Foreign Exchange Quotes

I'm not who you think I am, Abby," he said in English. I almost smiled. It was the kind of melodramatic line people said in bad made-for-TV movies, but then I saw his eyes, bleak and distant, and I knew he was telling the truth. "I thought you were Dante Alexander, foreign-exchange student visiting from Italy." He shook his head slowly, sadly. "Not exactly.

Birthdays, like weddings, anniversaries, baptisms, bar mitzvahs, wakes, are occasions to retie family ties, renew family feuds, restore family feeling, add to family lore, tribalize the psyche, generate guilt, exercise power, wave a foreign flag, talk in tongues, exchange lies, remember dates and the old days, to be fond of how it was, be angry at what it should be, and weep at why it isn't.

This is why tyrants of all stripes, infernal servants, have such deep-seated hatred for the nomads - this is why they persecute the Gypsies and the Jews, and why they force all free peoples to settle, assigning the addresses that serve as our sentences. What they want is to create a frozen order, to falsify time's passage. They want for the days to repeat themselves, unchanging, they want to build a big machine where every creature will be forced to take its place and carry out false actions. Institutions and offices, stamps,newsletters, a hierarchy, and ranks, degrees, applications and rejections, passports, numbers, cards, elections results, sales and amassing points, collecting, exchanging some things for others. What they want is to pin down the world with the aid of barcodes, labelling all things, letting it be known that everything is a commodity, that this is how much it will cost you. Let this new foreign language be illegible to humans, let it be read exclusively by automatons, machines. That way by night, in their great underground shops, they can organize reading of their own barcoded poetry. Move. Get going. Blesses is he who leaves.

Where is Frankie, anyway?" Dad asks. "It's almost noon. I'm surprised you two can stand the separation." I take a deep breath and gulp down some orange juice. Well, Dad, first Frankie lied to me about losing her virginity to the foreign exchange student on the soccer field, and how your first time can't be special and all that. Then we decided to have this twenty boy contest but we only met, like, half, and she lied again about sleeping with one of them when really they just kind of fooled around naked and broke up. Meanwhile, when I was casting off my virginity with boy number five (or was he six?), Frankie read my journal and found out that I was in love with Matt for a million years and by the way, right after you took that picture of us with all the cake and frosting, he kissed me and started this whole long thing that we weren't allowed to tell her about. Frankie was so mad that she threw my journal into the bottom of the ocean, where it was banished for all eternity with a lovesick mermaid who cries out pieces of sea glass. Are you going to eat that bacon? ... "I'll probably see her later," I say.

Sociologists argue that in contemporary Western society the marketplace has become so dominant that the consumer model increasingly characterizes most relationships that historically were covenantal, including marriage. Today we stay connected to people only as long as they are meeting our particular needs at an acceptable cost to us. When we cease to make a profit - that is, when the relationship appears to require more love and affirmation from us than we are getting back - then we "cut our loses" and drop the relationship. This has also been called "commodification," a process by which social relationships are reduced to economic exchange relationships, and so the very idea of "covenant" is disappearing in our culture. Covenant is therefore a concept increasingly foreign to us, and yet the Bible says it is the essence of marriage.

Build your house on granite. By granite I mean your nature that you are torturing to death, the love in your child's body, your wife's dream of love, your own dream of life when you were sixteen. Exchange your illusions for a bit of truth. Throw out your politicians and diplomats! Take your destiny into your own hands and build your life on rock. Forget about your neighbor and look inside yourself! Your neighbor, too, will be grateful. Tell you're fellow workers all over the world that you're no longer willing to work for death but only for life. Instead of flocking to executions and shouting hurrah, hurrah, make a law for the protection of human life and its blessings. Such a law will be part of the granite foundation your house rests on. Protect your small children's love against the assaults of lascivious, frustrated men and women. Stop the mouth of the malignant old maid; expose her publicly or send her to a reform school instead of young people who are longing for love. Don;t try to outdo your exploiter in exploitation if you have a chance to become a boss. Throw away your swallowtails and top hat, and stop applying for a license to embrace your woman. Join forces with your kind in all countries; they are like you, for better or worse. Let your child grow up as nature (or 'God') intended. Don't try to improve on nature. Learn to understand it and protect it. Go to the library instead of the prize fight, go to foreign countries rather than to Coney Island. And first and foremost, think straight, trust the quiet inner voice inside you that tells you what to do. You hold your life in your hands, don't entrust it to anyone else, least of all to your chosen leaders. BE YOURSELF! Any number of great men have told you that.

He helps make me be the best person I can be. that's how I knew that he was the one. I'm better with him than I was without him.

There was a moment of hesitation in which Joe looked into her eyes, and she looked back without flinching. Many a time, he had been at the same game with her, and she had always crumbled, bowing to his will. Now, he must have realized he was looking into the eyes of a stranger. She was someone he could not recognize, a foreigner inhabiting the body of that old Clairey, the girl he had abused, intimidated, and broken. Clairey decided then and there she would no longer cower before him. It was almost as if she were daring him to strike her in their unspoken exchange.

