Financial Institutions Quotes

People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.

Free markets are necessary to promote long-term growth, but they are not self-regulating, particularly when it comes to banks and other large financial institutions.

If you remove the English Army tomorrow and hoist the green flag over Dublin Castle., unless you set about the organization of the Socialist Republic your efforts will be in vain. England will still rule you. She would rule you through her capitalists, through her landlords, through her financiers, through the whole array of commercial and individualist institutions she has planted in this country and watered with the tears of our mothers and the blood of our martyrs.

Nine had heard whisperings that the secretive Bilderberg Group was effectively the World Government, undermining democracy by influencing everything from nations' political leaders to the venue for the next war. He recalled persistent rumors and confirmed media reports that the Bilderberg Group had such luminaries as Barack Obama, Prince Charles, Bill Gates, Rupert Murdoch, Tony Blair, Bill and Hillary Clinton, George Bush Sr. and George W. Bush. Other Bilderberg members sprung forth from Nine’s memory bank. They included the founders and CEOs of various multinational corporations like Facebook, BP, Google, Shell and Amazon, as well as almost every major financial institution on the planet.

The fight against climate change is often an opportunity for banks, financial institutions, and ratings agencies to develop a new marketing product, a new green bond, and a new net-zero tracker index fund as often as they can.

The world was already a miserable place in the spring of that cursed year. The New Depression was at its height. Stocks fell, jobs were lost, and consumer consumption fell in a corporate death spiral as the aging technoczars were revealed to have feet of clay. Financial institutions underreacted, the government overreacted, and a society living on borrowed time paid for with borrowed dollars failed. Hard times and hunger came to the Western world, which was all the more of a shock because the generation that survived the last financial collapse had virtually died out.

I really do believe the final act in play is a crisis in our financial institutions, which are doing such dumb, dumb things,

I learned what education was expected to do for an individual. Before going there I had a good deal of the then rather prevalent idea among our people that to secure an education meant to have a good, easy time, free from all necessity for manual labor. At Hampton I not only learned that it was not a disgrace to labor, but learned to love labor, not alone for its financial value, but for labor’s own sake and for the independence and self-reliance which the ability to do something which the world wants done brings. At that institution I got my first taste of what it meant to live a life of unselfishness, my first knowledge of the fact that the happiest individuals are those who do the most to make others useful and happy.

85% of your financial success is due to your personality and ability to communicate, negotiate and lead. Shockingly, only 15% is due to technical knowledge

The lottery is a tax on poor people and on people who can’t do math. Rich people and smart people would be in the line if the lottery were a real wealth-building tool, but the truth is that the lottery is a rip-off instituted by our government. This is not a moral position; it is a mathematical, statistical fact. Studies show that the zip codes that spend four times what anyone else does on lottery tickets are those in lower-income parts of town. The lottery, or gambling of any kind, offers false hope, not a ticket out.

It’s become a cliché by now, but since 2008, no high-ranking executive from any financial institution has gone to jail, not one, for any of the systemic crimes that wiped out 40 percent of the world’s wealth. Even now, after JPMorgan Chase agreed to a settlement north of $13 billion for a variety of offenses and the financial press threw itself up in arms over the government’s supposedly aggressive new approach to regulating Wall Street, the basic principle held true: Nobody went to jail. Not one person.

As the twenty-first century unfolds, it is becoming more and more evident that the major problems of our time – energy, the environment, climate change, food security, financial security – cannot be understood in isolation. They are systemic problems, which means that they are all interconnected and interdependent. Ultimately, these problems must be seen as just different facets of one single crisis, which is largely a crisis of perception. It derives from the fact that most people in our modern society, and especially our large social institutions, subscribe to the concepts of an outdated worldview, a perception of reality inadequate for dealing with our overpopulated, globally interconnected world.

poverty is not the result of rapacious financiers exploiting the poor. It has much more to do with the lack of financial institutions, with the absence of banks, not their presence. Only when borrowers have access to efficient credit networks can they escape from the clutches of loan sharks, and only when savers can deposit their money in reliable banks can it be channelled from the idle rich to the industrious poor.

Oil companies start every war around the world, insurance companies, the medical field, pharmaceutical companies are partners in crime. Financial institution collect all that the little man earned in the past 10 years and the AI will end humanity once and for all

since 2008, no high-ranking executive from any financial institution has gone to jail, not one, for any of the systemic crimes that wiped out 40 percent of the world’s wealth.

The global economy is destroying the world; steal it all and then charge your victims for the service, abandon humanity and save the financial institutions.

DeFi boom is a very near equivalent of an apocalyptic event for the traditional financial institutions.

money is a matter of belief, even faith: belief in the person paying us; belief in the person issuing the money he uses or the institution that honours his cheques or transfers. Money is not metal. It is trust inscribed. And it does not seem to matter much where it is inscribed: on silver, on clay, on paper, on a liquid crystal display.

We are trapped within an economic system that has it backward; it behaves as if there is no end to what is actually finite (clean water, fossil fuels, and the atmospheric space to absord their emissions) while insisting that there are strict and immovable limits to what is actually quite flexible: the financial resources that human institutions manufacture.

Regulatory compliance is crucial in corporate lending, with financial institutions having to adhere to various laws and guidelines. It represents another set of costs and risks that lenders have to consider.

As a source of the fledgling nation's financial might, slavery shaped our political institutions and founding documents, our laws governing private property and financial regulation, our management techniques and accounting systems, and our economic systems and labor unions.

People like Sufiya were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institutions in the country did not help them widen their economic base.

I have long believed the city, the country, indeed the world at large to be run by precisely the wrong kind of people. From the government to the great financial institutions, the peerage to the police force, our lives are controlled without exception by the stupid and greedy, the venal, the rapacious and the undeservedly rich. How much more comfortable would it be if the rulers of the world were not the cognoscenti of the bank balance, the ballot box, the offshore account, but were drawn instead from the ranks of the everyday - honest, kind, stout-hearted, commonplace folk.

Financial resilience isn’t just about money; it’s about building the inner strength to face life’s storms and setbacks.

Knowing your financial identity is just the start—holistic wealth coaching helps you unlock the power within to thrive on your unique path.

Teach your children the power of independence and responsibility; it’s a priceless legacy of wealth.

In holistic wealth coaching, we work not just to achieve financial goals, but to heal money wounds, build resilience, and find joy in every aspect of life.

At Hampton I not only learned that it was not a disgrace to labour, but learned to love labour, not alone for its financial value, but for labour’s own sake and for the independence and self-reliance which the ability to do something which the world wants done brings. At that institution I got my first taste of what it meant to live a life of unselfishness, my first knowledge of the fact that the happiest individuals are those who do the most to make others useful and happy.

A period of tranquil growth thus leads to rising expectations, and a tendency to increase leverage: as Minsky put it in his most famous sentence, ‘Stability – or tranquility – in a world with a cyclical past and capitalist financial institutions is destabilizing’ (1978, p. 10).

