Fixed Rate Quotes

If you obsess over whether you are making the right decision, you are basically assuming that the universe will reward you for one thing and punish you for another. The universe has no fixed agenda. Once you make any decision, it works around that decision. There is no right or wrong, only a series of possibilities that shift with each thought, feeling, and action that you experience. If this sounds too mystical, refer again to the body. Every significant vital sign- body temperature, heart rate, oxygen consumption, hormone level, brain activity, and so on- alters the moment you decide to do anything… decisions are signals telling your body, mind, and environment to move in a certain direction.

I have often noticed that we are inclined to endow our friends with the stability of type that literary characters acquire in the reader's mind. [...] Whatever evolution this or that popular character has gone through between the book covers, his fate is fixed in our minds, and, similarly, we expect our friends to follow this or that logical and conventional pattern we have fixed for them. Thus X will never compose the immortal music that would clash with the second-rate symphonies he has accustomed us to. Y will never commit murder. Under no circumstances can Z ever betray us. We have it all arranged in our minds, and the less often we see a particular person, the more satisfying it is to check how obediently he conforms to our notion of him every time we hear of him. Any deviation in the fates we have ordained would strike us as not only anomalous but unethical. We could prefer not to have known at all our neighbor, the retired hot-dog stand operator, if it turns out he has just produced the greatest book of poetry his age has seen.

Perhaps this is our strange and haunting paradox here in America -- that we are fixed and certain only when we are in movement. At any rate, that is how it seemed to young George Webber, who was never so assured of his purpose as when he was going somewhere on a train. And he never had the sense of home so much as when he felt that he was going there. It was only when he got there that his homelessness began.

Imagine someone from that future could go back in time and talk to you—someone who lives at a time in which mankind only inhabits one planet, who is arguably among the final generations of humans capable of permanently changing the future of human cultures across thousands of planets by creating a durable culture and high-fertility-rate family that carries prosocial values into the future. Why would you tell them you didn’t make an effort to fix things while one person's efforts could still make a difference? 

...Whilst on board the Beagle I was quite orthodox, and I remember being heartily laughed at by several of the officers... for quoting the Bible as an unanswerable authority on some point of morality... But I had gradually come by this time, i.e., 1836 to 1839, to see that the Old Testament from its manifestly false history of the world, with the Tower of Babel, the rainbow at sign, &c., &c., and from its attributing to God the feelings of a revengeful tyrant, was no more to be trusted than the sacred books of the Hindoos, or the beliefs of any barbarian. ...By further reflecting that the clearest evidence would be requisite to make any sane man believe in the miracles by which Christianity is supported, (and that the more we know of the fixed laws of nature the more incredible do miracles become), that the men at that time were ignorant and credulous to a degree almost uncomprehensible by us, that the Gospels cannot be proved to have been written simultaneously with the events, that they differ in many important details, far too important, as it seemed to me, to be admitted as the usual inaccuracies of eyewitnesses; by such reflections as these, which I give not as having the least novelty or value, but as they influenced me, I gradually came to disbelieve in Christianity as a divine revelation. The fact that many false religions have spread over large portions of the earth like wild-fire had some weight with me. Beautiful as is the morality of the New Testament, it can be hardly denied that its perfection depends in part on the interpretation which we now put on metaphors and allegories. But I was very unwilling to give up my belief... Thus disbelief crept over me at a very slow rate, but was at last complete. The rate was so slow that I felt no distress, and have never since doubted even for a single second that my conclusion was correct. I can indeed hardly see how anyone ought to wish Christianity to be true; for if so the plain language of the text seems to show that the men who do not believe, and this would include my Father, Brother and almost all of my friends, will be everlastingly punished. And this is a damnable doctrine.

I tell everyone never to take more than a fifteen-year fixed-rate loan, and never have a payment of over 25 percent of your take-home pay. That is the most you should ever borrow.

You asked why the rate hate Overlanders so deeply. It is because they know one will be the warrior of the prophecy," said Vikus. "Oh, I see," said Gregor. "So, when's he coming?" Vikus fixed his eyes on Gregor. "I believe he is already here.

My favorite aerobic activity is reading steamy romantic thrillers. I figure an increased heart rate is an increased heart rate. Why quibble about methodology?

People under time pressure don’t think faster.”    —Tim Lister Think rate is fixed. No matter what you do, no matter how hard you try, you can’t pick up the pace of thinking.

a large body of empirical research conducted over decades suggests that student evaluations are more than unhelpful; instead, they are likely to change the behaviors of presenters in ways that make learning and personal growth less likely. That is one reason why Armstrong concluded that “teacher ratings are detrimental to students.

The parts of me they fixed might not be broken. This anger is not a wasted emotion. It’s powerful and changes everything. This anger will fight.

Shukhov went to sleep fully content. He'd had many strokes of luck that day: they hadn't put him in the cells; they hadn't sent his squad to the settlement; he'd swiped a bowl of kasha at dinner; the squad leader had fixed the rates well; he'd built a wall and enjoyed doing it; he'd smuggled that bit of hacksaw blade through; he'd earned a favor from Tsezar that evening; he'd bought that tobacco. And he hadn't fallen ill. He'd got over it. A day without a dark cloud. Almost a happy day. There were three thousand six hundred and fiftythree days like that in his stretch. From the first clang of the rail to the last clang of the rail. Three thousand six hundred and fifty-three days. The three extra days were for leap years.

Before you tell me how to do it better, before you lay out your big plans for changing, fixing, and improving me, before you teach me how to pick myself up and dust myself off so that I can be shiny and successful—know this: I’ve heard it before. I’ve been graded, rated, and ranked. Coached, screened, and scored. I’ve been picked first, picked last, and not picked at all. And that was just kindergarten.

But that was the way it was when you exposed yourself to the risks of maintaining fixed low rates; you always won the competition for the worst jobs.

There is nothing new about prophecies to the effect that the end of the world is near if we do not repent. What is new is that such a prophecy is now true, for two obvious reasons. First, nuclear weapons give us the means to wipe ourselves out quickly: no humans possessed this means before. Second, we already appropriate about forty per cent of the Earth’s net productivity (that is, the net energy captured from sunlight). With the world’s human population now doubling every forty-one years, we will soon have reached the biological limit to growth, at which point we will have to start fighting each other in deadly earnest for a slice of the world’s fixed pie of resources. In addition, given the present rate at which we are exterminating species, most of the world’s species will become extinct or endangered within the next century, but we depend on many species for our own life support.

Interest rates on corporate loans can be fixed or variable, depending on the agreement. And depending on the length of the loan, whether it’s fixed or variable can have a significant impact on the risk profile of the loan.

To the fixed-mindset person, intelligence and skill are seen as a sum game. Either you can do math or you can’t. You’re artistic or you’re not. You have what it takes to sell or to be a great speaker or you don’t. Not surprisingly, Dweck found that people who have a fixed mindset are more likely to rate high on the impostor scale.

New Rule: America must stop bragging it's the greatest country on earth, and start acting like it. I know this is uncomfortable for the "faith over facts" crowd, but the greatness of a country can, to a large degree, be measured. Here are some numbers. Infant mortality rate: America ranks forty-eighth in the world. Overall health: seventy-second. Freedom of the press: forty-fourth. Literacy: fifty-fifth. Do you realize there are twelve-year old kids in this country who can't spell the name of the teacher they're having sex with? America has done many great things. Making the New World democratic. The Marshall Plan. Curing polio. Beating Hitler. The deep-fried Twinkie. But what have we done for us lately? We're not the freest country. That would be Holland, where you can smoke hash in church and Janet Jackson's nipple is on their flag. And sadly, we're no longer a country that can get things done. Not big things. Like building a tunnel under Boston, or running a war with competence. We had six years to fix the voting machines; couldn't get that done. The FBI is just now getting e-mail. Prop 87 out here in California is about lessening our dependence on oil by using alternative fuels, and Bill Clinton comes on at the end of the ad and says, "If Brazil can do it, America can, too!" Since when did America have to buck itself up by saying we could catch up to Brazil? We invented the airplane and the lightbulb, they invented the bikini wax, and now they're ahead? In most of the industrialized world, nearly everyone has health care and hardly anyone doubts evolution--and yes, having to live amid so many superstitious dimwits is also something that affects quality of life. It's why America isn't gonna be the country that gets the inevitable patents in stem cell cures, because Jesus thinks it's too close to cloning. Oh, and did I mention we owe China a trillion dollars? We owe everybody money. America is a debtor nation to Mexico. We're not a bridge to the twenty-first century, we're on a bus to Atlantic City with a roll of quarters. And this is why it bugs me that so many people talk like it's 1955 and we're still number one in everything. We're not, and I take no glee in saying that, because I love my country, and I wish we were, but when you're number fifty-five in this category, and ninety-two in that one, you look a little silly waving the big foam "number one" finger. As long as we believe being "the greatest country in the world" is a birthright, we'll keep coasting on the achievements of earlier generations, and we'll keep losing the moral high ground. Because we may not be the biggest, or the healthiest, or the best educated, but we always did have one thing no other place did: We knew soccer was bullshit. And also we had the Bill of Rights. A great nation doesn't torture people or make them disappear without a trial. Bush keeps saying the terrorist "hate us for our freedom,"" and he's working damn hard to see that pretty soon that won't be a problem.

In the greener neighborhoods, death rates were lower for everyone after adjusting for income.

No government can successfully achieve all three goals of having a fixed foreign exchange rate, free capital flows, and an independent monetary policy.

At any rate, where books are concerned, it is notoriously difficult to fix labels of merit in such a way that they do not come off.

Ten kings met once a year to decide about water sharing, fixing customs, excise, and toll rates, port levies, and to exchange musicians and artisans. An

No wealthy person charges an hourly rate or has a fixed wage, they own assets and income generating investments.

I would argue that correctly setting the interest rate is the most important thing a society can do. The proper way to do this is to let the marketplace decide.

Tis in vain therefore to go about effectually to reduce the price of Interest by a Law; and you may as rationally hope to set a fixt Rate upon the Hire of Houses, or Ships, as of Money.

The traditional fixed-rate 30-year mortgages, which were once a majority of all mortgages, were no longer a majority during the housing boom, as ARMs and other “creative” ways of financing the purchase of a home grew rapidly to cope with soaring housing prices. Such innovative mortgages quickly went from being rare to becoming common, especially in places with very high housing costs.

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

WILLPOWER EXPERIMENT: BREATHE YOUR WAY TO SELF-CONTROL You won’t find many quick fixes in this book, but there is one way to immediately boost willpower: Slow your breathing down to four to six breaths per minute. That’s ten to fifteen seconds per breath—slower than you normally breathe, but not difficult with a little bit of practice and patience. Slowing the breath down activates the prefrontal cortex and increases heart rate variability, which helps shift the brain and body from a state of stress to self-control mode. A few minutes of this technique will make you feel calm, in control, and capable of handling cravings or challenges.4 It’s

Whatever evolution this or that popular character has gone through between the book covers, his fate is fixed in our minds, and, similarly, we expect our friends to follow this or that logical and conventional pattern we have fixed for them. Thus X will never compose the immortal music that would clash with the second-rate symphonies he has accustomed us to. Y will never commit murder. Under no circumstances can Z ever betray us. We have it all arranged in our minds, and the less often we see a particular person the more satisfying it is to check how obediently he conforms to our notion of him every time we hear of him. Any deviation in the fates we have ordained would strike us as not only anomalous but unethical. We would prefer not to have known at all our neighbor, the retired hot-dog stand operator, if it turns out he has just produced the greatest book of poetry his age has ever seen.

The shift from a system in which the debt notes are convertible to a tangible asset (e.g., gold and silver) at a fixed rate to a fiat monetary system in which there is no such convertibility last happened in the US on the evening of August 15, 1971. As I mentioned earlier, I was watching on TV when President Nixon told the world that the dollar would no longer be tied to gold. I thought there would be pandemonium with stocks falling. Instead, they rose. Because I had never seen a devaluation before, I didn’t understand how it works.

Back in 1996, 65 percent of subprime loans had been fixed-rate, meaning that typical subprime borrowers might be getting screwed, but at least they knew for sure how much they owed each month until they paid off the loan. By 2005, 75 percent of subprime loans were some form of floating-rate, usually fixed for the first two years.

One assumption is that intelligence is not a fixed entity, but something that develops (so you might not be ready, but that doesn’t mean you are unable). The other is more subtle; in acknowledging that different children are ready at different ages, he is recognising that talents and abilities develop at different rates in different people.

it requires a great deal of time, effort and money to create a random key. The best random keys are created by harnessing natural physical processes, such as radioactivity, which is known to exhibit truly random behavior. The cryptographer could place a lump of radioactive material on a bench, and detect its emissions with a Geiger counter. Sometimes the emissions follow each other in rapid succession, sometimes there are long delays—the time between emissions is unpredictable and random. The cryptographer could then connect a display to the Geiger counter, which rapidly cycles through the alphabet at a fixed rate, but which freezes momentarily as soon as an emission is detected.

Household was making loans at a faster pace than ever. A big source of its growth had been the second mortgage. The document offered a fifteen-year, fixed-rate loan, but it was bizarrely disguised as a thirty-year loan. It took the stream of payments the homeowner would make to Household over fifteen years, spread it hypothetically over thirty years, and asked: If you were making the same dollar payments over thirty years that you are in fact making over fifteen, what would your “effective rate” of interest be? It was a weird, dishonest sales pitch. The borrower was told he had an “effective interest rate of 7 percent” when he was in fact paying something like 12.5 percent. “It was blatant fraud,” said Eisman. “They were tricking their customers.

In knowledge work, when you agree to a new commitment, be it a minor task or a large project, it brings with it a certain amount of ongoing administrative overhead: back-and-forth email threads needed to gather information, for example, or meetings scheduled to synchronize with your collaborators. This overhead tax activates as soon as you take on a new responsibility. As your to-do list grows, so does the total amount of overhead tax you’re paying. Because the number of hours in the day is fixed, these administrative chores will take more and more time away from your core work, slowing down the rate at which these objectives are accomplished. At moderate workloads, this effect might be frustrating: a general sense that completing your work is taking longer than it should. As your workload increases, however, the overhead tax you’re paying will eventually pass a tipping point, beyond which logistical efforts will devour so much of your schedule that you cannot complete old tasks fast enough to keep up with the new. This feedback loop can quickly spiral out of control, pushing your workload higher and higher until you find yourself losing your entire day to overhead activities: meeting after meeting conducted against a background hum of unceasing email and chat. Eventually the only solution becomes to push actual work into ad hoc sessions added after hours—in the evenings and early mornings, or over the weekend—in a desperate attempt to avoid a full collapse of all useful output. You’re as busy as you’ve ever been, and yet hardly get anything done.

The ARM, Adjustable Rate Mortgage, was invented in the early 1980s. Prior to that, those of us in the real estate business sold fixed-rate 7 or 8 percent mortgages. What happened? I was there in the middle of that disaster of an economy when fixed-rate mortgages went as high as 17 percent and the real estate world froze. Lenders paid out 12 percent on CDs but had money loaned out at 7 percent on hundreds of millions of dollars in mortgages. They were losing money, and lenders don’t like to lose money. So the Adjustable Rate Mortgage was born, in which your interest rate goes up when the prevailing market interest rates go up. The ARM was born to transfer the risk of higher interest rates to you, the consumer. In the last several years, home mortgage rates have been at a thirty-year low. It is not wise to get something that adjusts when you are at the bottom of rates! The mythsayers always seem to want to add risk to your home, the one place you should want to make sure has stability. Balloon mortgages are even worse. Balloons pop, and it is always strange to me that the popping sound is so startling. Why don’t we expect it? It is in the very nature of balloons to pop. Wise financial people always move away from risk, and the balloon mortgage creates risk nightmares.

Science is a time machine, and it goes both ways. We are able to predict our future with increasing certainty. Our ability to act in response to these predictions will ultimately determine our fate. Science and reason make the darkness visible. I worry that lack of investment in science and a retreat from reason may prevent us from seeing further, or delay our reaction to what we see, making a meaningful response impossible. There are no simple fixes. Our civilisation is complex, our global political system is inadequate, our internal differences of opinion are deep-seated. I’d bet you think you’re absolutely right about some things and virtually everyone else is an idiot. Climate Change? Europe? God? America? The Monarchy? Same-sex Marriage? Abortion? Big Business? Nationalism? The United Nations? The Bank Bailout? Tax Rates? Genetically Modified Crops? Eating Meat? Football? X Factor or Strictly? The way forward is to understand and accept that there are many opinions, but only one human civilisation, only one Nature, and only one science. The collective goal of ensuring that there is never less than one human civilisation must surely override our personal prejudices. At least we have come far enough in 40,800 years to be able to state the obvious, and this is a necessary first step.

The basic reason for Germany’s lack of competitiveness, however, was not political in this crude sense. The basic problem was the uncompetitive exchange rate of the Reichsmark. As we have seen, this fundamental misalignment had first emerged in the autumn of 1931 after the devaluation of sterling. The second shock had come in April 1933 with the devaluation of the dollar. By 1933 only 20 per cent of world trade was still conducted between countries with currencies fixed in terms of gold. Germany’s failure to follow this trend meant that the prices of its exports, translated at the official exchange rate of the Reichsmark, were grossly uncompetitive. This was not a matter of particular industries or sectors. It was not a matter of high wages, or excessive taxes and social levies. At prevailing exchange rates, the entire system of prices and wages in Germany was out of line with that prevailing in most of the rest of the world economy.

Green Capitalism", even if products are produced using the utmost environmental care and designed for easy reuse, offers not way out of a system that must expand exponentially and thus, continue to ratchet up its use of natural resources, its chemical pollution, its contaminated sewage sludge, its garbage, and its many other toxic substances. Some of these "fixes" will probably slow down the rate of environmental destruction, but the magnitude of the needed changes dwarfs these approaches.