I should have been paying closer attention.” “You did the best you could ,” she said. “You are not a warrior, Perry, any more than I am a foreign exchange student.

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

Persons with anything life sustaining to sell, fellow citizens as well as foreigners, were refusing to exchange their goods for money. They were suddenly saying to people with nothing but paper representations of wealth, “Wake up, you idiots! Whatever made you think paper was so valuable?” ***

Evolution, if it is nothing else, is endless modification, change without reason or end. Notions of preserving racial purity in the twenty-first century, or of maintaining biologically static environments, in which all new arrivals are classified as “invasive” or “foreign” and are to be expunged, or are not permitted entry to start with, are untenable. The obvious ethical issues aside, these arguments deny the flow of time. Landscapes are figuratively, not actually, timeless. And ours is an age of unprecedented cultural exchange, of emigration and immigration. Reactionary resentment around issues of race and culture has no future but warfare.

TEIRESIAS: I tell you, king, this man, this murderer (whom you have long declared you are in search of, indicting him in threatening proclamation as murderer of Laius)- he is here. In name he is a stranger among citizens but soon he will be shown to be a citizen true native Theban, and he'll have no joy of the discovery: blindness for sight and beggary for riches his exchange, he shall go journeying to a foreign country tapping his way before him with a stick. He shall be proved father and brother both to his own children in his house; to her that gave him birth, a son and husband both; a fellow sower in his father's bed with that same father that he murdered. Go within, reckon that out, and if you find me mistaken, say I have no skill in prophecy.

The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalistic fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the worlds central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence co-operative politicians by subsequent economic rewards in the business world.” Carroll Quigley

Hollywood High School was flipping from the storied institute of legend to the high school of the barrio. Or, as CNN put it in a series of rave reviews for the “predominantly Latino” school: “Hollywood High Now a Diverse High School.” Hollywood High alumni include Cher, Carol Burnett, Lon Chaney, James Garner, Linda Evans, John Huston, Judy Garland, Ricky Nelson, Sarah Jessica Parker, John Ritter, Mickey Rooney, Lana Turner, and Fay Wray, among many others. By the mid-2000s, Hollywood High was more than 70 percent Hispanic,5 and students were less likely to be getting publicity shots than mug shots. Today the school is mostly famous for its stabbings, shootings, child molestations, thefts, and graffiti.6 Around 1990, a California TV producer trying to enroll a German exchange student in a Los Angeles high school asked the principal at Fairfax High if a foreign exchange student would be better served by Fairfax or Hollywood High. Without looking up, the principal replied, “Well, 90% of my students can speak English, and we haven’t had a shooting here in 5 years.

When she lays down at night, I wonder what she sees. When she thinks of paradise, maybe she'll dream of me.

Since Liz’s adolescence, when viewing television commercials that celebrated the ostensibly unconditional love of mothers for their children, or on spotting merchandise in stores that honored this unique bond with poems or effusive declarations—picture frames, magnets, oven mitts—she had felt like a foreign exchange student observing the customs of another country.

I did another commercial. Don't lose your loved ones, I wrote, because of excessive radioactivity. Don't be a wallflower at the dance because of strontium 90 in your bones. Don't be a victim of fallout. When the tart on Thirty-sixth Street gives you the big eye does your body stride off in one direction and your imagination in another? Does your mind follow her up the stairs and taste her wares in revolting detail while your flesh goes off to Brooks Brothers or the foreign exchange desk of the Chase Manhattan Bank? Haven't you noticed the size of the ferns, the lushness of the grass, the bitterness of the string beans, and the brilliant makings on the new breeds of butterflies? You have been inhaling lethal atomic waste for the last twenty-five years and only Elixircol can save you.

It is not the poverty of individuals and the community, not indebtedness to foreign nations, not the unfavourableness of the conditions of production, that force up the rate of exchange, but inflation.

