Financially Down Quotes

Hug and kiss whoever helped get you - financially, mentally, morally, emotionally - to this day. Parents, mentors, friends, teachers. If you're too uptight to do that, at least do the old handshake thing, but I recommend a hug and a kiss. Don't let the sun go down without saying thank you to someone, and without admitting to yourself that absolutely no one gets this far alone.

For your own good, for the good of your family and your future, grow a backbone. When something is wrong, stand up and say it is wrong, and don't back down.

Their society had been built to fail. Dynasties of power and parties of authority had on retrospect, staged countless renditions of the same play. Granted, an evolution had occurred. But the story unfolded the same way.

Our purpose is to consciously, deliberately evolve toward a wiser, more liberated and luminous state of being; to return to Eden, make friends with the snake, and set up our computers among the wild apple trees. Deep down, all of us are probably aware that some kind of mystical evolution - a melding into the godhead, into love - is our true task. Yet we suppress the notion with considerable force because to admit it is to acknowledge that most of our political gyrations, religious dogmas, social ambitions and financial ploys are not merely counterproductive but trivial. Our mission is to jettison those pointless preoccupations and take on once again the primordial cargo of inexhaustible ecstasy. Or, barring that, to turn out a good thin-crust pizza and a strong glass of beer.

By spending time being abundant in the present, using the tactics and strategies I give you, such as playing the Money Game, you will start to break down resistance and prove to yourself that everything you want is already yours.

technical debt’ that is not being paid down. It comes from taking shortcuts, which may make sense in the short-term. But like financial debt, the compounding interest costs grow over time. If an organization doesn’t pay down its technical debt, every calorie in the organization can be spent just paying interest, in the form of unplanned work.

To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise, you are doomed to a routine traverse, the kind known to yachtsmen who play with their boats at sea... "cruising" it is called. Voyaging belongs to seamen, and to the wanderers of the world who cannot, or will not, fit in. If you are contemplating a voyage and you have the means, abandon the venture until your fortunes change. Only then will you know what the sea is all about. "I've always wanted to sail to the south seas, but I can't afford it." What these men can't afford is not to go. They are enmeshed in the cancerous discipline of "security." And in the worship of security we fling our lives beneath the wheels of routine - and before we know it our lives are gone. What does a man need - really need? A few pounds of food each day, heat and shelter, six feet to lie down in - and some form of working activity that will yield a sense of accomplishment. That's all - in the material sense, and we know it. But we are brainwashed by our economic system until we end up in a tomb beneath a pyramid of time payments, mortgages, preposterous gadgetry, playthings that divert our attention for the sheer idiocy of the charade. The years thunder by, The dreams of youth grow dim where they lie caked in dust on the shelves of patience. Before we know it, the tomb is sealed. Where, then, lies the answer? In choice. Which shall it be: bankruptcy of purse or bankruptcy of life?

Normally, when you challenge the conventional wisdom—that the current economic and political system is the only possible one—the first reaction you are likely to get is a demand for a detailed architectural blueprint of how an alternative system would work, down to the nature of its financial instruments, energy supplies, and policies of sewer maintenance. Next, you are likely to be asked for a detailed program of how this system will be brought into existence. Historically, this is ridiculous. When has social change ever happened according to someone’s blueprint? It’s not as if a small circle of visionaries in Renaissance Florence conceived of something they called “capitalism,” figured out the details of how the stock exchange and factories would someday work, and then put in place a program to bring their visions into reality. In fact, the idea is so absurd we might well ask ourselves how it ever occurred to us to imagine this is how change happens to begin.

Someday this upside-down world will be turned right side up. Nothing in all eternity will turn it back again. If we are wise, we will use our brief lives on earth positioning ourselves for the turn.

Ancestral money blocks can also influence our mindset. Ancestral money blocks are essentially false beliefs about money passed down from our ancestors, that prevent us from achieving financial success.

I kept thinking about how southern Manhattan had always been Ground Zero for us. They auctioned our bodies down there, in that same devastated, and rightly named, financial district. And there was once a burial ground for the auctioned there. They built a department store over part of it and then tried to erect a government building over another part.

Recently Mr. Mawdsley’s donkey escaped from his stall, raced down the road, and somehow found his way into an enclosed pasture. Mr. Caird’s prized mare was innocently grazing when the ill-bred seducer had his way with her. Now it appears the mare has conceived, and a feud is raging between Caird, who demands financial compensation, and Mawdsley, who insists that had the pasture fencing been in better repair, the clandestine meeting would never have occurred. Worse still, it has been suggested that the mare is a shameless lightskirt and did not try nearly hard enough to preserve her virtue.

We are scaling down” is a painful statement to make to friends or family.

I know now with blind certainty that no matter what, eventually marriage is just two financially interdependent strangers staring across the kitchen table at each other. They have backpacks slung across their bodies, containing their sexual and romantic history and unresolved issues and family memories. And there´s nothing but cold cereal, because the days of flaky croissants and foamy cappuccino are over. Reality reclines on top of the refrigerator, leering down with a wry yet tender expression. And one day it all just collapses and the backpacks are hauled away to another kitchen table.

What would it mean in practice to eliminate all the 'negative people' from one's life? It might be a good move to separate from a chronically carping spouse, but it is not so easy to abandon the whiny toddler, the colicky infant, or the sullen teenager. And at the workplace, while it's probably advisable to detect and terminate those who show signs of becoming mass killers, there are other annoying people who might actually have something useful to say: the financial officer who keeps worrying about the bank's subprime mortgage exposure or the auto executive who questions the company's overinvestment in SUVs and trucks. Purge everyone who 'brings you down,' and you risk being very lonely, or, what is worse, cut off from reality.

A set of huge marble busts stared smugly down from on high: great merchants and financiers of Styrian history, by the look of them. Criminals made heroes by colossal success.

If you are nervous about making the jump or simply putting it off out of fear of the unknown, here is your antidote. Write down your answers to these questions, and keep in mind that thinking a lot will not prove as fruitful or as prolific as simply brain vomiting on the page. Write and do not edit - aim for volume. Spend a few minutes on each answer. 1. Define your nightmare, the absolute worst that could happen if you did what you are considering. 2. What steps could you take to repair the damage or get things back on the upswing, even if temporarily? 3. What are the outcomes or benefits, both temporary and permanent, of more probably scenarios? 4. If you were fired from your job today, what would you do to get things under financial control? 5. What are you putting off out of fear? 6. What is it costing you - financially, emotionally, and physically - to postpone action? 7. What are you waiting for?

There are uses to adversity, and they don’t reveal themselves until tested. Whether it’s serious illness, financial hardship, or the simple constraint of parents who speak limited English, difficulty can tap unsuspected strengths. It doesn’t always, of course: I’ve seen life beat people down until they can’t get up. But I have never had to face anything that could overwhelm the native optimism and stubborn perseverance I was blessed with.

Basically, financial reporting is this sinking hole at the centre of journalism. You start by swimming around it until finally, reluctantly, you can't fight the pull anymore and you get sucked down the drain into the biz pages.

For your own good, for the good of your family and your future, grow a backbone. When something is wrong, stand up and say it is wrong, and don’t back down.

Never bend down possessing the feeling of despair. Stand up and seek new opportunities in order to pursue long term success.

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

Only the Christian Church can offer any rational objection to a complete confidence in the rich. For she has maintained from the beginning that the danger was not in man's environment, but in man. Further, she has maintained that if we come to talk of a dangerous environment, the most dangerous environment of all is the commodious environment. I know that the most modern manufacture has been really occupied in trying to produce an abnormally large needle. I know that the most recent biologists have been chiefly anxious to discover a very small camel. But if we diminish the camel to his smallest, or open the eye of the needle to its largest — if, in short, we assume the words of Christ to have meant the very least that they could mean, His words must at the very least mean this — that rich men are not very likely to be morally trustworthy. Christianity even when watered down is hot enough to boil all modern society to rags. The mere minimum of the Church would be a deadly ultimatum to the world. For the whole modern world is absolutely based on the assumption, not that the rich are necessary (which is tenable), but that the rich are trustworthy, which (for a Christian) is not tenable. You will hear everlastingly, in all discussions about newspapers, companies, aristocracies, or party politics, this argument that the rich man cannot be bribed. The fact is, of course, that the rich man is bribed; he has been bribed already. That is why he is a rich man. The whole case for Christianity is that a man who is dependent upon the luxuries of this life is a corrupt man, spiritually corrupt, politically corrupt, financially corrupt. There is one thing that Christ and all the Christian saints have said with a sort of savage monotony. They have said simply that to be rich is to be in peculiar danger of moral wreck. It is not demonstrably un-Christian to kill the rich as violators of definable justice. It is not demonstrably un-Christian to crown the rich as convenient rulers of society. It is not certainly un-Christian to rebel against the rich or to submit to the rich. But it is quite certainly un-Christian to trust the rich, to regard the rich as more morally safe than the poor.