We have made money our god and called it the good life. We have trained our children to go for jobs hat bring the quickest corporate advancements at the highest financial levels. We have taught them careerism but not ministry and wonder why ministers are going out of fashion. We fear coddling the poor with food stamps while we call tax breaks for the rich business incentives. We make human community the responsibility of government institutions while homelessness, hunger, and drugs seep from the centers of our cities like poison from open sores for which we do not seek either the cause or the cure. We have created a bare and sterile world of strangers where exploitation is a necessary virtue. We have reduced life to the lowest of values so that the people who have much will not face the prospect of having less. Underlying all of it, we have made women the litter bearers of a society where disadvantage clings to the bottom of the institutional ladder and men funnel to the top, where men are privileged and women are conscripted for the comfort of the human race. We define women as essential to the development of the home but unnecessary to the development of society. We make them poor and render them powerless and shuttle them from man to man. We sell their bodies and question the value of their souls. We call them unique and say they have special natures, which we then ignore in their specialness. We decide that what is true of men is true of women and then say that women are not as smart as men, as strong as men, or as capable as men. We render half the human race invisible and call it natural. We tolerate war and massacre, mayhem and holocaust to right the wrongs that men say need righting and then tell women to bear up and accept their fate in silence when the crime is against them. What’s worse, we have applauded it all—the militarism, the profiteering, and the sexisms—in the name of patriotism, capitalism, and even religion. We consider it a social problem, not a spiritual one. We think it has something to do with modern society and fail to imagine that it may be something wrong with the modern soul. We treat it as a state of mind rather than a state of heart. Clearly, there is something we are failing to see.

Holistic Wealth Coaching isn’t just about financial success; it’s about helping clients build a balanced life that aligns with their deepest values and dreams.

Governments had socialized the liabilities of the core institutions of the global financial system.

US law requires financial institutions to report cash transactions of $10,000 or larger to the government; for currency exchangers, the threshold is $1,000.

The failure to endow Treasury and the Fed with the authority to deal with the insolvency of a nonbank financial institution was the single most important policy failure of the crisis.

If we are going to create a financial system that works for all Americans, we have got to stop financial institutions from ripping off the American people by charging sky-high interest rates and outrageous fees. In my view, it is unacceptable that Americans are paying a $4 or $5 fee each time they go to the ATM. It is unacceptable that millions of Americans are paying credit card interest rates of 20 or 30 percent. The Bible has a term for this practice. It’s called usury. And in The Divine Comedy, Dante reserved a special place in the Seventh Circle of Hell for those who charged people usurious interest rates. Today, we don’t need the hellfire and the pitch forks, we don’t need the rivers of boiling blood, but we do need a national usury law.

Welfare bureaucracies claim a professional, political, and financial monopoly over the social imagination, setting standards of what is valuable and what is feasible. This monopoly is at the root of the modernization of poverty. Every simple need to which an institutional answer is found permits the invention of a new class of poor and a new definition of poverty. Once basic needs have been translated by a society into demands for scientifically produced commodities, poverty is defined by standards which the technocrats can change at will. Poverty then refers to those who have fallen behind an advertised ideal of consumption in some important respect.

As journalist Matt Taibbi recalls in his book The Divide: It’s become cliché by now, but since 2008, no high-ranking executive from any financial institution has gone to jail, not one, for any of the systemic crimes that wiped out 40 percent of the world’s wealth. Even now, after JP Morgan Chase agreed to a settlement north of $13 billion for a variety of offenses.… the basic principle held true: nobody went to jail. Not one person. (...) On the one hand, he finds, “Twenty-six billion dollars of fraud: no charges”; on the other, the San Diego County District Attorney’s office conducts 26,000 warrantless, preemptive searches every year to make sure that welfare recipients really are exactly as poor as the poverty bureaucracy demands that they be.

Applying a Holistic Wealth lens to our decision-making going forward is critical. Ideally, every organization should have trained Holistic Wealth Consultants (by the Institute on Holistic Wealth), embedded into teams and employee resource groups. Holistic Wealth Coaching is critical.

Both the Environmental Protection Agency and the Department of the Interior removed from their websites the links to climate change data. The USDA removed the inspection reports of businesses accused of animal abuse by the government. The new acting head of the Consumer Financial Protection Bureau, Mick Mulvaney, said he wanted to end public access to records of consumer complaints against financial institutions. Two weeks after Hurricane Maria, statistics that detailed access to drinking water and electricity in Puerto Rico were deleted from the FEMA website. In a piece for FiveThirtyEight, Clare Malone and Jeff Asher pointed out that the first annual crime report released by the FBI under Trump was missing nearly three-quarters of the data tables from the previous year.

The national debt—that is, the unfunded liabilities and fiscal operating debt—amounts to tens of trillions of dollars. The Government Accountability Office, the Congressional Budget Office, and numerous other public and private institutions have sounded warning alarms about the oncoming crash. But no serious or effective steps have been taken to address this simmering financial and economic implosion.

Business and financial interests were no more unified or consistent than the social movements, but their activities forged languages and concepts, practices and policies, and founded new institutions to promote mechanisms that either shored up or established inequalities of power, rank, wealth, or cultural status.

Every organization would benefit from having Holistic Wealth Project Groups comprised of groups of employees in each region who are energized and motivated to help each other achieve Holistic Wealth both at work and in their personal lives, and therefore drive organizational purpose, resilience, innovation, wellness, and success.

To have a society, you first need an institutional framework: that’s constitutional law. You need a system of punishment: that’s criminal. You need to know that you have a system in place that will make those other systems work: that’s civil procedure. You need a way to govern matters of domain and ownership: that’s property. You need to know that someone will be financially accountable for injuries caused you by others: that’s torts. And finally, you need to know that people will keep their agreements, that they will honor their promises: and that is contracts.

What you may not know is that this course load reflects—beautifully, simply—the very structure of our society, the very mechanics of what a society, our particular society, needs to make it work. To have a society, you first need an institutional framework: that’s constitutional law. You need a system of punishment: that’s criminal. You need to know that you have a system in place that will make those other systems work: that’s civil procedure. You need a way to govern matters of domain and ownership: that’s property. You need to know that someone will be financially accountable for injuries caused you by others: that’s torts. And finally, you need to know that people will keep their agreements, that they will honor their promises: and that is contracts.

Education, government, health care, and science are increasingly driven by the philosophies of financial maximization. Institutions that had previously been focused on a range of outcomes—knowledge, service, care, discovery—are increasingly measured by just one: money.

Although the Muslim commercial web possessed many advanced features, including bills of exchange, sophisticated lending institutions, and futures markets, no Islamic state ever established the bedrock financial institution of the modern world: a national or central bank

Alex stood near Tiger Stadium. It was closed down now and abandoned, a ghost of itself. Alex loved baseball and lamented the new stadiums and their corporate sponsors. Who wanted to watch the almost spiritual game of baseball in a park named after a goddamned financial institution?