It started with population. Not having a fixed breeding season was among the reasons why mankind achieved dominance; it kept our numbers topped up at an explosive rate. Past certain stage restrictive process set in: male libido is reduced or diverted into nonfertile channels, female ovulation is irregularized and sometimes fails completely. But long before we reach that point we find the company of our fellow creatures so unbearable we resort to war, or a tribal match. Kill one another or ourselves. ​

why the rating agencies weren’t more critical of bonds underpinned by floating-rate subprime mortgages. Subprime borrowers tended to be one broken refrigerator away from default. Few, if any, should be running the risk of their interest payment spiking up. As most of these loans were structured, however, the homeowner would pay a fixed teaser rate of, say, 8 percent for the first two years, and then, at the start of the third year, the interest rate would skyrocket to, say, 12 percent, and thereafter it would float at permanently high levels.

As government regulates business more, that favors corporations large enough to have substantial legal and compliance departments. Regulation serves as a kind of fixed cost of doing business, discouraging market entry. Not only do higher rates of regulatory growth correlate with increases in market concentration ratios, but the period during which regulation increased significantly, 1990–2000, was followed by increases in market concentration. None of those correlations prove causality, but at the very least it is possible that government regulation is a major force behind the rise of market power.

Goodreads also found that liberals and conservatives flocked to fundamentally different types of books. Obama supporters outnumbered Romney supporters by three to one in reading books written by Jonathan Franzen, the critically acclaimed fiction author. Romney voters, by contrast, read David McCullough at a rate of two to one compared with Obama voters. McCullough, too, is highly acclaimed, having been awarded two Pulitzers during his decades-long career—but he writes popular historical nonfiction, a genre more in line with a practical-minded, fixed worldview and very different from Franzen’s style.

In January 1971 he startled the newsman Howard K. Smith by telling him, "I am now a Keynesian in economics," and in August he jolted the nation by announcing a New Economic Policy. This entailed fighting inflation by imposing a ninety-day freeze on wages and prices. Nixon also sought to lower the cost of American exports by ending the convertibility of dollars into gold, thereby allowing the dollar to float in world markets. This action transformed with dramatic suddenness an international monetary system of fixed exchange rates that had been established, with the dollar as the reserve currency, in 1946.

THIS SCENE WAS REPEATED IN every previously uninhabited nook, elbow, spit, lot, and underpass throughout the foreclosed and abandoned suburbs and exurbs and trailer parks of America, now squatted by the millions who had walked out on mortgages, been foreclosed upon, or simply could no longer afford a fixed address. They were all lumped together by the media into a category called 'subprimes,' a less descriptive label, perhaps, than 'homeless,' but one that in this era of raw, rapacious capitalism gave all the information anyone needed: the credit rating of the men, women, and children who inhabited these Ryanvilles was subprime.

the imposition of a negative real interest rate – effectively a wealth tax – on all forms of financial wealth expropriates the incomes of savers and might alter expectations of future effective rates of wealth taxes. If you are told, for example, that all your assets held in accounts fixed in money terms will be subject to a 5-percentage-point wealth tax, you might, it is true, decide to spend today, but you might well, fearful of what the government could do next year, batten down the hatches and cut spending. Households and businesses might simply conserve their resources to cope with an unpredictable and unknowable future. The

I have often noticed that we are inclined to endow our friends with the stability of type that literary characters acquire in the reader's mind. No matter how many times we reopen 'King Lear,' never shall we find the good king banging his tankard in high revelry, all woes forgotten, at a jolly reunion with all three daughters and their lapdogs. Never will Emma rally, revived by the sympathetic salts in Flaubert's father's timely tear. Whatever evolution this or that popular character has gone through between the book covers, his fate is fixed in our minds, and, similarly, we expect our friends to follow this or that logical and conventional pattern we have fixed for them. Thus X will never compose the immortal music that would clash with the second-rate symphonies he has accustomed us to. Y will never commit murder. Under no circumstances can Z ever betray us. We have it all arranged in our minds, and the less often we see a particular person the. more satisfying it is to check how obediently he conforms to our notion of him every time we hear of him. Any deviation in the fates we have ordained would strike us as not only anomalous but unethical. We would prefer not to have known at all our neighbor, the retired hot-dog stand operator, if it turns out he has just produced the greatest book of poetry his age has seen.

When Flora got married, she was fourteen. Now she has three kids and the village wells are dry and the nearest reliable water source is a two-hour walk from her home. Here in the Funhalouro District adolescent moms like Flora spend about six hours a day searching for and transporting water. Yesterday she walked three hours to harvest water lilies from a lake so her kids would have something to eat. And what do our most enlightened leaders suggest we do? Switch to e-billing. Buy three LED bulbs and get a free tote bag. Earth has eight billion people to feed and the extinction rate is a thousand times higher than it was at pre-human levels. This is not something we fix with tote bags. Bishop

Sir, you do understand that - officially - I'm not actually a centurion. I haven't even been assigned to a legion yet.' The general continued writing as he spoke. 'What was the name?' 'Corbulo, sir.' 'Corbulo, you have an officer's tunic and an officer's helmet; and you completed full officer training did you not?' Cassius nodded. He could easily recall every accursed test and drill. Though he'd excelled in the cerebral disciplines and somehow survived the endless marches and swims, he had rated poorly with sword in hand and had been repeatedly described as "lacking natural leadership ability." The academy's senior centurion had seemed quite relieved when the letter from the Service arrived. 'I did, sir, but it was felt I would be more suited to intelligence work than the legions, I really would prefer -' 'And you did take an oath? To Rome, the Army and the Emperor?' 'I did, sir, and of course I am happy to serve but -' The General finished the orders. He rolled the sheet up roughly and handed it to Cassius. 'Dismissed.' 'Yes, sir. Sorry, sir. I just have one final question.' The General was on his way back to his chair. He turned around and fixed Cassius with an impatient stare. 'Sir - how should I present myself to the troops? In terms of rank I mean.' 'They will assume you are a centurion, and I can see no practical reason whatsoever to disabuse them of that view.

Fiscal considerations have led to the promulgation of a theory that attributes to the minting authority the right to regulate the purchasing power of the coinage as it thinks fit. For just as long as the minting of coins has been a government function, governments have tried to fix the weight and content of the coins as they wished. Philip VI of France expressly claimed the right "to mint such money and give it such currency and at such rate as we desire and seems good to us" and all medieval rulers thought and did as he in this matter. Obliging jurists supported them by attempts to discover a philosophical basis for the divine right of kings to debase the coinage and to prove that the true value of the coins was that assigned to them by the ruler of the country.

People always describe jealousy as this sharp, green, venomous thing. Unfounded, vinegary, mean-spirited. But I've found that jeal-ousy, to writers, feels more like fear. Jealousy is the spike in my heart rate when I glimpse news of Athena's success on Twitter-another book contract, awards nominations, special editions, foreign rights deals. Jealousy is constantly comparing myself to her and coming up short; is panicking that I'm not writing well enough or fast enough, that I am not, and never will be, enough. Jealousy means that even just learning that Athena's signing a six-figure option deal with Net-fix means that I'll be derailed for days, unable to focus on my own work, mired by shame and self-disgust every time I see one of her books in a bookstore display.

*“Oh, well, that’s all interpreted well enough as far as it goes, Jim,” I says; “but what does these things stand for?” It was the leaves and rubbish on the raft and the smashed oar. You could see them first-rate now. Jim looked at the trash, and then looked at me, and back at the trash again. He had got the dream fixed so strong in his head that he couldn’t seem to shake it loose and get the facts back into its place again right away. But when he did get the thing straightened around he looked at me steady without ever smiling, and says: “What do dey stan’ for? I’se gwyne to tell you. When I got all wore out wid work, en wid de callin’ for you, en went to sleep, my heart wuz mos’ broke bekase you wuz los’, en I didn’ k’yer no’ mo’ what become er me en de raf’. En when I wake up en fine you back agin, all safe en soun’, de tears come, en I could a got down on my knees en kiss yo’ foot, I’s so thankful. En all you wuz thinkin’ ’bout wuz how you could make a fool uv ole Jim wid a lie. Dat truck dah is trash; en trash is what people is dat puts dirt on de head er dey fren’s en makes ’em ashamed.” Then he got up slow and walked to the wigwam, and went in there without saying anything but that. But that was enough. It made me feel so mean I could almost kissed his foot to get him to take it back. It was fifteen minutes before I could work myself up to go and humble myself to a nigger; but I done it, and I warn’t ever sorry for it afterwards, neither. I didn’t do him no more mean tricks, and I wouldn’t done that one if I’d a knowed it would make him feel that way.

As we mature we progressively narrow the scope and variety of our lives. Of all the interests we might pursue, we settle on a few. Of all the people with whom we might associate, we select a small number. We become caught in a web of fixed relationships. We develop set ways of doing things. "As the years go by we view our familiar surroundings with less and less freshness of perception. We no longer look with a wakeful, perceiving eye at the faces of people we see every day, nor at any other features of our everyday world. "It is not unusual to find that the major changes in life-a marriage, a move to a new city, a change of jobs, or a national emergency-break the patterns of our lives and reveal to us quite suddenly how much we had been imprisoned by the comfortable web we had woven around ourselves. "One of the reasons why mature people are apt to learn less than young people is that they are willing to risk less. Learning is a risky business, and they do not like failure. In infancy, when the child is learning at a truly phenomenal rate-a rate he or she will never again achieve-he or she is also experiencing a shattering number of failures. Watch him or her. See the innumerable things he or she tries and fails. And see how little the failures discourage him or her. "With each year that passes he or she will be less blithe about failure. By adolescence the willingness of young people to risk failure has diminished greatly. And all too often parents push them further along that road by instilling fear, by punishing failure, or by making success seem too precious.

Then now let us consider what will be their way of life, if they are to realize our idea of them. In the first place, none of them should have any property of his own beyond what is absolutely necessary; neither should they have a private house or store closed against any one who has a mind to enter; their provisions should be only such as are required by trained warriors, who are men of temperance and courage; they should agree to receive from the citizens a fixed rate of pay, enough to meet the expenses of the year and no more; and they will go to mess and live together like soldiers in a camp. Gold and silver we will tell them that they have from God; the diviner metal is within them, and they have therefore no need of the dross which is current among men, and ought not to pollute the divine by any such earthly admixture; for that commoner metal has been the source of many unholy deeds, but their own is undefiled. And they alone of all the citizens may not touch or handle silver or gold, or be under the same roof with them, or wear them, or drink from them. And this will be their salvation, and they will be the saviours of the State. But should they ever acquire homes or lands or moneys of their own, they will become housekeepers and husbandmen instead of guardians, enemies and tyrants instead of allies of the other citizens; hating and being hated, plotting and being plotted against, they will pass their whole life in much greater terror of internal than of external enemies, and the hour of ruin, both to themselves and to the rest of the State, will be at hand.

In the high-stakes testing culture of modern education, schools are allowing grades and performance data to undercut real and meaningful learning. Study after study has found that students—from elementary school to graduate school and across multiple cultures—demonstrate less interest in learning as a result of being graded. Feedback in the form of grades is the ultimate restraint: The grade can’t be changed, the lesson can’t be relearned, and numbers and letters don’t spell out a way forward. Worse, teachers and students get stuck on the wheel of relentless grading, diminished interest in learning, poor outcomes, more tests and grades—the cycle quickly turns vicious. But the real victim is the knowledge that students might have otherwise gained had feedback amounted to more than a rating.

When Flora got married, she was fourteen. Now she has three kids and the village wells are dry and the nearest reliable water source is a two-hour walk from her home. Here in the Funhalouro District adolescent moms like Flora spend about six hours a day searching for and transporting water. Yesterday she walked three hours to harvest water lilies from a lake so her kids would have something to eat. And what do our most enlightened leaders suggest we do? Switch to e-billing. Buy three LED bulbs and get a free tote bag. Earth has eight billion people to feed and the extinction rate is a thousand times higher than it was at pre-human levels. This is not something we fix with tote bags. Excerpt from: "Cloud Cuckoo Land: A Novel" by Anthony Doerr. Scribd. This material may be protected by copyright.

The White House now emanates a constant barrage of lies and hateful comments. The president acts like he does not respect democracy or the rule of law. His presidency has become a reality game show, driven by his primal need to achieve the best ratings and wins--for himself. He does not respect women, minorities, or immigrants; he often doesn't appear to respect his own wife. To him, a critical news story is "FAKE NEWS." To him, all our intelligence agencies are corrupt. He shuns preparation for meetings with foreign heads of state. He tells his supporters how he alone can fix the economy, yet his policies will hurt them and help line his pockets, as well as those of rich people like him. And then there's his ongoing attempt to cripple millions of Americans by taking away their health insurance.

From 1942 until 1947, the Federal Reserve—at the behest of the Treasury Department—actively managed the government’s borrowing costs. Even as spending to fight World War II drove the federal deficit to more than 25 percent of GDP in 1943, interest rates trended lower. That’s because the Fed pegged the T-bill rate at 0.375 percent and held the rate on twenty-five-year bonds at 2.5 percent. As MMT economist L. Randall Wray put it, “the government can ‘borrow’ (issue bonds to the public) at any interest rate the central bank chooses to enforce. It is relatively easy for the central bank to peg the interest rate on short-term government debt instruments by standing ready to purchase it at a fixed price in unlimited quantities. This is precisely what the Fed did in the United States until 1951—providing banks with an interest-earning alternative to excess reserves, but at a very low rate of interest.

Josephson had died just north of Abd al-Kuri Island, an uninhabited, mountainous desert with, on its eastern side, perhaps the world’s wildest and finest beach. To mollify Holworthy, in a moment of weakness not long after they had departed Lemonnier, Rensselaer had considered leaving a few SEALs there on the way south, to observe traffic, as on occasion irregular forces were ordered to do. But he had decided then that rather than mollify Holworthy, he would keep him down. The rendezvous point with the Puller wasn’t far, and, arriving first, Athena waited. The Puller was out of sight but in radio contact. Eventually they saw her to the west, and she came even with Athena at dusk, although in that latitude, as Josephson had learned, dusk is so short it hardly exists. With the lights of the Puller blazing despite wartime conditions, her vast superstructure, hollow and beamed like a box-girder bridge, was cast in flares and shadows. A brow was extended from a door in the side and fixed to Athena’s main deck. As a gentle swell moved the two ships up and down at different rates, the hinged brow tilted slightly one way and then another. The Iranian prisoners were escorted over the brow and to the brig in the Puller, which would take them very close to their own country, but then to the United States. They were bitter and depressed. The huge ship into the darkness of which they were swallowed seemed like an alien craft from another civilization, which, for them, it was. A gray metal coffin was carried to Athena by a detail from the Puller. This was a sad thing to see, sadder than struggle, sadder than blood. It disappeared below. Josephson’s body was placed inside it and the flag draped over it. Six of Athena’s crew in dress uniform carried it slowly to the brow and set it on deck. After a long silence, Rensselaer spoke a few words. “Our shipmates Speight and Josephson are no longer with us—Speight committed to the deep, lost except to God. And Josephson, who will go home. Neither of these men is unique in death. They are still very much like us, and we are like them: it’s only a matter of time—however long, however short. If upon gazing at this coffin you feel a gulf between you, the living, and him, one of the dead, remember that our fates are the same, and he isn’t as far from us as we may imagine. “At times like this I question our profession. I question the enterprise of war. And then I go on, as we shall, and as we must. In this spirit we bid goodbye to Ensign Josephson, to whom you might have been brothers, and I and the chiefs, perhaps, fathers. May God bless and keep him.” Then the captain read the 23rd Psalm, a salute was fired, and Josephson’s coffin was lifted to the shoulders of its bearers and slowly carried into the depths of the Puller. When he died, he was very young.

Nor need we fly to the Dreams of our Astronomers, who take a great deal of pains to fill up the vast Spaces of the starry Heavens with innumerable habitable Worlds; allowing as many solar Systems as there are fix’d Stars, and that not only in the known Constellations, but even in Gallaxie it self; who, to every such System allow a certain number of Planets, and to every one of those Planets so many Satellites or Moons, and all these Planets and Moons to be Worlds; solid, dark, opaque Bodies, habitable, and (as they would have us believe) inhabited by the like Animals and rational Creatures as on this Earth; so that they may, at this rate, find room enough for the Devil and all his Angels, without making a Hell on purpose; nay they may, for ought I know, find a World for every Devil in all the Devil’s Host, and so every one may be a Monarch or Master-Devil, separately in his own Sphere or World, and play the Devil there by himself.

007: What are the CIA going to say about all this? After all, it's bare-faced poaching. Tanner: They don't own Japan. Anyway, they're not here to know. That's up to this fellow Tanaka. He'll have to fix the machinery for getting it into the Australian Embassy. That's his worry. But the whole thing's on pretty thin ice. The main problem is to make sure he doesn't go straight along to the CIA and tell 'em of your approach. If you get blown, we'll just have to get the Australians to hold the baby. They've don it before when we've been bowled out edging our way into the pacific. We're good friends with their service. First-rate bunch of chaps. And, anyway, the CIA's hands aren't as clean as all that. We've got a whole file of cases where they've crossed wires with us round the world. Often dangerously. We can throw that book at McCone if this business blows up in our faces. But part of your job is to see that it doesn't. 007: Seems to me I'm getting all balled up in high politics. Not my line of country at all.