She’s having a party, you know. This coming week.” He took a sip of wine. “I know. I received an invitation this morning before you arrived. According to her flowing prose, I am to be the guest of honor.” He shuddered. Miranda couldn’t help but laugh. “Yes, my mother is quite taken with you now that you’re assisting us financially. I’m sure she’ll fawn over you all evening.” He downed the remainder of his wine in one swig. “Dear God, now I wish I hadn’t accepted the invitation.” She giggled at his twisted, pained expression. “Oh, of course you must come. Drink the wine, appreciate the orchestra. After all, you’re paying for it.” Ethan’s expression went from a playfully pained one to a truly pained one for a brief instant. His frown drew down and he looked at her evenly. “No, Miranda. I believe it is you who are paying,” he said softly.

When the West turned down Egypt's request for financial assistance to build a new dam on the Nile -- a national project deemed vital for the country's well-being -- the government of the time felt it had no choice but to go to the Soviet Union for help. By doing so, it committed the country to almost 20 years of Soviet influence, changing the geopolitics of the region in a consequential and durable manner.

On Ove’s side of the track it’s empty but for three overdimensioned municipal employees in their midthirties in workmen’s trousers and hard hats, standing in a ring and staring down into a hole. Around them is a carelessly erected loop of cordon tape. One of them has a mug of coffee from 7-Eleven; another is eating a banana; the third is trying to poke his cell phone without removing his gloves. It’s not going so well. And the hole stays where it is. And still we’re surprised when the whole world comes crashing down in a financial crisis, Ove thinks. When people do little more than standing around eating bananas and looking into holes in the ground all day.

This crisis didn’t have to happen. America had a boom-and-bust cycle from the 1790s to the 1930s, with a financial panic every ten to fifteen years. But we figured out how to fix it. Coming out of the Great Depression, the country put tough rules in place that gave us fifty years without a financial crisis. But in the 1980s, we started pulling the threads out of the regulatory fabric, and we found ourselves back in the boom-and-bust cycle. When this crisis is over, there will be a once-in-a-generation chance to rewrite the rules. What we set in place will determine whether our country continues down this path toward a boom-and-bust economy or whether we reestablish an economy with more stability that gives ordinary folks a chance at real prosperity.

Tangier is more New York than New York. ... Then you must see how alike the two places are. The life revolves wholly about the making of money. Practically everyone is dishonest. In New York you have Wall Street, here you have the Bourse. ... In New York you have the slick financiers, here the money changers. In New York you have your racketeers. Here you have your smugglers. And you have every nationality and no civic pride.

In the end it was currency debasement and pure deficit spending to fund the military, public works, social programs, and war that brought down the Roman Empire.

Look at your neck turning radius. Its designed to look 180 deg forward side only. Looking back slows you down. Always look forward in life.

For a few weeks Marco and I talked about the purpose of our lives. We’d come to see that our debt-ridden lifestyle was hindering us from accomplishing all we were created to do.

Anybody can throw a basketball toward a hoop. But only a relative few can exercise the athletic prowess of dribbling down the court, account for and surpass a variety of obstacles, and actually get the ball into the hoop consistently and repetitively contributing toward an ultimate win for the team. In the same way, anyone can open an investment account with M1 or Acorns or Robinhood or Cashapp… or even with the big guys like Ameritrade or Fidelity or Charles Schwabb or Morgan Stanley… but only a relative few can navigate an ever-changing economic paradigm, overcome various financial, legal and social obstacles, maintaining alignment with values, and achieve substantial growth and profits - contributing toward an ultimate win for the team. It’s better to hire a professional investor if you expect professional results.

It is often difficult, I find, for people today to grasp the notion that one family, working through several restaurants could change the eating habit of an entire country. But such was the achievement of the Delmonicos in the United States of the last century. Before they opened their first small cafe on William Street in 1823, catering to the business and financial communities of Lower Manhattan, American food could generally be described as things boiled or fried whose purpose was to sustain hard work and hold down alcohol - usually bad alcohol. The Delmonicos, though Swiss, had brought the French method to America, and each generation of their family refined an expanded the experience ... The craving for first-rate dining became a kind of national fever in the latter decades of the century - and Delmonico's was responsible.

Today, I'm drawn to repurposing for so many reasons: It allows me to live a more financially pared-down and simple life in which it's possible to work a little bit less and live a little bit more.

What it mainly revealed was that one of the most insidious of the “hidden injuries of class” in North American society was the denial of the right to do good, to be noble, to pursue any form of value other than money – or, at least, to do it and to gain any financial security or rewards for having done. The passionate hatred of the “liberal elite” among right-wing populists came down, in practice, to the utterly justified resentment towards a class that had sequestered, for its own children, every opportunity to pursue love, truth, beauty, honor, decency, and to be afforded the means to exist while doing so. The endless identification with soldiers (“support our troops!) – that is, with individuals who have, over the years, been reduced to little more than high tech mercenaries enforcing of a global regime of financial capital – lay in the fact that these are almost the only individuals of working class origin in the US who have figured out a way to get paid for pursuing some kind of higher ideal, or at least being able to imagine that’s what they’re doing. Obviously most would prefer to pursue higher ideals in way that did not involve the risk of having their legs blown off. The sense of rage, in fact, stems above all from the knowledge that all such jobs are taken by children of the rich.

If I must needs boast, I will boast of my sufferings." II Corinthians 11:30 People boast about their wealth, their physical strength, their financial success, their educational achievements... but there are only a few people who can boast about their pains and sufferings. Those who are able to lay down their lives for a great mission are rare, but they are those who are able to transcend themselves and stand as great leaders and heroes in front of humanity. -Torkom Saraydarian

So imagine two scenarios. Let’s say it’s the holidays, and two different neighbors invite you to their parties in the same week. You accept both invitations. In one case, you do the irrational thing and give Neighbor X a bottle of Bordeaux; for the second party you adopt the rational approach and give Neighbor Z $50 in cash. The following week, you need some help moving a sofa. How comfortable would you be approaching each of your neighbors, and how do you think each would react to your request for a favor? The odds are that Neighbor X will step in to help. And Neighbor Z? Since you have already paid him once (to make and share dinner with you), his logical response to your request for help might be, “Fine. How much will you pay me this time?” Again, the prospect of acting rationally, financially speaking, sounds deeply irrational in terms of social norms. The point is that while gifts are financially inefficient, they are an important social lubricant. They help us make friends and create long-term relationships that can sustain us through the ups and downs of life. Sometimes, it turns out, a waste of money can be worth a lot.

The top 1% holds nearly half of the financial wealth, the greatest concentration of wealth of any industrialized nation, more concentrated than at any time since the Depression. In 1980, on average, CEOs earned 42 times the salary of the average worker, and these days they earn about 476 times that salary. Since 1980, the rich have been getting richer fast and furiously and hard-working people in the middle are sliding down the greasy slope who never imagined this could happen to them. The concentration of wealth and power in the hands of a few is the death knell of democracy. No republic in the history of humankind has survived this.

Financial success isn’t about how much you make, but about what you do with what you make.” “I work too hard for my money to spend it on fruitless things.” “It’s our responsibility today to plan for tomorrow’s expenses.” “Most of America’s wealthy aren’t showing it off.

People aren’t really needed for anything else in the Griftopia, but since Americans require the illusion of self-government, we have elections. To make sure those elections are effectively meaningless as far as Wall Street is concerned, two things end up being true. One is that voters on both sides of the aisle are gradually weaned off that habit of having real expectations for their politicians, consuming the voting process entirely as culture-war entertainment. The other is that millions of tenuously middle-class voters are conned into pushing Wall Street’s own twisted greed ethos as though it were their own. The Tea Party, with its weirdly binary view of society as being split up cleanly into competing groups of producers and parasites—that’s just a cultural echo of the insane greed-is-good belief system on Wall Street that’s provided the foundation/excuse for a generation of brilliantly complex thievery. Those beliefs have trickled down to the ex-middle-class suckers struggling to stay on top of their mortgages and their credit card bills, and the real joke is that these voters listen to CNBC and Fox and they genuinely believe they’re the producers in this binary narrative. They don’t get that somewhere way up above, there’s a group of people who’ve been living the Atlas dream for real—and building a self-dealing financial bureaucracy in their own insane image.

Having and authentic voice means that: - We can openly share competence as well as problems and vulnerability. - We can warm things up and calm them down. - We can listen and ask questions that allow us to truly know the other person and to gather information about anything that may affect us. - We can say what we think and feel, state differences, and allow the other person to do the same. - We can define our values, convictions, principles, and priorities, and do our best to act in accordance with them. - We can define what we feel entitled to in a relationship, and we can clarify the limits of what we will tolerate or accept in another’s behavior. - We can leave (meaning that we can financially and emotionally support ourselves), if necessary.

Godwin was also of little practical assistance. He had calculated his living expenses down to the last penny, sometimes having to borrow a few pounds to make ends meet. He had never intended to assume the financial responsibility of a family, declaring that such obligations blighted the freedom of the male intellectual.