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

People spoke to foreigners with an averted gaze, and everybody seemed to know somebody who had just vanished. The rumors of what had happened to them were fantastic and bizarre though, as it turned out, they were only an understatement of the real thing. Before going to see General Videla […], I went to […] check in with Los Madres: the black-draped mothers who paraded, every week, with pictures of their missing loved ones in the Plaza Mayo. (‘Todo mi familia!’ as one elderly lady kept telling me imploringly, as she flourished their photographs. ‘Todo mi familia!’) From these and from other relatives and friends I got a line of questioning to put to the general. I would be told by him, they forewarned me, that people ‘disappeared’ all the time, either because of traffic accidents and family quarrels or, in the dire civil-war circumstances of Argentina, because of the wish to drop out of a gang and the need to avoid one’s former associates. But this was a cover story. Most of those who disappeared were openly taken away in the unmarked Ford Falcon cars of the Buenos Aires military police. I should inquire of the general what precisely had happened to Claudia Inez Grumberg, a paraplegic who was unable to move on her own but who had last been seen in the hands of his ever-vigilant armed forces [….] I possess a picture of the encounter that still makes me want to spew: there stands the killer and torturer and rape-profiteer, as if to illustrate some seminar on the banality of evil. Bony-thin and mediocre in appearance, with a scrubby moustache, he looks for all the world like a cretin impersonating a toothbrush. I am gripping his hand in a much too unctuous manner and smiling as if genuinely delighted at the introduction. Aching to expunge this humiliation, I waited while he went almost pedantically through the predicted script, waving away the rumored but doubtless regrettable dematerializations that were said to be afflicting his fellow Argentines. And then I asked him about Senorita Grumberg. He replied that if what I had said was true, then I should remember that ‘terrorism is not just killing with a bomb, but activating ideas. Maybe that’s why she’s detained.’ I expressed astonishment at this reply and, evidently thinking that I hadn’t understood him the first time, Videla enlarged on the theme. ‘We consider it a great crime to work against the Western and Christian style of life: it is not just the bomber but the ideologist who is the danger.’ Behind him, I could see one or two of his brighter staff officers looking at me with stark hostility as they realized that the general—El Presidente—had made a mistake by speaking so candidly. […] In response to a follow-up question, Videla crassly denied—‘rotondamente’: ‘roundly’ denied—holding Jacobo Timerman ‘as either a journalist or a Jew.’ While we were having this surreal exchange, here is what Timerman was being told by his taunting tormentors: Argentina has three main enemies: Karl Marx, because he tried to destroy the Christian concept of society; Sigmund Freud, because he tried to destroy the Christian concept of the family; and Albert Einstein, because he tried to destroy the Christian concept of time and space. […] We later discovered what happened to the majority of those who had been held and tortured in the secret prisons of the regime. According to a Navy captain named Adolfo Scilingo, who published a book of confessions, these broken victims were often destroyed as ‘evidence’ by being flown out way over the wastes of the South Atlantic and flung from airplanes into the freezing water below. Imagine the fun element when there’s the surprise bonus of a Jewish female prisoner in a wheelchair to be disposed of… we slide open the door and get ready to roll her and then it’s one, two, three… go!

I was extremely curious about the alternatives to the kind of life I had been leading, and my friends and I exchanged rumors and scraps of information we dug from official publications. I was struck less by the West's technological developments and high living standards than by the absence of political witch-hunts, the lack of consuming suspicion, the dignity of the individual, and the incredible amount of liberty. To me, the ultimate proof of freedom in the West was that there seemed to be so many people there attacking the West and praising China. Almost every other day the front page of Reference, the newspaper which carded foreign press items, would feature some eulogy of Mao and the Cultural Revolution. At first I was angered by these, but they soon made me see how tolerant another society could be. I realized that this was the kind of society I wanted to live in: where people were allowed to hold different, even outrageous views. I began to see that it was the very tolerance of oppositions, of protesters, that kept the West progressing. Still, I could not help being irritated by some observations. Once I read an article by a Westerner who came to China to see some old friends, university professors, who told him cheerfully how they had enjoyed being denounced and sent to the back end of beyond, and how much they had relished being reformed. The author concluded that Mao had indeed made the Chinese into 'new people' who would regard what was misery to a Westerner as pleasure. I was aghast. Did he not know that repression was at its worst when there was no complaint? A hundred times more so when the victim actually presented a smiling face? Could he not see to what a pathetic condition these professors had been reduced, and what horror must have been involved to degrade them so? I did not realize that the acting that the Chinese were putting on was something to which Westerners were unaccustomed, and which they could not always decode. I did not appreciate either that information about China was not easily available, or was largely misunderstood, in the West, and that people with no experience of a regime like China's could take its propaganda and rhetoric at face value. As a result, I assumed that these eulogies were dishonest. My friends and I would joke that they had been bought by our government's 'hospitality." When foreigners were allowed into certain restricted places in China following Nixon's visit, wherever they went the authorities immediately cordoned off enclaves even within these enclaves. The best transport facilities, shops, restaurants, guest houses and scenic spots were reserved for them, with signs reading "For Foreign Guests Only." Mao-tai, the most sought-after liquor, was totally unavailable to ordinary Chinese, but freely available to foreigners. The best food was saved for foreigners. The newspapers proudly reported that Henry Kissinger had said his waistline had expanded as a result of the many twelve-course banquets he enjoyed during his visits to China. This was at a time when in Sichuan, "Heaven's Granary," our meat ration was half a pound per month, and the streets of Chengdu were full of homeless peasants who had fled there from famine in the north, and were living as beggars. There was great resentment among the population about how the foreigners were treated like lords. My friends and I began saying among ourselves: "Why do we attack the Kuomintang for allowing signs saying "No Chinese or Dogs" aren't we doing the same? Getting hold of information became an obsession. I benefited enormously from my ability to read English, as although the university library had been looted during the Cultural Revolution, most of the books it had lost had been in Chinese. Its extensive English-language collection had been turned upside down, but was still largely intact.