I feel so far away from them, on the top of this hill. It seems as though I belong to another species. They come out of their offices after their day of work, they look at the houses and the squares with satisfaction, they think it is their city, a good, solid, bourgeois city. They aren’t afraid, they feel at home. All they have ever seen is trained water running from taps, light which fills bulbs when you turn on the switch, half-breed, bastard trees held up with crutches. They have proof, a hundred times a day, that everything happens mechanically, that the world obeys fixed, unchangeable laws. In a vacuum all bodies fall at the same rate of speed, the public park is closed at 4 p.m. in winter, at 6 p.m. in summer, lead melts at 335 degrees centigrade, the last streetcar leaves the Hotel de Ville at 11.05 p.m. They are peaceful, a little morose, they think about Tomorrow, that is to say, simply, a new today; cities have only one day at their disposal and every morning it comes back exactly the same. They scarcely doll it up a bit on Sundays. Idiots. It is repugnant to me to think that I am going to see their thick, self-satisfied faces. They make laws, they write popular novels, they get married, they are fools enough to have children. And all this time, great, vague nature has slipped into their city, it has infiltrated everywhere, in their house, in their office, in themselves. It doesn’t move, it stays quietly and they are full of it inside, they breathe it, and they don’t see it, they imagine it to be outside, twenty miles from the city. I see it, I see this nature . . . I know that its obedience is idleness, I know it has no laws: what they take for constancy is only habit and it can change tomorrow. What if something were to happen? What if something suddenly started throbbing? Then they would notice it was there and they’d think their hearts were going to burst. Then what good would their dykes, bulwarks, power houses, furnaces and pile drivers be to them? It can happen any time, perhaps right now: the omens are present.

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

For example, say you're an average web developer. You're familiar with a dozen programming languages, tons of helpful libraries, standards, protocols, what have you. You still have to learn more at the rate of about one a week, and remember to check the hundreds of things you know to see if they've been updated or broken and make sure they all still work together and that nobody fixed the bug in one of them that you exploited to do something you thought was really clever one weekend when you were drunk. You're all up to date, so that's cool, then everything breaks. "Double you tee eff?" you say, and start hunting for the problem. You discover that one day, some idiot decided that since another idiot decided that 1/0 should equal infinity, they could just use that as a shorthand for "Infinity" when simplifying their code. Then a non-idiot rightly decided that this was idiotic, which is what the original idiot should have decided, but since he didn't, the non-idiot decided to be a dick and make this a failing error in his new compiler. Then he decided he wasn't going to tell anyone that this was an error, because he's a dick, and now all your snowflakes are urine and you can't even find the cat.

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

one stubborn glitch they couldn’t figure out: the program did a wonderful job spewing out data on the trajectory of artillery shells, but it just didn’t know when to stop. Even after the shell would have hit the ground, the program kept calculating its trajectory, “like a hypothetical shell burrowing through the ground at the same rate it had traveled through the air,” as Jennings described it. “Unless we solved that problem, we knew the demonstration would be a dud, and the ENIAC’s inventors and engineers would be embarrassed.”69 Jennings and Snyder worked late into the evening before the press briefing trying to fix it, but they couldn’t. They finally gave up at midnight, when Snyder needed to catch the last train to her suburban apartment. But after she went to bed, Snyder figured it out: “I woke up in the middle of the night thinking what that error was. . . . I came in, made a special trip on the early train that morning to look at a certain wire.” The problem was that there was a setting at the end of a “do loop” that was one digit off. She flipped the requisite switch and the glitch was fixed. “Betty could do more logical reasoning while she was asleep than most people can do awake,” Jennings later marveled. “While she slept, her subconscious untangled the knot that her conscious mind had been unable to.

Summers also claimed that technology was reducing the demand for capital. Digital businesses, such as Facebook and Google, had established dominant global franchises with relatively little invested capital and small workforces. In his book The Zero Marginal Cost Society (2014), the social theorist Jeremy Rifkin heralded the passing of traditional capitalism.16 If the Old Economy was marked by scarcity and declining marginal returns, Rikfin argued that the New Economy was characterized by zero marginal costs, increasing returns to scale and capital-lite ‘sharing’ apps (such as Uber, Lyft, Airbnb, etc.). The demand for capital and interest rates, he said, were set to fall in this ‘economy of abundance’. There was some evidence to support Rifkin’s claims. The balance sheets of US companies showed they were using fewer fixed assets (factories, plant, equipment, etc.) and reporting more ‘intangibles’ – namely, assets derived from patents, intellectual property and merger premiums. In much of the rest of the world, however, the demand for old-fashioned capital remained as strong as ever. After the turn of the century, the developing world exhibited a voracious appetite for industrial commodities that required massive mining investment. China embarked on what was probably the greatest investment boom in history. Before and after 2008, global energy consumption rose steadily. The world’s total investment (relative to GDP) remained in line with its historical average.17 Rifkin’s ‘economy of abundance’ remained a tantalizing speculation.

A fourth possibility: It could be that belief is causally efficacious semantically as well as syntactically with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive, at any rate less adaptive than available alternatives should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle cell anemia, maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

Hong Kong became a British colony after the Treaty of Nanking in 1842, the result of the Opium War. This was a particularly shameful episode, even by the standards of 19th-century imperialism. The growing British taste for tea had created a huge trade deficit with China. In a desperate attempt to plug the gap, Britain started exporting opium produced in India to China. The mere detail that selling opium was illegal in China could not possibly be allowed to obstruct the noble cause of balancing the books. When a Chinese official seized an illicit cargo of opium in 1841, the British government used it as an excuse to fix the problem once and for all by declaring war. China was heavily defeated in the war and forced to sign the Treaty of Nanking, which made China 'lease' Hong Kong to Britain and give up its right to set its own tariffs. So there it was-the self-proclaimed leader of the 'liberal' world declaring war on another country because the latter was getting in the way of its illegal trade in narcotics. The truth is that the free movement of goods, people, and money that developed under British hegemony between 1870 and 1913-the first episode of globalization-was made possible, in large part, by military might, rather than market forces. Apart from Britain itself, the practitioners of free trade during this period were mostly weaker countries that had been forced into, rather than had voluntarily adopted, it as a result of colonial rule or 'unequal treaties' (like the Nanking Treaty), which, among other things, deprived them of the right to set tariffs and imposed externally determined low, flat-rate tariffs (3-5%) on them.

The chorus of criticism culminated in a May 27 White House press conference that had me fielding tough questions on the oil spill for about an hour. I methodically listed everything we'd done since the Deepwater had exploded, and I described the technical intricacies of the various strategies being employed to cap the well. I acknowledged problems with MMS, as well as my own excessive confidence in the ability of companies like BP to safeguard against risk. I announced the formation of a national commission to review the disaster and figure out how such accidents could be prevented in the future, and I reemphasized the need for a long-term response that would make America less reliant on dirty fossil fuels. Reading the transcript now, a decade later, I'm struck by how calm and cogent I sound. Maybe I'm surprised because the transcript doesn't register what I remember feeling at the time or come close to capturing what I really wanted to say before the assembled White House press corps: That MMS wasn't fully equipped to do its job, in large part because for the past thirty years a big chunk of American voters had bought into the Republican idea that government was the problem and that business always knew better, and had elected leaders who made it their mission to gut environmental regulations, starve agency budgets, denigrate civil servants, and allow industrial polluters do whatever the hell they wanted to do. That the government didn't have better technology than BP did to quickly plug the hole because it would be expensive to have such technology on hand, and we Americans didn't like paying higher taxes - especially when it was to prepare for problems that hadn't happened yet. That it was hard to take seriously any criticism from a character like Bobby Jindal, who'd done Big Oil's bidding throughout his career and would go on to support an oil industry lawsuit trying to get a federal court to lift our temporary drilling moratorium; and that if he and other Gulf-elected officials were truly concerned about the well-being of their constituents, they'd be urging their party to stop denying the effects of climate change, since it was precisely the people of the Gulf who were the most likely to lose homes or jobs as a result of rising global temperatures. And that the only way to truly guarantee that we didn't have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn't going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face; and in the absence of such a disaster, the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings; and the one thing I could be certain of was that for all the outrage being expressed at the moment about wetlands and sea turtles and pelicans, what the majority of us were really interested in was having the problem go away, for me to clean up yet one more mess decades in the making with some quick and easy fix, so that we could all go back to our carbon-spewing, energy-wasting ways without having to feel guilty about it. I didn't say any of that. Instead I somberly took responsibility and said it was my job to "get this fixed." Afterward, I scolded my press team, suggesting that if they'd done better work telling the story of everything we were doing to clean up the spill, I wouldn't have had to tap-dance for an hour while getting the crap kicked out of me. My press folks looked wounded. Sitting alone in the Treaty Room later that night, I felt bad about what I had said, knowing I'd misdirected my anger and frustration. It was those damned plumes of oil that I really wanted to curse out.

I am assured that this is a true story. A man calls up his computer helpline complaining that the cupholder on his personal computer has snapped off, and he wants to know how to get it fixed. “Cupholder?” says the computer helpline person, puzzled. “I’m sorry, sir, but I’m confused. Did you buy this cupholder at a computer show or receive it as a special promotion?” “No, it came as part of the standard equipment on my computer.” “But our computers don’t come with cupholders.” “Well, pardon me, friend, but they do,” says the man a little hotly. “I’m looking at mine right now. You push a button on the base of the unit and it slides right out.” The man, it transpired, had been using the CD drawer on his computer to hold his coffee cup. I bring this up here by way of introducing our topic this week: cupholders. Cupholders are taking over the world. It would be almost impossible to exaggerate the importance of cupholders in automotive circles these days. The New York Times recently ran a long article in which it tested a dozen family cars. It rated each of them for ten important features, among them engine size, trunk space, handling, quality of suspension, and, yes, number of cupholders. A car dealer acquaintance of ours tells us that they are one of the first things people remark on, ask about, or play with when they come to look at a car. People buy cars on the basis of cupholders. Nearly all car advertisements note the number of cupholders prominently in the text. Some cars, like the newest model of the Dodge Caravan, come with as many as seventeen cupholders. The largest Caravan holds seven passengers. Now you don’t have to be a nuclear physicist, or even wide awake, to work out that that is 2.43 cupholders per passenger. Why, you may reasonably wonder, would each passenger in a vehicle need 2.43 cupholders? Good question. Americans, it is true, consume positively staggering volumes of fluids. One of our local gas stations, I am reliably informed, sells a flavored confection called a Slurpee in containers up to 60 ounces in size. But even if every member of the family had a Slurpee and a personal bottle of

Success comes with an inevitable problem: market saturation. New products initially grow just by adding more customers—to grow a network, add more nodes. Eventually this stops working because nearly everyone in the target market has joined the network, and there are not enough potential customers left. From here, the focus has to shift from adding new customers to layering on more services and revenue opportunities with existing ones. eBay had this problem in its early years, and had to figure its way out. My colleague at a16z, Jeff Jordan, experienced this himself, and would often write and speak about his first month as the general manager of eBay’s US business. It was in 2000, and for the first time ever, eBay’s US business failed to grow on a month-over-month basis. This was critical for eBay because nearly all the revenue and profit for the company came from the US unit—without growth in the United States, the entire business would stagnate. Something had to be done quickly. It’s tempting to just optimize the core business. After all, increasing a big revenue base even a little bit often looks more appealing than starting at zero. Bolder bets are risky. Yet because of the dynamics of market saturation, a product’s growth tends to slow down and not speed up. There’s no way around maintaining a high growth rate besides continuing to innovate. Jeff shared what the team did to find the next phase of growth for the company: eBay.com at the time enabled the community to buy and sell solely through online auctions. But auctions intimidated many prospective users who expressed preference for the ease and simplicity of fixed price formats. Interestingly, our research suggested that our online auction users were biased towards men, who relished the competitive aspect of the auction. So the first major innovation we pursued was to implement the (revolutionary!) concept of offering items for a fixed price on ebay.com, which we termed “buy-it-now.” Buy-it-now was surprisingly controversial to many in both the eBay community and in eBay headquarters. But we swallowed hard, took the risk and launched the feature . . . and it paid off big. These days, the buy-it-now format represents over $40 billion of annual Gross Merchandise Volume for eBay, 62% of their total.65

Phaedrus wrote a letter from India about a pilgrimage to holy Mount Kailas, the source of the Ganges and the abode of Shiva, high in the Himalayas, in the company of a holy man and his adherents. He never reached the mountain. After the third day he gave up, exhausted, and the pilgrimage went on without him. He said he had the physical strength but that physical strength wasn’t enough. He had the intellectual motivation but that wasn’t enough either. He didn’t think he had been arrogant but thought that he was undertaking the pilgrimage to broaden his experience, to gain understanding for himself. He was trying to use the mountain for his own purposes and the pilgrimage too. He regarded himself as the fixed entity, not the pilgrimage or the mountain, and thus wasn’t ready for it. He speculated that the other pilgrims, the ones who reached the mountain, probably sensed the holiness of the mountain so intensely that each footstep was an act of devotion, an act of submission to this holiness. The holiness of the mountain infused into their own spirits enabled them to endure far more than anything he, with his greater physical strength, could take. To the untrained eye ego-climbing and selfless climbing may appear identical. Both kinds of climbers place one foot in front of the other. Both breathe in and out at the same rate. Both stop when tired. Both go forward when rested. But what a difference! The ego-climber is like an instrument that’s out of adjustment. He puts his foot down an instant too soon or too late. He’s likely to miss a beautiful passage of sunlight through the trees. He goes on when the sloppiness of his step shows he’s tired. He rests at odd times. He looks up the trail trying to see what’s ahead even when he knows what’s ahead because he just looked a second before. He goes too fast or too slow for the conditions and when he talks his talk is forever about somewhere else, something else. He’s here but he’s not here. He rejects the here, is unhappy with it, wants to be farther up the trail but when he gets there will be just as unhappy because then it will be “here.” What he’s looking for, what he wants, is all around him, but he doesn’t want that because it is all around him. Every step’s an effort, both physically and spiritually, because he imagines his goal to be external and distant.

Unlike classically spinning bodies, such as tops, however, where the spin rate can assume any value fast or slow, electrons always have only one fixed spin. In the units in which this spin is measured quantum mechanically (called Planck's constant) the electrons have half a unit, or they are "spin-1/2" particles. In fact, all the matter particles in the standard model-electrons, quarks, neutrinos, and two other types called muons and taus-all have "spin 1/2." Particles with half-integer spin are known collectively as fermions (after the Italian physicist Enrico Fermi). On the other hand, the force carriers-the photon, W, Z, and gluons-all have one unit of spin, or they are "spin-1" particles in the physics lingo. The carrier of gravity-the graviton-has "spin 2," and this was precisely the identifying property that one of the vibrating strings was found to possess. All the particles with integer units of spin are called bosons (after the Indian physicist Satyendra Bose). Just as ordinary spacetime is associated with a supersymmetry that is based on spin. The predictions of supersymmetry, if it is truly obeyed, are far-reaching. In a universe based on supersymmetry, every known particle in the universe must have an as-yet undiscovered partner (or "superparrtner"). The matter particles with spin 1/2, such as electrons and quarks, should have spin 0 superpartners. the photon and gluons (that are spin 1) should have spin-1/2 superpartners called photinos and gluinos respectively. Most importantly, however, already in the 1970s physicists realized that the only way for string theory to include fermionic patterns of vibration at all (and therefore to be able to explain the constituents of matter) is for the theory to be supersymmetric. In the supersymmetric version of the theory, the bosonic and fermionic vibrational patters come inevitably in pairs. Moreover, supersymmetric string theory managed to avoid another major headache that had been associated with the original (nonsupersymmetric) formulation-particles with imaginary mass. Recall that the square roots of negative numbers are called imaginary numbers. Before supersymmetry, string theory produced a strange vibration pattern (called a tachyon) whose mass was imaginary. Physicists heaved a sigh of relief when supersymmetry eliminated these undesirable beasts.

All day long the red squirrels came and went, and afforded me much entertainment by their manoeuvres. One would approach at first warily through the shrub-oaks, running over the snow crust by fits and starts like a leaf blown by the wind, now a few paces this way, with wonderful speed and waste of energy, making inconceivable haste with his “trotters,” as if it were for a wager, and now as many paces that way, but never getting on more than half a rod at a time; and then suddenly pausing with a ludicrous expression and a gratuitous somerset, as if all the eyes in the universe were fixed on him,—for all the motions of a squirrel, even in the most solitary recesses of the forest, imply spectators as much as those of a dancing girl,—wasting more time in delay and circumspection than would have sufficed to walk the whole distance,—I never saw one walk,— and then suddenly, before you could say Jack Robinson, he would be in the top of a young pitch-pine, winding up his clock and chiding all imaginary spectators, soliloquizing and talking to all the universe at the same time,—for no reason that I could ever detect, or he himself was aware of, I suspect. At length he would reach the corn, and selecting a suitable ear, frisk about in the same uncertain trigonometrical way to the top-most stick of my wood-pile, before my window, where he looked me in the face, and there sit for hours, supplying himself with a new ear from time to time, nibbling at first voraciously and throwing the half-naked cobs about; till at length he grew more dainty still and played with his food, tasting only the inside of the kernel, and the ear, which was held balanced over the stick by one paw, slipped from his careless grasp and fell to the ground, when he would look over at it with a ludicrous expression of uncertainty, as if suspecting that it had life, with a mind not made up whether to get it again, or a new one, or be off; now thinking of corn, then listening to hear what was in the wind. So the little impudent fellow would waste many an ear in a forenoon; till at last, seizing some longer and plumper one, considerably bigger than himself, and skilfully balancing it, he would set out with it to the woods, like a tiger with a buffalo, by the same zig-zag course and frequent pauses, scratching along with it as if it were too heavy for him and falling all the while, making its fall a diagonal between a perpendicular and horizontal, being determined to put it through at any rate;—a singularly frivolous and whimsical fellow;—and so he would get off with it to where he lived, perhaps carry it to the top of a pine tree forty or fifty rods distant, and I would afterwards find the cobs strewn about the woods in various directions.