The most realistic distinction between the investor and the speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices. Market movements are important to him in a practical sense, because they alternately create low price levels at which he would be wise to buy and high price levels at which he certainly should refrain from buying and probably would be wise to sell. It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities. Aside from forecasting the movements of the general market, much effort and ability are directed on Wall Street toward selecting stocks or industrial groups that in matter of price will “do better” than the rest over a fairly short period in the future. Logical as this endeavor may seem, we do not believe it is suited to the needs or temperament of the true investor—particularly since he would be competing with a large number of stock-market traders and first-class financial analysts who are trying to do the same thing. As in all other activities that emphasize price movements first and underlying values second, the work of many intelligent minds constantly engaged in this field tends to be self-neutralizing and self-defeating over the years. The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.” An

The battle to be satisfied is a battle of focus. We often spend our time mulling over what we don’t have instead of considering the benefits of what we already possess. To walk in a place of contentment, there are two things you have to do: Focus on the good aspects of what you already have. Stop thinking about what you don’t have.

We must have some room to breathe. We need freedom to think and permission to heal. Our relationships are being starved to death by velocity. No one has the time to listen, let alone love. Our children lay wounded on the ground, run over by our high-speed good intentions. Is God now pro-exhaustion? Doesn’t He lead people beside the still waters anymore? Who plundered those wide-open spaces of the past, and how can we get them back? There are no fallow lands for our emotions to lie down and rest in.

If better conditions will make the poor more fit to govern themselves, why should not better conditions already make the rich more fit to govern them? On the ordinary environment argument the matter is fairly manifest. The comfortable class must be merely our vanguard in Utopia...Is there any answer to the proposition that those who have had the best opportunities will probably be our best guides? Is there any answer to the argument that those who have breathed clean air had better decide for those who have breathed foul? As far as I know, there is only one answer, and that answer is Christianity. Only the Christian Church can offer any rational objection to a complete confidence in the rich. For she has maintained from the beginning that the danger was not in man's environment, but in man. Further, she has maintained that if we come to talk of a dangerous environment, the most dangerous environment of all is the commodious environment...Christianity even when watered down is hot enough to boil all modern society to rags. The mere minimum of the Church would be a deadly ultimatum to the world. For the whole modern world is absolutely based on the assumption, not that the rich are necessary (which is tenable), but that the rich are trustworthy, which (for a Christian) is not tenable. You will hear everlastingly, in all discussions about newspapers, companies, aristocracies, or party politics, this argument that the rich man cannot be bribed. The fact is, of course, that the rich man is bribed; he has been bribed already. That is why he is a rich man. The whole case for Christianity is that a man who is dependent upon the luxuries of this life is a corrupt man, spiritually corrupt, politically corrupt, financially corrupt. There is one thing that Christ and all the Christian saints have said with a sort of savage monotony. They have said simply that to be rich is to be in peculiar danger of moral wreck.

You’ve just described ‘technical debt’ that is not being paid down. It comes from taking shortcuts, which may make sense in the short-term. But like financial debt, the compounding interest costs grow over time. If an organization doesn’t pay down its technical debt, every calorie in the organization can be spent just paying interest, in the form of unplanned work.

-Prayer In My Life- Every person has his own ideas of the act of praying for God's guidance, tolerance and mercy to fulfill his duties and responsibilities. My own concept of prayer is not a plea for special favors, nor as a quick palliation for wrongs knowingly committed. A prayer, it seems to me, implies a promise as well as a request; at the highest level, prayer not only is supplication for strength and guidance, but also becomes an affirmation of life and thus a reverent praise of God. Deeds rather than words express my concept of the part religion should play in everyday life. I have watched constantly that in our movie work the highest moral and spiritual standards are upheld, whether it deals with fable or with stories of living action. This religious concern for the form and content of our films goes back 40 years to the rugged financial period in Kansas City when I was struggling to establish a film company and produce animated fairy tales. Thus, whatever success I have had in bringing clean, informative entertainment to people of all ages, I attribute in great part to my Congregational upbringing and lifelong habit of prayer. To me, today at age 61, all prayer by the humble or highly placed has one thing in common: supplication for strength and inspiration to carry on the best impulses which should bind us together for a better world. Without such inspiration we would rapidly deteriorate and finally perish. But in our troubled times, the right of men to think and worship as their conscience dictates is being sorely pressed. We can retain these privileges only by being constantly on guard in fighting off any encroachment on these precepts. To retreat from any of the principles handed down by our forefathers, who shed their blood for the ideals we all embrace, would be a complete victory for those who would destroy liberty and justice for the individual.

Your explanation has been quite clear, thank you, Franz,’ Wing said, still frowning. ‘I just think that financial corruption on this scale may be a little more than I can get my head around.’ ‘Poor old ninja boy,’ Shelby said, smiling. ‘Knows twenty-seven ways to take you down with just his pinky, but can’t actually count to twenty-seven.’ ‘So this makes perfect sense to you, I suppose,’ Wing said, handing the sheet to Shelby. ‘Yeah, it’s easy,’ Shelby said, pointing out one area of the diagram. ‘See this piece here is just gobbledegook.’ Her finger moved to another area. ‘Whereas this section is premium-grade incomprehensible gibberish and this section,’ her finger moved again, ‘appears to be mostly in Greek.’ ‘Am I to take it that you have not studied for the test tomorrow at all then?’ Wing asked, raising an eyebrow. ‘Nope,’ Shelby said with a grin. ‘There’s going to be some good old-fashioned last-minute cramming later though. Either that or I’m going to just sit near my best bud Franz here and he’s going to write out all the answers in nice, b-i-i-i-i-g, easily legible letters. Right, bud?’ ‘This is being what I normally do,’ Franz said with a sigh, ‘isn’t it?

Especially when the leaders in your supposed community make it clear that that is exactly how they feel about you when it comes down to the crunch. But no, ignore that. It is in this moment that we must show the true strength of will within us. A few years ago, in the middle of the financial crisis, the artist and musician Henry Rollins managed to express this deeply human obligation better than millennia of religious doctrine ever have:

Investors who focus on currencies, bonds, and stock markets generally assume a normal distribution of price changes: values jiggle up and down, but extreme moves are unusual. Of course, extreme moves are possible, as financial crashes show. But between 1985 and 2015, the S&P 500 stock index budged less than 3 percent from its starting point on 7,663 out of 7,817 days; in other words, for fully 98 percent of the time, the market is remarkably stable.

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

Clevedon told the dressmakers that the previous tenants (a husband and wife) had fallen into dire financial difficulties within months of opening the place. They’d absconded in the dead of night mere days ago, owing three months’ back rent. They must have borrowed or stolen a cart, because they’d taken away most of the shop’s contents and fixtures. This was a complete lie. The truth was, Varley had bribed them to move and sweetened the offer by allowing them to take with them everything that wasn’t nailed down.

Toot showed me how to balance a checkbook and resist buying stuff I didn’t need. She was the reason why, even in my most revolutionary moments as a young man, I could admire a well-run business and read the financial pages, and why I felt compelled to disregard overly broad claims about the need to tear things up and remake society from whole cloth. She taught me the value of working hard and doing your best even when the work was unpleasant, and about fulfilling your responsibilities even when doing so was inconvenient. She taught me to marry passion with reason, to not get overly excited when life was going well, and to not get too down when it went badly. All this was instilled in me by an elderly, plainspoken white lady from Kansas. It was her perspective that often came to mind when I was campaigning, and her worldview that I sensed in many of the voters I encountered, whether in rural Iowa or in a Black neighborhood in Chicago, that same quiet pride in sacrifices made for children and grandchildren, the same lack of pretension, the same modesty of expectations.

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

You cannot bring about prosperity by discouraging thrift. You cannot strengthen the weak by weakening the strong. You cannot help the wage earner by pulling down the wage payer. You cannot further the brotherhood of man by encouraging class hatred. You cannot help the poor by destroying the rich. You cannot keep out of trouble by spending more than you earn. You cannot build character and courage by taking away man’s initiative and independence. You cannot help men permanently by doing for them what they could and should do for themselves.

Security ... what does this word mean in relation to life as we know it today? For the most part, it means safety and freedom from worry. It is said to be the end that all men strive for; but is security a utopian goal or is it another word for rut? Let us visualize the secure man; and by this term, I mean a man who has settled for financial and personal security for his goal in life. In general, he is a man who has pushed ambition and initiative aside and settled down, so to speak, in a boring, but safe and comfortable rut for the rest of his life. His future is but an extension of his present, and he accepts it as such with a complacent shrug of his shoulders. His ideas and ideals are those of society in general and he is accepted as a respectable, but average and prosaic man. But is he a man? has he any self-respect or pride in himself? How could he, when he has risked nothing and gained nothing? What does he think when he sees his youthful dreams of adventure, accomplishment, travel and romance buried under the cloak of conformity? How does he feel when he realizes that he has barely tasted the meal of life; when he sees the prison he has made for himself in pursuit of the almighty dollar? If he thinks this is all well and good, fine, but think of the tragedy of a man who has sacrificed his freedom on the altar of security, and wishes he could turn back the hands of time. A man is to be pitied who lacked the courage to accept the challenge of freedom and depart from the cushion of security and see life as it is instead of living it second-hand. Life has by-passed this man and he has watched from a secure place, afraid to seek anything better What has he done except to sit and wait for the tomorrow which never comes? Turn back the pages of history and see the men who have shaped the destiny of the world. Security was never theirs, but they lived rather than existed. Where would the world be if all men had sought security and not taken risks or gambled with their lives on the chance that, if they won, life would be different and richer? It is from the bystanders (who are in the vast majority) that we receive the propaganda that life is not worth living, that life is drudgery, that the ambitions of youth must he laid aside for a life which is but a painful wait for death. These are the ones who squeeze what excitement they can from life out of the imaginations and experiences of others through books and movies. These are the insignificant and forgotten men who preach conformity because it is all they know. These are the men who dream at night of what could have been, but who wake at dawn to take their places at the now-familiar rut and to merely exist through another day. For them, the romance of life is long dead and they are forced to go through the years on a treadmill, cursing their existence, yet afraid to die because of the unknown which faces them after death. They lacked the only true courage: the kind which enables men to face the unknown regardless of the consequences. As an afterthought, it seems hardly proper to write of life without once mentioning happiness; so we shall let the reader answer this question for himself: who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed?