The Freedman’s Savings Bank serves as a cautionary tale for government support of banking for the poor when that support is just a façade. Draping a flag over a building and then installing private profit-motivated management inside is the most dangerous sort of government support. It induces trust in a vulnerable customer base that not only suffers from financial loss, but also loses all faith in public institutions. It poisons true government efforts to help. A similar phenomenon was at the heart of the failure of the government-sponsored enterprises Fannie Mae and Freddie Mac during the recent financial

Private sector networks in the United States, networks operated by civilian U.S. government agencies, and unclassified U.S. military and intelligence agency networks increasingly are experiencing cyber intrusions and attacks,” said a U.S.-China Economic and Security Review Commission report to Congress that was published the same month Conficker appeared. “. . . Networks connected to the Internet are vulnerable even if protected with hardware and software firewalls and other security mechanisms. The government, military, businesses and economic institutions, key infrastructure elements, and the population at large of the United States are completely dependent on the Internet. Internet-connected networks operate the national electric grid and distribution systems for fuel. Municipal water treatment and waste treatment facilities are controlled through such systems. Other critical networks include the air traffic control system, the system linking the nation’s financial institutions, and the payment systems for Social Security and other government assistance on which many individuals and the overall economy depend. A successful attack on these Internet-connected networks could paralyze the United States [emphasis added].

The lesson of history, then, is that even as institutions and policy makers improve, there will always be a temptation to stretch the limits. Just as an individual can go bankrupt no matter how rich she starts out, a financial system can collapse under the pressure of greed, politics, and profits no matter how well regulated it seems to be.

The government system we have now is set up just like that of Rome and is changing into a system I call Corpocracism (Babylon, United States). Corpocracism is a word derived from some entities of feudalism, democracy, capitalism, classism, and corporatism to form a government system into a dictatorship and police state. This system is being brought about by a group of people in our own government, corporations, financial institutions and foreign entities. It is an ideology of hypocrisy that is leading to an JerUSAlem (America) that will sale off every aspect of its nations people to be captive to foreign entities such as corporations, governments, lawyers, financial institutions, banks, individuals and groups of individuals.

Madison believed that taxes were an evil that should be instituted only to prevent a greater evil—such as the failure of a country to protect its citizens or honor its financial obligations.

The medical profession and the leading academic institutions where mind control research was done have not yet provided a meaningful public accounting, financial or ethical, of this experimentation.

The management of the New York fiscal crisis pioneered the way for neoliberal practices both domestically under Reagan and internationally through the IMF in the 1980s. It established the principle that in the event of a conflict between the integrity of financial institutions and bondholders’ returns, on the one hand, and the well-being of the citizens on the other, the former was to be privileged.

The tech companies are destroying something precious, which is the possibility of contemplation. They have created a world in which we’re constantly watched and always distracted. Through their accumulation of data, they have constructed a portrait of our minds, which they use to invisibly guide mass behavior (and increasingly individual behavior) to further their financial interests. They have eroded the integrity of institutions—media, publishing—that supply the intellectual material that provokes thought and guides democracy. Their most precious asset is our most precious asset, our attention, and they have abused it.

The global financial collapse exposed the longstanding myth that commercial exchange is a primary institution. There are no examples in history where people created commercial markets and exchange before creating a culture.

Adam Smith, with his half-baked idea about a hidden hand that works the cotton looms, decides to use that as his central metaphor for unrestrained Free Market capitalism. You don’t need to regulate the banks or the financiers when there’s an invisible five-fingered regulator who’s a bit like God to make sure that the money-looms don’t snare or tangle. That’s the monetarist mystic idol-shit, the voodoo economics Ronald Regan put his faith in, and that middle-class dunce Margaret Thatcher when they cheerily deregulated most of the financial institutions. And that’s why the Boroughs exists, Adam Smith’s idea. That’s why the last fuck knows how many generations of this family are a toilet queue without a pot to piss in, and that’s why everyone we know is broke. It’s all there in the current underneath that bridge down Tanner Street. That was the first one, the first dark, satanic mill.

The Industrial Revolution started and made its biggest strides in England because of her uniquely inclusive economic institutions. These in turn were built on foundations laid by the inclusive political institutions brought about by the Glorious Revolution. It was the Glorious Revolution that strengthened and rationalized property rights, improved financial markets, undermined state-sanctioned monopolies in foreign trade, and removed the barriers to the expansion of industry. It was the Glorious Revolution that made the political system open and responsive to the economic needs and aspirations of society. These inclusive economic institutions gave men of talent and vision such as James Watt the opportunity and incentive to develop their skills and ideas and influence the system in ways that benefited them and the nation. Naturally these men, once they had become successful, had the same urges as any other person. They wanted to block others from entering their businesses and competing against them and feared the process of creative destruction that might put them out of business, as they had previously bankrupted others.

While women suffer from our relative lack of power in the world and often resent it, certain dimensions of this powerlessness may seem abstract and remote. We know, for example, that we rarely get to make the laws or direct the major financial institutions. But Wall Street and the U.S. Congress seem very far away. The power a woman feels in herself to heal and sustain, on the other hand--"the power of love"--is, once again, concrete and very near: It is like a field of force emanating from within herself, a great river flowing outward from her very person. Thus, a complex and contradictory female subjectivity is constructed within the relations of caregiving. Here, as elsewhere, women are affirmed in some way and diminished in others, this within the unity of a single act. The woman who provides a man with largely unreciprocated emotional sustenance accords him status and pays him homage; she agrees to the unspoken proposition that his doings are important enough to deserve substantially more attention than her own. But even as the man's supremacy in the relationship is tacitly assumed by both parties to the transaction, the man reveals himself to his caregiver as vulnerable and insecure. And while she may well be ethically and epistemically disempowered by the care she gives, this caregiving affords her a feeling that a mighty power resides within her being. The situation of those men in the hierarchy of gender who avail themselves of female tenderness is not thereby altered: Their superordinate position is neither abandoned, nor their male privilege relinquished. The vulnerability these men exhibit is not a prelude in any way to their loss of male privilege or to an elevation in the status of women. Similarly, the feeling that one's love is a mighty force for the good in the life of the beloved doesn't make it so, as Milena Jesenka found, to her sorrow. The feeling of out-flowing personal power so characteristic of the caregiving woman is quite different from the having of any actual power in the world. There is no doubt that this sense of personal efficacy provides some compensation for the extra-domestic power women are typically denied: If one cannot be a king oneself, being a confidante of kings may be the next best thing. But just as we make a bad bargain in accepting an occasional Valentine in lieu of the sustained attention we deserve, we are ill advised to settle for a mere feeling of power, however heady and intoxicating it may be, in place of the effective power we have every right to exercise in the world.

Modern civilization seems to be incapable of producing people endowed with imagination, intelligence, and courage. In practically every country there is a decrease in the intellectual and moral caliber of those who carry the responsibility of public affairs. The financial, industrial, and commercial organizations have reached a gigantic size. They are influenced not only by the conditions of the country where they are established, but also by the state of the neighboring countries and of the entire world. In all nations, economic and social conditions undergo extremely rapid changes. Nearly everywhere the existing form of government is again under discussion. The great democracies find themselves face to face with formidable problems--problems concerning their very existence and demanding an immediate solution. And we realize that, despite the immense hopes which humanity has placed in modern civilization, such a civilization has failed in developing men of sufficient intelligence and audacity to guide it along the dangerous road on which it is stumbling. Human beings have not grown so rapidly as the institutions sprung from their brains. It is chiefly the intellectual and moral deficiencies of the political leaders, and their ignorance, which endanger modern nations.