In the 1860s, during its civil war, the US suspended gold convertibility and printed paper money (known as “greenbacks”) to help monetize war debts. Around the time the US returned to its gold peg in the mid-1870s, a number of other countries joined the gold standard; most currencies remained fixed against it until World War I. Major exceptions were Japan (which was on a silver-linked standard until the 1890s, which led its exchange rate to devalue against gold as silver prices fell during this period) and Spain, which frequently suspended convertibility to support large fiscal deficits. During World War I, warring countries ran enormous deficits that were funded by central banks’ printing and lending of money. Gold served as money in foreign transactions, as international trust (and hence credit) was lacking. When the war ended, a new monetary order was created with gold and the winning countries’ currencies, which were tied to gold. Still, between 1919 and 1922 several European countries, especially those that lost the war, were forced to print and devalue their currencies. The German mark and German mark debt sank between 1920 and 1923. Some of the winners of the war also had debts that had to be devalued to create a new start. With debt, domestic political, and international geopolitical restructurings done, the 1920s boomed, particularly in the US, inflating a debt bubble. The debt bubble burst in 1929, requiring central banks to print money and devalue it throughout the 1930s. More money printing and more money devaluations were required during World War II to fund military spending. In 1944–45, as the war ended, a new monetary system that linked the dollar to gold and other currencies to the dollar was created. The currencies and debts of Germany, Japan, and Italy, as well as those of China and a number of other countries, were quickly and totally destroyed, while those of most winners of the war were slowly but still substantially depreciated. This monetary system stayed in place until the late 1960s. In 1968–73 (most importantly in 1971), excessive spending and debt creation (especially by the US) required breaking the dollar’s link to gold because the claims on gold that were being turned in were far greater than the amount of gold available to redeem them. That led to a dollar-based fiat monetary system, which allowed the big increase in dollar-denominated money and credit that fueled the inflation of the 1970s and led to the debt crisis of the 1980s. Since 2000, the value of money has fallen in relation to the value of gold due to money and credit creation and because interest rates have been low in relation to inflation rates. Because the monetary system has been free-floating, it hasn’t experienced the abrupt breaks it did in the past; the devaluation has been more gradual and continuous. Low, and in some cases negative, interest rates have not provided compensation for the increasing amount of money and credit and the resulting (albeit low) inflation.

Unconditional blame is the tendency to explain all difficulties exclusively as the consequence of forces beyond your influence, to see yourself as an absolute victim of external circumstances. Every person suffers the impact of factors beyond his control, so we are all, in a sense, victims. We are not, however, absolute victims. We have the ability to respond to our circumstances and influence how they affect us. In contrast, the unconditional blamer defines his victim-identity by his helplessness, disowning any power to manage his life and assigning causality only to that which is beyond his control. Unconditional blamers believe that their problems are always someone else’s fault, and that there’s nothing they could have done to prevent them. Consequently, they believe that there’s nothing they should do to address them. Unconditional blamers feel innocent, unfairly burdened by others who do things they “shouldn’t” do because of maliciousness or stupidity. According to the unconditional blamer, these others “ought” to fix the problems they created. Blamers live in a state of self-righteous indignation, trying to control people around them with their accusations and angry demands. What the unconditional blamer does not see is that in order to claim innocence, he has to relinquish his power. If he is not part of the problem, he cannot be part of the solution. In fact, rather than being the main character of his life, the blamer is a spectator. Watching his own suffering from the sidelines, he feels “safe” because his misery is always somebody else’s fault. Blame is a tranquilizer. It soothes the blamer, sheltering him from accountability for his life. But like any drug, its soothing effect quickly turns sour, miring him in resignation and resentment. In order to avoid anxiety and guilt, the blamer must disown his freedom and power and see himself as a plaything of others. The blamer feels victimized at work. His job is fraught with letdowns, betrayals, disappointments, and resentments. He feels that he is expected to fix problems he didn’t create, yet his efforts are never recognized. So he shields himself with justifications. Breakdowns are never his fault, nor are solutions his responsibility. He is not accountable because it is always other people who failed to do what they should have done. Managers don’t give him direction as they should, employees don’t support him as they should, colleagues don’t cooperate with him as they should, customers demand much more than they should, suppliers don’t respond as they should, senior executives don’t lead the organization as they should, administration systems don’t work as they should—the whole company is a mess. In addition, the economy is weak, the job market tough, the taxes confiscatory, the regulations crippling, the interest rates exorbitant, and the competition fierce (especially because of those evil foreigners who pay unfairly low wages). And if it weren’t difficult enough to survive in this environment, everybody demands extraordinary results. The blamer never tires of reciting his tune, “Life is not fair!

yields rose sharply. Just as the Greek government was incapable of preventing a spike in borrowing costs, countries that fix their exchange rates sacrifice control of their interest rates. From an MMT perspective, “this explains the very high interest rates paid by governments with perceived default risk in fixed exchange rate regimes, in contrast to the ease a nation such as Japan has in keeping rates at 0 in a floating exchange rate regime, despite deficits that would undermine a fixed exchange rate regime.

lesson is simple. Currency regimes matter. The simple crowding-out story was built for a world that no longer exists. Yet conventional economic theory treats the sequence of falling dominoes as an inevitable consequence of deficit spending. The truth is the story has limited applicability. As Timothy Sharpe put it, “financial crowding-out theory was initially proposed and analysed in the context of a convertible currency system, that is, the gold standard and the Bretton Woods fixed exchange rate agreement (1946–1971).” Taking into account different currency regimes changes everything. That’s what Sharpe discovered in a sweeping empirical investigation, where he separated countries that fit the MMT model—that is, those with monetary sovereignty—from those that fix their exchange rates or borrow in a foreign currency. Consistent with MMT, he concluded that “the empirical evidence reveals crowding-out effects in nonsovereign economies, but not within sovereign economies.” In other words, it’s a mistake to apply the crowding-out story to monetary sovereigns like the US, Japan, the UK, or Australia.

MBS face all of the regular risks (changing interest rates, for example) linked to bonds and other fixed-income securities, and two that are unique to them. These special risks are tied to the underlying mortgages: homeowners could default (stop making payments, substantially more likely with private-label MBS) or pay off their loans early, either of which would affect investor yield and cash flows.

Under the gold standard, exchange rates were fixed, so that the balance of payments had to adjust through domestic deflation. White, like Keynes, concluded that it should be the other way around. “I believe there is definitive evidence,” White wrote, “that alterations in the domestic price level are far more costly to the nation than frequent alterations in the exchange rate would be.” The United States “would be courting trouble to place ourselves in a position similar to that which we found ourselves between 1929 and 1933,” a period of persistent deflation.

In accordance with the method of “German socialism,” the facade of a market economy was retained. All prices, wages, and interest rates, however, were “fixed by the central authority. They [were] prices, wages, and interest rates in appearance only; in reality they [were] merely determinations of quantity relations in the government’s orders.... This is socialism in the outward guise of capitalism.

If you have a traditional fixed-rate mortgage, all you have to do is make early principal payments over the life of the loan. Prepay your next month’s principal, and you could pay off a 30-year mortgage in 15 years in many cases! Does that mean double your monthly payments? No, not even close! Here’s the key: Money Power Principle 3. Cut your mortgage payments in half! The next time you write your monthly mortgage check, write a second check for the principal-only portion of next month’s payment. It’s money you’ll have to pay anyway the following month, so why not take it out of your pocket a couple of weeks early and enjoy some serious savings down the road? Fully 80% to 90%, and in some cases even more, of your early payments will be interest expense anyway. And on average, most Americans either move or refinance within five to seven years (and then start the insanity all over again with a new home mortgage). “It’s a pity,” mortgage expert Marc Eisenson, author of The Banker’s Secret, told the New York Times. “There are millions of people out there who faithfully make their regular mortgage payments because they don’t understand . . . the benefits of pocket-change prepayments.

Let us turn now to a study of a small Newfoundland fishing village. Fishing is, in England at any rate – more hazardous even than mining. Cat Harbour, a community in Newfoundland, is very complex. Its social relationships occur in terms of a densely elaborate series of interrelated conceptual universes one important consequence of which is that virtually all permanent members of the community are kin, ‘cunny kin’, or economic associates of all other of the 285 permanent members. The primary activity of the community is cod fishing. Salmon, lobster, and squid provide additional sources of revenue. Woodcutting is necessary in off-seasons. Domestic gardening, and stints in lumber camps when money is needed, are the two other profitable activities. The community's religion is reactionary. Women assume the main roles in the operation though not the government of the churches in the town. A complicated system of ‘jinking’ – curses, magic, and witchcraft – governs and modulates social relationships. Successful cod fishing in the area depends upon highly developed skills of navigation, knowledge of fish movements, and familiarity with local nautical conditions. Lore is passed down by word of mouth, and literacy among older fishermen is not universal by any means. ‘Stranger’ males cannot easily assume dominant positions in the fishing systems and may only hire on for salary or percentage. Because women in the community are not paid for their labour, there has been a pattern of female migration out of the area. Significantly, two thirds of the wives in the community are from outside the area. This has a predictable effect on the community's concept of ‘the feminine’. An elaborate anti-female symbolism is woven into the fabric of male communal life, e.g. strong boats are male and older leaky ones are female. Women ‘are regarded as polluting “on the water” and the more traditional men would not consider going out if a woman had set foot in the boat that day – they are “jinker” (i.e., a jinx), even unwittingly'. (It is not only relatively unsophisticated workers such as those fishermen who insist on sexual purity. The very skilled technicians drilling for natural gas in the North Sea affirm the same taboo: women are not permitted on their drilling platform rigs.) It would be, however, a rare Cat Harbour woman who would consider such an act, for they are aware of their structural position in the outport society and the cognition surrounding their sex….Cat Harbour is a male-dominated society….Only men can normally inherit property, or smoke or drink, and the increasingly frequent breach of this by women is the source of much gossip (and not a negligible amount of conflict and resentment). Men are seated first at meals and eat together – women and children eating afterwards. Men are given the choicest and largest portions, and sit at the same table with a ‘stranger’ or guest. Women work extremely demanding and long hours, ‘especially during the fishing season, for not only do they have to fix up to 5 to 6 meals each day for the fishermen, but do all their household chores, mind the children and help “put away fish”. They seldom have time to visit extensively, usually only a few minutes to and from the shop or Post Office….Men on the other hand, spend each evening arguing, gossiping, and “telling cuffers”, in the shop, and have numerous “blows” (i.e., breaks) during the day.’ Pre-adolescents are separated on sexual lines. Boys play exclusively male games and identify strongly with fathers or older brothers. Girls perform light women's work, though Faris indicates '. . . often openly aspire to be male and do male things. By this time they can clearly see the privileged position of the Cat Harbour male….’. Girls are advised not to marry a fisherman, and are encouraged to leave the community if they wish to avoid a hard life. Boys are told it is better to leave Cat Harbour than become fishermen....

The law gave me an entirely new vocabulary, a language that non-lawyers derisively referred to as "legalese." Unlike the basic building blocks- the day-to-day words- that got me from the subway to the office and back, the words of my legal vocabulary, more often than not, triggered flavors that I had experienced after leaving Boiling Springs, flavors that I had chosen for myself, derived from foods that were never contained within the boxes and the cans of DeAnne's kitchen. Subpoenakiwifruit. InjunctionCamembert. Infringementlobster. Jurisdictionfreshgreenbeans. Appellantsourdoughbread. ArbitrationGuinness. Unconstitutionalasparagus. ExculpatoryNutella. I could go on and on, and I did. Every day I was paid an astonishing amount of money to shuffle these words around on paper and, better yet, to say them aloud. At my yearly reviews, the partners I worked for commented that they had never seen a young lawyer so visibly invigorated by her work. One of the many reasons I was on track to make partner, I thought. There were, of course, the rare and disconnecting exceptions. Some legal words reached back to the Dark Ages of my childhood and to the stunted diet that informed my earlier words. "Mitigating," for example, brought with it the unmistakable taste of elementary school cafeteria pizzas: rectangles of frozen dough topped with a ketchup-like sauce, the hard crumbled meat of some unidentifiable animal, and grated "cheese" that didn't melt when heated but instead retained the pattern of a badly crocheted coverlet. I had actually looked forward to the days when these rectangles were on the lunch menu, slapped onto my tray by the lunch ladies in hairnets and comfortable shoes. Those pizzas (even the word itself was pure exuberance with the two z's and the sound of satisfaction at the end... ah!) were evocative of some greater, more interesting locale, though how and where none of us at Boiling Springs Elementary circa 1975 were quite sure. We all knew what hamburgers and hot dogs were supposed to look and taste like, and we knew that the school cafeteria served us a second-rate version of these foods. Few of us students knew what a pizza was supposed to be. Kelly claimed that it was usually very big and round in shape, but both of these characteristics seemed highly improbable to me. By the time we were in middle school, a Pizza Inn had opened up along the feeder road to I-85. The Pizza Inn may or may not have been the first national chain of pizzerias to offer a weekly all-you-can-eat buffet. To the folks of the greater Boiling Springs-Shelby area, this was an idea that would expand their waistlines, if not their horizons. A Sizzler would later open next to the Pizza Inn (feeder road took on a new connotation), and it would offer the Holy Grail of all-you-can-eat buffets: steaks, baked potatoes, and, for the ladies, a salad bar complete with exotic fixings such as canned chickpeas and a tangle of slightly bruised alfalfa sprouts. Along with "mitigating," these were some of the other legal words that also transported me back in time: Egressredvelvetcake. PerpetuityFrenchsaladdressing. Compensatoryboiledpeanuts. ProbateReese'speanutbuttercup. FiduciaryCheerwine. AmortizationOreocookie.

In the half century spanning 1958 to 2008, the average effective tax rate of the richest 1 percent of Americans—including all deductions and tax credits—dropped from 51 percent to 26 percent.

I felt super-frustrated. We’d hired all these talented people and were spending tons of money, but we weren’t going any faster. Things came to a head over a top-priority marketing OKR for personalized emails with targeted content. The objective was well constructed: We wanted to drive a certain minimum number of monthly active users to our blog. One important key result was to increase our click-through rate from emails. The catch was that no one in marketing had thought to inform engineering, which had already set its own priorities that quarter. Without buy-in from the engineers, the OKR was doomed before it started. Even worse, Albert and I didn’t find out it was doomed until our quarterly postmortem. (The project got done a quarter late.) That was our wake-up call, when we saw the need for more alignment between teams. Our OKRs were well crafted, but implementation fell short. When departments counted on one another for crucial support, we failed to make the dependency explicit. Coordination was hit-and-miss, with deadlines blown on a regular basis. We had no shortage of objectives, but our teams kept wandering away from one another. The following year, we tried to fix the problem with periodic integration meetings for the executive team. Each quarter our department heads presented their goals and identified dependencies. No one left the room until we’d answered some basic questions: Are we meeting everyone’s needs for buy-in? Is a team overstretched? If so, how can we make their objectives more realistic?

Somehow, I was doubtful. It wasn’t Singh’s fault. He had done his part, following the playbook of liberal democracies across the post–Cold War world: upholding the constitutional order; attending to the quotidian, often technical work of boosting the GDP; and expanding the social safety net. Like me, he had come to believe that this was all any of us could expect from democracy, especially in big, multiethnic, multireligious societies like India and the United States. Not revolutionary leaps or major cultural overhauls; not a fix for every social pathology or lasting answers for those in search of purpose and meaning in their lives. Just the observance of rules that allowed us to sort out or at least tolerate our differences, and government policies that raised living standards and improved education enough to temper humanity’s baser impulses. Except now I found myself asking whether those impulses—of violence, greed, corruption, nationalism, racism, and religious intolerance, the all-too-human desire to beat back our own uncertainty and mortality and sense of insignificance by subordinating others—were too strong for any democracy to permanently contain. For they seemed to lie in wait everywhere, ready to resurface whenever growth rates stalled or demographics changed or a charismatic leader chose to ride the wave of people’s fears and resentments. And as much as I might have wished otherwise, there was no Mahatma Gandhi around to tell me what I might do to hold such impulses back.

I say you are reading to slow. You need to read at least 93.5 mph. According to United Nations Educational, Scientific and Cultural Organization. Around 2.2 million new titles are published worldwide each year. If a book is in average 250 pages. Or 3 cm. That is 66 km of books every year. Or just 180 meters of books every day. If you can spend 4h/day to read you just need to read 45 meters of books an hour or 1500 bph (Books Per Hour). You are probably reading at 0.025-0.1 books per hour. But if you practice, you might have a chance? If each book contains 250 pages. And each page is on average 20 cm tall. And you can spend 4h on average each day reading. That means you have to read text at a speed of 187.5 km/h to keep up. However that is probably a bit too fast, since there is usually some white space on each page of a book so lets round it down to 150km/h. According to Stephen Hawking “if you stacked the new books being published next to each other, at the present rate of production you would have to move at ninety miles an hour just to keep up with the end of the line.” 90mph equals 144.841 km/h. I say, Stephen Hawking was a bit too generous. I calculated the reading speed needed on my own and came to the same approximately the same conclusion as Hawking. Yes I know. Great minds think a like, but since I think my calculation was a bit better. It must mean I'm a bit smarter than him, right? Not that I would want to flatter myself, just a little bit smarter is enough. Now I just need to study physics so I can solve how we may travel back in time to keep up reading all the books or make an alternative world with less authors so we can keep up reading. If you like me, think this situation is unacceptable. You too may sign my petition to forbid anyone from writing more than one book of 250 pages in their entire life for the next 2000-10.000 years. So we can catch up with reading all those books. You will have to excuse me but I tried to set my goal of reading 2.3 million books next year here on goodreads. But it only allowed to set the counter to 99 thousand so unfortunately it will have to wait until they fix this. I suspect the limit is there by intent. Since if everyone read all the books published each year and a few millions more, goodreads would not be needed. Their business model is based on you not reading 150kmbookpages/h. I have contacted customer support, unfortunately they did not take my suggestion seriously, if you could please help me and also email them then hopefully they will come to their senses and fix this once they see there is a demand. (Don't do this, it's just a joke.) In the meantime I will just go back to reading 10-20 books a year.