In contrast to Ricardo’s expectation that banking would retain its early focus on international commerce — and hence,on industrial capital formation to provide foreign markets with British exports in exchange for raw materials — banking has found real estate to be the key, along with its traditional market in creating monopolies and trusts. Some 80% of bank loans in the United States and Britain are mortgages, and consequently they account for 70% of the economy’s interest payments.

The current ten largest currencies in the foreign exchange markets are listed in Table 4, along with their annual broad money supply increase for the periods between 1960–2015 and 1990–2015.16 The average for the ten most internationally liquid currencies is 11.13% for the period 1960–2015, and only 7.79% for the period between 1990 and 2015. This shows that the currencies that are most accepted worldwide, and have the highest salability globally, have a higher stock-to-flow ratio than the other currencies, as this book's analysis would predict.

The end of Egypt's isolation turned what had been only occasional and incidental contact with the rest of the Near East into a constant and significant exchange of goods and ideas. The new cosmopolitanism introduced new forms and motifs and a growing naturalism to art. Egypt had always been receptive to immigrants, who had easily been assimilated into its culture; now even the pharaohs could marry foreigners. In addition, the increase of commerce and the emergence of a cosmopolitan urban population -- at Thebes and other cities -- marked the first real urbanization in Egyptian society.

At night the envoys received visits of a less savory sort. Three henchmen of Talleyrand’s came around regularly to demand payment in exchange for recognizing the U.S. diplomats. The foreign minister’s agents, characterized in the communications to Philadelphia as X, Y, and Z, laid out the terms: an American loan of ten million dollars to the French government plus a quarter million dollars for Talleyrand’s personal pocket. The envoys angrily rejected the demand, with Pinckney famously replying, “No! No! Not a sixpence.” In the retelling, Pinckney’s refusal evolved into the more American aphorism “Millions for defense, but not one cent for tribute.

Every day the same things came up; the work was never done, and the tedium of it began to weigh on me. Part of what made English a difficult subject for Korean students was the lack of a more active principle in their learning. They were accustomed to receiving, recording, and memorizing. That's the Confucian mode. As a student, you're not supposed to question a teacher; you should avoid asking for explanations because that might reveal a lack of knowledge, which can be seen as an insult to the teacher's efforts. You don't have an open, free exchange with teachers as we often have here in the West. And further, under this design, a student doesn't do much in the way of improvisation or interpretation. This approach might work well for some pursuits, may even be preferred--indeed, I was often amazed by the way Koreans learned crafts and skills, everything from basketball to calligraphy, for example, by methodically studying and reproducing a defined set of steps (a BBC report explained how the North Korean leader Kim Jong Il had his minions rigorously study the pizza-making techniques used by Italian chefs so that he could get a good pie at home, even as thousands of his subjects starved)--but foreign-language learning, the actual speaking component most of all, has to be more spontaneous and less rigid. We all saw this played out before our eyes and quickly discerned the problem. A student cannot hope to sit in a class and have a language handed over to him on sheets of paper.

An economy of favours and obligations doesn’t work when large numbers of strangers try to cooperate. It’s one thing to provide free assistance to a sister or a neighbour, a very different thing to take care of foreigners who might never reciprocate the favour. One can fall back on barter. But barter is effective only when exchanging a limited range of products. It cannot form the basis for a complex economy

An economy of favours and obligations doesn’t work when large numbers of strangers try to cooperate. It’s one thing to provide free assistance to a sister or a neighbour, a very different thing to take care of foreigners who might never reciprocate the favour. One can fall back on barter. But barter is effective only when exchanging a limited range of products. It cannot form the basis for a complex economy.

Consequently, in 1958 the Chinese government was informed that annual grain production was 50 per cent more than it actually was. Believing the reports, the government sold millions of tons of rice to foreign countries in exchange for weapons and heavy machinery, assuming that enough was left to feed the Chinese population. The result was the worst famine in history and the death of tens of millions of Chinese.3

The day’s most vivid exchanges were about a delicate but serious matter: the extreme foreignness of native Hawaiians. Both sides used racial arguments. Annexationists said the islanders’ evident savagery made it urgent for a civilizing force to take their country and uplift them. Opponents countered that it would be madness to bring such savages into union with the United States, where they could corrupt white people.

