Financial Services Quotes

Money, an invention in which its creators decide who gets what amount of the finite pie. A person could work miracles for humankind and be given next to none of this manmade item, whereas another person could do next to nothing, or even perform major adverse actions against humankind and the planet, and be given a huge helping of it. This is because the monetary system that was initially used as a way of keeping track of goods and services rendered had been hijacked by the Masters to be used against the population.

I believe in the supreme worth of the individual and in his right to life, liberty and the pursuit of happiness. I believe that every right implies a responsibility; every opportunity, an obligation; every possession, a duty. I believe that the law was made for man and not man for the law; that government is the servant of the people and not their master. I believe in the dignity of labor, whether with head or hand; that the world owes no man a living but that it owes every man an opportunity to make a living. I believe that thrift is essential to well-ordered living and that economy is a prime requisite of a sound financial structure, whether in government, business or personal affairs. I believe that truth and justice are fundamental to an enduring social order. I believe in the sacredness of a promise, that a man's word should be as good as his bond, that character—not wealth or power or position—is of supreme worth. I believe that the rendering of useful service is the common duty of mankind and that only in the purifying fire of sacrifice is the dross of selfishness consumed and the greatness of the human soul set free. I believe in an all-wise and all-loving God, named by whatever name, and that the individual's highest fulfillment, greatest happiness and widest usefulness are to be found in living in harmony with His will. I believe that love is the greatest thing in the world; that it alone can overcome hate; that right can and will triumph over might.

The divine line "Bitcoin/Cryptocurrency is for criminals" is a cunning defensive strategy created by so called traditional financial services sector.

There are 2.7 billion people in the developing world without access to financial services

Chasing after the highest-paid position is pointless. Service to humanity is the highest calling.

Data is the new fuel for growth in multiple industries, from manufacturing to retail to financial services. But unlike other assets, it doesn’t necessarily fuel job growth, but rather, profit growth. And those profits tend to be diverted directly into executives’ and shareholders’ wallets.

It seems wrong and unfair that Christmas, with its stressful and unmanageable financial and emotional challenges, should first be forced upon one wholly against one's will, then rudely snatched away just when one is starting to get into it. Was really beginning to enjoy the feeling that normal service was suspended and it was OK to lie in bed as long as you want, put anything you fancy into your mouth, and drink alcohol whenever it should chance to pass your way, even in the mornings. Now suddenly we are all supposed to snap into self-discipline like lean teenage greyhounds.

What is patriotism? Let us begin with what patriotism is not. It is not patriotic to dodge the draft and to mock war heroes and their families. It is not patriotic to discriminate against active-duty members of the armed forces in one’s companies, or to campaign to keep disabled veterans away from one’s property. It is not patriotic to compare one’s search for sexual partners in New York with the military service in Vietnam that one has dodged. It is not patriotic to avoid paying taxes, especially when American working families do pay. It is not patriotic to ask those working, taxpaying American families to finance one’s own presidential campaign, and then to spend their contributions in one’s own companies. It is not patriotic to admire foreign dictators. It is not patriotic to cultivate a relationship with Muammar Gaddafi; or to say that Bashar al-Assad and Vladimir Putin are superior leaders. It is not patriotic to call upon Russia to intervene in an American presidential election. It is not patriotic to cite Russian propaganda at rallies. It is not patriotic to share an adviser with Russian oligarchs. It is not patriotic to solicit foreign policy advice from someone who owns shares in a Russian energy company. It is not patriotic to read a foreign policy speech written by someone on the payroll of a Russian energy company. It is not patriotic to appoint a national security adviser who has taken money from a Russian propaganda organ. It is not patriotic to appoint as secretary of state an oilman with Russian financial interests who is the director of a Russian-American energy company and has received the “Order of Friendship” from Putin. The point is not that Russia and America must be enemies. The point is that patriotism involves serving your own country. The

This was my wake-up call. I opened my eyes to the depressing fact that there are other forces at work in medicine besides science. The U.S. health care system runs on a fee-for-service model in which doctors get paid for the pills and procedures they prescribe, rewarding quantity over quality. We don’t get reimbursed for time spent counseling our patients about the benefits of healthy eating. If doctors were instead paid for performance, there would be a financial incentive to treat the lifestyle causes of disease. Until the model of reimbursement changes, I don’t expect great changes in medical care or medical education.5

Financial health is the lifeblood of any organization. It's the engine that drives growth, innovation, and long-term sustainability. A company's financial performance determines its ability to invest in new products or services, attract and retain top talent, weather economic downturns, and ultimately, fulfill its mission.

Believe that you are worthy of financial freedom. Do something you love and then all you ever have to do is be yourself to succeed. If you sell something you love, then you just sell love, not a specific product or service, and that will show.

You are and will become that which you think about most of the time.

I never want to make screw-you money like the rest of the financial services industry.

Their chattel status continues in their loss of name, their obligation to adopt the husband’s domicile, and the general legal assumption that marriage involves an exchange of the female’s domestic service and (sexual) consortium in return for financial support.31

A manager’s emotional commitment is the ultimate trigger for their discretionary effort, worth more than financial, intellectual & physical commitment combined.

Careful now: even a financially rewarding, intellectually stimulating work environment isn’t the same as living your own values.

Cybersecurity is a support industry, and a lot of professionals in the industry tend to forget that. These professionals think that cybersecurity is an industry unto itself, but it wouldn’t exist without other industries (like manufacturing, healthcare, and financial services).

Your financial requirements or wants have nothing whatever to do with your WORTH. Your value is established entirely by your ability to render useful service or your capacity to induce others to render such service.

Earl Moncrief, the butler, built his financial, procurement, and secret service organizations with the brute power of cash and a profound understanding of clever, malicious, discontented people who lived behind servile facades.

Corporate finance, which services the corporations and governments that borrow money, and that are known as “clients,” is, by comparison, a refined and unworldly place. Because they don’t risk money, corporate financiers are considered wimps by traders.

you must do what you fear most if you want to overcome the fear.

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.

we are all in business—all of us who work and provide services to our fellow man.

Mastering the art of selling involves mastering the craft of providing your clients the education, products, services, and personal contact before, during and after the sale that they want, need and, more important, deserve. That’s how you succeed. That’s how you’ll not only survive and grow in this business, but will thrive, prosper, and achieve greatness through it.

On Rachel's show for November 7, 2012: Ohio really did go to President Obama last night. and he really did win. And he really was born in Hawaii. And he really is legitimately President of the United States, again. And the Bureau of Labor statistics did not make up a fake unemployment rate last month. And the congressional research service really can find no evidence that cutting taxes on rich people grows the economy. And the polls were not screwed to over-sample Democrats. And Nate Silver was not making up fake projections about the election to make conservatives feel bad; Nate Silver was doing math. And climate change is real. And rape really does cause pregnancy, sometimes. And evolution is a thing. And Benghazi was an attack on us, it was not a scandal by us. And nobody is taking away anyone's guns. And taxes have not gone up. And the deficit is dropping, actually. And Saddam Hussein did not have weapons of mass destruction. And the moon landing was real. And FEMA is not building concentration camps. And you and election observers are not taking over Texas. And moderate reforms of the regulations on the insurance industry and the financial services industry in this country are not the same thing as communism. Listen, last night was a good night for liberals and for democrats for very obvious reasons, but it was also, possibly, a good night for this country as a whole. Because in this country, we have a two-party system in government. And the idea is supposed to be that the two sides both come up with ways to confront and fix the real problems facing our country. They both propose possible solutions to our real problems. And we debate between those possible solutions. And by the process of debate, we pick the best idea. That competition between good ideas from both sides about real problems in the real country should result in our country having better choices, better options, than if only one side is really working on the hard stuff. And if the Republican Party and the conservative movement and the conservative media is stuck in a vacuum-sealed door-locked spin cycle of telling each other what makes them feel good and denying the factual, lived truth of the world, then we are all deprived as a nation of the constructive debate about competing feasible ideas about real problems. Last night the Republicans got shellacked, and they had no idea it was coming. And we saw them in real time, in real humiliating time, not believe it, even as it was happening to them. And unless they are going to secede, they are going to have to pop the factual bubble they have been so happy living inside if they do not want to get shellacked again, and that will be a painful process for them, but it will be good for the whole country, left, right, and center. You guys, we're counting on you. Wake up. There are real problems in the world. There are real, knowable facts in the world. Let's accept those and talk about how we might approach our problems differently. Let's move on from there. If the Republican Party and the conservative movement and conservative media are forced to do that by the humiliation they were dealt last night, we will all be better off as a nation. And in that spirit, congratulations, everyone!