But then again, that's what the Book of Job was about to her, a cautionary tale about wanting there to be a God, wanting there to be someone who could enact what a God could enact, or who could sanction what the Devil would do. You want this, people? You want these kinds of powers? No, you don't, and here's why, and here's why it's sheer vanity to want them in any other entity. Look what sort of violence would rain down. Poor Job, sure, poor Job with his hives and his financial losses — though who needs three thousand camels? — and too bad about the kids, forgive me, they were delicious, so sweet and so cold, sure, too bad, but it's God who's the miserable bastard here. Look what he got himself up to! No good could come of that type of power; that's what the writer of the Book of Job was saying, and she knew the writer was right.

When someone says to me, "I have been talking with this girl for a while. We're trying to figure out when to make it official, like, Facebook official. What's your advice?" I always ask in response, "Are you, as an individual, in an emotional, spiritual, and financial situation where you feel you could reasonable get married in the next six months?" Normally the guy answers, "No." I respond, "Then you do not need to be in a rush to try to lay some claim on this girl. You do not need to expedite attempting to name your relationship. Because what you are trying to do is get the security and comfort of locking her down, saying to the world, 'She is MY girlfriend.' But what does that mean? It means other guys can't have her. It means you have laid a certain claim on her. But under God, you have no rights over her! She can do whatever she wants!

bought one of the software programs, and worked the system. That particular software covered more than 300,000 available scholarships. She narrowed the database search until she had 1,000 scholarships to apply for. She spent the whole summer filling out applications and writing essays. She literally applied for 1,000 scholarships. Denise was turned down by 970, but she got 30, and those 30 scholarships paid her $38,000. She went to school for free while her next-door neighbor sat and whined that no money was available for school and eventually got a student loan.

While making money was good, having meaningful work and meaningful relationships was far better. To me, meaningful work is being on a mission I become engrossed in, and meaningful relationships are those I have with people I care deeply about and who care deeply about me. Think about it: It’s senseless to have making money as your goal as money has no intrinsic value—its value comes from what it can buy, and it can’t buy everything. It’s smarter to start with what you really want, which are your real goals, and then work back to what you need to attain them. Money will be one of the things you need, but it’s not the only one and certainly not the most important one once you get past having the amount you need to get what you really want. When thinking about the things you really want, it pays to think of their relative values so you weigh them properly. In my case, I wanted meaningful work and meaningful relationships equally, and I valued money less—as long as I had enough to take care of my basic needs. In thinking about the relative importance of great relationships and money, it was clear that relationships were more important because there is no amount of money I would take in exchange for a meaningful relationship, because there is nothing I could buy with that money that would be more valuable. So, for me, meaningful work and meaningful relationships were and still are my primary goals and everything I did was for them. Making money was an incidental consequence of that. In the late 1970s, I began sending my observations about the markets to clients via telex. The genesis of these Daily Observations (“ Grains and Oilseeds,” “Livestock and Meats,” “Economy and Financial Markets”) was pretty simple: While our primary business was in managing risk exposures, our clients also called to pick my brain about the markets. Taking those calls became time-consuming, so I decided it would be more efficient to write down my thoughts every day so others could understand my logic and help improve it. It was a good discipline since it forced me to research and reflect every day. It also became a key channel of communication for our business. Today, almost forty years and ten thousand publications later, our Daily Observations are read, reflected on, and argued about by clients and policymakers around the world. I’m still writing them, along with others at Bridgewater, and expect to continue to write them until people don’t care to read them or I die.

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

The only man alive to see it, though, was a wealthy recluse and neurotic, so beset by the embarrassments of society that he had withdrawn from it entirely. For him, every conversation, every transaction, down to the briefest and most businesslike, had become yet another occasion for injury. Those countless social encounters, with their countless tiny cuts--cuts inflicted, cuts received, and the one just as painful to remember as the other. Those smiles preceded by telltale pauses. Those favors both sexual and financial. Those what-do-you-thinks and let-me-borrow-you-for-a-seconds. It had all been too much for him, too freighted with need and misunderstanding....

Here’s the deal. When you get married, you become a team. The pastor at your wedding wasn’t joking when he said, “And now you are one.” It’s called unity. The old marriage vows say, “Unto thee I pledge all my worldly goods.” In other words, “I’m all in,” so combine the checking accounts. It’s hard to have unity when you separate your bank accounts. When his money is over here, and her money is over there, it’s easy to live in your own little financial world instead of working as a team. When you do your spending together, it’s about “our” money. We have an income and we have expenses and we have goals. So when you’re both in agreement on where the money is going, then you’ve taken a major step to being on the same page in your marriage, and you will create awesome levels of communication. This all boils down to trust. Do you trust your spouse or not? I’ve heard from people who keep separate bank accounts just in case their spouse leaves them. Well, why on earth would you marry someone you can’t trust? And if that’s really the case, then you need marriage counseling, not separate bank accounts! Your spouse isn’t your roommate, and this isn’t a joint business venture. It’s a marriage! You don’t run your household and your life separately. Your job is to love each other well, and that includes having shared financial goals—which is hard to do when you have separate accounts.

Having seen several hundred lease agreements entered into by people I have counseled, my financial calculator confirms that the average interest rate is 14 percent. Shouldn’t you lease or rent things that go down in value? Not necessarily, and the math doesn’t work on a car, for sure. Follow me through this example: If you rent (lease) a car with a value of $22,000 for three years, and when you turn it in at the end of that three-year lease the car is worth $10,000, someone has to cover the $12,000 loss. You’re not stupid, so you know that General Motors, Ford, or any of the other auto giants aren’t going to put together a plan to lose money. Your fleece/lease payment is designed to cover the loss in value ($12,000 spread over 36 months is equal to $333 per month), plus provide profit (the interest you pay). Where did you get a deal in that? You didn’t! On top of that, there is the charge of 10 to 17 cents per mile for going over the allotted miles and the penalties everyone turning in a lease has experienced for “excessive wear and tear,” which takes into account every little nick, dent, carpet tear, smudge, or smell. You end up writing a large check just to walk away after renting your car. The whole idea of the back-end penalties is twofold: to get you to fleece/lease another one so you can painlessly roll the gotchas into the new lease, and to make sure the car company makes money.

Purchase Price $250,000 Down Payment $ 25,000 Mortgage Amount $225,000 At 7% Interest Rate 30 Years $1,349 $485,636 15 Years $1,899 $341,762 Difference $550 $143,874 Five hundred fifty dollars more per month, and you will save almost $150,000 and fifteen years of bondage. The really interesting thing I have observed is that fifteen-year mortgages always pay off in fifteen years. Again, part of a Total Money Makeover is putting in place systems that automate smart moves, which is what a fifteen-year mortgage is. Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for fifteen more years and pay thousands of dollars more for the privilege. If you must take out a mortgage, pretend only fifteen-year mortgages exist. If you have a great interest rate, it is not necessary to refinance to pay a mortgage off in fifteen years or earlier. Simply make payments as if you have a fifteen-year mortgage, and your mortgage will pay off in fifteen years. If you want to pay any mortgage off in twelve years or any number you want, visit my website or get a calculator and calculate the proper payment at your interest rate on your balance for a twelve-year mortgage (or the number you want). Once you have that payment amount, add to your monthly mortgage payment the difference between the new principal and interest payment and your current principal and interest payment, and you will pay off your home in twelve years.

Traders risk the bank’s capital: they literally bet the bank, at least up to their limits. If they win then they get a share of the winnings. If they lose, then the bank picks up the loss. Traders might lose their jobs but the money at risk is not their own, it’s all OPM – other people’s money. What if the losses threaten the bank’s survival? Most banks are now ‘too big to fail’ and they can count on government support. Regulators are wary about ‘systemic risk’, and no regulator with an eye to their place in history wants the banking system to be flushed down the toilet on their watch. Traders can always play the systemic risk trump card. It is the ultimate in capitalism – the privatization of gains, the socialization of losses.