Speaking to a foreigner was the dream of every student, and my opportunity came at last. When I got back from my trip down the Yangtze, I learned that my year was being sent in October to a port in the south called Zhanjiang to practice our English with foreign sailors. I was thrilled. Zhanjiang was about 75 miles from Chengdu, a journey of two days and two nights by rail. It was the southernmost large port in China, and quite near the Vietnamese border. It felt like a foreign country, with turn-of-the-century colonial-style buildings, pastiche Romanesque arches, rose windows, and large verandas with colorful parasols. The local people spoke Cantonese, which was almost a foreign language. The air smelled of the unfamiliar sea, exotic tropical vegetation, and an altogether bigger world. But my excitement at being there was constantly doused by frustration. We were accompanied by a political supervisor and three lecturers, who decided that, although we were staying only a mile from the sea, we were not to be allowed anywhere near it. The harbor itself was closed to outsiders, for fear of 'sabotage' or defection. We were told that a student from Guangzhou had managed to stow away once in a cargo steamer, not realizing that the hold would be sealed for weeks, by which time he had perished. We had to restrict our movements to a clearly defined area of a few blocks around our residence. Regulations like these were part of our daily life, but they never failed to infuriate me. One day I was seized by an absolute compulsion to get out. I faked illness and got permission to go to a hospital in the middle of the city. I wandered the streets desperately trying to spot the sea, without success. The local people were unhelpful: they did not like non-Cantonese speakers, and refused to understand me. We stayed in the port for three weeks, and only once were we allowed, as a special treat, to go to an island to see the ocean. As the point of being there was to talk to the sailors, we were organized into small groups to take turns working in the two places they were allowed to frequent: the Friendship Store, which sold goods for hard currency, and the Sailors' Club, which had a bar, a restaurant, a billiards room, and a ping-pong room. There were strict rules about how we could talk to the sailors. We were not allowed to speak to them alone, except for brief exchanges over the counter of the Friendship Store. If we were asked our names and addresses, under no circumstances were we to give our real ones. We all prepared a false name and a nonexistent address. After every conversation, we had to write a detailed report of what had been said which was standard practice for anyone who had contact with foreigners. We were warned over and over again about the importance of observing 'discipline in foreign contacts' (she waifi-lu). Otherwise, we were told, not only would we get into serious trouble, other students would be banned from coming.

It needs some very great disaster, such as prolonged subjugation by a foreign enemy, to destroy a national culture. The Stock Exchange will be pulled down, the horse plough will give way to the tractor, the country houses will be forgotten, but England will still be England, an everlasting animal stretching into the future and the past and like all living things, having the power to change out of recognition and yet remain the same.

I have often been asked why I maintained such a non-compromising antagonism to government and in what way I have found myself oppressed by it. In my opinion every individual is hampered by it. It exacts taxes from production. It creates tariffs, which prevent free exchange. It stands ever for the status quo and traditional conduct and belief. It comes into private lives and into most intimate personal relations, enabling the superstitious, puritanical, and distorted ones to impose their ignorant prejudice and moral servitudes upon the sensitive, the imaginative, and the free spirits. Government does this by its divorce laws, its moral censorships, and by a thousand petty persecutions of those who are too honest to wear the moral mask of respectability. In addition, government protects the strong at the expense of the weak, provides courts and laws which the rich may scorn and the poor must obey. It enables the predatory rich to make wars to provide foreign markets for the favored ones, with prosperity for the rulers and wholesale death for the ruled. However, it is not only government in the sense of the state which is destructive of every individual value and quality. It is the whole complex of authority and institutional domination which strangles life. It is the superstition, myth, pretense, evasions, and subservience which support authority and institutional domination. It is the reverence for these institutions instilled in the school, the church and the home in order that man may believe and obey without protest. Such a process of devitalizing and distorting personalities of the individual and of whole communities may have been a part of historical evolution; but it should be strenuously combated by every honest and independent mind in an age which has any pretense to enlightenment.

An author who integrates alien signs into the medial surface of his own texts—signs behind which we presume the existence of other powerful, submedial subjects “as authors”—does not increase the comprehensibility of that text. Yet nonetheless, he increases the magical effectiveness this text exudes. Such quotations lead us to presume that the text houses a dangerous, manipulative subject, a magician with enough power to manipulate the signs of other powerful magicians and able to use them strategically for his own purposes. Thus an author who quotes alien signs conveys a stronger impression of powerful authorship than one who ad- vocates precisely his so-called own ideas—which do not interest anybody precisely because they are only his own. It is also well known that one may not quote the same author too often, in which case quoting gradu- ally looses its magical power and begins to irritate the reader. The reason for this gradual decrease of a quote’s magical effectiveness is that it looses its strangeness over time and gets integrated into the medial surface of a text, thereby becoming a proper part of it. In order to maintain their magical effect, quotes have to be exchanged constantly so as to continue to maintain the same appearance of foreignness and freshness. The quote functions as a magical fetish that lends the entire text a hidden, submedial power beyond its superficial meaning.

What happens, Kissinger asked, “if technology has become such a part of everyday life that it defines its own universe as the sole relevant one?” In this system there was little room for human will or agency or the cultivation of such human qualities as ambiguity and intuition. Hard facts bred a tyranny of their own that prioritized the immediate present over an understanding of the past or a sensitivity toward the future. Focus groups and opinion polls replaced individual decision-making and responsibility; the immediate headline-driven mood of the crowd overrode long-range perspective. Foreign policy was “in danger of turning into a subdivision of short-term domestic politics” in which “the quest is for consensus, less by the exchange of ideas than by a sharing of emotions.” The United States was in danger of “careening through crises without comprehending them.” This was no way for a great power to engage with the rest of the world, least of all in a world armed with nuclear weapons.