Defi means Decentralized lending and borrowing among other things. Each node in this Defi network is the new meaning of a bank. That means that instead of there being just a few big banks, there will be a multitude of banks embedded in every aspect of society. Every type of business and every type of organization will have a bank and every type of business and every type of organization will offer financial services.

The financial and economic consequences of the stoppage of payments by the largest purchaser of goods and services on planet Earth could not be calculated, could barely even be imagined. It would be a nuclear event—and Republican Party leaders were willing to threaten it not only once, but a second time again in 2013.

And yet it bewildered him that people truly believed capitalism to be about making things or providing services at a profit. He found it extraordinary how most people disliked speculators but thought of them as peripheral, as harmless bubbles on a steady stream of enterprise. They fail to recognize the very opposite is true, […] that enterprise long ago became a bubble on a whirlpool of speculation. That, in reality, workers, inventors and managers resemble driftwood buffeted hither and thither on a manic torrent of runaway finance.

Think about this for a moment. If the financial services industry is forced to take the time to find out what their customers’ best interests are and then act on them, the industry doesn’t have a viable business model.

The majority of the employees here are civilians," explained my Alderman guide/protector/companion/would-be-executioner as we strode without a word to the security guards through the foyer towards the lifts. "They conduct themselves within perfectly standard financial services and regulations. There is one specialist suboperational department catering to the financing of more...unusual extra-capital ventures, and the executive assets who operate it have to undergo a rigorous level of training, psyche evaluation, personality assessment, and team operational analyses." We stared at him, and said, "We barely understood the little words." "No," he replied, "I didn't think you would.

Different people define "the good life" in different ways. To me, the good life includes active participation in family, church and community. It means making time for playing with kids, teaching them important religious and moral principles in the home, going to church with them and spending enough time with them that they know you care. It requires being a partner with your spouse, allowing him or her to grow in her own right, to spread her wings and fly. It includes participating in the community -- committees, service, voting, perhaps public office. It means having enough financial base that there is some flexibility in life, without which the previous activities just described are very limited.

You are your children’s role models and they will learn to treat you (and others) the way you treat your own parents. If your children see you acting in impatient, rude, resentful, and angry ways toward your parents, how do you think they will behave toward you when you grow older? They will treat you just as poorly as you treated your parents, and why shouldn’t they? They’ll be faithful to your own teachings. If you can treat your parents with genuine service, then your children will learn to treat you the same way. They will learn to serve others, as well, and they will prosper for it.

All writers and their readers should stand up and voice their opposition to financial services companies censoring books. Authors should have the freedom to publish legal fiction, and readers should have the freedom to read what they want.

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.

Trina had filed a civil suit against the officer who raped her, and the jury awarded her a judgment of $62,000. The guard appealed, and the Court reversed the verdict because the correctional officer had not been permitted to tell the jury that Trina was in prison for murder. Consequently, Trina never received any financial aid or services from the state to compensate her for being violently raped by one of its “correctional” officers. In 2014, Trina turned fifty-two. She has been in prison for thirty-eight years. She is one of nearly five hundred people in Pennsylvania who have been condemned to mandatory life imprisonment without parole for crimes they were accused of committing when they were between the ages of thirteen and seventeen. It is the largest population of child offenders condemned to die in prison in any single jurisdiction in the world.

When people are skilled at adopting free traits, it can be hard to believe that they’re acting out of character. Professor Little’s students are usually incredulous when he claims to be an introvert. But Little is far from unique; many people, especially those in leadership roles, engage in a certain level of pretend-extroversion. Consider, for example, my friend Alex, the socially adept head of a financial services company, who agreed to give a candid interview on the condition of sealed-in-blood anonymity. Alex told me that pretend-extroversion was something he taught himself in the seventh grade, when he decided that other kids were taking advantage of him. “I was the nicest person you’d ever want to know,” Alex recalls, “but the world wasn’t that way. The problem was that if you were just a nice person, you’d get crushed. I refused to live a life where people could do that stuff to me. I was like, OK, what’s the policy prescription here?...

Taxation is an inescapable part of the government racket. If governments never stole, they would cease to be governments. If we could withdraw our financial support from them at any time, they would be voluntary cooperatives, or service providers. Because taxation is backed up with the threat of force, it is theft, plain and simple.

The craft, trade, agriculture, science, a large part of the art - all this can only stand on a broad base , on a consolidated, strong and healthy mediocrity. Served in their services and the science of their work - and even the arts. We cannot wish for better: it belongs to such an average sort of person - it is under displace exceptions - it has nothing aristocratic about something and still les in their anarchic instincts - The power of the center is then held upright by the trade, especially the money market: the instinct of great financiers goes against all extremes, - the Jews are the reason for the time being conserve power in our so insecure and threatened Europe.

A manager’s emotional commitment is worth more than their financial, intellectual and physical commitment combined.

Making a product is just an activity, making a profit on a product is the achievement.

I thought Sundays were supposed to be relaxing. As a male citizen of America, I’m entitled on Sundays to watch athletic men in tight uniforms ritualistically invade one another’s territory, and while they’re resting I get to be bombarded with commercials about trucks, pizza, beer, and financial services. That’s how it’s supposed to be; that’s the American dream.

But money doesn’t work in the sense that labor or tangible capital expends effort to produce commodities. Credit is debt, and debt extracts interest. Financial salesmen who promise investors, “Make your money work for you” actually mean that society should work for the creditors — and that means for the banks that create credit. The effect is to turn the economic surplus into a flow of interest payments, diverting revenue from tangible capital investment. As the economy’s reproductive powers are dried up, the financialization process is kept going by easing credit terms and lending — not to produce more goods and services, but to bid up prices for the real estate, stocks and bonds being pledged as collateral for larger and larger loans.

Bill Clinton’s political formula for seizing the presidency was simple. He made money tight in the ghettos and let it flow free on Wall Street. He showered the projects with cops and bean counters and pulled the cops off the beat in the financial services sector. And in one place he created vast new mountain ranges of paperwork, while in another, paperwork simply vanished.

A government always finds itself obliged to resort to inflationary measures when it cannot negotiate loans and dare not levy taxes, because it has reason to fear that it will forfeit approval of the policy it is following if it reveals too soon the financial and general economic consequences of that policy. Thus inflation becomes the most important psychological resource of any economic policy whose consequences have to be concealed; and so in this sense it can be called an instrument of unpopular, i.e. of anti-democratic, policy, since by misleading public opinion it makes possible the continued existence of a system of government that would have no hope of the consent of the people if the circumstances were clearly laid before them. That is the political function of inflation. It explains why inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.

Corporate elites said they needed free-trade agreements, so they got them. Manufacturers said they needed tax breaks and public-money incentives in order to keep their plants operating in the United States, so they got them. Banks and financiers needed looser regulations, so they got them. Employers said they needed weaker unions—or no unions at all—so they got them. Private equity firms said they needed carried interest and secrecy, so they got them. Everybody, including Lancastrians themselves, said they needed lower taxes, so they got them. What did Lancaster and a hundred other towns like it get? Job losses, slashed wages, poor civic leadership, social dysfunction, drugs. Having helped wreck small towns, some conservatives were now telling the people in them to pack up and leave. The reality of “Real America” had become a “negative asset.” The “vicious, selfish culture” didn’t come from small towns, or even from Hollywood or “the media.” It came from a thirty-five-year program of exploitation and value destruction in the service of “returns.” America had fetishized cash until it became synonymous with virtue.

In the studies I have directed, and in my international experience speaking with women in prostitution, the majority of women in prostitution come from marginalized groups with a history of sexual abuse, drug and alcohol dependencies, poverty or financial disadvantage, lack of education, and histories of other vulnerabilities. These factors characterize women in both off and on-street locations. A large number of women in prostitution are pimped or drawn into the sex industry at an early age. These are women whose lives will not change for the better if prostitution is decriminalized. Many have entrenched problems that are best addressed not by keeping women indoors but in establishing programs where women can be provided with an exit strategy and the services that they need to regain their lost lives. There is little evidence that decriminalization or legalization of prostitution improves conditions for women in prostitution, on or off the street. It certainly makes things better for the sex industry, which is provided with legal standing, and the government that enjoys increased revenues from accompanying regulation.