If a model did anything too obviously bizarre—flooded the Sahara or tripled interest rates—the programmers would revise the equations to bring the output back in line with expectation. In practice, econometric models proved dismally blind to what the future would bring, but many people who should have known better acted as though they believed in the results. Forecasts of economic growth or unemployment were put forward with an implied precision of two or three decimal places. Governments and financial institutions paid for such predictions and acted on them, perhaps out of necessity or for want of anything better. Presumably they knew that such variables as “consumer optimism” were not as nicely measurable as “humidity” and that the perfect differential equations had not yet been written for the movement of politics and fashion. But few realized how fragile was the very process of modeling flows on computers, even when the data was reasonably trustworthy and the laws were purely physical, as in weather forecasting.

For generations the official U.S. policy had been to support these regimes against any threat from their own citizens, who were branded automatically as Communists. When necessary, U.S. troops had been deployed in Latin America for decades to defend our military allies, many of whom were graduates of the U.S. Military Academy, spoke English, and sent their children to be educated in our country. They were often involved in lucrative trade agreements involving pineapples, bananas, bauxite, copper and iron ore, and other valuable commodities. When I became president, military juntas ruled in Argentina, Bolivia, Brazil, Chile, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Panama, Paraguay, Peru, and Uruguay. I decided to support peaceful moves toward freedom and democracy throughout the hemisphere. In addition, our government used its influence through public statements and our votes in financial institutions to put special pressure on the regimes that were most abusive to their own people, including Chile, Argentina, Paraguay, Nicaragua, and El Salvador. On visits to the region Rosalynn and I met with religious and other leaders who were seeking political change through peaceful means, and we refused requests from dictators to defend their regimes from armed revolutionaries, most of whom were poor, indigenous Indians or descendants of former African slaves. Within ten years all the Latin American countries I named here had become democracies, and The Carter Center had observed early elections in Panama, Nicaragua, Peru, Haiti, and Paraguay.

One of the things we've learned in the past 5 years is that we can have seemingly powerful institutions that turn out to be extremely vulnerable and brittle: our banks in the financial collapse were too big to fail. Our energy system and our agricultural system are just as top-heavy and just as vulnerable. What that means is not, as with the banks, that we should bail them out because they're too big to fail. It means that anything that's too big to fail is too big, and we need to build down this system, spread it out, make it more stable.

Without real accounting and financial transparency and sharing of information, there can be no economic democracy. Conversely, without a real right to intervene in corporate decision-making (including seats for workers on the company’s board of directors), transparency is of little use. Information must support democratic institutions; it is not an end in itself. If democracy is someday to regain control of capitalism, it must start by recognizing that the concrete institutions in which democracy and capitalism are embodied need to be reinvented again and again.59

at the height of the crash. “Each time someone at the table pressed for more leverage and more risk, the next few years proved them ‘right.’ These people were emboldened, they were promoted and they gained control of ever more capital. Meanwhile, anyone in power who hesitated, who argued for caution, was proved ‘wrong.’ The cautious types were increasingly intimidated, passed over for promotion. They lost their hold on capital. This happened every day in almost every financial institution, over and over, until we ended up with a very specific kind of person running

The Fed has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem for the markets is that uncertainty that the balance sheets of financial firms are credible. -Anna J. Schwartz interviewed in the Wall Street Journal, October 18-19, 2008.

Let us return to the distinction between Thalesian and Aristotelian for a minute and look at evolution from the following point of view. The frequency, i.e., how often someone is right is largely irrelevant in the real world, but alas, one needs to be a practitioner, not a talker, to figure it out. On paper, the frequency of being right matters, but only on paper—typically, fragile payoffs have little (sometimes no) upside, and antifragile payoffs have little downside. This means that one makes pennies to lose dollars in the fragile case; makes dollars to lose pennies in the antifragile one. So the antifragile can lose for a long time with impunity, so long as he happens to be right once; for the fragile, a single loss can be terminal. Accordingly if you were betting on the downfall of, say, a portfolio of financial institutions because of their fragilities, it would have cost you pennies over the years preceding their eventual demise in 2008, as Nero and Tony did. (Note again that taking the other side of fragility makes you antifragile.) You were wrong for years, right for a moment, losing small, winning big, so vastly more successful than the other way (actually the other way would be bust). So you would have made the Thekels like Thales because betting against the fragile is antifragile. But someone who had merely “predicted” the event with just words would have been called by the journalists “wrong for years,” “wrong most of the time,” etc. Should we keep tally of opinion makers’ “right” and “wrong,” the proportion does not matter, as we need to include consequences. And given that this is impossible, we are now in a quandary. Look at it again, the way we looked at entrepreneurs. They are usually wrong and make “mistakes”—plenty of mistakes. They are convex. So what counts is the payoff from success.

Once completely freed, the bankers very quickly ran their institutions off the cliff, taking much of the global economy with them. Not only did they create and sell a huge amount of junk, but they turned the financial system into a gigantic casino, one in which they played mainly with other people’s money.

Meanwhile, bank executives bristled—sometimes privately, but often in the press—at any suggestion that they had in any way screwed up, or should be subject to any constraints when it came to running their business. This last bit of chutzpah was most pronounced in the two savviest operators on Wall Street, Lloyd Blankfein of Goldman Sachs and Jamie Dimon of JPMorgan Chase, both of whom insisted that their institutions had avoided the poor management decisions that plagued other banks and neither needed nor wanted government assistance. These claims were true only if you ignored the fact that the solvency of both outfits depended entirely on the ability of the Treasury and the Fed to keep the rest of the financial system afloat, as well as the fact that Goldman in particular had been one of the biggest peddlers of subprime-based derivatives—and had dumped them onto less sophisticated customers right before the bottom fell out.