Ideally, a fair and equitable society would regulate debt in line with the ability to be paid without pushing economies into depression. But when shrinking markets deepen fiscal deficits, creditors demand that governments balance their budgets by selling public monopolies. Once the land, water and mineral rights are privatized, along with transportation, communications, lotteries and other monopolies, the next aim is to block governments from regulating their prices or taxing financial and rentier wealth. The neo-rentier objective is threefold: to reduce economies to debt dependency, to transfer public utilities into creditor hands, and then to create a rent-extracting tollbooth economy. The financial objective is to block governments from writing down debts when bankers and bondholders over-lend. Taken together, these policies create a one-sided freedom for rentiers to create a travesty of the classical “Adam Smith” view of free markets. It is a freedom to reduce the indebted majority to a state of deepening dependency, and to gain wealth by stripping public assets built up over the centuries.

I agree with you one hundred percent.“ Diana batted her lashes. “I think you’ve made a very wise decision, Colby.“ He ran his palm up her bare arm. “And I think you’re picking up the finer nuances of being a wife faster than I’d ever imagined you would. How the hell did I wind up agreeing to spend Christmas with Margaret Fulbrook?“ “How the hell did I wind up pregnant and unemployed and financially dependent on a man for the first time in my life?“ “You forgot barefoot,“ he said with satisfaction. “At the moment you’re barefoot, pregnant and unemployed.“ She started to tickle him in the ribs. A few minutes later Colby’s sexy laughter aroused Specter. The dog sighed heavily, got up and padded down the hall to find some peace and quiet in the living room.

This crisis didn’t have to happen. America had a boom-and-bust cycle from the 1790s to the 1930s, with a financial panic every ten to fifteen years. But we figured out how to fix it. Coming out of the Great Depression, the country put tough rules in place that gave us fifty years without a financial crisis. But in the 1980s, we started pulling the threads out of the regulatory fabric, and we found ourselves back in the boom-and-bust cycle. When this crisis is over, there will be a once-in-a-generation chance to rewrite the rules. What we set in place will determine whether our country continues down this path toward a boom-and-bust economy or whether we reestablish an economy with more stability that gives ordinary folks a chance at real prosperity. Done.

Introductory paragraph incorporating the thesis: After a challenging childhood marked by adversity, Adam Parrish has become a successful freshman at Harvard University. In the past, he had spent his time doubting himself, fearing he would become like his father, obsessing that others could see his trailer-park roots, and idealizing wealth, but now he has built a new future where no one has to know where he's come from. Before becoming a self-actualized young man at Harvard, Adam had been deeply fascinated by the concept of the ley lines and also supernaturally entangled with one of the uncanny forests located along one, but he has now focused on the real world, using only the ghost of magic to fleece other students with parlor trick tarot card readings. He hasn't felt like himself for months, but he is going to be just fine. Followed by three paragraphs with information that supports the thesis. First: Adam understands that suffering is often transient, even when it feels permanent. This too shall pass, etc. Although college seems like a lifetime, it is only four years. Four years is only a lifetime if one is a guinea pig. Second paragraph, building on the first point: Magic has not always been good for Adam. During high school, he frequently immersed himself in it as a form of avoidance. Deep down, he fears that he is prone to it as his father is prone to abuse, and that it will eventually make him unsuitable for society. By depriving himself of magic, he forces himself to become someone valuable to the unmagic world, i.e. the Crying Club. Third paragraph, with the most persuasive point: Harvard is a place Ronan Lynch cannot be, because he cannot survive there, either physically or socially. Without such hard barriers, Adam will surely continue to return to Ronan Lynch again and again, and thus fall back in with bad habits. He will never achieve the life of financial security and recognition he planned. Thesis restated, bringing together all the information to prove it: Although life is unbearable now, and Adam Parrish seems to have lost everything important to him in the present by pursuing the things important to him in the past, he will be fine. Concluding paragraph describing what the reader just learned and why it is important for them to have learned it: He will be fine. He will be fine. He will be fine. He will be fine.

For instance, in a popularized 2010 study, researchers from Harvard, Yale, and MIT had eighty-six volunteer subjects participate in a mock financial negotiation: bargaining down the price of a car with the sticker price of $16,500. One by one, each subject would sit in a chair facing an experimenter who was playing the part of the car salesman. But there was a catch: half the participants were seated in hard, wooden chairs, and the other half were treated to plush, cushioned ones. The result? Those given the hard chairs were the harder bargainers. They were more forceful in their negotiations and bargained the salesman down to a price that was on average $347 lower than that of the comfy chair group. Apparently, the added comfort of the cushioned chairs led the other group to agree to a higher price.

Not a single high-level CEO has even been charged in connection with the financial collapse, much less been convicted and sent to prison, and most of them went on to receive huge year-end bonuses. Joseph Cassano of AIG Financial Products—known as “Mr. Credit-Default Swap”—led a unit that required a $99 billion bailout while simultaneously distributing $1.5 billion in year-end bonuses to his employees—including $34 million to himself. Robert Rubin of Citibank received a $10 million bonus in 2008 while serving on the board of directors of a company that required $63 billion in federal funds to keep from failing. Lower down the pay scale, more than 5,000 Wall Street traders received bonuses of $1 million or more despite working for nine of the financial firms that received the most bailout money from the US goverment.

Summers was simply a master explainer, able to deftly boil down the complexities of economic and financial, and to put them in terms the non-expert could understand. He was brilliant at cultivating a sense of control, even as events spun far beyond what could be managed with any certainty. He could will into being the confidence that eluded others, those less self-assured and, maybe sensibly, on humbler terms with the world.

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

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

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.

Consider the recent financial crisis and its link to faulty reward systems. President Bill Clinton's objective of increasing homeownership by rewarding potential home buyers and lenders is one example. The Clinton administration "went to ridiculous lengths" to increase homeownership in the United State, promoting "paper-thin down payments" and pushing lenders to give mortgage loans to unqualified buyers according to Business Week editor Peter Coy.

Helen’s era was quite different from what most people think of when they hear the words ancient Greece. The Parthenon, the graceful statues, the works of Sophocles, Euripides, Socrates, Aristotle, and Plato, all came nearly a thousand years after Helen’s time, during the classical era. In the Bronze Age, no one yet knew how to make brittle iron flexible enough to use for tools and weapons. Art, especially sculpture of the human form, was stiffer and more stylized. Few people could read or write. Instead of signing important papers, you would use a stone seal to leave an impression on clay tablets. The design on the seal would be as unique as a signature. There was a kind of writing in Bronze Age Greece, but it was mostly used to keep track of financial matters, such as royal tax records. Messages, poems, songs, and stories were not written down but were memorized and passed along by word of mouth.

Under the seeming disorder of the old city, wherever the old city is working successfully, is a marvelous order for maintaining the safety of the streets and the freedom of the city. It is a complex order. Its essence is intricacy of sidewalk use, bringing with it a constant succession of eyes. This order is all composed of movement and change, and although it is life, not art, we may fancifully call it the art form of the city and liken it to the dance — not to a simple-minded precision dance with everyone kicking up at the same time, twirling in unison and bowing off en masse, but to an intricate ballet in which the individual dancers and ensembles all have distinctive parts which miraculously reinforce each other and compose an orderly whole. The ballet of the good city sidewalk never repeats itself from place to place, and in any once place is always replete with new improvisations. The stretch of Hudson Street where I live is each day the scene of an intricate sidewalk ballet. I make my own first entrance into it a little after eight when I put out my garbage gcan, surely a prosaic occupation, but I enjoy my part, my little clang, as the junior droves of junior high school students walk by the center of the stage dropping candy wrapper. (How do they eat so much candy so early in the morning?) While I sweep up the wrappers I watch the other rituals of the morning: Mr Halpert unlocking the laundry's handcart from its mooring to a cellar door, Joe Cornacchia's son-in-law stacking out the empty crates from the delicatessen, the barber bringing out his sidewalk folding chair, Mr. Goldstein arranging the coils of wire which proclaim the hardware store is open, the wife of the tenement's super intendent depositing her chunky three-year-old with a toy mandolin on the stoop, the vantage point from which he is learning English his mother cannot speak. Now the primary childrren, heading for St. Luke's, dribble through the south; the children from St. Veronica\s cross, heading to the west, and the children from P.S 41, heading toward the east. Two new entrances are made from the wings: well-dressed and even elegant women and men with brief cases emerge from doorways and side streets. Most of these are heading for the bus and subways, but some hover on the curbs, stopping taxis which have miraculously appeared at the right moment, for the taxis are part of a wider morning ritual: having dropped passengers from midtown in the downtown financial district, they are now bringing downtowners up tow midtown. Simultaneously, numbers of women in housedresses have emerged and as they crisscross with one another they pause for quick conversations that sound with laughter or joint indignation, never, it seems, anything in between. It is time for me to hurry to work too, and I exchange my ritual farewell with Mr. Lofaro, the short, thick bodied, white-aproned fruit man who stands outside his doorway a little up the street, his arms folded, his feet planted, looking solid as the earth itself. We nod; we each glance quickly up and down the street, then look back at eachother and smile. We have done this many a morning for more than ten years, and we both know what it means: all is well. The heart of the day ballet I seldom see, because part off the nature of it is that working people who live there, like me, are mostly gone, filling the roles of strangers on other sidewalks. But from days off, I know enough to know that it becomes more and more intricate. Longshoremen who are not working that day gather at the White Horse or the Ideal or the International for beer and conversation. The executives and business lunchers from the industries just to the west throng the Dorgene restaurant and the Lion's Head coffee house; meat market workers and communication scientists fill the bakery lunchroom.