Most of the successful innovators and entrepreneurs in this book had one thing in common: they were product people. They cared about, and deeply understood, the engineering and design. They were not primarily marketers or salesmen or financial types; when such folks took over companies, it was often to the detriment of sustained innovation. “When the sales guys run the company, the product guys don’t matter so much, and a lot of them just turn off,” Jobs said. Larry Page felt the same: “The best leaders are those with the deepest understanding of the engineering and product design.”34 Another lesson of the digital age is as old as Aristotle: “Man is a social animal.” What else could explain CB and ham radios or their successors, such as WhatsApp and Twitter? Almost every digital tool, whether designed for it or not, was commandeered by humans for a social purpose: to create communities, facilitate communication, collaborate on projects, and enable social networking. Even the personal computer, which was originally embraced as a tool for individual creativity, inevitably led to the rise of modems, online services, and eventually Facebook, Flickr, and Foursquare. Machines, by contrast, are not social animals. They don’t join Facebook of their own volition nor seek companionship for its own sake. When Alan Turing asserted that machines would someday behave like humans, his critics countered that they would never be able to show affection or crave intimacy. To indulge Turing, perhaps we could program a machine to feign affection and pretend to seek intimacy, just as humans sometimes do. But Turing, more than almost anyone, would probably know the difference. According to the second part of Aristotle’s quote, the nonsocial nature of computers suggests that they are “either a beast or a god.” Actually, they are neither. Despite all of the proclamations of artificial intelligence engineers and Internet sociologists, digital tools have no personalities, intentions, or desires. They are what we make of them.

Using your wealth to purchase other people’s loyalty is a game as old as humanity itself. Rich men use their wealth to attract women, unscrupulous employers use material incentives and disincentives to manipulate their workers, and wealthy countries like the USA use their national wealth to keep their citizens loyal to the cause of aggressive and genocidal Imperialism. But historical longevity and common practice don’t make the manipulation or exploitation morally or ethically right. Organized religions are inherently POLITICAL organizations. There is a fundamental difference between the financial enterprise and political machinations of an organized religion versus a mass of independent unaffiliated believers, philosophers, and mystics who do not support any organized religion. Christianity and Islam are known as proselytizing religions because they make an organized and systemic effort to gain converts, and they often provide services, products, or employment to attract converts. Judaism, Hinduism, and Buddhism show far less zeal about gaining converts, which is why you almost never hear about Jewish, Hindu, or Buddhist missionaries. Modern medical and nursing schools usually teach their students the moral principle that the provision of medical services should never be used as a means to proselytize or promote a religion, but that does not deter many Christian health care providers from doing exactly that. Most of the medical and charitable organizations based in Christian countries are fronts for Christian proselytizing activities.

No matter what your reason for wanting to start your own business, developing the foundation is the same. Laying a solid foundation for you business will provide you with a road map to follow as you build your business. As you work through the Start a Business Step-by-Step Workbook you will define the company’s mission, decide what business entity is right for your business, name your business, determine the pricing for your products or services, formulate your financial projections, define your competitors, survey consumers regarding your products or services, determine the marketing methods right for your business and more.

The idiots take over the final days of crumbling civilizations. Idiot generals wage endless, unwinnable wars that bankrupt the nation. Idiot economists call for reducing taxes for corporation and the rich and cutting social service programs for the poor. They project economic growth on the basis of myth. Idiot industrialists poison the water, the soil, and the air, slash jobs and depress wages. Idiot bankers gamble on self-created financial bubbles. Idiot journalists and public intellectuals pretend despotism is democracy. Idiot intelligence operatives orchestrate the overthrow of foreign governments to create lawless enclaves that give rise to enraged fanatics. Idiot professors, "experts", and "specialists" busy themselves with unintelligible jargon and arcane theory that buttresses the policies of rulers. Idiot entertainers and producers create lurid spectacles of sex, gore and fantasy. There is a familiar checklist for extinction. We are ticking off every item on it.

There were hierarchies within the free citizen population too. One clause draws a distinction between patricians and plebeians, another between assidui (men of property) and proletarii (those without property – whose contribution to the city was the production of offspring, proles). Another refers to ‘patrons’ and ‘clients’ and to a relationship of dependency and mutual obligation between richer and poorer citizens that remained important throughout Roman history. The basic principle was that the client depended on his patron for protection and assistance, financial and otherwise, in return for a variety of services rendered, including votes in elections.

You are always self-employed. You are always the president of your own personal services corporation, no matter where you might be working at the moment. When you see yourself as self-employed, you develop the entrepreneur mentality. The mentality of the highly independent, self-responsible, self-starting individual. Instead of waiting for things to happen, you make things happen. You see yourself as the boss of your own life. You see yourself as completely in charge of your physical health, your financial well-being, your career, your relationships, your home, your car, and every element of your existence. This is the mindset of the truly excellent person.

The Clinton administration’s Gramm–Leach–Bliley Act (GLBA) of 1999, also known as the Financial Services Modernization Act, is probably the most illustrious example of this deregulatory frenzy: this repealed the Glass–Steagall Act of 1933, which separated commercial and investment banking and is widely credited with giving the United States 50 crisis-free years of financial stability. With the passage of the Financial Services Modernization Act, commercial banks, investment banks, securities firms and insurance companies were once again allowed to consolidate. Today, many consider the repeal (followed in 2004 by the lifting of the leverage cap on US investment banks) to be an important cause of the late 2000s financial crisis.

Well, getting all the education and the practical experience. And then having the patience to do it day in and day out. Day in and day out. It’s not easy, let me tell you that. It’s like the restaurateur serving great food every meal. It’s not easy. But that’s how you make a great restaurant. That’s how you make a great car dealership. Service every day. You can’t miss the ball. You’ve gotta hit the ball out of the park every day. With service. And the same with technology. In our lifetime, we’ve seen many companies go in the tank because they weren’t able to innovate. Or actually, they didn’t figure out a product or service that really served the customer well. They lost their customers. Never lose a customer. Figure that one out.

The top eight coal power financiers were Citigroup, Barclays, JPMorgan Chase, Bank of America, Royal Bank, Wells Fargo, and Morgan Stanley. In 2016, JPMorgan Chase, while paying lip service to the Paris climate accord, poured $6.9 billion into the dirtiest fossil fuels on earth, and was top banker on Wall Street in tar sands oil, Arctic oil, ultra-deep water oil, coal power, and LNG

The air, soil and water cumulatively degrade; the climates and oceans destabilize; species become extinct at a spasm rate across continents; pollution cycles and volumes increase to endanger life-systems at all levels in cascade effects; a rising half of the world is destitute as inequality multiplies; the global food system produces more and more disabling and contaminated junk food without nutritional value; non-contagious diseases multiply to the world’s biggest killer with only symptom cures; the vocational future of the next generation collapses across the world while their bank debts rise; the global financial system has ceased to function for productive investment in life-goods; collective-interest agencies of governments and unions are stripped while for-profit state subsidies multiply; police state laws and methods advance while belligerent wars for corporate resources increase; the media are corporate ad vehicles and the academy is increasingly reduced to corporate functions; public sectors and services are non-stop defunded and privatized as tax evasion and transnational corporate funding and service by governments rise at the same time at every level.

The weavers I’ve met are extremely relational. They are driven to seek deep relations with others, both to feed their hunger for connection and because they believe that change happens through deepening relationships. When they are working with the homeless or the poor or the traumatized, they are laboring alongside big welfare systems that offer services but not care. These systems treat people as “cases” or “clients.” They are necessary to give people financial stability and support, but they can’t do transformational change. As Peter Block, one of the leading experts on community, puts it, “Talk to any poor person or vulnerable person and they can give you a long list of the services they have received. They are well serviced, but you often have to ask what in their life has fundamentally changed.

The shareholders who own the businesses in this book have other, nonfinancial priorities in addition to their financial objectives. Not that they don’t want to earn a good return on their investment, but it’s not their only goal, or even necessarily their paramount goal. They’re also interested in being great at what they do, creating a great place to work, providing great service to customers, having great relationships with their suppliers, making great contributions to the communities they live and work in, and finding great ways to lead their lives. They’ve learned, moreover, that to excel in all those things, they have to keep ownership and control inside the company and, in many cases, place significant limits on how much and how fast they grow. The wealth they’ve created, though substantial, has been a byproduct of success in these other areas. I call them small giants.