A quote has an even more powerful effect if we presume not just a particular author behind it, but God, nature, the unconscious, labor, or difference. These are strong fetishes, each conjuring the powerful submedial in a particular way. Yet all of them must nonetheless be exchanged in a certain rhythm according to the laws of the medial economy. In order to create such fetishes, one does not have to use brilliant quotes by famous authors but can use anonymous quotes that stem from the author- less realm of the everyday, lowly, foreign, vulgar, aggressive, or stupid. Precisely such quotes produce the effect of medial sincerity, that is, the revelation of a deeply submerged, hidden, medial plane on the familiar medial surface. It then appears as if this surface had been blasted open from the inside and that the respective quotes had sprung forth from the submedial interior—like aliens. All of this, of course, refers to the economy of the quote as a gift that can be offered, accepted, and reciprocated.

It’s not that I hate high school—I enjoy learning, and for the most part my classes are interesting enough, with engaging teachers—I just don’t quite fit in as a typical high-school student. They’re just…not interesting. Or engaging. They say stupid shit, while doing or having just done stupid shit. So I make a concerted effort to stick to myself. It gets lonely sometimes, but it’s better to be alone than to be part of behavior and activities that will only leave me ashamed, disgusted, and/or in trouble. But

This move by President Nixon completed the process begun with World War I, transforming the world economy from a global gold standard to a standard based on several government-issued currencies. For a world that was growing increasingly globalized along with advancements in transportation and telecommunications, freely fluctuating exchange rates constituted what Hoppe termed “a system of partial barter.”13 Buying things from people who lived on the other side of imaginary lines in the sand now required utilizing more than one medium of exchange and reignited the age-old problem of lack of coincidence of wants. The seller does not want the currency held by the buyer, and so the buyer must purchase another currency first, and incur conversion costs. As advances in transportation and telecommunications continue to increase global economic integration, the cost of these inefficiencies just keeps getting bigger. The market for foreign exchange, at $5 trillion of daily volume, exists purely as a result of this inefficiency of the absence of a single global homogeneous international currency.

Within a few generations, the Chinese allowed their naval and merchant fleets to wither; in 1500, an imperial edict made the construction of vessels with more than two masts a capital offense. In 1525, another decree forbade the building of any oceangoing vessel. Where navies are absent, pirates pillage. By the middle of the sixteenth century, Japanese wako marauders so terrorized China's coastline that to this day women in Fujian province hide their faces with blue scarves originally designed to shield the wearer from the lecherous gaze of foreign bandits

Consequently, in 1958 the Chinese government was informed that annual grain production was 50 per cent more than it actually was. Believing the reports, the government sold millions of tons of rice to foreign countries in exchange for weapons and heavy machinery, assuming that enough was left to feed the Chinese population. The result was the worst famine in history and the death of tens of millions of Chinese.3 Meanwhile, enthusiastic reports of China’s farming miracle reached audiences throughout the world. Julius Nyerere, the idealistic president of Tanzania, was deeply impressed by the Chinese success. In order to modernise Tanzanian agriculture, Nyerere resolved to establish collective farms on the Chinese model. When peasants objected to the plan, Nyerere sent the army and police to destroy traditional villages and forcibly relocate hundreds of thousands of peasants onto the new collective farms. Government propaganda depicted the farms as miniature paradises, but many of them existed only in government documents. The protocols and reports written in the capital Dar es Salaam said that on such-and-such a date the inhabitants of such-and-such village were relocated to such-and-such farm. In reality, when the villagers reached their destination, they found absolutely nothing there. No houses, no fields, no tools. Officials nevertheless reported great successes to themselves and to President Nyerere. In fact, within less than ten years Tanzania was transformed from Africa’s biggest food exporter into a net food importer that could not feed itself without external assistance. In 1979, 90 per cent of Tanzanian farmers lived on collective farms, but they generated only 5 per cent of the country’s agricultural output.4

Probably the first book that Hamilton absorbed was Malachy Postlethwayt’s Universal Dictionary of Trade and Commerce, a learned almanac of politics, economics, and geography that was crammed with articles about taxes, public debt, money, and banking. The dictionary took the form of two ponderous, folio-sized volumes, and it is touching to think of young Hamilton lugging them through the chaos of war. Hamilton would praise Postlethwayt as one of “the ablest masters of political arithmetic.” A proponent of manufacturing, Postlethwayt gave the aide-de-camp a glimpse of a mixed economy in which government would both steer business activity and free individual energies. In the pay book one can see the future treasury wizard mastering the rudiments of finance. “When you can get more of foreign coin, [the] coin for your native exchange is said to be high and the reverse low,” Hamilton noted. He also stocked his mind with basic information about the world: “The continent of Europe is 2600 miles long and 2800 miles broad”; “Prague is the principal city of Bohemia, the principal part of the commerce of which is carried on by the Jews.” He recorded tables from Postlethwayt showing infant-mortality rates, population growth, foreign-exchange rates, trade balances, and the total economic output of assorted nations.