The history of black workers in the United States illustrates the point. As already noted, from the late nineteenth-century on through the middle of the twentieth century, the labor force participation rate of American blacks was slightly higher than that of American whites. In other words, blacks were just as employable at the wages they received as whites were at their very different wages. The minimum wage law changed that. Before federal minimum wage laws were instituted in the 1930s, the black unemployment rate was slightly lower than the white unemployment rate in 1930. But then followed the Davis-Bacon Act of 1931, the National Industrial Recovery Act of 1933 and the Fair Labor Standards Act of 1938—all of which imposed government-mandated minimum wages, either on a particular sector or more broadly. The National Labor Relations Act of 1935, which promoted unionization, also tended to price black workers out of jobs, in addition to union rules that kept blacks from jobs by barring them from union membership. The National Industrial Recovery Act raised wage rates in the Southern textile industry by 70 percent in just five months and its impact nationwide was estimated to have cost blacks half a million jobs. While this Act was later declared unconstitutional by the Supreme Court, the Fair Labor Standards Act of 1938 was upheld by the High Court and became the major force establishing a national minimum wage. As already noted, the inflation of the 1940s largely nullified the effect of the Fair Labor Standards Act, until it was amended in 1950 to raise minimum wages to a level that would have some actual effect on current wages. By 1954, black unemployment rates were double those of whites and have continued to be at that level or higher. Those particularly hard hit by the resulting unemployment have been black teenage males. Even though 1949—the year before a series of minimum wage escalations began—was a recession year, black teenage male unemployment that year was lower than it was to be at any time during the later boom years of the 1960s. The wide gap between the unemployment rates of black and white teenagers dates from the escalation of the minimum wage and the spread of its coverage in the 1950s. The usual explanations of high unemployment among black teenagers—inexperience, less education, lack of skills, racism—cannot explain their rising unemployment, since all these things were worse during the earlier period when black teenage unemployment was much lower. Taking the more normal year of 1948 as a basis for comparison, black male teenage unemployment then was less than half of what it would be at any time during the decade of the 1960s and less than one-third of what it would be in the 1970s. Unemployment among 16 and 17-year-old black males was no higher than among white males of the same age in 1948. It was only after a series of minimum wage escalations began that black male teenage unemployment not only skyrocketed but became more than double the unemployment rates among white male teenagers. In the early twenty-first century, the unemployment rate for black teenagers exceeded 30 percent. After the American economy turned down in the wake of the housing and financial crises, unemployment among black teenagers reached 40 percent.

Once we break out of the framework of national states as unified entities with no internal divisions within them, we can see that there is a global shift of power, but it's from the global workforce to the owners of the world: transnational capital, global financial institutions. So, for example, the earnings of working people as a percentage of national income has by and large declined in the last couple of decades, but apparently it's declined in China more than in most places. There is certainly economic growth in China and India. Hundreds of millions of people live a lot better than they did before, but then there are hundreds of millions more who don't. In fact, it's getting worse for them in many ways.

To be sure, the cost of managing capital and of “formal” financial intermediation (that is, the investment advice and portfolio management services provided by a bank or official financial institution or real estate agency or managing partner) is obviously taken into account and deducted from the income on capital in calculating the average rate of return (as presented here). But this is not the case with “informal” financial intermediation: every investor spends time—in some cases a lot of time—managing his own portfolio and affairs and determining which investments are likely to be the most profitable. This effort can in certain cases be compared to genuine entrepreneurial labor or to a form of business activity.

company and for similar companies in the same industry. • The percentage of institutional ownership. The lower the better. • Whether insiders are buying and whether the company itself is buying back its own shares. Both are positive signs. • The record of earnings growth to date and whether the earnings are sporadic or consistent. (The only category where earnings may not be important is in the asset play.) • Whether the company has a strong balance sheet or a weak balance sheet (debt-to-equity ratio) and how it’s rated for financial strength. • The cash position. With $16 in net cash, I know Ford is unlikely to drop below $16 a share. That’s the floor on the stock. SLOW GROWERS • Since you buy these for the dividends (why else would

Marriage provides a sense of consistency and structure that I contend humanity does not do well without. Married people tend to be more financially stable. Men who marry live longer. They also tend to be less prone to go around and do really aggressive stuff. In a good marriage, we gain a place to set our troubles down. And a stable marriage is a great way to raise kids.

People embrace conspiracism for the same reasons they find God or start reading the future in the stars: They’ve experienced anxiety, ostracism, or a sense of losing control. They are seeking stories to explain what’s happening. Narratives become sources of power, validation, even superiority. Socialization has primed them for this moment; skepticism of authority is already ingrained in their existence.26 Perhaps they grew up in an environment that championed antiestablishment ideas. Maybe they had a series of bad encounters with powerful entities. Or perhaps they were conditioned by global unrest, social instability, financial insecurity, political polarization, and declining trust in institutions. Life in contemporary America may be enough to incline a person toward conspiracism

George Muller, that remarkable man of such simple yet strong faith in God, a man of prayer and Bible reading, founder and promoter of the noted orphanage in England, which cared for hundreds of orphan children, conducted the institution solely by faith and prayer. He never asked a man for anything, but simply trusted in the Providence of God, and it is a notorious fact that never did the inmates of the home lack any good thing. From his paper he always excluded money matters, and financial difficulties found no place in it. Nor would he mention the sums which had been given him, nor the names of those who made contributions. He never spoke of his wants to others nor asked a donation. The story of his life and the history of this orphanage read like a chapter from the Scriptures. The secret of his success was found in this simple statement made by him: “I went to my God and prayed diligently, and received what I needed.” That was the simple course which he pursued. There was nothing he insisted on with greater earnestness than that, be the expenses what they might be, let them increase ever so suddenly, he must not beg for anything. There was nothing in which he took more delight and showed more earnestness in telling than that he had prayed for every want which ever came to him in his great work. His was a work of continuous and most importunate praying, and he always confidently claimed that God had guided him throughout it all. A stronger proof of a divine providence, and of the power of simple faith and of answered prayer, cannot be found in Church history or religious biography.

Thus, by 1888 it had become evident that a national cooperative movement could not succeed in America, at least not in the absence of sustained, massive and violent attack on the wage-system, far more massive and well-organized than the Knights’ movement had been. As Henry Sharpe said, what they were doing was not realistic. Small workshops with little capital and obsolete machinery in an age of rapid industrialization; insufficient institution-building to give financial and material support to co-ops; enslavement to the market at a time when competitors would stop at nothing to suppress working-class moves toward independence. Especially with the weak leadership of Terence Powderly and the mass desertion of former Knights after 1886, as they lost strike after strike, the great dream of building a national cooperative economy was effectively over.

Treating the cause of high prices and interest rates in low-income neighborhoods as the product of personal greed or exploitation, and attempting to remedy the problem through the imposition of price controls and interest rate caps. , it only ensures that people living in low-income neighborhoods have even less chance of accessing these services in the future. Just as rent control reduces the supply of housing, price and interest rate control can reduce the number of stores, pawn shops, local finance companies, and check-paying agencies willing to operate in costly neighborhoods. higher, when those costs cannot be recovered through legally permitted prices and interest rates. The only alternative for many residents of low-income neighborhoods may end up being to exit the legal market of financial institutions and ask for money from usurious lenders, who set even higher interest rates and have their own collection methods.

What’s really worried me over the years is not our stock price, but that we might someday fail to take care of our customers, or that our managers might fail to motivate and take care of our associates. I also was worried that we might lose the team concept, or fail to keep the family concept viable and realistic and meaningful to our folks as we grow. Those challenges are more real than somebody’s theory that we’re headed down the wrong path. As business leaders, we absolutely cannot afford to get all caught up in trying to meet the goals that some retail analyst or financial institution in New York sets for us on a ten-year plan spit out of a computer that somebody set to compound at such-and-such a rate. If we do that, we take our eye off the ball. But if we demonstrate in our sales and our earnings every day, every week, every quarter, that we’re doing our job in a sound way, we will get the growth we are entitled to, and the market will respect us in a way that we deserve.