All of this goes back to Bill Clinton. It’s not a coincidence that radical welfare reform took place on the same watch that also saw a radical deregulation of the financial services industry. Clinton was a man born with a keen nose for two things: women with low self-esteem and political opportunity. When he was in the middle of a tough primary fight in 1992 and came out with a speech promising to “end welfare as we know it,” he could immediately smell the political possibilities, and it wasn’t long before this was a major plank in his convention speech (and soon in his first State of the Union address). Clinton understood that putting the Democrats back in the business of banging on black dependency would allow his party to reseize the political middle that Democrats had lost when Lyndon Johnson threw the weight of the White House behind the civil rights effort and the War on Poverty.

The CIO is that one leader who can see everything that is happening within the organization," says Victor Fetter, CIO of LPL Financial. "The CIO looks at every transaction and every customer service experience that takes place on the digital platform. With that unique perspective, the CIO understand where efficiency is happening and where it is not. The position, at its most basic level, has moved from someone who just accepted the way things were, to someone who uses that visibility to create aha moments for all leaders across the organization.

A central tenet of the traditional command-and-control mentality is management by the numbers; this is the basis and means for decision making. The numbers are largely financial and activity-related (what people do), which may or may not be of value to understanding and improving the system. With a proclaimed interest in ‘shareholder value,’ senior managers sit astride a system that they make more unstable and suboptimal through financial interference. Almost without thinking about it, the purpose of the organization becomes ‘make the budget.’ As

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.

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.

I quit my job on August 15, 1899, and went into the automobile business... The most surprising feature of business as it was conducted was the large attention given to finance and the small attention to service. That seemed to me to be reversing the natural process which is that the money should come as the result of work and not before the work... My idea was then and still is that if a man did his work well, the price he would get for that work—the profits and all financial matters—would care for themselves and that a business ought to start small and build itself up and out of its earnings.

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

To talk about this level of inequality between a woman and a man who live together doing the work of care and love was for a long time taboo: you risk being seen as ‘complaining’ or, because this work has insidiously been made part of what it is to be a ‘good’ woman, a bad one. Reams of women’s magazines offer advice to overburdened women on ‘self-care’ or ‘juggling the load’, as if the problem is personal, and can be solved by yet more effort on our part – leaving the system that makes us and takes from us untouched. I am married to a man who’s emotionally astute, deeply engaged with our children. Craig and I share the financial load, we think we share most things in our lives. This was not enough to protect me. The patriarchy is too huge, and I too small or stupid, or just not up for the fight. The individual man can be the loveliest; the system will still benefit him without his having to lift a finger or a whip, or change the sheets. This is a story I tell against myself. And against the system that made this self, as well as my husband’s, and put her into his service. Wifedom is a wicked magic trick we have learned to play on ourselves. I want to expose how it is done and so take its wicked, tricking power away.

As he surveyed the world being remade by Silicon Valley, and especially what was once called the sharing economy, he began to see through the fantasy-speak. Here were a handful of companies thriving by serving as middlemen between people who wanted rides and people who offered them, people who wanted their Ikea furniture assembled and people who came over to install it, people who defrayed their costs by renting out a room and people who stayed there. It was no accident, Scholz believed, that these services had taken off at the historical moment that they had. An epic meltdown of the world financial system had cost millions of people their homes, jobs, and health insurance. And as the fallout from the crash spread, many of those cut loose had been drafted into joining a new American servant class. The precariousness at the bottom, which had shown few signs of improving several years after the meltdown, had become the fodder for a bounty of services for the affluent—and, Scholz noted, for the “channeling of wealth in fewer and fewer hands.” Somehow, the technologies celebrated by the Valley as leveling playing fields and emancipating people had fostered a slick new digitally enabled upstairs-downstairs line in American social life.

It was during the 1970s that statisticians decided it would be a good idea to measure banks’ “productivity” in terms of their risk-taking behavior. The more risk, the bigger their slice of the GDP.14 Hardly any wonder, then, that banks have continually upped their lending, egged on by politicians who have been convinced that the financial sector’s slice is every bit as valuable as the whole manufacturing industry. “If banking had been subtracted from the GDP, rather than added to it,” the Financial Times recently reported, “it is plausible to speculate that the financial crisis would never have happened.”15 The CEO who recklessly hawks mortgages and derivatives to lap up millions in bonuses currently contributes more to the GDP than a school packed with teachers or a factory full of car mechanics. We live in a world where the going rule seems to be that the more vital your occupation (cleaning, nursing, teaching), the lower you rate in the GDP. As the Nobel laureate James Tobin said back in 1984, “We are throwing more and more of our resources, including the cream of our youth, into financial activities remote from the production of goods and services, into activities that generate high private rewards disproportionate to their social productivity.”16

Opinion polls showed that two-thirds of Greeks rejected the conditions attached to the bailout, but wanted to stay in the eurozone. Demonstrations spread throughout Greece advocating a “No” vote. So the Germans and French tried to frame the issue in a narrow way designed to get a “Yes” answer: Did voters want to be part of Europe? The aim was to avoid asking the really important question: Did Greek voters want to impose a decade of depression on themselves, cut public services, impose anti-union labor “reforms,” and sell off the Athenian water supply, its port, their beautiful islands and their gas rights in the Aegean to Germans and other creditors?

Social entrepreneurs are among the most dynamic engines of the cooperative movement. Where corporate moguls work for personal enrichment, these civic-minded business leaders work for the cooperative equivalent, which is a desire to generate community self-reliance, abolish poverty, and enhance community economic well-being by improving housing, food, transportation, energy, health, finance, and a host of other products and services. Their motivations are not selfishly financial; they are far deeper, rooted in both the human spirit and the pervasive sense of community that human beings have striven to express throughout history. As the economist Jean Monnet once said, “Without community, there is crisis.

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.

One way to get a life and keep it is to put energy into being an S&M (success and money) queen. I first heard this term in Karen Salmansohn’s fabulous book The 30-Day Plan to Whip Your Career Into Submission. Here’s how to do it: be a star at work. I don’t care if you flip burgers at McDonald’s or run a Fortune 500 company. Do everything with totality and excellence. Show up on time, all the time. Do what you say you will do. Contribute ideas. Take care of the people around you. Solve problems. Be an agent for change. Invest in being the best in your industry or the best in the world! If you’ve been thinking about changing professions, that’s even more reason to be a star at your current job. Operating with excellence now will get you back up to speed mentally and energetically so you can hit the ground running in your new position. It will also create good karma. When and if you finally do leave, your current employers will be happy to support you with a great reference and often leave an open door for additional work in the future. If you’re an entrepreneur, look at ways to enhance your business. Is there a new product or service you’ve wanted to offer? How can you create raving fans by making your customer service sparkle? How can you reach more people with your product or service? Can you impact thousands or even millions more? Let’s not forget the M in S&M. Getting a life and keeping it includes having strong financial health as well. This area is crucial because many women delay taking charge of their financial lives as they believe (or have been culturally conditioned to believe) that a man will come along and take care of it for them. This is a setup for disaster. You are an intelligent and capable woman. If you want to fully unleash your irresistibility, invest in your financial health now and don’t stop once you get involved in a relationship. If money management is a challenge for you, I highly recommend my favorite financial coach: David Bach. He is the bestselling author of many books, including The Automatic Millionaire, Smart Women Finish Rich, and Smart Couples Finish Rich. His advice is clear-cut and straightforward, and, most important, it works.

I determined absolutely that never would I join a company in which finance came before the work or in which bankers or financiers had a part. And further that, if there were no way to get started in the kind of business that I thought could be managed in the interest of the public, then I simply would not get started at all. For my own short experience, together with what I saw going on around me, was quite enough proof that business as a mere money-making game was not worth giving much thought to and was distinctly no place for a man who wanted to accomplish anything. Also it did not seem to me to be the way to make money. I have yet to have it demonstrated that it is the way. For the only foundation of real business is service.

Dr. Zackson’s is a licensed clinical psychologist in Greenwich, CT and New York City, and her practice is in a private, confidential, therapeutic setting. She has modeled her practice in the style of an ‘old-time’ family practitioner, with the goal of getting to know you beyond presenting issue taking into account family, work, and financial constraints. She will customize therapy to best suit your needs, and will ultimately help you to become your own therapist by learning how to better deal with the challenges that come up in your life. Services:- * Therapy Trauma * Therapy social anxiety * Therapy Depression * Therapy for anxiety * Therapist Nyc Judith zackson * Psychologist Nyc Judith zackson * Psychologist Greenwich * Therapist Greenwich

But the last forty years had witnessed the professionalization of property management. Since 1970, the number of people primarily employed as property managers had more than quadrupled.8 As more landlords began buying more property and thinking of themselves primarily as landlords (instead of people who happened to own the unit downstairs), professional associations proliferated, and with them support services, accreditations, training materials, and financial instruments. According to the Library of Congress, only three books offering apartment-management advice were published between 1951 and 1975. Between 1976 and 2014, the number rose to 215.9 Even if most landlords in a given city did not consider themselves “professionals,” housing had become a business.