Wherever exchange is impossible, what we encounter is terror. Any radical otherness at all is thus the epicentre of a terror: the terror that such otherness holds, by virtue of its very existence, for the normal world. And the terror that this world exercises upon that otherness in order to annihilate it. Over recent centuries all forms of violent otherness have been incorporated, willingly or under threat of force, into a discourse of difference which simultaneously implies inclusion and exclusion, recognition and discrimination. Childhood, lunacy, death, primitive societies - all have been categorized, integrated and absorbed as parts of a universal harmony. Madness, once its exclusionary status had been revoked, was caught up in the far subtler toils of psychology. The dead, as soon as they were recognized in their identity as such, were banished to outlying cemeteries - kept at such a distance that the face of death itself was lost. As for Indians, their right to exist was no sooner accorded them than they were confined to reservations. These are the vicissitudes of a logic of difference. Racism does not exist so long as the other remains Other, so long as the Stranger remains foreign. It comes into existence when the other becomes merely different - that is to say, dangerously similar. This is the moment when the inclination to keep the other at a distance comes into being.

When Lee arrived to pick me up, I introduced Diana simply as Diana Spencer. They exchanged a few brief words while I kissed Patrick good-bye, and off we went. As we struggled through the southbound traffic in Lewes, Lee and I had a conversation about Diana that seems both remarkable and humorous in retrospect. I started out by saying, “Lee, you’ll never believe who my nanny is.” Then I told him about Diana’s title and background and how amazed and grateful I was that she was looking after Patrick so sweetly and carefully. Lee and I agreed that she was awfully pretty and down to earth. I mentioned that she did not appear to have a steady boyfriend, and perhaps Lee might want to give her a call. Lee had a very respectable background—a good public school, university, solid career prospects, and a father who’d retired from the foreign service. Lee chuckled at my naiveté and explained that in England the social gulf between the daughter of an earl and a commoner was so great that he would never presume to ask Diana out. He reiterated that her social position and lineage were as exalted as they could possibly be. “In fact,” he added, “with her background, she’d be a suitable match for Prince Andrew.” Direct as usual, I replied, “Forget about Prince Andrew. If her background’s as impeccable as you say, she ought to be a match for Prince Charles. She’d be perfect as the next queen of England!” Then touching on a critical qualification for any future queen, I added, “And I’d bet my life on her virtue.

It is true that there are important differences between that money which plays the chief part in domestic trade, is the instrument of most exchanges, predominates in the dealings between consumers and sellers of consumption goods, and in loan transactions, and is recognized by the law as legal tender, and that money which is employed in relatively few transactions, is hardly ever used by consumers in their purchases, does not function as an instrument of loan operations, and is not legal tender. In popular opinion, the former money only is domestic money, the latter foreign money. Although we cannot accept this if we do not want to close the way to an understanding of the problem that occupies us, we must nevertheless emphasize that it has great significance in other connexions.

Then he happened to glance at the viscount, and his blood stilled. The viscount’s eyes followed Celia’s every move, and his finger kept stroking his goblet as if he wanted to stroke some part of her. Jackson gritted his teeth. No way in hell was he letting that bloody foreigner-or Devonmont, or even the duke-stroke anything of hers. “Are we going to stand around all day discussing which guns are more effective at killing,” he snapped, “or are we actually going to kill something?” Gabe exchanged a glance with his sister. “You’re right. ‘Prickly’ is the word.” “Mr. Pinter is probably just eager to earn his kiss,” Stoneville put in. “And given how the numbers stand right now, he may very well do so.” They all pivoted to look at his lordship. Stoneville chuckled. “Devonmont has killed a pathetic eight brace of birds, Gabe a respectable fifteen, Basto an impressive seventeen and a half, Lyons an even more impressive nineteen, and Pinter an astonishing twenty brace. My sister is tied with him at twenty brace.” “Good show, Pinter!” Gabe said amiably. “You must beat her so none of us have to pay for a blasted rifle.” “Here now, Gabe,” the duke cut in irritably, “I have as much chance of beating her as Pinter does. I’m only behind by one brace.” “I don’t’ care who beats her,” Gabe said. “Just make sure one of you does, in case I can’t catch up. She’ll pick the most expensive gun in Manton’s shop.” “You’re such a pinchpenny, Gabe,” Celia teased as they tramped back over the field, headed toward the east end of the estate. “That’s because need every guinea I have, in case you don’t marry.” The lord might have meant the comment as a joke, but clearly Celia didn’t take it that way. When the blood drained from her face, Jackson felt a stab of sympathy. He could understand why she wanted to show her family that she could find a decent husband. But decent was the operative word. “Oh, I daresay Lady Celia will be married sooner than you think,” the duke remarked. When he slid a knowing glance at Celia and she smiled faintly, Jackson felt his heart drop. The duke seriously had his eye on her. And apparently she knew it. Confound it all. As they stopped, Jackson began loading his gun with quick, efficient movements. That blasted duke could look all he wanted, but he was not marrying Celia. Nor even getting another chance to kiss her. Not if Jackson had anything to say about it.