US linguist and political philosopher Noam Chomsky’s view is that in most countries a wealthy minority controls the key social and political institutions, such as the mass media and the financial system, ensuring that the functioning of modern society favors a powerful elite. In turn, this means that dissent and meaningful change are nearly impossible, because the dominant institutional structures in society—from newspapers to banks—focus on maintaining their positions to their mutual benefit.

But increasing the amount of equity finance in an economy is easier said than done: it is a project that would take decades rather than years. Some of the barriers are institutional: outside of the very small world of venture capital (of which more later) and the even smaller and newer field of equity crowdfunding, most businesses do not raise equity, and most financial institutions do not provide it. There are established agencies that can rate the creditworthiness of even quite small businesses, and algorithms to allow banks to quickly and cheaply decide whether to lend to them. Nothing similar exists for equity investment, and the equivalent analytical task (working out a company's likely future value, rather than its likelihood of servicing a fixed debt) is more complex. And cultural factors stand in the ways too: despite a very elegant financial economics theorem that shows that business owners should be indifferent between equity and debt finance, for many small business owners there seems a cognitive and cultural bias against giving away equity.

Stepan Arkadyevitch had not chosen his political opinions or his views; these political opinions and views had come to him of themselves, just as he did not choose the shapes of his hat and coat, but simply took those that were being worn. And for him, living in a certain society—owing to the need, ordinarily developed at years of discretion, for some degree of mental activity—to have views was just as indispensable as to have a hat. If there was a reason for his preferring liberal to conservative views, which were held also by many of his circle, it arose not from his considering liberalism more rational, but from its being in closer accordance with his manner of life. The liberal party said that in Russia everything is wrong, and certainly Stepan Arkadyevitch had many debts and was decidedly short of money. The liberal party said that marriage is an institution quite out of date, and that it needs reconstruction; and family life certainly afforded Stepan Arkadyevitch little gratification, and forced him into lying and hypocrisy, which was so repulsive to his nature. The liberal party said, or rather allowed it to be understood, that religion is only a curb to keep in check the barbarous classes of the people; and Stepan Arkadyevitch could not get through even a short service without his legs aching from standing up, and could never make out what was the object of all the terrible and high-flown language about another world when life might be so very amusing in this world. And with all this, Stepan Arkadyevitch, who liked a joke, was fond of puzzling a plain man by saying that if he prided himself on his origin, he ought not to stop at Rurik and disown the first founder of his family—the monkey. And so Liberalism had become a habit of Stepan Arkadyevitch's, and he liked his newspaper, as he did his cigar after dinner, for the slight fog it diffused in his brain. He read the leading article, in which it was maintained that it was quite senseless in our day to raise an outcry that radicalism was threatening to swallow up all conservative elements, and that the government ought to take measures to crush the revolutionary hydra; that, on the contrary, "in our opinion the danger lies not in that fantastic revolutionary hydra, but in the obstinacy of traditionalism clogging progress," etc., etc. He read another article, too, a financial one, which alluded to Bentham and Mill, and dropped some innuendoes reflecting on the ministry. With his characteristic quickwittedness he caught the drift of each innuendo, divined whence it came, at whom and on what ground it was aimed, and that afforded him, as it always did, a certain satisfaction. But today that satisfaction was embittered by Matrona Philimonovna's advice and the unsatisfactory state of the household. He read, too, that Count Beist was rumored to have left for Wiesbaden, and that one need have no more gray hair, and of the sale of a light carriage, and of a young person seeking a situation; but these items of information did not give him, as usual, a quiet, ironical gratification. Having finished the paper, a second cup of coffee and a roll and butter, he got up, shaking the crumbs of the roll off his waistcoat; and, squaring his broad chest, he smiled joyously: not because there was anything particularly agreeable in his mind—the joyous smile was evoked by a good digestion.

Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out. With their ‘rescue’ loan and their troika of bailiffs enthusiastically slashing incomes, the EU and IMF effectively condemned Greece to a modern version of the Dickensian debtors’ prison and then threw away the key. Debtors’ prisons were ultimately abandoned because, despite their cruelty, they neither deterred the accumulation of new bad debts nor helped creditors get their money back. For capitalism to advance in the nineteenth century, the absurd notion that all debts are sacred had to be ditched and replaced with the notion of limited liability. After all, if all debts are guaranteed, why should lenders lend responsibly? And why should some debts carry a higher interest rate than other debts, reflecting the higher risk of going bad? Bankruptcy and debt write-downs became for capitalism what hell had always been for Christian dogma – unpleasant yet essential – but curiously bankruptcy-denial was revived in the twenty-first century to deal with the Greek state’s insolvency. Why? Did the EU and the IMF not realize what they were doing? They knew exactly what they were doing. Despite their meticulous propaganda, in which they insisted that they were trying to save Greece, to grant the Greek people a second chance, to help reform Greece’s chronically crooked state and so on, the world’s most powerful institutions and governments were under no illusions. […] Banks restructure the debt of stressed corporations every day, not out of philanthropy but out of enlightened self-interest. But the problem was that, now that we had accepted the EU–IMF bailout, we were no longer dealing with banks but with politicians who had lied to their parliaments to convince them to relieve the banks of Greece’s debt and take it on themselves. A debt restructuring would require them to go back to their parliaments and confess their earlier sin, something they would never do voluntarily, fearful of the repercussions. The only alternative was to continue the pretence by giving the Greek government another wad of money with which to pretend to meet its debt repayments to the EU and the IMF: a second bailout.

To have a society, you first need an institutional framework: that’s constitutional law. You need a system of punishment: that’s criminal. You need to know that you have a system in place that will make those other systems work: that’s civil procedure. You need a way to govern matters of domain and ownership: that’s property. You need to know that someone will be financially accountable for injuries caused you by others: that’s torts. And finally, you need to know that people will keep their agreements, that they will honor their promises: and that is contracts.” He

the first century of the US Federal Reserve’s existence has been a failure. Not only has there been incontinent inflation since 1913, the year the Fed came into existence (8 per cent in the preceding 120 years, 2,300 per cent in the succeeding hundred years), but there has been devastating deflation too, and more banking panics, more financial volatility, longer and deeper recessions. Even the Fed’s response to the crisis of 2008 has come under severe criticism, as it effectively bailed out bad assets while doing little to help solvent institutions with needed liquidity

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation. We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government. . . When a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

Maastricht had three significant side-effects. One of them was the unforeseen boost it gave to NATO. Under the restrictive terms of the Treaty it was clear (as the French at least had intended) that the newly liberated countries of eastern Europe could not possibly join the European Union in the immediate future—neither their fragile legal and financial institutions nor their convalescent economies were remotely capable of operating under the strict fiscal and other regulations the Union’s members had now imposed upon all present and future signatories. Instead, it was suggested in the corridors of Brussels that Poland, Hungary and their neighbours might be offered early membership of NATO as a sort of compensation: an interim prize. The symbolic value of extending NATO in this way was obviously considerable, which is why it was immediately welcomed in the new candidate member-states. The practical benefits were less obvious (unlike the damage to relations with Moscow which was real and immediate). But because Washington had reasons of its own for favouring the expansion of the North Atlantic Defense community, a first group of central European nations was duly admitted to NATO a few years later.