When Roosevelt was elected, rumors spread that Coughlin was in line for a high administrative post and would quit the church to enter government service. But this failed to materialize, and Coughlin became disenchanted with Roosevelt as well. His first public break with Roosevelt came in 1934, when he urged payment of a soldiers’ bonus and the president publicly threatened to veto it. By 1935 Coughlin’s break with Roosevelt was complete; by 1937 his attacks on the president had become so violent that they led, ultimately, to a rebuke from the pope. Roosevelt, whose own radio persona was highly developed, found Coughlin a formidable adversary. The priest had a staff of confidential investigators in Washington, headed by a former Hearst journalist, and his advisers in financial matters consisted of bankers and brokers in New York.

Back in 2015, a volunteer group called Bitnation set up something called the Blockchain Emergency ID. There’s not a lot of data on the project now, BE-ID - used public-key cryptography to generate unique IDs for people without their documents. People could verify their relations, that these people belonged to their family, and so on. It was a very modern way of maintaining an ID; secure, fast, and easy to use. Using the Bitcoin blockchain, the group published all these IDs on to a globally distributed public ledger, spread across the computers of every single Bitcoin user online - hundreds of thousands of users, in those times. Once published, no government could undo it; the identities would float around in the recesses of the Internet. As long as the network remained alive, every person's identity would remain intact, forever floating as bits and bytes between the nations: no single country, government or company could ever deny them this. “That was, and I don't say this often, the fucking bomb,” said Common, In one fell swoop, identities were taken outside government control. BE-ID, progressing in stages, became the refugees' gateway to social assistance and financial services. First it became compliant with UN guidelines. Then it was linked to a VISA card. And thus out of the Syrian war was something that looked like it could solve global identification forever. Experts wrote on its potential. No more passports. No more national IDs. Sounds familiar? Yes, that’s the United Nations Identity in a nutshell. Julius Common’s first hit - the global identity revolution that he sold first to the UN, and then to almost every government in the world - was conceived of when he was a teenager.

Nevertheless, in too many churches today dramatic predictions about individuals’ unique personal concerns are presented as God-inspired “prophecies” by clergy who have never spoken out against social injustice, never uttered a word of political critique, yet still call themselves prophets. Some even charge fees or request financial “love-offerings” for their “prophetic” services. Despite their claims to prophetic powers, these men and women must be considered false prophets. Yet this is not a new phenomenon; there have been false prophets throughout history, and there are many today. How can a false prophet be identified? There are two telltale criteria: (1) they are silent about issues of social justice, and (2) they function as uncritical supporters of rulers and politicians, rather than as their moral conscience and dedicated arbiters of biblical justice.

Sadly, we were going to have to flee. We’d need to find somewhere new, and soon, and that would mean paying for our own security. I went back to my notebooks, started contacting security firms again. Meg and I sat down to work out exactly how much security we could afford, and how much house. Exactly then, while we were revising our budget, word came down: Pa was cutting me off. I recognized the absurdity, a man in his mid-thirties being financially cut off by his father. But Pa wasn’t merely my father, he was my boss, my banker, my comptroller, keeper of the purse strings throughout my adult life. Cutting me off therefore meant firing me, without redundancy pay, and casting me into the void after a lifetime of service. More, after a lifetime of rendering me otherwise unemployable. I felt fatted for the slaughter. Suckled like a veal calf. I’d never asked to be financially dependent on Pa. I’d been forced into this surreal state, this unending Truman Show in which I almost never carried money, never owned a car, never carried a house key, never once ordered anything online, never received a single box from Amazon, almost never traveled on the Underground. (Once, at Eton, on a theater trip.) Sponge, the papers called me. But there’s a big difference between being a sponge and being prohibited from learning independence. After decades of being rigorously and systematically infantilized, I was now abruptly abandoned, and mocked for being immature? For not standing on my own two feet? The question of how to pay for a home and security kept Meg and me awake at nights. We could always spend some of my inheritance from Mummy, we said, but that felt like a last resort. We saw that money as belonging to Archie. And his sibling. It was then that we learned Meg was pregnant.

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.

Despite the fact that Uncle Rulon and his followers regard the governments of Arizona, Utah, and the United States as Satanic forces out to destroy the UEP, their polygamous community receives more than $6 million a year in public funds. More than $4 million of government largesse flows each year into the Colorado City public school district—which, according to the Phoenix New Times, “is operated primarily for the financial benefit of the FLDS Church and for the personal enrichment of FLDS school district leaders.” Reporter John Dougherty determined that school administrators have “plundered the district’s treasury by running up thousands of dollars in personal expenses on district credit cards, purchasing expensive vehicles for their personal use and engaging in extensive travel. The spending spree culminated in December [2000], when the district purchased a $220,000 Cessna 210 airplane to facilitate trips by district personnel to cities across Arizona.” Colorado City has received $1.9 million from the U.S. Department of Housing and Urban Development to pave its streets, improve the fire department, and upgrade the water system. Immediately south of the city limits, the federal government built a $2.8 million airport that serves almost no one beyond the fundamentalist community. Thirty-three percent of the town’s residents receive food stamps—compared to the state average of 4.7 percent. Currently the residents of Colorado City receive eight dollars in government services for every dollar they pay in taxes; by comparison, residents in the rest of Mohave County, Arizona, receive just over a dollar in services per tax dollar paid. “Uncle Rulon justifies all that assistance from the wicked government by explaining that really the money is coming from the Lord,” says DeLoy Bateman. “We’re taught that it’s the Lord’s way of manipulating the system to take care of his chosen people.” Fundamentalists call defrauding the government “bleeding the beast” and regard it as a virtuous act.

When I started my marketing company, I fell into the same trap most entrepreneurs do in the early stages of their business. Desperate for sales I created page after page on my website, offering everything and anything from logo design and email marketing to Google AdWords and SEO. It was only when I stripped all of this noise away and focused almost exclusively on Google AdWords and PPC marketing that things started to happen for me. It was easier to rank my website on Google because the whole website was optimised around specific niche keywords. It was easier to close customers, because they wanted professional PPC services and I could demonstrate with little effort that I was a PPC specialist. In most cases I didn't even need to demonstrate this point because 5 seconds spent on my website would tell the client that my whole business was Google AdWords PPC. By making it look like the only thing I specialised in was PPC consultancy, I cornered the market in every channel my services were advertised.   But

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.

What is a “pyramid?” I grew up in real estate my entire life. My father built one of the largest real estate brokerage companies on the East Coast in the 1970s, before selling it to Merrill Lynch. When my brother and I graduated from college, we both joined him in building a new real estate company. I went into sales and into opening a few offices, while my older brother went into management of the company. In sales, I was able to create a six-figure income. I worked 60+ hours a week in such pursuit. My brother worked hard too, but not in the same fashion. He focused on opening offices and recruiting others to become agents to sell houses for him. My brother never listed and sold a single house in his career, yet he out-earned me 10-to-1. He made millions because he earned a cut of every commission from all the houses his 1,000+ agents sold. He worked smarter, while I worked harder. I guess he was at the top of the “pyramid.” Is this legal? Should he be allowed to earn more than any of the agents who worked so hard selling homes? I imagine everyone will agree that being a real estate broker is totally legal. Those who are smart, willing to take the financial risk of overhead, and up for the challenge of recruiting good agents, are the ones who get to live a life benefitting from leveraged Income. So how is Network Marketing any different? I submit to you that I found it to be a step better. One day, a friend shared with me how he was earning the same income I was, but that he was doing so from home without the overhead, employees, insurance, stress, and being subject to market conditions. He was doing so in a network marketing business. At first I refuted him by denouncements that he was in a pyramid scheme. He asked me to explain why. I shared that he was earning money off the backs of others he recruited into his downline, not from his own efforts. He replied, “Do you mean like your family earns money off the backs of the real estate agents in your company?” I froze, and anyone who knows me knows how quick-witted I normally am. Then he said, “Who is working smarter, you or your dad and brother?” Now I was mad. Not at him, but at myself. That was my light bulb moment. I had been closed-minded and it was costing me. That was the birth of my enlightenment, and I began to enter and study this network marketing profession. Let me explain why I found it to be a step better. My research led me to learn why this business model made so much sense for a company that wanted a cost-effective way to bring a product to market. Instead of spending millions in traditional media ad buys, which has a declining effectiveness, companies are opting to employ the network marketing model. In doing so, the company only incurs marketing cost if and when a sale is made. They get an army of word-of-mouth salespeople using the most effective way of influencing buying decisions, who only get paid for performance. No salaries, only commissions. But what is also employed is a high sense of motivation, wherein these salespeople can be building a business of their own and not just be salespeople. If they choose to recruit others and teach them how to sell the product or service, they can earn override income just like the broker in a real estate company does. So now they see life through a different lens, as a business owner waking up each day excited about the future they are building for themselves. They are not salespeople; they are business owners.