After you list the debts smallest to largest, pay the minimum payment to stay current on all the debts except the smallest. Every dollar you can find from anywhere in your budget goes toward the smallest debt until it is paid. Once the smallest is paid, the payment from that debt, plus any extra “found” money, is added to the next smallest debt. (Trust me, once you get going, you will find money.) Then, when debt number two is paid off, you take the money that you used to pay on number one and number two and you pay it, plus any found money, on number three. When three is paid, you attack four, and so on. Keep paying minimums on all the debts except the smallest until it is paid. Every time you pay one off, the amount you pay on the next one down increases. All the money from old debts and all the money you can find anywhere goes on the smallest until it is gone. Attack! Every time the Snowball rolls over, it picks up more snow and gets larger, and by the time you get to the bottom, you have an avalanche.

fad is a wave in the ocean, and a trend is the tide. A fad gets a lot of hype, and a trend gets very little. Like a wave, a fad is very visible, but it goes up and down in a big hurry. Like the tide, a trend is almost invisible, but it’s very powerful over the long term. A fad is a short-term phenomenon that might be profitable, but a fad doesn’t last long enough to do a company much good. Furthermore, a company often tends to gear up as if a fad were a trend. As a result, the company is often stuck with a lot of staff, expensive manufacturing facilities, and distribution networks. (A fashion, on the other hand, is a fad that repeats itself. Examples: short skirts for women and double-breasted suits for men. Halley’s Comet is a fashion because it comes back every 75 years or so.) When the fad disappears, a company often goes into a deep financial shock. What happened to Atari is typical in this respect. And look how Coleco Industries handled the Cabbage Patch Kids. Those homely dolls hit the market in 1983 and started to take off. Coleco’s strategy was to milk the kids for all they were worth. Hundreds of Cabbage Patch novelties flooded the toy stores. Pens, pencils, crayon boxes, games, clothing. Two years later, Coleco racked up sales of $776 million and profits of $83 million. Then the bottom dropped out of the Cabbage Patch Kids. By 1988 Coleco went into Chapter 11. Coleco died, but the kids live on. Acquired by Hasbro in 1989, the Cabbage Patch Kids are now being handled conservatively. Today they’re doing quite well.

In science, all important ideas need names and stories to fix them in the memory. It occurred to me that the market's first wild trait, abrupt change or discontinuity, is prefigured in the Bible tale of Noah. As Genesis relates, in Noah's six hundredth year God ordered the Great Flood to purify a wicked world. Then "were all the fountains of the great deep broken up, and the windows of heaven were opened." Noah survived, of course: He prepared against the coming flood by building a ship strong enough to withstand it. The flood came and went-catastrophic, but transient. Market crashes are like that. The 29.2 percent collapse of October 19, 1987, arrived without warning or convincing reason; and at the time, it seemed like the end of the financial world. Smaller squalls strike more often, with more localized effect. In fact, a hierarchy of turbulence, a pattern that scales up and down with time, governs this bad financial weather. At times, even a great bank or brokerage house can seem like a little boat in a big storm.

The subway was the great leveler—underground, the Wall Street titans stood in the shuddering car and clutched the same poles as the junior IT guys to create a totem of fists, the executive vice presidents in charge of new product marketing pressed thighs with the luckless and the dreamers, who got off at their stations when instructed by the computer’s voice and were replaced by devisers of theoretical financial instruments of unreckoned power, who vacated their seats and were replaced in turn by unemployable homunculi clutching yesterday’s tabloids. They jostled one another, competed for space below as they did above, in a minuet of ruin and triumph. In the subway, down in the dark, no citizen was more significant or more decrepit than another. All were smeared into a common average of existence, the A’s and the C’s tumbling or rising to settle into a ruthless mediocrity. No escape. This was the plane where Mark Spitz lived. They were all him. Middling talents who got by, barnacles on humanity’s hull, survivors who had not yet been extinguished. Perhaps it was only a matter of time.

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

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

Finding a situation that catches the key competitor or competitors with conflicting goals is at the heart of many company success stories. The slow Swiss reaction to the Timex watch provides an example. Timex sold its watches through drugstores, rather than through the traditional jewelry store outlets for watches, and emphasized very low cost, the need for no repair, and the fact that a watch was not a status item but a functional part of the wardrobe. The strong sales of the Timex watch eventually threatened the financial and growth goals of the Swiss, but it also raised an important dilemma for them were they to retaliate against it directly. The Swiss had a big stake in the jewelry store as a channel and a large investment in the Swiss image of the watch as a piece of fine precision jewelry. Aggressive retaliation against Timex would have helped legitimize the Timex concept, threatened the needed cooperation of jewelers in selling Swiss watches, and blurred the Swiss product image. Thus the Swiss retaliation to Timex never really came. There are many other examples of this principle at work. Volkswagen’s and American Motor’s early strategies of producing a stripped-down basic transportation vehicle with few style changes created a similar dilemma for the Big Three auto producers. They had a strategy built on trade-up and frequent model changes. Bic’s recent introduction of the disposable razor has put Gillette in a difficult position: if it reacts it may cut into the sales of another product in its broad line of razors, a dilemma Bic does not face.4 Finally, IBM has been reluctant to jump into minicomputers because the move will jeopardize its sales of larger mainframe computers.

Declan Lynch was a liar. He'd been a liar his entire life. Lies came to him fluidly, easily, instinctively. What does your father do for a living? He sells high-end sports cars in the summer, life insurance in the winter. He's an anesthesiologist. He does financial consulting for divorcees. He does advertising work for international companies in English-speaking markets. He's in the FBI. Where did he meet your mother? They were on yearbook together in high school. They were set up by friends. She took his picture at the county fair, said she wanted to keep his smile forever. Why can't Ronan come to a sleepover? He sleepwalks. Once he walked out to the road and my father had to convince a trucker who'd stopped before hitting him he was really his son. How did your mother die? Brain bleed. Rare. Genetic. Passes from mother to daughter, which is the only good thing, 'cause she only had sons. How are you doing? Fine. Good. Great. At a certain point, the truth felt worse. Truth was a closed-casket funeral attended by its estranged living relatives, Lies, Safety, Secrets. He lied to everyone. He lied to his lovers, his friends, his brothers. Well. More often he simply didn't tell his brothers the truth.

The intelligent want self-control; children want candy. —RUMI INTRODUCTION Welcome to Willpower 101 Whenever I mention that I teach a course on willpower, the nearly universal response is, “Oh, that’s what I need.” Now more than ever, people realize that willpower—the ability to control their attention, emotions, and desires—influences their physical health, financial security, relationships, and professional success. We all know this. We know we’re supposed to be in control of every aspect of our lives, from what we eat to what we do, say, and buy. And yet, most people feel like willpower failures—in control one moment but overwhelmed and out of control the next. According to the American Psychological Association, Americans name lack of willpower as the number-one reason they struggle to meet their goals. Many feel guilty about letting themselves and others down. Others feel at the mercy of their thoughts, emotions, and cravings, their lives dictated by impulses rather than conscious choices. Even the best-controlled feel a kind of exhaustion at keeping it all together and wonder if life is supposed to be such a struggle. As a health psychologist and educator for the Stanford School of Medicine’s Health Improvement Program, my job is to help people manage stress and make healthy choices. After years of watching people struggle to change their thoughts, emotions, bodies, and habits, I realized that much of what people believed about willpower was sabotaging their success and creating unnecessary stress. Although scientific research had much to say that could help them, it was clear that these insights had not yet become part of public understanding. Instead, people continued to rely on worn-out strategies for self-control. I saw again and again that the strategies most people use weren’t just ineffective—they actually backfired, leading to self-sabotage and losing control. This led me to create “The Science of Willpower,” a class offered to the public through Stanford University’s Continuing Studies program. The course brings together the newest insights about self-control from psychology, economics, neuroscience, and medicine to explain how we can break old habits and create healthy habits, conquer procrastination, find our focus, and manage stress. It illuminates why we give in to temptation and how we can find the strength to resist. It demonstrates the importance of understanding the limits of self-control,

Karl Marx’s (1818-1883) philosophy – heavily influenced by Rousseau – altered the idealized group from the ‘tribe’ to the ‘worker’ and argued that a worker’s dictatorship must inevitably develop to ensure equality based on Marx’s fate-based understanding of History. Again, dissent was not to be permitted and dissenters were ‘enemies,’ ‘imperialists’ and so on. Its culmination was the world-historical horror of twentieth century Communism, and its descendant Political Correctness, in which ‘the worker’ is replaced by supposedly oppressed or more natural ‘cultural’ groups. Dissenters are ‘racist’ and other catch-all, highly emotive terms (such as ‘hater’ or ‘denialist’) employed to discourage dissent, such that even the slightest deviance from orthodoxy is termed ‘racist’ in order to reprove it and intimidate the deviant into silence.39 These ideologies can distilled down to three essential dogmas: (1) Those who have power – whether financial or cultural and whether deserved or not – are bad and should repent by giving it to those who lack power and creating ‘equality’ (2) Those who lack power – on whatever measure is seen as important – are superior to those who have it because they are somehow more genuine and (3) Those who dissent from this view are wicked.