COULD WE HAVE LIVED OUR lives ignoring politics? The Occupation determined the crops that the fallah planted, it stood in the face of every industrial project, it prevented us from establishing our own financial institutions, it hampered our wishes for education, it censored what could be published, it deprived us of a voice in the Ottoman parliament, it dictated what jobs our men could hold and it held back the emancipation of our women. It put each one of us in the position of a minor and forbade us to grow up. And with every year that passed we saw our place in the train of modern nations receding, the distance we would have to make up growing ever longer and more difficult. It sowed distrust among our people and pushed the best among them either to fanatical actions or to despair. And in Palestine we saw a clear warning of what the colonialist project could finally do: it could take the land itself from under its inhabitants. Could we have ignored all this? And what space would have been left for our lives to occupy? And what man with any dignity would have consented to confine himself to that space and not tried to push at its boundaries? And what woman would not have seen it as her duty to help him?

In Chapter 5 we consider swindles and defalcations. It happens that crashes and panics often are precipitated by the revelation of some misfeasance, malfeasance, or malversation (the corruption of officials) engendered during the mania. It seems clear from the historical record that swindles are a response to the greedy appetite for wealth stimulated by the boom. And as the monetary system gets stretched, institutions lose liquidity, and unsuccessful swindles are about to be revealed, the temptation to take the money and run becomes virtually irresistible. It is difficult to write on this subject without permitting the typewriter to drip with irony. An attempt will be made.

The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk.

Joint-stock companies could be similarly flexible. “The absence of close control by the British crown in the early stages of colonization,” Elliott points out, left considerable latitude for the evolution of those forms of government that seemed most appropriate to the people actively involved in the process of overseas enterprise and settlement—the financial backers of the enterprise and the colonists themselves—as long as they operated within the framework of their royal charter. In contrast to Spain’s “new world” colonies—and to the territories that France, more recently, had claimed (but barely settled) along the banks of the St. Lawrence, the Great Lakes, and the Ohio and Mississippi rivers—British America “was a society whose political and administrative institutions were more likely to evolve from below than to be imposed from above.” 10 That made it a hodgepodge, but also a complex adaptive system. Such systems thrive, theorists tell us, from the need to respond frequently—but not too frequently—to the unforeseen. Controlled environments encourage complacency, making it hard to cope when controls break down, as they sooner or later must. Constant disruptions, however, prevent recuperation: nothing’s ever healthy. There’s a balance, then, between integrative and disintegrative processes in the natural world—an edge of chaos, so to speak—where adaptation, especially self-organization, tends to occur. 11 New political worlds work similarly.

The chain booksellers, like Barnes and Noble, began to dominate the market, and they instituted a “gay and lesbian” section in many of their branch stores. This section was never positioned at the front of the store with the bestsellers. It was usually on the fourth floor hidden behind the potted plants. What this meant in practical terms was that those of us who had the integrity to be out in our work found our books literarily yanked off of the “Fiction” shelves and hidden on the gay shelves, where only “gay” people wanting “gay” books would dare to tread. It was an instant undoing of all the progress we had made to be treated as full citizens and a natural, organic part of American intellectual life. …I felt very strongly, and still do, that authentic lesbian literature should be represented at all levels of publishing, including taking its rightful place as a natural organic part of mainstream American intellectual life. The corporate lockdown went into overdrive just at the moment that this integration was beginning to take place. This positioning is essential for so many reasons, least of which is the right of writers of merit to not be excluded from financial, emotional, and intellectual development simply because they have the integrity to be out in their work. Second is the right of gay people to be in dialogic relationships with straights - where they read and identify with our work as we are asked to with theirs. And finally, that even at the height of the strength of the lesbian subculture, most gay people find out about gay things through the mainstream media.

Great speech to the German Reichstag Berlin, January 30, 1939 Once again I will be a prophet: should the international Jewry of finance (Finanzjudentum) succeed, both within and beyond Europe, in plunging mankind into yet another world war, then the result will not be a Bolshevization of the earth and the victory of Jewry, but the annihilation (Vernichtung) of the Jewish race in Europe. Thus, the days of propagandist impotence of the non-Jewish peoples are over. National Socialist Germany and Fascist Italy possess institutions which, if necessary, permit opening the eyes of the world to the true nature of this problem. Many a people is instinctively aware of this, albeit not scientifically versed in it. At this moment, the Jews are still propagating their campaign of hatred in certain states under the cover of press, film, radio, theater, and literature, which are all in their hands. Should indeed this one Volk attain its goal of prodding masses of millions from other peoples to enter into a war devoid of all sense for them, and serving the interests of the Jews exclusively, then the effectiveness of an enlightenment will once more display its might. Within Germany, this enlightenment conquered Jewry utterly in the span of a few years. Peoples desire not to perish on the battlefield just so that this rootless, internationalist race can profit financially from this war and thereby gratify its lust for vengeance derived from the Old Testament. The Jewish watchword “Proletarians of the world, unite!” will be conquered by a far more lofty realization, namely: “Creative men of all nations, recognize your common foe!

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

The future of democracy in developed countries will depend on their ability to deal with the problem of a disappearing middle class. In the wake of the financial crisis there has been a rise of new populist groups from the Tea Party in the United States to various anti-EU, anti-immigrant parties in Europe. What unites all of them is the belief that elites in their countries have betrayed them. And in many ways they are correct: the elites who set the intellectual and cultural climate in the developed world have been largely buffered from the effects of middle-class decline. There has been a vacuum in new approaches to the problem, approaches that don’t involve simply returning to the welfare state solutions of the past. The proper approach to the problem of middle-class decline is not necessarily the present German system or any other specific set of measures. The only real long-term solution would be an educational system that succeeded in pushing the vast majority of citizens into higher levels of education and skills. The ability to help citizens flexibly adjust to the changing conditions of work requires state and private institutions that are similarly flexible. Yet one of the characteristics of modern developed democracies is that they have accumulated many rigidities over time that make institutional adaptation increasingly difficult. In fact, all political systems—past and present—are liable to decay. The fact that a system once was a successful and stable liberal democracy does not mean that it will

If you want to know the real reasons why certain politicians vote the way they do - follow the money. Arch Brexiteer Jacob Rees-Mogg (a.k.a. JackOff Grease-Smug) stands to make billions via his investment firm - Somerset Capital Management - if the UK crashes unceremoniously out of the European Union without a secure future trade deal. Why ? Because proposed EU regulations will give enforcement agencies greater powers to curb the activities adopted by the sort of off-shore tax havens his company employs. Consequently the British electorate get swindled not once, but twice. Firstly because any sort of Brexit - whether hard, soft, or half-baked - will make every man, woman and child in the UK that much poorer than under the status quo currently enjoyed as a fully paid up member of the EU. Secondly because Rees-Mogg's company, if not brought to heel by appropriate EU wide legislation, will deprive Her Majesty's Treasury of millions in taxes, thus leading to more onerous taxes for the rest of us. It begs the question, who else in the obscure but influential European Research Group (ERG) that he chairs and the Institute for Economic Affairs (IEA) that he subscribes to, have similar vested interests in a no-deal Brexit ? It is high time for infinitely greater parliamentary and public scrutiny into the UK Register of Members' Financial Interests in order to put an end to these nefarious dealings and appalling double standards in public life which only serve to further corrode public trust in an already fragile democracy.