First, I am thrilled that paramedics are finally getting the respect they deserve for being the professionals they can be. The scope of practice is expanding, and patient care modalities are improving, seemingly by the minute. Patient outcomes are also improving as a result, and EMS is passing through puberty and forging into adulthood. On the other hand, autonomy in the hands of the “lesser-motivated,” can be a very dangerous thing. You know as well as I do that there are still plenty of providers who operate from a subjective, complacent, and downright lazy place. Combined with the ever-expanding autonomy, that provider just became more dangerous than he or she ever has been – to the patients and to you. Autonomy in patient care places more pressure for excellence on the provider charged with delivering it, and also on the partner and crew members on scene. Since the base hospital is not involved like it once was, they are likewise less responsible for the errors and omissions of the medics on the scene. Now more than ever, crew members are being held to answer for the mistakes and follies of their coworkers; now more than ever, EMS providers are working without a net. What’s next? I predict (and hope) emergency medical Darwinism is going to force some painful and necessary changes. First, increasing autonomy is going to result in the better and best providing superior patient care. More personal ownership of the results is going to manifest in outcomes such as increased cardiac arrest survival rates, faster and more complete stroke recovery, and significantly better outcomes for STEMI patients, all leading to the brass ring: EMS as a profession, not just a job. On the flip side of that coin, you will see consequences for the not-so-good and completely awful providers. There will be higher instances of licensure action, internal discipline, and wash-out. Unfortunately, all those things will stem from generally preventable negative patient outcomes. The danger for the better provider will be in the penumbra; the murky, gray area of time when providers are self-categorizing. Specifically, the better provider who is aware of the dangerously poor provider but does nothing to fix or flush him or her, is almost certain to be caught up in a bad situation caused by sloppy, complacent, or ultimately negligent patient care that should have been corrected or stopped. The answer is as simple as it is difficult. If you are reading this, it is more likely because you are one of the better, more committed, more professional providers. This transition is up to you. You must dig deep and find the strength necessary to face the issue and force the change; you have to demand more from yourself and from those around you. You must have the willingness to help those providers who want it – and respond to those who need it, but don’t want it – with tough love by showing them the door. In the end, EMS will only ever be as good as you make it. If you lay silent through its evolution, you forfeit the right to complain when it crumbles around you.

One great way to do this is to ask the questions about the condition of the property—this can either be done over the phone during an initial conversation or in person after you’ve already had the opportunity to evaluate the property for yourself. Here are a few questions we might ask: “On a scale of 1-10, how would you rate the condition of your house?” “If you were going to renovate the house to sell yourself, about how much would you expect that you’d need to spend?” “If you were given $50,000 to renovate your property, which items would you fix or renovate?

Questions for a world dominated and driven by markets: 1. What is the monetary value of one human life? 2. Is a human being merely an object, the worth of whom is decided on the basis of demand and supply? 3. What is the exchange rate between one human being's worth and another? Is the scale fixed or does it change on whims and fancies every few decades? 4. Is the self-worth of one human being greater than another? 5. Does a human being have to constantly change his self-worth based on the forever changing conditions of the market? 6. At what monetary and financial value is your 'self' good enough?

In order to ensure that only states which had achieved monetary stability should participate in the euro, five ‘convergence criteria’ were established regarding rates of inflation and of interest; ceilings for budget deficits and for total public debt; and stability of exchange rates. Budget deficits, for example, were not to exceed 3 per cent of GDP and public debt was to be limited to 60 per cent of GDP, unless it was ‘sufficiently diminishing’ and approaching the limit ‘at a satisfactory pace’. Only states that had satisfied the criteria were to be allowed to participate; and once again, stages and a timetable were fixed, in order to give at least a minimum number of states the time to do so. Others

The biggest advantage of working in small batches is that quality problems can be identified much sooner. This is the origin of Toyota’s famous andon cord, which allows any worker to ask for help as soon as they notice any problem, such as a defect in a physical part, stopping the entire production line if it cannot be corrected immediately. This is another very counterintuitive practice. An assembly line works best when it is functioning smoothly, rolling car after car off the end of the line. The andon cord can interrupt this careful flow as the line is halted repeatedly. However, the benefits of finding and fixing problems faster outweigh this cost. This process of continuously driving out defects has been a win-win for Toyota and its customers. It is the root cause of Toyota’s historic high quality ratings and low costs.

He knew they were distressed because he measured their sympathetic nervous activity—the sweat glands on their skin, their heart rates and their blood pressure.

As we’ve also seen, many people with normal blood pressure, prehypertension, and hypertension may even get a rise in their blood pressure if they restrict their salt intake.18 This is because when salt intake is severely limited, the body begins to activate rescue systems that avidly try to retain more salt and water from the diet. These rescue operations include the renin-angiotensin aldosterone system (well known for increasing blood pressure) and the sympathetic nervous system (well known for increasing heart rate).19 Clearly, this is the opposite of what you want to happen!

Bjorn Folkow, the pioneering Swedish hypertension researcher, made a compelling case that the overall stress on the heart and arteries was from the combined effects of heart rate and blood pressure, suggesting that salt restriction increased the combined effects of heart rate and blood pressure.41 In other words, low-salt diets would increase the overall stress on the heart and arteries and hence increase the risk of hypertension and heart failure.

And that the only way to truly guarantee that we didn’t have another catastrophic oil spill in the future was to stop drilling entirely; but that wasn’t going to happen because at the end of the day we Americans loved our cheap gas and big cars more than we cared about the environment, except when a complete disaster was staring us in the face; and in the absence of such a disaster, the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings; and the one thing I could be certain of was that for all the outrage being expressed at the moment about wetlands and sea turtles and pelicans, what the majority of us were really interested in was having the problem go away, for me to clean up yet one more mess decades in the making with some quick and easy fix, so that we could all go back to our carbon-spewing, energy-wasting ways without having to feel guilty about it.

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Oh, shit. Are you worried you can’t live up to the book boyfriends she writes?” “Book boyfriends?” “You know… the male main characters. The hero. Usually over six feet tall, jacked, has a massive cock, and knows how to make a woman orgasm simply by looking at them,” he explained. “Uhhhh.” I couldn’t help but gawk at the words coming out of my brother’s mouth. “I get it.” He nodded. “But what some might view as unrealistic standards created for men by women can be used to your advantage. Think of them as instruction manuals.” Jaxon snapped his fingers. “Or inspiration! Ask her if there’s a scene she wants to re-enact. Should fix it.” I waved my hand in a circular motion in front of his face. “I’m gonna pretend you didn’t just say any of that, okay?” He shrugged. “I’m only trying to help.” “That much is clear,” I muttered.

According to the Pesticide Information Project of Cooperative Extension Offices of Cornell University, Michigan State University, Oregon State University, and University of California at Davis,14 when a chemical toxin enters your body, it actually alters the speed at which many key functions take place. This alteration can decrease the activity of the enzymes that are required for every bodily function. For example, toxins may: •​Increase or decrease heart rate. •​Interrupt neuron connections necessary for the brain to function. •​Decrease the production of thyroid hormones that regulate how fast enzymes work. •​Block insulin-receptor sites on cells so sugar can’t get in to produce energy.

2) In that the expansion or contraction of production are determined by the appropriation of unpaid labour and the proportion of this unpaid labour to materialised labour in general, or, to speak the language of the capitalists, by profit and the proportion of this profit to the employed capital, thus by a definite rate of profit, rather than the relation of production to social requirements, i.e., to the requirements of' socially developed human beings. It is for this reason that the capitalist mode of production meets with barriers at a certain expanded stage of production which, if viewed from the other premise, would reversely have been altogether inadequate. It comes to a standstill at a point fixed by the production and realisation of profit, and not the satisfaction of requirements.

To the threshold of the century…three hundred years had gone by since the discovery of America, and in the great changes of that period oceanic enterprise had been a causative agent at least as important as any other. The rate of change, slow at first, had steadily increased, but it was still in reasonable proportion to the duration of man’s life and the capacity of his mind. Since then the rate has quickened out of proportion to that factor fixed by Nature. Man now is born in one world and dies in another, alien altogether to the world of his formative years. It is stimulating if unhealthy, and where it will lead, none knows. But for good or ill it is the process of modern history. J.A. Williamson, 1938.

My friend Bangaly Kaba, formerly head of growth at Instagram, called this idea the theory of “Adjacent Users.” He describes his experience at Instagram, which several years post-launch was growing fast but not at rocketship speed: When I joined Instagram in 2016, the product had over 400 million users, but the growth rate had slowed. We were growing linearly, not exponentially. For many products, that would be viewed as an amazing success, but for a viral social product like Instagram, linear growth doesn’t cut it. Over the next 3 years, the growth team and I discovered why Instagram had slowed, developed a methodology to diagnose our issues, and solved a series of problems that reignited growth and helped us get to over a billion users by the time I left. Our success was anchored on what I now call The Adjacent User Theory. The Adjacent Users are aware of a product and possibly tried using it, but are not able to successfully become an engaged user. This is typically because the current product positioning or experience has too many barriers to adoption for them. While Instagram had product-market fit for 400+ million people, we discovered new groups of billions of users who didn’t quite understand Instagram and how it fit into their lives.67 In my conversations with Bangaly on this topic, he described his approach as a systematic evaluation of the network of networks that constituted Instagram. Rather than focusing on the core network of Power Users—the loud and vocal minority that often drive product decisions—instead the approach was to constantly figure out the adjacent set of users whose experience was subpar. There might be multiple sets of nonfunctional adjacent networks at any given time, and it might require different approaches to fix each one. For some networks, it might be the features of the product, like Instagram not having great support for low-end Android apps. Or it might be because of the quality of their networks—if the right content creators or celebrities hadn’t yet arrived. You fix the experience for these users, then ask yourself again, who are the adjacent users? Then repeat. Bangaly describes this approach: When I started at Instagram, the Adjacent User was women 35–45 years old in the US who had a Facebook account but didn’t see the value of Instagram. By the time I left Instagram, the Adjacent User was women in Jakarta, on an older 3G Android phone with a prepaid mobile plan. There were probably 8 different types of Adjacent Users that we solved for in-between those two points. To solve for the needs of the Adjacent User, the Instagram team had to be nimble, focusing first on pulling the audience of US women from the Facebook network. This required the team to build algorithmic recommendations that utilized Facebook profiles and connections, so that Instagram could surface friends and family on the platform—not just influencers. Later on, targeting users in Jakarta and in other developing countries might involve completely different approaches—refining apps for low-end Android phones with low data connections. As the Adjacent User changes, the strategy has to change as well.

Go to a traditional folk music festival. The quality of the playing and singing will blow your mind. But like the rise in vinyl record production, house shows, and other aspects of hipster culture, it is quintessentially “analog”—the sonic equivalent of the farm-to-table movement. The great electronic musician and producer Brian Eno, who has been working in funky analog studios in West Africa, has begun to question the very raison d’être of digital recording, which, thanks to Auto-Tune (the tech tool that allows engineers to correct singers with bad pitch), makes it possible to turn a second-rate singer into a diva: “We can quantize everything now; we can quantize audio so the beat is absolutely perfect. We can sort of do and undo everything. And of course, most of the records we like, all of us, as listeners, are records where people didn’t do everything to fix them up and make them perfect.” Tech’s perfection tools do not make for human art.

The physical benefits of taking time off are substantial. A study sponsored by the Heart, Lung, and Blood Institute at the National Institute of Health followed, over a nine-year period, twelve thousand men who had a high risk for coronary heart disease. The study found that those who took frequent annual vacations were 21 percent less likely to die from any cause and were 32 percent less likely to die from heart disease.14 According to a Gallup study, people who always make time for regular vacations had a 68.4 score on the Gallup-Healthway Well-Being Index, in comparison to a 51.4 Well-Being score for less frequent travelers.15 Professional services firm Ernst & Young conducted an internal study of its employees and found that, for each additional ten hours of vacation employees took, their year-end performance ratings improved 8 percent.16 One study found that three days after vacation, subjects’ physical complaints, quality of sleep, and mood had improved as compared to before vacation.17 And, vacations are good for relationships, too. A study published in the Wisconsin Medical Journal found that women who took vacations were more satisfied with their marriages.18

In that the expansion or contraction of production are determined by the appropriation of unpaid labour and the proportion of this unpaid labour to materialised labour in general, or, to speak the language of the capitalists, by profit and the proportion of this profit to the employed capital, thus by a definite rate of profit, rather than the relation of production to social requirements, i.e., to the requirements of' socially developed human beings. It is for this reason that the capitalist mode of production meets with barriers at a certain expanded stage of production which, if viewed from the other premise, would reversely have been altogether inadequate. It comes to a standstill at a point fixed by the production and realisation of profit, and not the satisfaction of requirements.

A fourth possibility: it could be that belief is causally efficacious—semantically as well as syntactically—with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive—at any rate less adaptive than available alternatives—should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia: maladaptive ,but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy-expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

A fourth possibility: it could be that belief is causally efficacious—semantically as well as syntactically—with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive—at any rate less adaptive than available alternatives—should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia: maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

A fourth possibility: it could be that belief is causally efficacious—semantically as well as syntactically—with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive—at any rate less adaptive than available alternatives—should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia, maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

It could be that belief is causally efficacious—semantically as well as syntactically—with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive—at any rate less adaptive than available alternatives—should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia, maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

A fourth possibility: It could be that belief is causally efficacious semantically as well as syntactically with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive, at any rate less adaptive than available alternatives—should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia, maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

A fourth possibility: It could be that belief is causally efficacious semantically as well as syntactically with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive, at any rate less adaptive than available alternatives should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia, maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

A fourth possibility: It could be that belief is causally efficacious semantically as well as syntactically with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive, at any rate less adaptive than available alternatives should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle cell anemia, maladaptive, but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

A fourth possibility: it could be that belief is causally efficacious—'semantically' as well as 'syntactically'—with respect to behavior, but maladaptive. As Stich points out, it is quite possible (and quite in accord with current evolutionary theory) that a system or trait that is in fact maladaptive—at any rate less adaptive than available alternatives—should nonetheless become fixed and survive. Perhaps the belief systems of these creatures are like the albinism found in many arctic animals, or like sickle-cell anemia: maladaptive ,but connected with genes coding for behavior or traits conducive to survival. They could be maladaptive in two ways. First, perhaps their beliefs are a sort of energy-expensive distraction, causing these creatures to engage in survival enhancing behavior, all right, but in a way less efficient and economic than if the causal connections by-passed belief altogether. Second, it could be that beliefs in fact produce maladaptive behavior. Perhaps a mildly maladaptive belief-behavior structure is coded for by the same genetic structure that produces some adaptive behavior. Suppose these creatures' beliefs do not for the most part produce adaptive behavior: the mechanisms that produce them might nonetheless survive. Perhaps on balance their behavior is sufficiently adaptive, even if not every segment of it is. Some probability, then, must be reserved for the possibility that these creatures have cognitive faculties that are maladaptive, but nonetheless survive; and on this possibility, once more, the probability that their beliefs would be for the most part true is fairly low.

(1) The Mindset of Strategy and Positioning (心持ちの事　付　座之次第) ◎ With regards to mindset as you engage in a contest, be calmer than normal and try to see into your opponent’s mind. The enemy whose voice becomes higher in pitch, eyes widen, face reddens, muscles bulge and face grimaces is basically incompetent and will [clumsily] hit through to the ground. When faced with a [second-rate] adversary such as this, maintain serenity of mind and observe his face dispassionately so as not to provoke him. Then, taking hold of your sword, smile and assume a position lower than the upper stance (jōdan). Coolly evade his blow as he tries to attack you. When the enemy appears somewhat perturbed by your unusual attitude, this is the time to strike. Also, if your opponent is quiet, eyes narrowed, body at ease, and he is holding his sword in a relaxed manner as if his fingers are floating on the hilt, assume that he is an expert. Do not saunter carelessly into his range. You must seize the initiative and assail him skillfully, driving him back and striking in quick succession. If you are nonchalant with such a competent opponent, he will force you back. It is crucial to ascertain how capable your enemy is. In terms of where you should position yourself, the same conditions apply in both spacious or cramped locations. Step in so that walls will not impede your sword swings from either side. Take an approximate stance with the long sword and nimbly close in on your foe. If your sword should collide with some barrier, the enemy will become emboldened and will hem you in. If your sword looks as if it might scrape the ceiling, determine the actual height with the tip and be mindful thereafter. You can employ either sword for this, as long as it is the one that cannot be used [in attack while you do this]. Keep the light behind you. With your usual training, be prepared to freely apply any kind of technique with a relaxed mind, but always execute with urgency. It is important to adapt according to the circumstances. (2) About Gaze (目付之事) ◎ Direct your eyes on the enemy’s face. Do not focus on anything else. Since the mind is projected in [facial] expressions, there is no place more revealing than the face to fix one’s gaze. The way of observing the enemy’s face is the same as looking through the mist at trees and rocks on an island two and a half miles [4 km] in the distance. It is the same as peering at [and identifying] birds perched atop a shanty 100 yards [91 meters] away through the falling sleet. It is also akin to beholding a decorative wooden board used to cover the ridge and purlin ends of a roof gable or the tiles on a hut. Calmly focus your gaze [to take everything in].

Exchange rates would be fixed, as under the gold standard, but now the anchor - the international reserve currency - would be the dollar rather than gold (though the dollar itself would notionally remain convertible into gold, vast quantities of which sat, immobile but totemic, in Fort Knox).