As we’ve seen, one of the most frequently pursued paths for achievement-minded college seniors is to spend several years advancing professionally and getting trained and paid by an investment bank, consulting firm, or law firm. Then, the thought process goes, they can set out to do something else with some exposure and experience under their belts. People are generally not making lifelong commitments to the field in their own minds. They’re “getting some skills” and making some connections before figuring out what they really want to do. I subscribed to a version of this mind-set when I graduated from Brown. In my case, I went to law school thinking I’d practice for a few years (and pay down my law school debt) before lining up another opportunity. It’s clear why this is such an attractive approach. There are some immensely constructive things about spending several years in professional services after graduating from college. Professional service firms are designed to train large groups of recruits annually, and they do so very successfully. After even just a year or two in a high-level bank or consulting firm, you emerge with a set of skills that can be applied in other contexts (financial modeling in Excel if you’re a financial analyst, PowerPoint and data organization and presentation if you’re a consultant, and editing and issue spotting if you’re a lawyer). This is very appealing to most any recent graduate who may not yet feel equipped with practical skills coming right out of college. Even more than the professional skill you gain, if you spend time at a bank, consultancy, or law firm, you will become excellent at producing world-class work. Every model, report, presentation, or contract needs to be sophisticated, well done, and error free, in large part because that’s one of the core value propositions of your organization. The people above you will push you to become more rigorous and disciplined, and your work product will improve across the board as a result. You’ll get used to dressing professionally, preparing for meetings, speaking appropriately, showing up on time, writing official correspondence, and so forth. You will be able to speak the corporate language. You’ll become accustomed to working very long hours doing detail-intensive work. These attributes are transferable to and helpful in many other contexts.

Addicts should not be coerced into treatment, since in the long term coercion creates more problems than it solves. On the other hand, for those addicts who opt for treatment, there must be a system of publicly funded recovery facilities with clean rooms, nutritious food, and access to outdoors and nature. Well-trained professional staff need to provide medical care, counseling, skills training, and emotional support. Our current nonsystem is utterly inadequate, with its patchwork of recovery homes run on private contracts and, here and there, a few upscale addiction treatment spas for the wealthy. No matter how committed their staff and how helpful their services may be, they are a drop in comparison to the ocean of vast need. In the absence of a coordinated rehabilitation system, the efforts of individual recovery homes are limited and occur in a vacuum, with no follow-up. It may be thought that the cost of such a drug rehabilitation and treatment system would be exorbitant. No doubt the financial expenses would be great — but surely less than the funds now freely squandered on the War on Drugs, to say nothing of the savings from the cessation of drug-related criminal activity and the diminished burden on the health care system.

The only word these corporations know is more,” wrote Chris Hedges, former correspondent for the Christian Science Monitor, National Public Radio, and the New York Times. They are disemboweling every last social service program funded by the taxpayers, from education to Social Security, because they want that money themselves. Let the sick die. Let the poor go hungry. Let families be tossed in the street. Let the unemployed rot. Let children in the inner city or rural wastelands learn nothing and live in misery and fear. Let the students finish school with no jobs and no prospects of jobs. Let the prison system, the largest in the industrial world, expand to swallow up all potential dissenters. Let torture continue. Let teachers, police, firefighters, postal employees and social workers join the ranks of the unemployed. Let the roads, bridges, dams, levees, power grids, rail lines, subways, bus services, schools and libraries crumble or close. Let the rising temperatures of the planet, the freak weather patterns, the hurricanes, the droughts, the flooding, the tornadoes, the melting polar ice caps, the poisoned water systems, the polluted air increase until the species dies. There are no excuses left. Either you join the revolt taking place on Wall Street and in the financial districts of other cities across the country or you stand on the wrong side of history. Either you obstruct, in the only form left to us, which is civil disobedience, the plundering by the criminal class on Wall Street and accelerated destruction of the ecosystem that sustains the human species, or become the passive enabler of a monstrous evil. Either you taste, feel and smell the intoxication of freedom and revolt or sink into the miasma of despair and apathy. Either you are a rebel or a slave. To be declared innocent in a country where the rule of law means nothing, where we have undergone a corporate coup, where the poor and working men and women are reduced to joblessness and hunger, where war, financial speculation and internal surveillance are the only real business of the state, where even habeas corpus no longer exists, where you, as a citizen, are nothing more than a commodity to corporate systems of power, one to be used and discarded, is to be complicit in this radical evil. To stand on the sidelines and say “I am innocent” is to bear the mark of Cain; it is to do nothing to reach out and help the weak, the oppressed and the suffering, to save the planet. To be innocent in times like these is to be a criminal.

Honorable, happy, and successful marriage is surely the principal goal of every normal person. Marriage is perhaps the most vital of all the decisions and has the most far-reaching effects, for it has to do not only with immediate happiness, but also with eternal joys. It affects not only the two people involved, but also their families and particularly their children and their children’s children down through the many generations. In selecting a companion for life and for eternity, certainly the most careful planning and thinking and praying and fasting should be done to be sure that of all the decisions, this one must not be wrong. In true marriage there must be a union of minds as well as of hearts. Emotions must not wholly determine decisions, but the mind and the heart, strengthened by fasting and prayer and serious consideration, will give one a maximum chance of marital happiness. It brings with it sacrifice, sharing, and a demand for great selflessness. . . . Some think of happiness as a glamorous life of ease, luxury, and constant thrills; but true marriage is based on a happiness which is more than that, one which comes from giving, serving, sharing, sacrificing, and selflessness. . . . One comes to realize very soon after marriage that the spouse has weaknesses not previously revealed or discovered. The virtues which were constantly magnified during courtship now grow relatively smaller, and the weaknesses which seemed so small and insignificant during courtship now grow to sizable proportions. The hour has come for understanding hearts, for self-appraisal, and for good common sense, reasoning, and planning. . . . “Soul mates” are fiction and an illusion; and while every young man and young woman will seek with all diligence and prayerfulness to find a mate with whom life can be most compatible and beautiful, yet it is certain that almost any good man and any good woman can have happiness and a successful marriage if both are willing to pay the price. There is a never-failing formula which will guarantee to every couple a happy and eternal marriage; but like all formulas, the principal ingredients must not be left out, reduced, or limited. The selection before courting and then the continued courting after the marriage process are equally important, but not more important than the marriage itself, the success of which depends upon the two individuals—not upon one, but upon two. . . . The formula is simple; the ingredients are few, though there are many amplifications of each. First, there must be the proper approach toward marriage, which contemplates the selection of a spouse who reaches as nearly as possible the pinnacle of perfection in all the matters which are of importance to the individuals. And then those two parties must come to the altar in the temple realizing that they must work hard toward this successful joint living. Second, there must be a great unselfishness, forgetting self and directing all of the family life and all pertaining thereunto to the good of the family, subjugating self. Third, there must be continued courting and expressions of affection, kindness, and consideration to keep love alive and growing. Fourth, there must be a complete living of the commandments of the Lord as defined in the gospel of Jesus Christ. . . . Two individuals approaching the marriage altar must realize that to attain the happy marriage which they hope for they must know that marriage is not a legal coverall, but it means sacrifice, sharing, and even a reduction of some personal liberties. It means long, hard economizing. It means children who bring with them financial burdens, service burdens, care and worry burdens; but also it means the deepest and sweetest emotions of all. . . . To be really happy in marriage, one must have a continued faithful observance of the commandments of the Lord. No one, single or married, was ever sublimely happy unless he was righteous.

