in the next life would, from now on, be all but damned in this one. A series of legal hammer blows fell: Anyone who offered sacrifice would be executed. Anyone who worshipped statues would be executed. Anyone who was baptized—but who then continued to sacrifice—they, too, would be executed.19 The laws went further. This was no longer mere prohibition of other religious practices. It was the active enforcement of Christianity on every single, sinful pagan in the empire. The roads to error were being closed, forcefully. Everyone now had to become Christian. Every single person in the empire who had not yet been baptized now had to come forward immediately, go to the holy churches and “entirely abandon the former error [and] receive saving baptism.” Those who refused would be stripped of all their property, movable and immovable, lose their civil rights, be left in penury and, “in addition”—as if what had gone before was not punishment but mere preamble—they would be “subject to the proper punishment.” If any man did not immediately hurry to the “holy churches” with his family and force them also to be baptized, then he would suffer all of the above—and then he would be exiled. The “insane error” of paganism was to be wiped from the face of the earth.
Catherine Nixey (The Darkening Age: The Christian Destruction of the Classical World)
There is a ‘Maker’ or ‘Modeler’, a single process or intention, but which is many-sided, as though taking into account that different traditions will accord the dominant role to the Gods they privilege. Moreover the name ‘Heart of the Sky’, designating the divinity taking in certain respects the dominant role in this process, is immediately unpacked, in the execution of this creative intention, into three Thunderbolt Gods, Thunderbolt Hurricane, Newborn Thunderbolt and Sudden Thunderbolt in Tedlock’s translation, who seem to correspond to Gods of the Classic era to whom three pyramids are dedicated at the plaza at Palenque dating from the 7th c. CE, and who are also embodied in the three stones of a traditional Mayan hearth.28 The three Thunderbolt Gods of the Popol Vuh appear to represent an entire class of important formative powers. This collective power in turn approaches the Plumed (or Feathered) Serpent, Q’uq’umatz, who is in occultation, so to speak, as a glittering light within the primordial waters, and They conceive together the desire to make manifest the Plumed Serpent’s illumination in the form of a world, with the guiding intention to bring forth beings who are capable of recognizing the Gods. The demiurgic powers known collectively as the Heart of Sky and the Plumed Serpent arrive at an agreement, with the Plumed Serpent apparently providing the paradigm or model for the cosmogonic work, if we may venture a somewhat Platonizing hermeneutic.
Edward P. Butler (The Way of the Gods : Polytheism(s) Around the World)
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