MANAGING STRICTLY BY NUMBERS IS LIKE PAINTING BY NUMBERS Some things that you want to encourage will be quantifiable, and some will not. If you report on the quantitative goals and ignore the qualitative ones, you won’t get the qualitative goals, which may be the most important ones. Management purely by numbers is sort of like painting by numbers—it’s strictly for amateurs. At HP, the company wanted high earnings now and in the future. By focusing entirely on the numbers, HP got them now by sacrificing the future. Note that there were many numbers as well as more qualitative goals that would have helped:   Was our competitive win rate increasing or declining?   Was customer satisfaction rising or falling?   What did our own engineers think of the products? By managing the organization as though it were a black box, some divisions at HP optimized the present at the expense of their downstream competitiveness. The company rewarded managers for achieving short-term objectives in a manner that was bad for the company. It would have been better to take into account the white box. The white box goes beyond the numbers and gets into how the organization produced the numbers. It penalizes managers who sacrifice the future for the short term and rewards those who invest in the future even if that investment cannot be easily measured. CLOSING THOUGHT It is easy to see that there are many ways for leaders to be misinterpreted. To get things right, you must recognize that anything you measure automatically creates a set of employee behaviors. Once you determine the result you want, you need to test the description of the result against the employee behaviors that the description will likely create. Otherwise, the side-effect behaviors may be worse than the situation you were trying to fix.

The S&Ls were simultaneously losing money on long-term fixed-rate mortgages, because of inflation, and haemorrhaging deposits to higher-interest money market funds.

Why should bricks and mortar, wood and paint, increase in price even faster than inflation? It is because not only is the currency diminishing in its worth relative to fixed objects, but belief in the currency is diminishing even faster, at a geometric rate. Thus the conventional wisdom, that what goes up must come down, may be false physics

But now I also understand, firsthand, the meaning of what the caregivers who work in that system do every day. They do achieve amazing things, and when it’s your life or your child’s life or your mother’s life on the receiving end of those amazing things, there is no such thing as a runaway cost. You’ll pay anything, and if you don’t have the money, you’ll borrow at any mortgage rate or from any payday lender to come up with the cash. Which is why 60 percent of the nearly one million personal bankruptcies filed in the United States last year resulted from medical bills.

Where performance is measured, performance improves. Where performance is measured and reported, the rate of improvement accelerates.” What you pay attention to grows.

The United States is absolutely ripe for a rise in gasoline taxes. The nominal gasoline excise tax rate has been fixed at 18.4 cents per gallon since 1994.29 Inflation alone has reduced the real value of that tax per gallon by around 30 percent. As with other federal tax rates, the U.S. excise tax rate on gasoline is extremely low by international comparison. We might conservatively assume that by 2015 an extra 0.5 percent of GDP could be collected by some combination of a higher gasoline excise tax and modest carbon levies on other fossil fuels (such as on coal at the utilities). Other

Since heavily policed inner-city Blacks were much more likely than Whites to be arrested and imprisoned in the 1990s—since more homicides occurred in their neighborhoods—racists assumed that Black people were actually using more drugs, dealing more in drugs, and committing more crimes of all types than White people. These false assumptions fixed the image in people’s minds of the dangerous Black inner-city neighborhood as well as the contrasting image of the safe White suburban neighborhood, a racist notion that affected so many decisions of so many Americans, from housing choices to drug policing to politics, that they cannot be quantified. The “dangerous Black neighborhood” conception is based on racist ideas, not reality. There is such a thing as a dangerous “unemployed neighborhood,” however. One study, for example, based on the National Longitudinal Youth Survey data collected from 1976 to 1989, found that young Black males were far more likely than young White males to engage in serious violent crime. But when the researchers compared only employed young males, the racial differences in violent behavior disappeared. Certain violent crime rates were higher in Black neighborhoods simply because unemployed people were concentrated in Black neighborhoods.

Many banks do not advertise they are portfolio lenders and many people working at the bank may not even know what a portfolio lender is. If you are calling up a bank and they say they aren’t a portfolio lender, don’t give up! Ask to talk to a loan officer and ask specific questions about what type of investor programs they offer. Here are some good questions to ask; Do you loan to investors who already have four mortgages? Do you sell your loans or keep them in-house? Do you allow investors with four or more mortgages to do cash out refinance? What terms and loan programs do you offer investors? ARM, 15, 30 year fixed, balloon? What interest rates are you charging and what are the initial costs for your loans? What

Airlines have no incentive to fix this problem until we, collectively, as a society, demand it. We don't insist on a solution because it's still culturally acceptable to be cruel to fat people. When even pointing out the problem - saying, 'my body does not fit in these seats that I pay for' - returns nothing but abuse and scorn, how can we ever expect that problem to be addressed? The real issue here isn't money, it's bigotry. We don't care about fat people because it is okay not to care about them, and we don't take care of them because we think they don't deserve care. It's the same lack of care that sees fat people dying from substandard medical attention, being hired at lower rates and convicted at higher ones, and being accused of child abuse for feeding their children as best they can.

10. Materials • Examine the durability, fixing methods, cost, sheet size and ease of use of materials. • Check the fire rating of materials to ensure that they conform to local fire regulations. • Specify combinations of materials and types of construction accurately, in conformity with local building regulations. Where possible, be specific about the supplier of a material, its surface texture, colours (including the appropriate paint or the surface treatment) and the required fire resistance. • Ask suppliers for produce prototypes wherever possible. • Build a library of samples that you can refer to quickly and easily.

To illustrate this relation, think of a game of table tennis. As the ball hits the table, it will bounce up and down. When we restrain the upward bounce by holding the paddle parallel to the table at a small height, the ball will bounce up and down at a faster rate between paddle and table. If the paddle, the table, and the ball were perfectly elastic, the ball would not lose any energy in the process. The closer to the table we hold the paddle, the more precisely we fix the location of the ball-but at the expense of having it move faster and faster. If we removed both paddle and table in one instant, we would not be able to predict the direction in which the ball moves-up or down. We simply don't know in which direction the very rapidly bouncing ball was moving at the very instant of removal. Consequently, we might say that this process just prior to the removal of table and paddle fixes the location while failing to give us any good information on the velocity; it makes the velocity uncertain. What distinguishes this macroscopic process from the quantum mechanical uncertainty relation is that in principle we can calculate the velocity of the ball at every instant from the initial conditions (how the bounce started) and the boundary conditions (the relative positions of table and paddle). In principle, macroscopic motion is free of uncertainties.

Watching you and my daughter, seeing how you’ve survived things other women couldn’t--” She licked her lips. “That steel in your backbones came from your bringin’ up, from me. I’ve taught you to stand up and fight back. I’ve raised you proud. Lately, I’ve been staring into my looking glass, wondering where the old Rachel has got off to.” “Oh, Aunt Rachel, you’ve only done what you felt you had to for me and Amy.” Rachel nodded. “Yes. But there comes a time when a body must draw the line." She sighed and rolled her eyes, a reluctant smile tugging at her mouth. “If it’s a draw between a baby and Henry, I’ll kick his ornery butt all the way to the fancy house in Jacksboro and tell him to stay there this time.” Appalled and uncertain how to react, Loretta said, “Fancy house?” “You don’t really think he goes there to get tobacco and coffee and the Godey’s Lady’s Book for us, do you?” Rachel touched Loretta’s shoulder. “Don’t look so woebegone. He leaves me alone for nigh on a month after. I consider it a blessing.” Loretta threw back her head and gave a weak laugh. “Uncle Henry visiting a fancy house? Oh, Aunt Rachel, I bet those ladies double their rates when they see the likes of him coming!” “No doubt,” Rachel said grimly. “A lover, Henry ain’t. I’ve wasted a lot of years kowtowing to him. I don’t plan to waste any more. I can make it without a man. Just you watch me.” She pushed to her feet and extended Loretta a helping hand. “Come on, little mother. I’ll fix you some remedy for that rolling tummy.” “Oh, Aunt Rachel, do you think it’s for sure?” “Sure enough that we’d best start cutting out nightshirts. I got flannel tucked away in my barrel. That’ll make up nice.” Loretta smiled, and taking a deep breath, she passed a hand over her brow. “I am powerful pleased, Aunt Rachel!” “Just keep thinkin’ that way until I get Henry told.” “Do we have to tell him right now?” “Honey, if you go to upchucking of a morning before you can reach the privacy, he’s gonna know anyway. May as well light his fuse when we’re expecting the explosion.

Fixing exchange rates between disparate economic regions always brings benefits in the short term. But it resembles past invasions of Russia: a brisk beginning full of enthusiasm and hope, rapid progress that seems unstoppable, followed by a heart-wrenching slowdown as a Cruel Winter takes its toll, ending up with blood on the snow and ceaseless retributions thereafter.

AlphaPoint Completes Blockchain Trial Together with Scotiabank AlphaPoint, a fintech company, devoted to blockchain technological innovation, has accomplished a successful proof technology together with Scotiabank, a major international bank based in Barcelone, Canada. From the trial, Scotiabank sought to learn and examine how the AlphaPoint Distributed Journal Platform could be leveraged inside across a selection of use situations. When questioned if AlphaPoint and Scotiabank intended to further build this job, Igor Telyatnikov, president and also COO regarding AlphaPoint, advised Bitcoin Journal that he was not able to comment especially on the subsequent steps in the particular Scotiabank-AlphaPoint effort. He performed, however, suggest that AlphaPoint is about to reveal several additional media shortly. “We have a couple of other significant announcements that is to be announced inside the coming calendar month, including a generation launch using a systemically crucial financial institution, ” said Telyatnikov. “2017 will be shaping around be an unbelievable year for that distributed journal technology market as a whole and then for AlphaPoint also. ” Within the multi-month venture, trade studies were published upon deployment of the AlphaPoint Distributed Journal Platform, which usually ran concurrently on Microsoft’s Azure impair and AlphaPoint hardware. Inside real-time, typically the blockchain community converted FIXML messages to be able to smart deals and produced an immutable “single truth” across the complete network. The particular Financial Details eXchange (FIX) is a sector protocol used for communicating stock options information inside specific digital messages. Including information about getting rates, market info and buy and sell orders. Using trillions involving dollars bought and sold annually around the Nasdaq only, financial providers entities are usually investing seriously in maximizing electronic buying and selling to increase their particular speed monetary markets and decrease costs. Blockchain technology may help them help save $8-12 million per annum, which includes savings up to 70 percent throughout reporting, 50 % in post-trade and 50 % in consent, according to a report by Accenture and McLagan.

Called before Congress during the ongoing implosion of Wall Street in October 2008, Greenspan, his upper lip visibly quivering, admitted that he was shocked to discover a defect in his free-market model of the economic system. He didn’t acknowledge, however, that there was nothing free market about the Fed and its fixing of interest rates.

Friend! There’s a subtle feature of speculative behaviour which reflects the public attitude to money itself. When money is in its right place, fulfilling its proper function, men’s minds are fixed upon the goods and services which money can help them to exchange. In such an economic environment the producers of real wealth are seen to earn a fitting reward for their labours and expertise, and in fact productive and community endeavour are portrayed universally as almost the sole means whereby the individual can get himself a goodly share of the world’s riches. Let there just be a change in the emphasis however. Raise the interest rates. Exacerbate the debt structure. Turn money into a commodity which can be bought and sold at a profit. Then you create a breed of men who live by their dexterity at the exchanges. When these men are seen to prosper more considerably than the producers of goods and services, there is a desire amongst the ordinary plodding citizenry to command a share of the action, and to participate in what are seen as easily made profits. Many a fond illusion was wiped out in the collapse of Wall Street share values during the crash of 1929. Whole volumes have been written about its causes and repercussions, and about the sinister shift in real estate ownership which took place during the spate of liquidations and forced sales which followed. But we shall content ourselves meanwhile with the comment that it was just one of a chain of events that were set in motion way back in 1913 when the Federal Reserve Bank was formed to lend money to the Government.

A CHANGING SOCIETY What does today’s high incidence of social anxiety tell us about modern society? As we’ve seen, social anxiety is connected to a person’s drive for self-preservation and a feeling of safety. It is natural to withdraw from situations that we expect will lead to pain. Avoidance—while not necessarily healthy—is logical. Because the negative social experience of a growing number of people has caused them emotional pain and suffering, the number of individuals who choose to avoid socializing is increasing at an alarming rate. The sometimes wide distance among family members these days only adds to isolation. And the anonymity of large cities creates a vacuum in which many lonely people co-exist, often leading solitary lives in which they pursue their interests and activities alone. We live in a society in which social fears are perhaps not unjustified. As cities become denser, isolation seems to be the best way to counter urban decay. Consider the dangers of the outside world: Crime rates are soaring. Caution—and its companion, fear—are in the air. As the twentieth century draws to a close, we find ourselves in a society where meeting people can be difficult. These larger forces can combine to create a further sense of distance among people. Particularly significant is the change that has taken place as the social organization of the smaller-scale community gives way to that of the larger, increasingly fragmented city. In a “hometown” setting, the character of daily life is largely composed of face-to-face relations with friends, neighbors, co-workers, and family members. But in the hustle and bustle of today’s cities, whose urban sprawls extend to what author Joel Garreau has called Edge Cities—creating light industrial suburbs even larger than the cities they surround—the individual can get lost. It is common in these areas for people to focus solely on themselves, seldom getting to know their neighbors, and rarely living close to family. We may call these places home, but they are a far cry from the destination of that word as we knew it when we were children. Today’s cities are hotbeds of competition on all levels, from the professional to the social. It often seems as if only the most sophisticated “win.” To be ready for this constant challenge, you have to be able to manage in a stressful environment, relying on a whole repertoire of social skills just to stay afloat. This competitive environment can be terrifying for the socially anxious person. The 1980s were a consumer decade in which picture-perfect images on television and in magazines caused many of us to cast our lots with either the haves or the have-nots. Pressure to succeed grew to an all-time high. For those who felt they could not measure up, the challenge seemed daunting. I think the escalating crime rate in today’s urban centers—drugs, burglary, rape, and murder—ties into this trend and society’s response to the pressure. In looking at the forces that influence the social context of modern life, it is clear that feelings of frustration at not “making it” socially and financially are a component in many people’s choosing a life of crime. Interactive ability determines success in establishing a rewarding career, in experiencing relationships. Without these prospects, crime can appear to be a quick fix for a lifelong problem.

How much of your time, at your “hourly rate,” is wasted each year because you’re cleaning up after your employees and fixing issues they’ve created or haven’t resolved themselves?

And, as inflation has fallen, so bonds have rallied in what has been one of the great bond bull markets of modern history. Even more remarkably, despite the spectacular Argentine default – not to mention Russia’s in 1998 – the spreads on emerging market bonds have trended steadily downwards, reaching lows in early 2007 that had not been seen since before the First World War, implying an almost unshakeable confidence in the economic future. Rumours of the death of Mr Bond have clearly proved to be exaggerated. Inflation has come down partly because many of the items we buy, from clothes to computers, have got cheaper as a result of technological innovation and the relocation of production to low-wage economies in Asia. It has also been reduced because of a worldwide transformation in monetary policy, which began with the monetarist-inspired increases in short-term rates implemented by the Bank of England and the Federal Reserve in the late 1970s and early 1980s, and continued with the spread of central bank independence and explicit targets in the 1990s. Just as importantly, as the Argentine case shows, some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the social constituency with an interest in positive real returns on bonds has grown. In the developed world a rising share of wealth is held in the form of private pension funds and other savings institutions that are required, or at least expected, to hold a high proportion of their assets in the form of government bonds and other fixed income securities. In 2007 a survey of pension funds in eleven major economies revealed that bonds accounted for more than a quarter of their assets, substantially lower than in past decades, but still a substantial share.71 With every passing year, the proportion of the population living off the income from such funds goes up, as the share of retirees increases.

At any rate, the correct version of Gresham's law is simply an application of the theory of price control causing shortages to money, with the two moneys operating side-by-side.

The "matter" of materialists and the "spirit" of idealists is a creature similar to the constitution of the United States in the minds of unimaginative persons. Obviously the real constitution is certain basic relationships among the activities of the citizens of the country; it is a property or phase of these processes, so connected with them as to influence their rate and direction of change. But by literalists it is often conceived of as something external to them; in itself fixed, a rigid framework to which all changes must accommodate themselves.

In February 2017, the Institute of International Finance reported that capital flows to emerging markets remained flat, at around US$680 billion, with high downside risks for FDI. Financial market expectations for interest rate hikes in the United States are a contributing factor to weakness in capital flows destined for the emerging markets, as investors look to gain from higher-interest-rate environments. However, the anemic economic growth conditions across the developing world also lower the opportunity for returns and hurt capital inflows. The softness in capital flows to emerging economies could prove more damaging in the long term as the prospects for economic growth continue to wane. Already the world’s largest and most strategically vital emerging nations—such as Argentina, Brazil, Colombia, India, Indonesia, Mexico, South Africa, and Turkey—are only growing at 3 percent or less a year. Ever more damning is the implication of the IMF’s October 2014 “World Economic Outlook” that the world will never again see the rates of growth witnessed prior to 2007.12 This weak economic backdrop comports with a weak capital inflow story. According to the Reserve Bank of Australia, the movement of money through the financial system has been stagnant over the past decade. In dollar terms, cross-border capital inflows among the G20 economies have fallen nearly 70 percent since mid-2007.13 Ultimately, slow economic growth leads to decreased investment, which in turns leads to even slower growth.

The Chinese renminbi was fixed against the dollar from July of 2005 until June 2009. With a fixed exchange rate, a currency’s value is matched to the value of another single currency or to a basket of other currencies. So when a country pegs its currency to the dollar, the value of the currency rises and falls with the dollar. This action helped China survive the global financial crisis. But China removed the dollar peg after the global financial crisis ended last year. Meanwhile, Japan has also seen the value of the yen grow stronger. With the U.S. economy continuing to lag and growing fiscal uncertainty in European countries, the yen has continued to gain strength because it was the only currency that was stable. So countries like China expanded their purchases of the yen, resulting in the yen’s appreciation. As the yen continued to rise against the dollar, the Japanese government intervened in the currency market in September for the first time since March 2004. This is not the first global currency war the world has seen. In 1985, the finance ministers of West Germany, France, the U.S., Japan and the UK gathered at the Plaza Hotel in New York to sign the Plaza Accord. Under the deal, the countries agreed to bring down the U.S. dollar exchange rate in relation to the Japanese yen and German mark. As the recent currency war continues to spread around the globe, some countries are now saying that there is a need for a new Plaza Accord to stabilize the world economy and the global financial market.