Each of the three recognized categories—care, service, and education—would encompass a wide range of activities, with different levels of compensation for full- and part-time participation. Care work could include parenting of young children, attending to an aging parent, assisting a friend or family member dealing with illness, or helping someone with mental or physical disabilities live life to the fullest. This category would create a veritable army of people—loved ones, friends, or even strangers—who could assist those in need, offering them what my entrepreneur friend’s touchscreen device for the elderly never could: human warmth. Service work would be similarly broadly defined, encompassing much of the current work of nonprofit groups as well as the kinds of volunteers I saw in Taiwan. Tasks could include performing environmental remediation, leading afterschool programs, guiding tours at national parks, or collecting oral histories from elders in our communities. Participants in these programs would register with an established group and commit to a certain number of hours of service work to meet the requirements of the stipend. Finally, education could range from professional training for the jobs of the AI age to taking classes that could transform a hobby into a career. Some recipients of the stipend will use that financial freedom to pursue a degree in machine learning and use it to find a high-paying job.

I have never been able to understand on what theory the original investment of money can be charged against a business. Those men in business who call themselves financiers say that money is "worth" 6 per cent, or 5 per cent, or some other per cent, and that if a business has one hundred thousand dollars invested in it, the man who made the investment is entitled to charge an interest payment on the money, because, if instead of putting that money into the business he had put it into a savings bank or into certain securities, he could have a certain fixed return. Therefore they say that a proper charge against the operating expenses of a business is the interest on this money. This idea is at the root of many business failures and most service failures. Money is not worth a particular amount. As money it is not worth anything, for it will do nothing of itself. The only use of money is to buy tools to work with or the product of tools. Therefore money is worth what it will help you to produce or buy and no more. If a man thinks that his money will earn 5 per cent, or 6 per cent, he ought to place it where he can get that return, but money placed in a business is not a charge on the business—or, rather, should not be. It ceases to be money and becomes, or should become, an engine of production, and it is therefore worth what it produces—and not a fixed sum according to some scale that has no bearing upon the particular business in which the money has been placed. Any return should come after it has produced, not before.

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.

His great concern had to do with the fact that private fortunes were significantly outpacing investments in public services like schools, parks, and safety net programs. The process tends to begin gradually before accelerating under its own momentum. As people accumulate more money, they become less dependent on public goods and, in turn, less interested in supporting them. If they get their way, through tax breaks and other means, personal fortunes grow while public goods are allowed to deteriorate. As public housing, public education, and public transportation become poorer, they become increasingly, then almost exclusively, used only by the poor themselves.[6] People then begin to denigrate the public sector altogether, as if it were rotten at the root and not something the rich had found it in their interest to destroy. The rich and the poor soon unite in their animosity toward public goods—the rich because they are made to pay for things they don’t need and the poor because what they need has become shabby and broken. Things collectively shared, especially if they are shared across class and racial divides, come to be seen as lesser. In America, a clear marker of poverty is one’s reliance on public services, and a clear marker of affluence is one’s degree of distance from them. Enough money brings “financial independence,” which tellingly does not signal independence from work but from the public sector. There was a time when Americans wished to be free of bosses. Now we wish to be free of bus drivers. We wish for the freedom to withdraw from the wider community and sequester ourselves in a more exclusive one, pulling further and further away from the poor until the world they inhabit becomes utterly unrecognizable to us.[7]

For we do not know what type of instinct Mr. Eden has for idealistic values. He has never revealed this. The company he keeps does not speak for this. Above all, the civilization of his country is not of a nature that could perhaps impress us. I do not even wish to speak of the man across the ocean. Their instinct for idealistic values is certainly less than ours. We have in all likelihood given the world more idealistic values than that society frequented by Mr. Eden. The same applies to the countries that have tied themselves to us. In part, they look back onto civilizations in comparison with which the civilization of the Anglo-Saxon island-country is truly infinitely young, not to say infantile. In regard to material values, I do believe that they indeed have a very fine instinct for this. But we also have it. There is, however, a difference: we will make sure, under all circumstances, that the material values of Europe will in the future benefit the European people instead of an extra continental, small, international clique of financiers. That is our unshakable and merciless decision. The people of Europe are not fighting so that, afterwards, a couple of folk can again come along with their “fine instincts,” pillage mankind, and leave behind millions of unemployed, only so that they can fill their safes. We had a good reason why we distanced ourselves from the gold standard. We wanted to eliminate one of the prerequisites for this type of economic outlook and enterprise. And this is certain: Europe will emerge from this war far more economically sound than before. For a great part of the continent which has previously been organized against Europe will now be put into the service of the European nations. Adolf Hitler – speech in the Löwenbräukeller Munich, November 8, 1942

The United States over the last thirty years has seen a growing gap - indeed, a deepening gulf - between rich and poor. The gap is significantly greater than in any other developed nation. Moreover, the growing gulf between rich and poor is the result of social and economic policy, not because some classes of people worked harder and others slacked off over the last thirty years (all of us, according to most studies, are working harder). The differences among countries generate the same conclusion: social policy, not simply individual effort, is responsible for the distribution of wealth. Our recent social policy may not have been intended to produce this result, but it has. The consequence is increased suffering and desperation among the poor and potentially grave consequences for the society as a whole. Moreover, many people in the middle, who are most often struggling financially, support the individualistic ideology underlying our social policy - namely, the notions that we each have worked hard for what we have and ought to be able to keep all of it, that government is bad (or at least inefficient and wasteful - and hungry for our tax dollars), and that things will be better for all of us if we let the wealthiest people in our country make and keep as much money as possible. Many of us seem not to realize that the people who benefit the most from our politics and economics of individualism are the wealthiest 10 percent, especially the top 1 percent. People will support a tax cut that saves them $300 a year, without considering that the same tax cut will save the very wealthy tens of thousands or even hundreds of thousands a year, with significant damage to the social fabric, including not only decreased help for the poor and disadvantaged but also cuts in services such as public schools, road repairs, parks, libraries, and so forth.

Here’s some startup pedagogy for you: When confronted with any startup idea, ask yourself one simple question: How many miracles have to happen for this to succeed? If the answer is zero, you’re not looking at a startup, you’re just dealing with a regular business like a laundry or a trucking business. All you need is capital and minimal execution, and assuming a two-way market, you’ll make some profit. To be a startup, miracles need to happen. But a precise number of miracles. Most successful startups depend on one miracle only. For Airbnb, it was getting people to let strangers into their spare bedrooms and weekend cottages. This was a user-behavior miracle. For Google, it was creating an exponentially better search service than anything that had existed to date. This was a technical miracle. For Uber or Instacart, it was getting people to book and pay for real-world services via websites or phones. This was a consumer-workflow miracle. For Slack, it was getting people to work like they formerly chatted with their girlfriends. This is a business-workflow miracle. For the makers of most consumer apps (e.g., Instagram), the miracle was quite simple: getting users to use your app, and then to realize the financial value of your particular twist on a human brain interacting with keyboard or touchscreen. That was Facebook’s miracle, getting every college student in America to use its platform during its early years. While there was much technical know-how required in scaling it—and had they fucked that up it would have killed them—that’s not why it succeeded. The uniqueness and complete fickleness of such a miracle are what make investing in consumer-facing apps such a lottery. It really is a user-growth roulette wheel with razor-thin odds. The classic sign of a shitty startup idea is that it requires at least two (or more!) miracles to succeed. This was what was wrong with ours. We had a Bible’s worth of miracles to perform:

As I saw it, there was a 75 percent chance the Fed’s efforts would fall short and the economy would move into failure; a 20 percent chance it would initially succeed at stimulating the economy but still ultimately fail; and a 5 percent chance it would provide enough stimulus to save the economy but trigger hyperinflation. To hedge against the worst possibilities, I bought gold and T-bill futures as a spread against eurodollars, which was a limited-risk way of betting on credit problems increasing. I was dead wrong. After a delay, the economy responded to the Fed’s efforts, rebounding in a noninflationary way. In other words, inflation fell while growth accelerated. The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history. How was that possible? Eventually, I figured it out. As money poured out of these borrower countries and into the U.S., it changed everything. It drove the dollar up, which produced deflationary pressures in the U.S., which allowed the Fed to ease interest rates without raising inflation. This fueled a boom. The banks were protected both because the Federal Reserve loaned them cash and the creditors’ committees and international financial restructuring organizations such as the International Monetary Fund (IMF) and the Bank for International Settlements arranged things so that the debtor nations could pay their debt service from new loans. That way everyone could pretend everything was fine and write down those loans over many years. My experience over this period was like a series of blows to the head with a baseball bat. Being so wrong—and especially so publicly wrong—was incredibly humbling and cost me just about everything I had built at Bridgewater. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. So there I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one.