Those are the moments I’m proud of. The times I saw through them. The times I made them work to break me, even though I knew they would. The times I questioned the lies being fed to me, though everyone around me believed. I learned early that if everyone around you has their head bowed, their eyes shut tight—keep your eyes open and look around. I’m reflexively suspicious of anyone who stands on a soapbox. Tell me you have the answers and I’ll know you’re trying to sell me something. I’m as wary of certainty as I am of good vibes and positive thinking. They’re delusions that allow you to ignore reality and lay the blame at the feet of those suffering. They just didn’t follow the rules, or think positively enough. They brought it on themselves. I don’t have the answers. Maybe depression’s the natural reaction to a world full of cruelty and pain. But the thing I know about depression is if you want to survive it, you have to train yourself to hold on; when you can see no reason to keep going, you cannot imagine a future worth seeing, you keep moving anyway. That’s not delusion. That’s hope. It’s a muscle you exercise so it’s strong when you need it. You feed it with books and art and dogs who rest their head on your leg, and human connection with people who are genuinely interested and excited; you feed it with growing a tomato and baking sourdough and making a baby laugh and standing at the edge of oceans and feeling a horse’s whiskers on your palm and bear hugs and late-night talks over whiskey and a warm happy sigh on your neck and the unexpected perfect song on the radio, and mushroom trips with a friend who giggles at the way the trees aren’t acting right, and jumping in creeks, and lying in the grass under the stars, and driving with the windows down on a swirly two-lane road. You stock up like a fucking prepper buying tubs of chipped beef and powdered milk and ammo. You stock up so some part of you knows and remembers, even in the dark, all that’s worth saving in this world. It’s comforting to know what happens next. But if there’s one thing I know, it’s that no one fucking knows. And it’s terrifying. I don’t dream of a home and a family, a career and financial stability. I dream of living. And my inner voice, defective though it may be, still tells me happiness and peace, belonging and love, all lie just around the next corner, the next city, the next country. Just keep moving and hope the next place will be better. It has to be. Just around the next bend, everything is beautiful. And it breaks my heart.

Is there a bird among them, dear boy?” Charity asked innocently, peering not at the things on the desk, but at his face, noting the muscle beginning to twitch at Ian’s tense jaw. “No.” “Then they must be in the schoolroom! Of course,” she said cheerfully, “that’s it. How like me, Hortense would say, to have made such a silly mistake.” Ian dragged his eyes from the proof that his grandfather had been keeping track of him almost from the day of his birth-certainly from the day when he was able to leave the cottage on his own two legs-to her face and said mockingly, “Hortense isn’t very perceptive. I would say you are as wily as a fox.” She gave him a little knowing smile and pressed her finger to her lips. “Don’t tell her, will you? She does so enjoy thinking she is the clever one.” “How did he manage to have these drawn?” Ian asked, stopping her as she turned away. “A woman in the village near your home drew many of them. Later he hired an artist when he knew you were going to be somewhere at a specific time. I’ll just leave you here where it’s nice and quiet.” She was leaving him, Ian knew, to look through the items on the desk. For a long moment he hesitated, and then he slowly sat down in the chair, looking over the confidential reports on himself. They were all written by one Mr. Edgard Norwich, and as Ian began scanning the thick stack of pages, his anger at his grandfather for this outrageous invasion of his privacy slowly became amusement. For one thing, nearly every letter from the investigator began with phrases that made it clear the duke had chastised him for not reporting in enough detail. The top letter began, I apologize, Your Grace, for my unintentional laxness in failing to mention that indeed Mr. Thornton enjoys an occasional cheroot… The next one opened with, I did not realize, Your Grace, that you would wish to know how fast his horse ran in the race-in addition to knowing that he won. From the creases and holds in the hundreds of reports it was obvious to Ian that they’d been handled and read repeatedly, and it was equally obvious from some of the investigator’s casual comments that his grandfather had apparently expressed his personal pride to him: You will be pleased to know, Your Grace, that young Ian is a fine whip, just as you expected… I quite agree with you, as do many others, that Mr. Thornton is undoubtedly a genius… I assure you, Your Grace, that your concern over that duel is unfounded. It was a flesh wound in the arm, nothing more. Ian flipped through them at random, unaware that the barricade he’d erected against his grandfather was beginning to crack very slightly. “Your Grace,” the investigator had written in a rare fit of exasperation when Ian was eleven, “the suggestion that I should be able to find a physician who might secretly look at young Ian’s sore throat is beyond all bounds of reason. Even if I could find one who was willing to pretend to be a lost traveler, I really cannot see how he could contrive to have a peek at the boy’s throat without causing suspicion!” The minutes became an hour, and Ian’s disbelief increased as he scanned the entire history of his life, from his achievements to his peccadilloes. His gambling gains and losses appeared regularly; each ship he added to his fleet had been described, and sketches forwarded separately; his financial progress had been reported in minute and glowing detail.

Or I can stay with Colby when he comes back,” she added deliberately. She even smiled. “He’ll take care of me.” His black eyes narrowed. “He can barely take care of himself,” he said flatly. “He’s a lost soul. He can’t escape the past or face the future without Maureen. He isn’t ready for a relationship with anyone else, even if he thinks he is” She didn’t rise to the bait. “I can count on Colby. He’ll help me if I need it.” He looked frustrated. “But you won’t let me help you.” “Colby isn’t involved with anyone who’d be jealous of the time he spent looking out for me. That’s the difference.” He let out an angry breath and his eyes began to glitter. “You have to beat the subject to death, I guess.” She managed to look indifferent. “You have your own life to live, Tate. I’m not part of it anymore. You’ve made that quite clear.” His teeth clenched. “Is it really that easy for you to throw the past away?” he asked. “That’s what you want,” she reminded him. There was a perverse pleasure in watching his eyes narrow. “You said you’d never forget or forgive me,” she added evenly. “I took you at your word. I’ll always have fond memories of you and Leta. But I’m a grown woman. I have a career, a future. I’ve dragged you down financially for years, without knowing it. Now that I do…” “For God’s sake!” he burst out, rising to pace with his hands clenched in his pockets. “I could have sent you to Harvard if you’d wanted to go there, and never felt the cost! “You’re missing the point,” she said, feeling nausea rise in her throat and praying it wouldn’t overflow. “I could have worked my way through school, paid for my own apartment and expenses. I wouldn’t have minded. But you made me beholden to you in a way I can never repay.” He stopped pacing and glared at her. “Have I asked for repayment?” She smiled in spite of herself. “You look just like Matt when you glower that way.” The glare got worse. She held up a hand. “I know. You don’t want to talk about that. Sorry.” “Everyone else wants to talk about it,” he said irritably. “I’ve done nothing but dodge reporters ever since the story broke. What a hell of a way to do it, on national television!

Over a span of twenty years, Shakespeare churned out an impressively whopping thirty-eight plays, 154 love sonnets, and two epic narrative poems. While most people associate him with his plays, it was his sonnets that likely earned him admiration among his contemporaries. Yes, that’s right: In his lifetime, Shakespeare garnered more acclaim for his sonnets than he did for his plays. In England during the 1590s, writing plays was considered a bit hackish—a way to pay the bills—and not an intellectual pursuit. Writing sonnets was all the rage— and a way to gain literary prestige. These poems weren’t published for the plebeian public, but were written down and shared among the literati—and aristocrats looking for some intellectual cachet by becoming patrons to brilliant but perhaps financially strapped writers. So, while Shakespeare likely wrote nearly all of his love sonnets in the early to mid 1590s, they weren’t officially collected and published until 1609, well after the fad had passed. W. H. Auden said of Shakespeare’s sonnets: “They are the work of someone whose ear is unerring.” In today’s less poetry-friendly world, appreciation of these sonnets tends, sadly, to be relegated to classrooms, Valentine’s Day, and anniversaries. Which is too bad, because—though they do indeed rhyme—they are far superior to the ditties found in ninety-nine-cent greeting cards. In fact, they cover the whole gamut of love—the good, the bad, the erotic, and the ugly, including love triangles, being dumped, and jealousy. There is also speculation as to how autobiographical the sonnets are. The truth is that we know so little about Shakespeare’s private life.