Buying a 100,000 yen bond keeps the capital sum safe while also providing regular payments to the saver. To be precise, the bond pays a fixed rate or ‘coupon’ of 1.5 per cent: 1,500 yen a year in the case of a 100,000 yen bond. But the market interest rate or current yield is calculated by dividing the coupon by the market price, which is currently 102,333 yen: 1,500 ÷ 102,333 = 1.47 per cent.

Mortgages 18-month low for loan rates The average rate for a 30-year fixed mortgage fell this week to 3.89 percent, an 18-month low, from 3.97 percent last week, according to Freddie Mac’s survey of lenders. The average for a 15-year fixed-rate home loan fell to 3.1 percent from 3.17 percent. Initial rates for adjustable mortgages also eased, Freddie Mac said Thursday in its widely watched weekly report. Freddie Mac chief economist Frank Nothaft said “underwhelming” economic news was a factor in depressing rates. Home sales and job growth have been weaker than expected, he said.

Ralph Waldo Emerson said, ‘A man in debt is so far a slave.’ In our modern times, we have coined a variety of terms that dull the slavish nature of debt. We refer to EMIs as ‘financing solutions’, we speak of zero interest and zero down payments, we hear about floating and fixed rates, but in its most basic form, debt is slavery. The possessions you acquire while you get into debt do not belong to you. They belong to the person who loaned you the money, and because so many of us trade our time for money, he owns your time too, and a tiny bit of your life. In the past, slaves were legal property of their masters. Today, slavery is practised in the form of monetary debt.

The stakeout. The least glamorous and yet often the most valuable activity in investigations. To endure the agonizing boredom and forestall restlessness, I slowed my metabolism into near rigor mortis until I was nothing more than a pair of eyeballs fixed

If your website has been designed to run successfully on all different browsers then your online business will likely be even more fruitful. Maximizing your traffic can be achieved if your online site is accessed on all devices on any browser. You can lose a lot of visitors if your online site is just compatible with a select few internet browsers. Ensure that you address the issue of browser compatibility problems with your website designer, who will probably be your best friend in fixing this issue. If your pages do not load quickly, you'll have a tough time retaining visitors. Visitors have a relatively short attention span; on average, studies show that you have only five to ten seconds to hook their attention. It's important to do everything you can to effectively ensure quick load times, like compressing images and not using too many of them. Consider using a dedicated server to give your website more speed and precision. Use multiple domains to get a better ranking in search engine results. Using the proper search phrases is essential to driving visitors to your website through searches. The more search phrases are in your domain name, the more visitors your website will receive. Additionally, put copy on the page that is directly related to the search in order to maximize your numbers. London park lane city apartmentss require a high rate of speed in order to be used effectively. The operating speed of your webpage can be improved by using a high-quality hosting site. You can increase your website's speed and functionality by using CSS. The most vital thing to ask a potential designer for your website is how much they know about making your website faster. Choose key phrases that correlate closely with the content on your website. If you emphasize key phrases that do not align with your webpage, you may very well draw visitors you do not want. A poor choice in key phrases could damage your website's reputation. Ask a professional in the internet presence industry to critique your choice of key phrases to ensure you have the very best possible use.

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Many studies revealed startling truths about technology, such as that routine use of electronic fetal monitoring on every birthing woman does not lower the perinatal mortality rate, but sharply increases the rate of C-sections.

A solution to many of the issues in this book, and one that would go a long way toward fixing American healthcare, is relatively clear: Treasure nurses. Hire more. Nurses are perennially the number-one most trusted profession in America, according to an annual Gallup poll rating honesty and ethical standards. They are called to an exhausting commitment in which mortals must sustain an unwavering grace at the edge of life and death, almost divinely slowing heartbeats, hurrying them along, or pounding them back into existence. Nurses are exceptional. So why aren’t they treated accordingly?

A study at the University of Texas Southwestern Medical Center tested mice’s rate of autophagy—a process that recycles cellular debris by burning it for energy—based on whether or not the mice exercised. The rate increased in the creatures who were forced to work out. This is especially important because autophagy is partly responsible for how well or badly we age. The implication is clear: physical activity keeps us young.

Before ISIS controlled eastern Syria, an oil well produced around thirty thousand barrels per day, and each barrel sold for two thousand Syrian pounds—eleven dollars at the current exchange rate. Local families that worked in refineries would make two hundred liras (a little more than one dollar) on each barrel they refined primitively. After ISIS took over, a barrel of oil became cheaper because it fixed the price

Lending Club is changing the face of lending by removing the bank from the process. It operates online bringing together investors and borrowers directly so that both can benefit. The borrower benefits by getting a lower interest rate and easy access to funds and the investor benefits by earning a higher return than traditional fixed income investments.

According to the Mundell-Fleming Theorem, countries cannot simultaneously maintain an independent monetary policy, capital mobility, and fixed exchange rates. If a government chooses fixed exchange rates and capital mobility it has to give up monetary autonomy. If it chooses monetary autonomy and capital mobility it has to go with floating exchange rates. Finally, if it wishes to combine fixed exchange rates with monetary autonomy it has to limit capital mobility. In a paper published in 2000, Rodrik argued that the open-economy trilemma can be extended to what he called the political trilemma of the world economy. The elements of Rodrik’s political trilemma, in its more recent (2011) version, are: hyper-globalization, the nation state, and democratic politics. The claim is that it is possible to have at most two of these things, as in the standard trilemma of international economics. If we want deep globalization (‘hyper-globalization’), we have to go either with the nation state, in which case the domain of democratic politics will have to be significantly restricted, or else with democratic politics. In the latter case we would have to give up the nation state in favour of global federalism. If we want democratic legitimacy we have to choose between the nation state and deep globalization. Finally, if we wish to keep the nation state, we have to choose between democratic legitimacy at home and deep globalization internationally.

ECB – unlike, say, the US Federal Reserve which is placed within a political structure where Congress, the President, and the Treasury supply all the necessary political counterweights – is free (indeed, is supposed) to operate in a political vacuum: the parliaments and governments of the members of the euro zone have lost control over monetary policy, while the EP has no authority in this area. Moreover, the ECB enjoys not only ‘instrument independence’ but also ‘goal independence’. When a central bank enjoys only instrument independence, it is up to the government to fix the target – say, the politically acceptable level of inflation – leaving then the central bank free to decide how best to achieve the target. In the case of goal independence, the discretionary power of the central banker is much larger. The idea that central bankers, or other economic experts, may know what rate of inflation is in the long-run interest of a country (and, a fortiori, of a group of countries at very different levels of socioeconomic developments such as the EU) is indeed extraordinary. Politicians and elected policymakers, rather than experts, can be expected to be sensitive to the public’s preferred balance of inflation and unemployment. If the public wants to trade some unemployment for a somewhat higher rate of inflation, it can make this preference known by electing candidates who stand for such a policy; but no such possibility is given to the citizens of the euro zone or to their political representatives.

Another review also concluded that “teacher ratings and learning are not closely related

a recent review of the evidence concluded that there is a very small and statistically insignificant relationship between student evaluations and learning, and that “the more objectively learning is measured, the less likely it is to be related to the evaluations.”48 Another review also concluded that “teacher ratings and learning are not closely related

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Follow these two basic rules: 1. Pick something specific as opposed to something general. Don’t be a “business consultant” or a “life coach”—get specific about what you can really do for someone. 2. No one values a $15-an-hour consultant, so do not underprice your service. Since you probably won’t have forty hours of billable work every week, charge at least $100 an hour or a comparable fixed rate for the benefit you provide.

Ricardo’s other necessary condition for comparative advantage is that a country’s capital seeks its comparative advantage in its home country and does not seek more productive use abroad. Ricardo confronts the possibility that English capital might migrate to Portugal to take advantage of the lower costs of production, thus leaving the English workforce unemployed, or employed in less productive ways. He is able to dismiss this undermining of comparative advantage because of “the difficulty with which capital moves from one country to another” and because capital is insecure “when not under the immediate control of its owner.” This insecurity, “fancied or real,” together “with the natural disinclination which every man has to quit the country of his birth and connections, and entrust himself, with all his habits fixed, to a strange government and new laws, check the emigration of capital. These feelings, which I should be sorry to see weakened, induce most men of property to be satisfied with a low rate of profits in their own country, rather than seek a more advantageous employment for their wealth in foreign lands.

Ricardo’s other necessary condition for comparative advantage is that a country’s capital seeks its comparative advantage in its home country and does not seek more productive use abroad. Ricardo confronts the possibility that English capital might migrate to Portugal to take advantage of the lower costs of production, thus leaving the English workforce unemployed, or employed in less productive ways. He is able to dismiss this undermining of comparative advantage because of “the difficulty with which capital moves from one country to another” and because capital is insecure “when not under the immediate control of its owner.” This insecurity, “fancied or real,” together “with the natural disinclination which every man has to quit the country of his birth and connections, and entrust himself, with all his habits fixed, to a strange government and new laws, check the emigration of capital. These feelings, which I should be sorry to see weakened, induce most men of property to be satisfied with a low rate of profits in their own country, rather than seek a more advantageous employment for their wealth in foreign lands.”   Today, these feelings have been weakened. Men of property have been replaced by corporations. Once the large excess supplies of Asian labor were available to American corporations, once Congress limited the tax deductibility of CEO pay that was not “performance related,” once Wall Street pressured corporations for higher shareholder returns, once Wal-Mart ordered its suppliers to meet “the Chinese price,” once hostile takeovers could be justified as improving shareholder returns by offshoring production, capital and jobs departed the country.   Capital has become as mobile as traded goods.

Why do we need long-term fixed-rate mortgages in a world where the work force of the future is going to change jobs and move every three to five years?

I grinned, revealing the gap where my left incisor had been prior to a nasty encounter with a man who thought that running a zombie dog fighting ring would be a great way to spend his twilight years. Ben alwasy says I'd be more photogenic and pull better ratings if I got it fixed, but Ben can stuff it. I don't have the time or patience to mess around with dentures and bridges, and given the odds and how I tend to do my job, I'll probably be a zombie someday. Being a zombie with unbreakable titanium implants in my mouth seems like an asshole thing to do.

Milken told his boss, Edwin Kantor, who was in charge of all fixed-income trading, that he wanted to create an autonomous unit, with its own sales force, its own traders and its own research people: the high-yield- and convertible-bond department. Selling these low-rated bonds, he explained, was more like selling stocks than it was like selling high-grade bonds. If a bond was rated triple A by a rating agency, institutions bought them based on that rating—not on the salesman’s pitch about the company. But to convince an investor to buy a bond with a C rating you had to tell the company’s story. You had to know the company’s management, its product, its balance sheet, its earnings trend and cash flow—just as you would in trying to sell the stock of a little-known company.

Intuitive explanation. The explanation is again based on the field nature of matter, described by the field equations. Consider two atoms in a rocketship (or in its contents). Suppose that one atom creates a field disturbance and when that disturbance reaches the second atom something happens. (It is the interaction among atoms, after all, that causes everything to happen.) Now if the rocketship is moving, the second atom will have moved farther ahead, so the disturbance must travel a greater distance to get there, even after taking the F-L contraction into account. Since fields travel at a fixed rate, ti will therefore take longer for the disturbance to reach the second atom. (Disturbances that propagate in the backward direction have a shorter distance to travel, but this effect turns out to be not as great.) In short, things happen more slowly when you're moving because the fields have to travel a greater distance.

It’s scandalous that the four hundred richest Americans should pay an average of 17 percent tax on their incomes, a rate lower than that paid by many in the middle class.

Regressives say small businesses would be hurt by a higher marginal tax. Don’t believe this, either. Only just over 1 percent of small-business owners earn enough to be taxed at the top rate—and that’s just on the portion of their incomes exceeding $379,000. The

ahead of ICAO audit By Tarun Shukla | 527 words New Delhi: India's civil aviation regulator has decided to restructure its safety board and hire airline safety professionals ahead of an audit by the UN's aviation watchdog ICAO (International Civil Aviation Organization). The Directorate General of Civil Aviation (DGCA) announced its intent, and advertised the positions on its website. ICAO told the Indian regulator recently that it would come down to India to conduct an audit, its third in just over a decade, Mint reported on 12 February. Previous ICAO audits had highlighted the paucity of safety inspectors in DGCA. After its 2006 and 2012 audits, ICAO had placed the country in its list of 13 worst-performing nations. US regulator Federal Aviation Authority followed ICAO's 2012 audit with its own and downgraded India, effectively barring new flights to the US by Indian airlines. FAA is expected to visit India in the summer to review its downgrade. The result of the ICAO and FAA audits will have a bearing on the ability of existing Indian airlines to operate more flights to the US and some international destinations and on new airlines' ability to start flights to these destinations. The regulator plans to hire three directors of safety on short-term contracts to be part of the accident investigation board, according to the information on DGCA's website. This is first time the DGCA is hiring external staff for this board, which is critical to ascertain the reasoning for any crashes, misses or other safety related events in the country. These officers, the DGCA said on its website, must have at least 12 years of experience in aviation, specifically on the technical aspects, and have a degree in aeronautical engineering. DGCA has been asked by international regulators to hire at least 75 flight inspectors. It has only 51. India's private airlines offer better pay and perks to inspectors compared with DGCA. The aviation ministry told DGCA in January to speed up the recruitment and do whatever was necessary to get more inspectors on board, a government official said, speaking on condition of anonymity. DGCA has also announced it will hire flight operations inspectors as consultants on a short-term basis for a period of one year with a fixed remuneration of `1.25 lakh per month. "There will be a review after six months and subsequent continuation will be decided on the basis of outcome of the review," DGCA said in its advertisement. The remuneration of `1.25 lakh is higher than the salary of many existing DGCA officers. In its 2006 audit, ICAO said it found that "a number of final reports of accident and serious incident investigations carried out by the DGCA were not sent to the (member) states concerned or to ICAO when it was applicable". DGCA had also "not established a voluntary incident reporting system to facilitate the collection of safety information that may not otherwise be captured by the state's mandatory incident reporting system". In response, DGCA "submitted a corrective action plan which was never implemented", said Mohan Ranganthan, an aviation safety analyst and former member of government appointed safety council, said of DGCA. He added that the regulator will be caught out this time. Restructuring DGCA is the key to better air safety, said former director general of civil aviation M.R. Sivaraman. Hotel industry growth is expected to strengthen to 9-11% in 2015-16: Icra By P.R. Sanjai | 304 words Mumbai: Rating agency Icra Ltd on Monday said Indian hotel industry revenue growth is expected to strengthen to 9-11% in 2015-16, driven by a modest increase in occupancy and small increase in rates. "Industry wide revenues are expected to grow by 5-8% in 2014-15. Over the next 12 months, Icra expects RevPAR (revenue per available room) to improve by 7-8% driven by up to 5% pickup in occupancies and 2-3% growth in average room rates (ARR)," Icra said. Further, margins are expected to remain largely flat for 2014-15 while

Since they’re in dog country, both the Redds and the Bleus have dogs. But they do own different types. The fixed family chose their dog based on its size and its capacity to be trained. Big dogs with a loud bark are well suited to scare off would-be thieves. Even though Brentwood has a vanishingly low crime rate, people who see the world as a dangerous place can’t be too careful. (Those differences in wariness help explain, incidentally, why the Redds keep a gun in a lockbox, while the Bleus find the idea of a gun in the home to be anathema.) For owners with a fixed worldview, large and untrained is a bad combination, however, so obedience is an important characteristic in dogs. When they are out for a walk, the Redds’ dog, Rex, follows close at James’s heels. When he’s inside, Rex knows where he doesn’t belong, namely on the furniture. Man’s best friend gets a smack on the nose when he tries to get up on the couch. The notion of him sleeping in the same bed as James and Mary is a nonstarter.

How do you end inflation? The good news is that a nation doesn’t need tax hikes, super-high interest rates, horrible recessions—or even fishing restrictions. The way to do it, very simply, is to stabilize the value of money. How to achieve this? When a currency begins to slide, the first step should be for a government to publicly declare its intention to support its money, i.e., maintain its value. The way to do so is, very simply, by shrinking the monetary base.

Nothing that’s living is fixed or finished; all is constantly emerging. It’s the same with our bodies. We are not stagnant beings. Our heart rates are always fluctuating in a fractal process. Laid out on a graph over time, the fluctuations of the heart rate look similar to the fluctuations of a coastline, canyons, or mountain ranges. Our blood vessels mirror the pattern of tree branches or root systems. “This is the grandeur of Nature,” said Goethe, “that she is so simple, and that she always repeats her greatest phenomena on a small scale.

On the free market, then, the various names that units may have are simply definitions of units of weight. When we were "on the gold standard" before 1933, people liked to say that the "price of gold" was "fixed at twenty dollars per ounce of gold." But this was a dangerously misleading way of looking at our money. Actually, "the dollar" was defined as the name for (approximately) 1/20 of an ounce of gold. It was therefore misleading to talk about "exchange rates" of one country's currency for another. The "pound sterling" did not really "exchange" for five "dollars." The dollar was defined as 1/20 of a gold ounce, and the pound sterling was, at that time, defined as the name for 1/4 of a gold ounce, simply traded for 5/20 of a gold ounce. Clearly, such exchanges, and such a welter of names, were confusing and misleading. How they arose is shown below in the chapter on government meddling with money. In a purely free market, gold would simply be exchanged directly as "grams," grains, or ounces, and such confusing names as dollars, franc, etc., would be superfluous

On the free market, then, the various names that units may have are simply definitions of units of weight. When we were "on the gold standard" before 1933, people liked to say that the "price of gold" was "fixed at twenty dollars per ounce of gold." But this was a dangerously misleading way of looking at our money. Actually, "the dollar" was defined as the name for (approximately) 1/20 of an ounce of gold. It was therefore misleading to talk about "exchange rates" of one country's currency for another. The "pound sterling" did not really "exchange" for five "dollars." The dollar was defined as 1/20 of a gold ounce, and the pound sterling was, at that time, defined as the name for 1/4 of a gold ounce, simply traded for 5/20 of a gold ounce. Clearly, such exchanges, and such a welter of names, were confusing and misleading. How they arose is shown below in the chapter on government meddling with money. In a purely free market, gold would simply be exchanged directly as "grams," grains, or ounces, and such confusing names as dollars, franc, etc., would be superfluous.