Equity financing, on the other hand, is unappealing to cooperators because it may mean relinquishing control to outside investors, which is a distinctly capitalist practice. Investors are not likely to buy non-voting shares; they will probably require representation on the board of directors because otherwise their money could potentially be expropriated. “For example, if the directors of the firm were workers, they might embezzle equity funds, refrain from paying dividends in order to raise wages, or dissipate resources on projects of dubious value.”105 In any case, the very idea of even partial outside ownership is contrary to the cooperative ethos. A general reason for traditional institutions’ reluctance to lend to cooperatives, and indeed for the rarity of cooperatives whether related to the difficulty of securing capital or not, is simply that a society’s history, culture, and ideologies might be hostile to the “co-op” idea. Needless to say, this is the case in most industrialized countries, especially the United States. The very notion of a workers’ cooperative might be viscerally unappealing and mysterious to bank officials, as it is to people of many walks of life. Stereotypes about inefficiency, unprofitability, inexperience, incompetence, and anti-capitalism might dispose officials to reject out of hand appeals for financial assistance from co-ops. Similarly, such cultural preconceptions may be an element in the widespread reluctance on the part of working people to try to start a cooperative. They simply have a “visceral aversion” to, and unfamiliarity with, the idea—which is also surely a function of the rarity of co-ops itself. Their rarity reinforces itself, in that it fosters a general ignorance of co-ops and the perception that they’re risky endeavors. Additionally, insofar as an anti-democratic passivity, a civic fragmentedness, a half-conscious sense of collective disempowerment, and a diffuse interpersonal alienation saturate society, this militates against initiating cooperative projects. It is simply taken for granted among many people that such things cannot be done. And they are assumed to require sophisticated entrepreneurial instincts. In most places, the cooperative idea is not even in the public consciousness; it has barely been heard of. Business propaganda has done its job well.106 But propaganda can be fought with propaganda. In fact, this is one of the most important things that activists can do, this elevation of cooperativism into the public consciousness. The more that people hear about it, know about it, learn of its successes and potentials, the more they’ll be open to it rather than instinctively thinking it’s “foreign,” “socialist,” “idealistic,” or “hippyish.” If successful cooperatives advertise their business form, that in itself performs a useful service for the movement. It cannot be overemphasized that the most important thing is to create a climate in which it is considered normal to try to form a co-op, in which that is seen as a perfectly legitimate and predictable option for a group of intelligent and capable unemployed workers. Lenders themselves will become less skeptical of the business form as it seeps into the culture’s consciousness.

Smart Sexy Money is About Your Money As an accomplished entrepreneur with a history that spans more than fourteen years, Annette Wise is constantly looking for ways to give back to her community. Using enterprising efforts, she qualified for $125,000 in startup funding to develop a specialized residential facility that allows developmentally disabled adults to live in the community after almost a lifetime of living in a state institution. In doing so, she has provided steady employment in her community for the last thirteen years. After dedicating years to her residential facility, Annette began to see clearly the difficulty business owners face in planning for retirement successfully. Searching high and low to find answers, she took control of financial uncertainty and in less than 2 years, she became a Full Life Agent, licensed Registered Representative, Investment Advisor Representative and Limited Principal. Her focus is on building an extensive list of clients that depend on her for smart retirement guidance, thorough college planning, detailed business continuation, and business exit strategies. Clients have come to rely on Annette for insight on tax advantaged savings and retirement options. Annette’s primary goal is to help her clients understand more than just concepts, but to easily understand how money works, the consequences of their decisions and how they work in conjunction with their desires and goal. Ever the curious soul who is always up for a challenge, Annette is routinely resourceful at finding sensible means to a sometimes-challenging end. She believes in infinite possibilities as well as in sharing her knowledge with others. She is the go-to source for “Smart Wealth Solutions.” Among Annette’s proudest accomplishments are her two wonderful sons, Michael III and Matthew. As a single mom, they have been her inspiration and joy. She is forever grateful to the greatest brothers in the world- Andrew and Anthony Wise, for assistance in grooming them into amazing young men.

Marx discovered the significance of economic power; and it is understandable that he exaggerated its status. He and the Marxists see economic power everywhere. Their argument runs: he who has the money has the power; for if necessary, he can buy guns and even gangsters. But this is a roundabout argument. In fact, it contains an admission that the man who has the gun has the power. And if he who has the gun becomes aware of this, then it may not be long until he has both the gun and the money. But under an unrestrained capitalism, Marx’s argument applies, to some extent; for a rule which develops institutions for the control of guns and gangsters but not of the power of money is liable to come under the influence of this power. In such a state, an uncontrolled gangsterism of wealth may rule. But Marx himself, I think, would have been the first to admit that this is not true of all states; that there have been times in history when, for example, all exploitation was looting, directly based upon the power of the mailed fist. And to-day there will be few to support the naïve view that the ‘progress of history’ has once and for all put an end to these more direct ways of exploiting men, and that, once formal freedom has been achieved, it is impossible for us to fall again under the sway of such primitive forms of exploitation. These considerations would be sufficient for refuting the dogmatic doctrine that economic power is more fundamental than physical power, or the power of the state. But there are other considerations as well. As has been rightly emphasized by various writers (among them Bertrand Russell and Walter Lippmann25), it is only the active intervention of the state—the protection of property by laws backed by physical sanctions—which makes of wealth a potential source of power; for without this intervention, a man would soon be without his wealth. Economic power is therefore entirely dependent on political and physical power. Russell gives historical examples which illustrate this dependence, and sometimes even helplessness, of wealth: ‘Economic power within the state,’ he writes26, ‘although ultimately derived from law and public opinion, easily acquires a certain independence. It can influence law by corruption and public opinion by propaganda. It can put politicians under obligations which interfere with their freedom. It can threaten to cause a financial crisis. But there are very definite limits to what it can achieve. Cæsar was helped to power by his creditors, who saw no hope of repayment except through his success; but when he had succeeded he was powerful enough to defy them. Charles V borrowed from the Fuggers the money required to buy the position of Emperor, but when he had become Emperor he snapped his fingers at them and they lost what they had lent.’ The dogma that economic power is at the root of all evil must be discarded. Its place must be taken by an understanding of the dangers of any form of uncontrolled power. Money as such is not particularly dangerous. It becomes dangerous only if it can buy power, either directly, or by enslaving the economically weak who must sell themselves in order to live.