Magnus’s head was tipped back, his shimmering white suit rumpled like bedsheets in the morning, his white cloak swaying after him like a moonbeam. His mirrorlike mask was askew, his black hair wild, his slim body arching with the dance, and wrapped around his fingers like ten shimmering rings was the light of his magic, casting a spotlight on one dancer, then another. The faerie Hyacinth caught one radiant stream of magic and whirled, holding on to it as if the light were a ribbon on a maypole. The vampire woman in the violet cheongsam, Lily, was dancing with another vampire who Alec presumed was Elliott, given the blue and green stains around his mouth and all down his shirtfront. Malcolm Fade joined in the dance with Hyacinth, though he appeared to be doing a jig and she seemed very puzzled. The blue warlock who Magnus had called Catarina was waltzing with a tall horned faerie.The dark-skinned faerie whom Magnus had addressed as a prince was surrounded by others whom Alec presumed were courtiers, dancing in a circle around him. Magnus laughed as he saw Hyacinth using his magic like a ribbon, and sent shimmering streamers of blue light in several directions. Catarina batted away Magnus’s magic, her own hand glowing faintly white. The two vampires Lily and Elliott both let a magic ribbon wrap around one of their wrists. They did not seem like trusting types, but they instantly leaned into Magnus with perfect faith, Lily pretending to be a captive and Elliott shimmying enthusiastically as Magnus laughed and pulled them toward him in the dance. Music and starshine filled the room, and Magnus shone brightest in all that bright company. As Alec made for the stairs, he brushed past Raphael Santiago, who was leaning against the balcony rail and looking down at the dancing crowd, his dark eyes lingering on Lily and Elliott and Magnus. There was a tiny smile on the vampire’s face. When Raphael noticed Alec, the scowl snapped immediately back on. “I find such wanton expressions of joy disgusting,” he declaimed. “If you say so,” said Alec. “I like it myself.” He reached the foot of the stairs and was crossing the gleaming ballroom floor when a voice boomed out from above. “This is DJ Bat, greatest werewolf DJ in the world, or at least in the top five, coming to you live from Venice because warlocks make irresponsible financial decisions, and this one is for the lovers! Or people with friends who will dance with them. Some of us are lonely jerks, and we’ll be doing shots at the bar.

From the start the proportion of asocials in the camp was about one-third of the total population, and throughout the first years prostitutes, homeless and ‘work-shy’ women continued to pour in through the gates. Overcrowding in the asocial blocks increased fast, order collapsed, and then followed squalor and disease.  Although we learn a lot about what the political prisoners thought of the asocials, we learn nothing of what the asocials thought of them. Unlike the political women, they left no memoirs. Speaking out after the war would mean revealing the reason for imprisonment in the first place, and incurring more shame. Had compensation been available they might have seen a reason to come forward, but none was offered.  The German associations set up after the war to help camp survivors were dominated by political prisoners. And whether they were based in the communist East or in the West, these bodies saw no reason to help ‘asocial’ survivors. Such prisoners had not been arrested as ‘fighters’ against the fascists, so whatever their suffering none of them qualified for financial or any other kind of help. Nor were the Western Allies interested in their fate. Although thousands of asocials died at Ravensbrück, not a single black- or green-triangle survivor was called upon to give evidence for the Hamburg War Crimes trials, or at any later trials.  As a result these women simply disappeared: the red-light districts they came from had been flattened by Allied bombs, so nobody knew where they went. For many decades, Holocaust researchers also considered the asocials’ stories irrelevant; they barely rate mention in camp histories. Finding survivors amongst this group was doubly hard because they formed no associations, nor veterans’ groups. Today, door-knocking down the Düsseldorf Bahndamm, one of the few pre-war red-light districts not destroyed, brings only angry shouts of ‘Get off my patch'.

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.

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.

It was dusk when Ian returned, and the house seemed unnaturally quiet. His uncle was sitting near the fire, watching him with an odd expression on his face that was half anger, half speculation. Against his will Ian glanced about the room, expecting to see Elizabeth’s shiny golden hair and entrancing face. When he didn’t, he put his gun back on the rack above the fireplace and casually asked, “Where is everyone?” “If you mean Jake,” the vicar said, angered yet more by the way Ian deliberately avoided asking about Elizabeth, “he took a bottle of ale with him to the stable and said he was planning to drink it until the last two days were washed from his memory.” “They’re back, then?” “Jake is back,” the vicar corrected as Ian walked over to the table and poured some Madeira into a glass. “The servingwomen will arrive in the morn. Elizabeth and Miss Throckmorton-Jones are gone, however.” Thinking Duncan meant they’d gone for a walk, Ian flicked a glance toward the front door. “Where have they gone at this hour?” “Back to England.” The glass in Ian’s hand froze halfway to his lips. “Why?” he snapped. “Because Miss Cameron’s uncle has accepted an offer for her hand.” The vicar watched in angry satisfaction as Ian tossed down half the contents of his glass as if he wanted to wash away the bitterness of the news. When he spoke his voice was laced with cold sarcasm. “Who’s the lucky bridegroom?” “Sir Francis Belhaven, I believe.” Ian’s lips twisted with excruciating distaste. “You don’t admire him, I gather?” Ian shrugged. “Belhaven is an old lecher whose sexual tastes reportedly run to the bizarre. He’s also three times her age.” “That’s a pity,” the vicar said, trying unsuccessfully to keep his voice blank as he leaned back in his chair and propped his long legs upon the footstool in front of him. “Because that beautiful, innocent child will have no choice but to wed that old…lecher. If she doesn’t, her uncle will withdraw his financial support, and she’ll lose that home she loves so much. He’s perfectly satisfied with Belhaven, since he possesses the prerequisites of title and wealth, which I gather are his only prerequisites. That lovely girl will have to wed that old man; she has no way to avoid it.” “That’s absurd,” Ian snapped, draining his glass. “Elizabeth Cameron was considered the biggest success of her season two years ago. It was pubic knowledge she’d had more than a dozen offers. If that’s all he cares about, he can choose from dozens of others.” Duncan’s voice was laced with uncharacteristic sarcasm. “That was before she encountered you at some party or other. Since then it’s been public knowledge that she’s used goods.” “What the hell is that supposed to mean?” “You tell me, Ian,” the vicar bit out. “I only have the story in two parts from Miss Throckmorton-Jones. The first time she spoke she was under the influence of laudanum. Today she was under the influence of what I can only describe as the most formidable temper I’ve ever seen. However, while I may not have the complete story, I certainly have the gist of it, and if half what I’ve heard is true, then it’s obvious that you are completely without either a heart or a conscience! My own heart breaks when I imagine Elizabeth enduring what she has for nearly two years. When I think of how forgiving of you she has been-“ “What did the woman tell you?” Ian interrupted shortly, turning and walking over to the window.

We cannot provide a definition of those products from which the age takes it name, the feuilletons. They seem to have formed an uncommonly popular section of the daily newspapers, were produced by the millions, and were a major source of mental pabulum for the reader in want of culture. They reported on, or rather "chatted" about, a thousand-and-one items of knowledge. The cleverer writers poked fun at their own work. Many such pieces are so incomprehensible that they can only be viewed as self-persiflage on the part of the authors. In some periods interviews with well-known personalities on current problems were particularly popular. Noted chemists or piano virtuosos would be queried about politics, for example, or popular actors, dancers, gymnasts, aviators, or even poets would be drawn out on the benefits and drawbacks of being a bachelor, or on the presumptive causes of financial crises, and so on. All that mattered in these pieces was to link a well-known name with a subject of current topical interest. It is very hard indeed for us to put ourselves in the place of those people so that we can truly understand them. But the great majority, who seem to have been strikingly fond of reading, must have accepted all these grotesque things with credulous earnestness. If a famous painting changed owners, if a precious manuscript was sold at auction, if an old palace burned down, the readers of many thousands of feature articles at once learned the facts. What is more, on that same day or by the next day at the latest they received an additional dose of anecdotal, historical, psychological, erotic, and other stuff on the catchword of the moment. A torrent of zealous scribbling poured out over every ephemeral incident, and in quality, assortment, and phraseology all this material bore the mark of mass goods rapidly and irresponsibly turned out. Incidentally, there appear to have been certain games which were regular concomitants of the feature article. The readers themselves took the active role in these games, which put to use some of their glut of information fodder. Thousands upon thousands spent their leisure hours sitting over squares and crosses made of letters of the alphabet, filling in the gaps according to certain rules. But let us be wary of seeing only the absurd or insane aspect of this, and let us abstain from ridiculing it. For these people with their childish puzzle games and their cultural feature articles were by no means innocuous children or playful Phaeacians. Rather, they dwelt anxiously among political, economic, and moral ferments and earthquakes, waged a number of frightful wars and civil wars, and their little cultural games were not just charming, meaningless childishness. These games sprang from their deep need to close their eyes and flee from unsolved problems and anxious forebodings of doom into an imaginary world as innocuous as possible. They assiduously learned to drive automobiles, to play difficult card games and lose themselves in crossword puzzles--for they faced death, fear, pain, and hunger almost without defenses, could no longer accept the consolations of the churches, and could obtain no useful advice from Reason. These people who read so many articles and listened to so many lectures did not take the time and trouble to strengthen themselves against fear, to combat the dread of death within themselves; they moved spasmodically on through life and had no belief in a tomorrow.