When required to work for set wages for a certain amount of time at work (i.e., a fixed-interval schedule, where one merely has to wait a certain amount of time before a single response will bring a reward), they tend to work slowly during the first part of the interval, gradually increasing behavioral output as “paytime” arrives (yielding a scalloped curve). When placed on variable-ratio and variable-interval schedules, where things are unpredictable (as in Las Vegas), animals work at constant steady rates, but the rates are substantially faster with variable-ratio schedules (just the way profiteers in Las Vegas want us to behave when playing one-armed bandits). Both humans and animals work in about the same way on such schedules. Unfortunately, behaviorism provided no cogent mechanistic explanation of why and how the brain generates such consistent learned behavior patterns.

A 2016 study by Johns Hopkins University scientists Dr. Lawrence S. Mayer and Dr. Paul R. McHugh corroborates Heyer’s and Paglia’s claims. Its findings include: scientific evidence does not support the claim that sexual orientation is an innate, biologically fixed property (that people are “born that way”); some 80 percent of male adolescents who report same-sex attractions do not do so as adults; non-heterosexuals are two to three times more likely to have been sexually abused in childhood; gay people have an increased risk of adverse health and mental health outcomes; gay-identified people have a nearly two-and-a-half times greater risk of suicide; the notion that gender identity is fixed (that a man might be trapped in a woman’s body or a woman in a man’s body) is unsupported by scientific evidence; studies of brain structures show no evidence for a neurological basis for cross-gender identification; sex-reassigned people are five times more likely to attempt suicide and nineteen times more likely to die by suicide; the rate of lifetime suicide attempts by transgenders is 41 percent compared to 5 percent among the entire U.S. population; and only a minority of children who experience cross-gender identification continue to do so into adolescence or adulthood.

Nor for that matter will any other quick fix. Antiterrorism laws are not meant for terrorists; they’re for people that governments don’t like. That’s why they have a conviction rate of less than 2 percent. They’re just a means of putting inconvenient people away without bail for a long time and eventually letting them go. Terrorists like those who attacked Mumbai are hardly likely to be deterred by the prospect of being refused bail or being sentenced to death. It’s what they want.

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Having made the mistake of fixing sterling at too high an exchange rate, Britain had no alternative but to continue its policy of deflation, however painful that might be.

Employment procedures that are unwittingly biased towards men are an issue in promotion as well as hiring. A classic example comes from Google, where women weren't nominating themselves for promotion at the same rate as men. This is unsurprising: women are conditioned to be modest, and are penalised when they step outside of this prescribed gender norm [...] their [Google] solution was not to fix the male-biased system: it was to fix the women. Senior women at Google started hosting workshops 'to encourage women to nominate themselves''.

Notably, the French, who consume a lot more flour per capita annually than Americans, have always banned enrichments in their traditional French bread. They also show much lower rates of obesity than the three countries who do use intensive fortification,

change /ʃɑ̃ʒ/ I. nm 1. (taux) exchange rate • ~ fixe/flottant or flexible | fixed/floating exchange rate • hausse/baisse du ~ | rise/fall in the exchange rate • le ~ ne nous est pas favorable | the exchange rate is not in our favour GB 2. (opération) (foreign) exchange • gagner/perdre au ~ | (lit) to make/to lose money on the exchange; (fig) to make/to lose on the deal • en quittant son emploi précédent il a gagné or il n'a pas perdu au ~ | when he left his previous job it was a change for the better 3. (de bébé) • ~ (complet) | disposable nappy (GB)ou; diaper (US) II. Idiome • donner le change à qn | to pull the wool over sb's eyes

As I will discuss shortly, the body’s resting metabolic rate (RMR) is a key player in our ability to stay lean, and it is affected to a large degree by our body composition with muscle being our greatest calorie burning ally. With that said, it’s important to place the emphasis on a positive change in body composition and not just weight loss. Losing muscle weight is bad and counterproductive. Using the calories in vs. calories out theory alone, can at best give you a temporary fix. It’s unrealistic and unhealthy to go through life following a diet that causes you to feel tired and hungry while your hormones run amuck.

Mr Seeds wrote from Munich to say that his chauffeur’s weekly expenditure on food was now 5½ times as great as it had been a year ago, in August 1921. On the other hand, his wages were nearly six times higher. Since these were fixed according to the average rate paid to his class of worker, he was not suffering unduly except in so far as wage rises, a monthly occurrence by this time, always lagged a little behind price rises which took place weekly, if not daily. This was the case for the vast mass of artisans and workmen, but of course, Seeds said, the middle class, including officials and journalists, were far from being in the same satisfactory position. It was from this latter group, he pointed out, that foreigners mostly derived their information, which was why the accounts of the incidence of inflation published abroad were almost unrelievedly gloomy.

the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings; and the one thing I could be certain of was that for all the outrage being expressed at the moment about wetlands and sea turtles and pelicans, what the majority of us were really interested in was having the problem go away, for me to clean up yet one more mess decades in the making with some quick and easy fix, so that we could all go back to our carbon-spewing, energy-wasting ways without having to feel guilty about it. I didn’t say any of that. Instead I somberly took responsibility and said it was my job to “get this fixed.” Afterward, I scolded my press team, suggesting that if they’d done better work telling the story of everything we were doing to clean up the spill, I wouldn’t have had to tap-dance for an hour while getting the crap kicked out of me. My press folks looked wounded. Sitting alone in the Treaty Room later that night, I felt bad about what I had said, knowing I’d misdirected my anger and frustration. It was those damned plumes of oil that I really wanted to curse out.

the media rarely covered efforts to shift America off fossil fuels or pass climate legislation, since actually educating the public on long-term energy policy would be boring and bad for ratings; and the one thing I could be certain of was that for all the outrage being expressed at the moment about wetlands and sea turtles and pelicans, what the majority of us were really interested in was having the problem go away, for me to clean up yet one more mess decades in the making with some quick and easy fix, so that we could all go back to our carbon-spewing, energy-wasting ways without having to feel guilty about it. I didn’t say any of that. Instead I somberly took responsibility and said it was my job to “get this fixed.” Afterward, I scolded my press team, suggesting that if they’d done better work telling the story of everything we were doing to clean up the spill, I wouldn’t have had to tap-dance for an hour while getting the crap kicked out of me. My press folks looked wounded. Sitting alone in the Treaty Room later that night, I felt bad about what I had said, knowing I’d misdirected my anger and frustration. It was those damned plumes of oil that I really wanted to curse

Estrogen is believed to play a role in keeping calcium deposits from building up in arteries, which may explain why the rate of heart attacks increases in women 10 years after menopause.

So the young married couples crowded in with their parents, or they fixed up a shed, if they could find some scrap lumber, or they lived in a trailer, or in one room in a lodging house, cooking on a gas burner. That wasn’t very happy, and moralists were shocked by the increase in the divorce rate.

Even though artificial sweeteners such as saccharin, cyclamate, aspartame, and sucralose have no calories, it is believed that their sweet taste stimulates hormonal release in the small intestine and therefore promotes insulin release. Insulin, in turn, makes us hungry, so that the actual aim of artificial sweeteners, which is to save calories, is negated. Additionally, artificial sweeteners confuse the brain. Your brain registers that it’s tasting something sweet and thus expects an increase in blood glucose. When that increase in blood glucose doesn’t happen, the brain isn’t satiated, setting in motion a vicious cycle that requires larger and larger amounts of sweet things. Studies have demonstrated that the increased use of artificial sweeteners could not reduce the disease rate for type 2 diabetes or obesity. On the contrary: Artificial sweeteners have fostered the obesity and diabetes epidemic.101

According to analysts, 666 Fifth Avenue had about a 30 percent vacancy rate and only generated about half of its annual mortgage. It was rumored that the largest tenant was planning to move out. A Canadian company named Brookfield Property Partners took a ninety-nine-year lease on 666 Fifth Avenue. Brookfield paid the rent for the entire century-long lease, upfront, which amounted to about $1.1 billion—removing Kushner’s biggest financial headache (a $1.4 billion mortgage on the office portion of the tower due in February 2019). Brookfield got its financing for this deal from a $750 million mortgage from ING Group, a Dutch multinational and financial services corporation, and a $300 million mezzanine loan from Apollo Global Management.9 However, the Qatar Investment Authority, the government-run agency that made decisions about the nations’ financial investments, bought a $1.8 billion stake in Brookfield Property Partners. As the second largest shareholder, they had a lot to say about what should be purchased; in this instance, they apparently used Brookfield to bail out 666 Fifth Ave. This investment was a godsend to Kushner, who was now out of debt just as Qatar was suddenly no longer blockaded by Mohammad bin Salman bin Abdulaziz Al Saud, crown prince of Saudi Arabia (known colloquially as MBS), and his allies.

To work less and make more, all you need to do is move the needle on one metric: Effective Hourly Rate (EHR). Here’s how to calculate your EHR: Take the amount of revenue you make in a month and subtract your costs. What you have left is your monthly profit. (If you have a job, then your wage is your profit.) Divide your profit by the number of hours you worked in the month to get it. The number you have now is your EHR. Let’s say you make $20,000 a month in revenue, and your fixed and variable costs come to $15,000. That means your profit will be $5,000. If you work 250 hours a month to achieve that profit then: $5,000/250 = EHR $20/hour

Clausius also extended Bernoulli’s theory about the particulate nature of gases to liquids and solids, reasoning that all matter consists of trillions of particles in constant motion. In solids, these molecules vibrate around a fixed position. In liquids, Clausius theorized, the particles are in a constant flux, making bonds and breaking them at the same rate to produce the fluid form. In a gas, the molecules are completely free to move independently and in any direction.

His well-regarded studies show that heavy media multitaskers have an impaired ability to focus on cognitively demanding tasks. Furthermore, his study of 2,300 preteen girls showed those with the highest rates of media use were less developed socially and emotionally than their peers.

spontaneously flows from cold to hot. The overriding conclusion of Clausius’s paper was therefore that the behavior of heat is defined by two principles, now known as the first two laws of thermodynamics. These are: First law: Though heat and work can be converted into each other at the fixed “exchange” rate that Joule had discovered, the total amount of heat plus work remains the same. (This is the conservation of energy as applied to heat and work.) Second law: Heat never spontaneously flows from cold to hot.

What happened in 1970 in Los Angeles was the worst economic episode I’ve ever had to fight through. Unlike the post–Cold War Recession, we did not have the waves of in-migration from Mexico, nor were drug sales as great. I believe the underground economy was a silent savior of Los Angeles during 1990–94. The Kent State Massacre and the Pentagon Papers scandal didn’t help the 1970 scene. Furthermore, things didn’t get better in the early 1970s. The sharp recession of 1970 was followed by a sudden inflation caused by Vietnam spending. Nixon “slammed the gold window shut.” From 1945 to 1971, the U.S., under the Bretton Woods Agreement, had agreed to back its currency to a limited extent with gold at $35 per ounce. Other nations’ central banks were withdrawing our gold so fast that Nixon had to renege on the promise. This was followed in 1973 by the end of fixed currency exchange rates. The dollar plummeted. Traveling to the wine country of France in the summer of 1973, I was unable to cash American Express dollar-denominated traveler’s checks. Inflation jumped with the 1973 Energy Crisis. Nixon imposed wage and price controls. Then Watergate, accompanied by the Dow Jones hitting bottom in 1974. Three Initiatives to Turn the Tide Against all this, Trader Joe’s mounted three initiatives. In chronological order: We launched the Fearless Flyer early in 1970. We broke the price of imported wines in late 1970 thanks to a loophole in the Fair Trade law. Most importantly, in 1971, we married the health food store to the Good Time Charley party store, which had been the 1967–70 version of Trader Joe’s. Together these three elements comprised the second version of Trader Joe’s, Whole Earth Harry.

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Omaha native Paul Stratman spent forty-four years in the electrical trade, laying wire, managing people, and eventually doing 3D modeling. Then he retired. Dissatisfaction soon set in. “My wife had a long list of things she wanted done around the house,” Paul said, “but that took me less than a year to complete. And I certainly didn’t want to just sit around the house doing nothing for the rest of my life. I wanted to help people.” About this time, he heard about a group of retired tradesmen in the Omaha area who call themselves the Geezers. Several times each week, for a half day at a time, a group of five to ten Geezers meets in North Omaha (a poorer part of town) to rebuild a house for later use by a nonprofit. “Currently, we’re rebuilding a home that will house six former inmates,” Paul told me. “We’re providing the home, and the nonprofit will provide the mentorship when the gentlemen move in.” The goal is to help formerly incarcerated people build better lives and stay out of jail. The rate of recidivism in the United States reaches as high as 83 percent.[12] “Our goal is zero percent among the men who will occupy this home when we are finished,” Paul said. On a previous occasion, after the devastating 2019 midwestern floods, Paul was working as a volunteer in the area to restore electricity to many of the homes when he received an urgent phone call concerning a couple in their fifties whose home had been destroyed in the flood. The couple were living in a camper with their teenage daughter and three grandkids (whose mother was unable to take care of them) while they tried to get enough money to fix their house. Six people in a tiny camper! The couple were worried because they had been informed that someone from Nebraska’s Division of Children and Family Services would be coming to inspect the living conditions for the three grandkids. The couple feared their grandkids were going to be taken from them. They were almost frantic to prevent that. Would Paul help? Paul went right to work. He completed the electrical wiring and safety renovations inside the flood-damaged home, free of charge, in time for it to pass inspection by CFS. The family stayed together. Reflecting on this experience, Paul said, “When you can help people that are so desperate, and can make a little difference in their lives—people who have put their lives on hold to care for the needs of someone else—it is moving. That was one of the most emotional experiences I’ve ever had and some of the most meaningful work I’ve ever accomplished.” Paul has retired from his job, but he hasn’t stopped working for others.

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one recent calendar year, 1,653 first-time juvenile offenders were referred to the court. A total of 878 (53 percent) of these offenders didn’t commit another crime over the next 12 months, and 501 (30 percent) committed only 1 or 2 crimes, which accounted for 31 percent of the repeat offenses. Two hundred and seventy-four of those offenders (17 percent) committed at least 3 more crimes after the first, and accounted for an incredible 69 percent of repeat offenses, a tally of 1,470 documented crimes. If a jurisdiction can reduce the rate at which a juvenile becomes chronic, in theory it can prevent thousands of crimes. For example, if the above jurisdiction had a chronic rate of 20 percent instead of 17 percent, it would have meant more than 600 additional crimes in a single year. But if by using valid risk assessment tools it had been able to reduce the chronic group by 4 percentage points, the area would have had 600 fewer juvenile crimes in that year, which translates to a cost avoidance of over $2.5 million. The cost avoidance model is used in juvenile justice to financially quantify the impact of preventing crimes.

The /utility /economists, according to Wicksell, were committed to a “thoroughly revolutionary programme” precisely on this question of distribution of income.^9 Marshall, and to some extent Pigou, got out of the fix that their theory had landed them in by emphasizing the danger to total physical national income that would be associated with an attempt to increase its /utility /by making its distribution more equal. This argument has been spoiled by the Keynesian revolution. If, as Keynes expected, saving is more than sufficient for a satisfactory rate of private investment, to use it for social purpose is not only harmless but actually beneficial to National Income, while if more total saving is needed than would be forthcoming under /laisser faire /it can easily be supplemented by budget surpluses. Edgworth, as we saw above,^10 and many after him, took refuge in the argument that we do not really know that greater equality would promote greater happiness, because individuals differ in their capacity for happiness, so that, until we have a thoroughly scientific hedonimeter, “the principle ‘every man, and every woman, to count for one,’ should be very cautiously applied.”^11 Many years ago, this point of view was expressed by Professor Harberler: “How do I know that it hurts you more to have your leg cut off than it hurts me to be pricked by a pin?” It seemed at the time that it would have been more telling if he had put it the other way round. Such arguments are getting rather dangerous nowadays, for though we shall presumably never have a hedonimeter whose findings would be unambiguous, the scientific measurement of pain is fairly well developed, and it would be very surprising if a national survey of the distribution of susceptibility to pain turned out to have just the same skew as the distribution of income. If the question is once put: Would a greater contribution to human welfare be made by an investment in capacity to produce knick-knacks that have to be advertised in order to be sold or an investment in improving the health service, it seems to me that the answer would be only too obvious; the best reply that /laisser-faire /ideology can offer is not to ask the question. [pp. 127-8]

The discovery of synchronized chaos also enriched our understanding of sync itself. In the past, sync had always been associated with rhythmicity. The two concepts are so tightly linked that it’s easy to overlook the distinction between them. Rhythmicity means that something repeats its behavior at regular time intervals; sync means that two things happen simultaneously. The confusion occurs because many synchronous phenomena are rhythmic as well. Synchronous fireflies not only flash in unison, they also flash periodically, at fixed intervals. Cardiac pacemaker cells fire in step, and at a constant rate. The moon turns once as it orbits Earth; both its spin and its orbit follow cycles that repeat themselves regularly.

Gold reserves were running low, and on August 15, 1971, President Richard Nixon announced the end of dollar convertibility to gold, thus letting the gold price float in the market freely. In effect, the United States had defaulted on its commitment to redeem its dollars in gold. The fixed exchange rates between the world's currencies, which the IMF was tasked with maintaining, had now been let loose to be determined by the movement of goods and capital across borders and in ever-more-sophisticated foreign exchange markets.