Tim Tigner began his career in Soviet Counterintelligence with the US Army Special Forces, the Green Berets. That was back in the Cold War days when, “We learned Russian so you didn't have to,” something he did at the Presidio of Monterey alongside Recon Marines and Navy SEALs. With the fall of the Berlin Wall, Tim switched from espionage to arbitrage. Armed with a Wharton MBA rather than a Colt M16, he moved to Moscow in the midst of Perestroika. There, he led prominent multinational medical companies, worked with cosmonauts on the MIR Space Station (from Earth, alas), chaired the Association of International Pharmaceutical Manufacturers, and helped write Russia’s first law on healthcare. Moving to Brussels during the formation of the EU, Tim ran Europe, Middle East, and Africa for a Johnson & Johnson company and traveled like a character in a Robert Ludlum novel. He eventually landed in Silicon Valley, where he launched new medical technologies as a startup CEO. In his free time, Tim has climbed the peaks of Mount Olympus, hang glided from the cliffs of Rio de Janeiro, and ballooned over Belgium. He earned scuba certification in Turkey, learned to ski in Slovenia, and ran the Serengeti with a Maasai warrior. He acted on stage in Portugal, taught negotiations in Germany, and chaired a healthcare conference in Holland. Tim studied psychology in France, radiology in England, and philosophy in Greece. He has enjoyed ballet at the Bolshoi, the opera on Lake Como, and the symphony in Vienna. He’s been a marathoner, paratrooper, triathlete, and yogi.  Intent on combining his creativity with his experience, Tim began writing thrillers in 1996 from an apartment overlooking Moscow’s Gorky Park. Decades later, his passion for creative writing continues to grow every day. His home office now overlooks a vineyard in Northern California, where he lives with his wife Elena and their two daughters. Tim grew up in the Midwest, and graduated from Hanover College with a BA in Philosophy and Mathematics. After military service and work as a financial analyst and foreign-exchange trader, he earned an MBA in Finance and an MA in International Studies from the University of Pennsylvania’s Wharton and Lauder Schools.  Thank you for taking the time to read about the author. Tim is most grateful for his loyal fans, and loves to correspond with readers like you. You are welcome to reach him directly at tim@timtigner.com.

The enemy won some points at the very beginning. On both of the two days preceding his remarks about Worth, Hitchcock notes that American deserters had been shot while crossing the Rio Grande. Probably they were just bored with army rations but there was some thought that they might be responding to a proclamation of General Ampudia’s which spies had been able to circulate in camp. Noting the number of Irish, French, and Polish immigrants in the American force, Ampudia had summoned them to assert a common Catholicism, come across the river, cease “to defend a robbery and usurpation which, be assured, the civilized nations of Europe look upon with the utmost indignation,” and settle down on a generous land bounty. Some of them did so, and the St. Patrick Battalion of American deserters was eventually formed, fought splendidly throughout the war, and was decimated in the campaign for Mexico City — after which its survivors were executed in daily batches.… This earliest shooting of deserters as they swam the Rio Grande, an unwelcome reminder that war has ugly aspects, at once produced an agitation. As soon as word of it reached Washington, the National Intelligencer led the Whig press into a sustained howl about tyranny. In the House J. Q. Adams rose to resolve the court-martial of every officer or soldier who should order the killing of a soldier without trial and an inquiry into the reasons for desertion. He was voted down but thereafter there were deserters in every Whig speech on the conduct of the war, and Calm Observer wrote to all party papers that such brutality would make discipline impossible. But a struggling magazine which had been founded the previous September in the interest of sports got on a sound financial footing at last. The National Police Gazette began to publish lists of deserters from the army, and the War Department bought up big editions to distribute among the troops. Taylor sat in his field works writing prose. Ampudia’s patrols reconnoitered the camp and occasionally perpetrated an annoyance. Taylor badly needed the Texas Rangers, a mobile force formed for frontier service in the Texas War of Independence and celebrated ever since. It was not yet available to him, however, and he was content to send out a few scouts now and then. So Colonel Truman Cross, the assistant quartermaster general, did not return from one of his daily rides. He was still absent twelve days later, and Lieutenant Porter, who went looking for him with ten men, ran into some Mexican foragers and got killed.

It is the custom in Germany for students to pass from one university to another during the course of their studies—a custom, incidentally, which no other country has. But it would be false to assume that this variety in instruction is a safeguard afainst uniformity of outlook, for although the professors of the various universities fight among themselves, they are all, fundamentally and at heart, in complete agreement. I came to realise this clearly through my contacts with the economists. This must have been about 1929. At that time we published a paper on certain aspects of the economic problem. Immediately a whole company of national economists of all sorts, and from a variety of universities, joined forces and signed a circular in which they unaminously condemned our economic proposals. I made one attempt to have a serious discussion with one of the most renowned of them, and one who was regarded by his colleagues as a revolutionary in economic thought Zwiedineck. The results were disastrous! At the time the State had floated a loan of two million seven hundred thousand marks for the construction of a road. I told Zwiedineck that I regarded this way of financing a project as foolish in the extreme. The life of the road in question would be some fifteen years ; but the amortisation of the capital involved would continue for eighty years. What the Government was really doing was to evade an immediate financial obligation by transferring the charges to the men of the next generation and, indeed, of the generation after. I insisted that nothing could be more unsound, and that what the Government should really do was to take radical steps to reduce the rate of interest and thus to render capital more fluid. I next argued that the gold standard, the fixing of rates of exchange and so forth were shibboleths which I had never regarded and never would regard as weighty and immutable principles of economy. Money, to me, was simply a token of exchange for work done, and its value depended absolutely on the value of the work accomplished. Where money did not represent services rendered, I insisted, it had no value at all. Zwiedineck was horrified and very excited. Such ideas, he declared, would upset the accepted economic principles of the entire world, and the putting of them into practice would cause a breakdown of the world's political economy. When, later, after our assumption of power, I put my theories into practice, the economists were not in the least discountenanced, but calmly set to work to prove by scientific argument that my theories were, indeed, sound economy !

The Seventh Central Pay Commission was appointed in February 2014 by the Government of India (Ministry of Finance) under the Chairmanship of Justice Ashok Kumar Mathur. The Commission has been given 18 months to make its recommendations. The terms of reference of the Commission are as follows:  1. To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure including pay, allowances and other facilities/benefits, in cash or kind, having regard to rationalisation and simplification therein as well as the specialised needs of various departments, agencies and services, in respect of the following categories of employees:-  (i) Central Government employees—industrial and non-industrial; (ii) Personnel belonging to the All India Services; (iii) Personnel of the Union Territories; (iv) Officers and employees of the Indian Audit and Accounts Department; (v) Members of the regulatory bodies (excluding the RBI) set up under the Acts of Parliament; and (vi) Officers and employees of the Supreme Court.   2. To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure, concessions and facilities/benefits, in cash or kind, as well as the retirement benefits of the personnel belonging to the Defence Forces, having regard to the historical and traditional parties, with due emphasis on the aspects unique to these personnel.   3. To work out the framework for an emoluments structure linked with the need to attract the most suitable talent to government service, promote efficiency, accountability and responsibility in the work culture, and foster excellence in the public governance system to respond to the complex challenges of modern administration and the rapid political, social, economic and technological changes, with due regard to expectations of stakeholders, and to recommend appropriate training and capacity building through a competency based framework.   4. To examine the existing schemes of payment of bonus, keeping in view, inter-alia, its bearing upon performance and productivity and make recommendations on the general principles, financial parameters and conditions for an appropriate incentive scheme to reward excellence in productivity, performance and integrity.   5. To review the variety of existing allowances presently available to employees in addition to pay and suggest their rationalisation and simplification with a view to ensuring that the pay structure is so designed as to take these into account.   6. To examine the principles which should govern the structure of pension and other retirement benefits, including revision of pension in the case of employees who have retired prior to the date of effect of these recommendations, keeping in view that retirement benefits of all Central Government employees appointed on and after 01.01.2004 are covered by the New Pension Scheme (NPS).   7. To make recommendations on the above, keeping in view:  (i) the economic conditions in the country and the need for fiscal prudence; (ii) the need to ensure that adequate resources are available for developmental expenditures and welfare measures; (iii) the likely impact of the recommendations on the finances of the state governments, which usually adopt the recommendations with some modifications; (iv) the prevailing emolument structure and retirement benefits available to employees of Central Public Sector Undertakings; and (v) the best global practices and their adaptability and relevance in Indian conditions.   8. To recommend the date of effect of its recommendations on all the above.