Unit 1’s service life came to an end on November 30th 1996 after Ukraine’s government agreed to decommission it in exchange for US$300 million of foreign funds to modernise Ukraine’s power sector, including improvements to Chernobyl’s remaining reactor. Despite this, the plant struggled through its final few weeks, during which it was forced to shut down first because of weather damage to electricity infrastructure and then from a steam leak. In a televised event on December 15th, 2000, Ukrainian President Leonid Kuchma ordered the permanent shut down of the plant live from Unit 3’s control room, saying, “To fulfil a state decision and Ukraine’s international obligations, I hereby order the premature stoppage of the operation of reactor number 3 at the Chernobyl nuclear power plant.”267 With that, Chernobyl’s last reactor ceased producing power for the final time.

After generations of separations and decades of forgetfulness, the mention of the South brings back to our memories ancient years of pain and pleasure. At the turn of the twentieth century, many African Americans left the Southern towns, left the crushing prejudice and prohibition, and moved north to Chicago and New York City, west to Los Angeles and San Diego. They were drawn by the heady promise of better lives, of equality, fair play, and good old American four-star freedom. Their expectations were at once fulfilled and at the same time dashed to the ground and broken into shards of disappointment. The sense of fulfillment arose from the fact that there were chances to exchange the dull drudgery of sharecrop farming for protected work under unionized agreements. Sadly for the last thirty years, those jobs have been decreasing as industry became computerized and work was sent to foreign countries. The climate which the immigrants imagined as free of racial prejudice was found to be discriminatory in ways different from the Southern modes and possibly even more humiliating. A small percentage of highly skilled and fully educated blacks found and clung to rungs on the success ladder. Unskilled and undereducated black workers were spit out by the system like so many undigestible watermelon seeds. They began to find their lives minimalized, and their selves as persons trivialized. Many members of that early band of twentieth-century pilgrims must have yearned for the honesty of Southern landscapes where even if they were the targets of hate mongers who wanted them dead, they were at least credited with being alive. Northern whites with their public smiles of liberal acceptance and their private behavior of utter rejection wearied and angered the immigrants.

McDougall was a certified revolutionary hero, while the Scottish-born cashier, the punctilious and corpulent William Seton, was a Loyalist who had spent the war in the city. In a striking show of bipartisan unity, the most vociferous Sons of Liberty—Marinus Willett, Isaac Sears, and John Lamb—appended their names to the bank’s petition for a state charter. As a triple power at the new bank—a director, the author of its constitution, and its attorney—Hamilton straddled a critical nexus of economic power. One of Hamilton’s motivations in backing the bank was to introduce order into the manic universe of American currency. By the end of the Revolution, it took $167 in continental dollars to buy one dollar’s worth of gold and silver. This worthless currency had been superseded by new paper currency, but the states also issued bills, and large batches of New Jersey and Pennsylvania paper swamped Manhattan. Shopkeepers had to be veritable mathematical wizards to figure out the fluctuating values of the varied bills and coins in circulation. Congress adopted the dollar as the official monetary unit in 1785, but for many years New York shopkeepers still quoted prices in pounds, shillings, and pence. The city was awash with strange foreign coins bearing exotic names: Spanish doubloons, British and French guineas, Prussian carolines, Portuguese moidores. To make matters worse, exchange rates differed from state to state. Hamilton hoped that the Bank of New York would counter all this chaos by issuing its own notes and also listing the current exchange rates for the miscellaneous currencies. Many Americans still regarded banking as a black, unfathomable art, and it was anathema to upstate populists. The Bank of New York was denounced by some as the cat’s-paw of British capitalists. Hamilton’s petition to the state legislature for a bank charter was denied for seven years, as Governor George Clinton succumbed to the prejudices of his agricultural constituents who thought the bank would give preferential treatment to merchants and shut out farmers. Clinton distrusted corporations as shady plots against the populace, foreshadowing the Jeffersonian revulsion against Hamilton’s economic programs. The upshot was that in June 1784 the Bank of New York opened as a private bank without a charter. It occupied the Walton mansion on St. George’s Square (now Pearl Street), a three-story building of yellow brick and brown trim, and three years later it relocated to Hanover Square. It was to house the personal bank accounts of both Alexander Hamilton and John Jay and prove one of Hamilton’s most durable monuments, becoming the oldest stock traded on the New York Stock Exchange.

And something about the rawness of life with the baby was like the rawness of travel, the way it laid you open to the clear blue nerves. You were the five senses pouring down an unknown street; you were the slap of your shoes and hot paper of your palms, streaming past statues of regional Madonnas. The indelibility of a certain thrift shop in Helsinki, the smell of foreign decades in the lining of one leather coat. The loop of "Desert Island Disk" in a certain coffee shop in Cleveland, where the owner warned her not to have a second detoxifying charcoal latte because it would "flush the pills out of her system and get her pregnant". The bridges of other cities, where she would watch their drab green rivers buoy up their rainbow-necked ducks, where she would drink espresso until there was a free and frightening exchange between her and the day--- she was open, flung open, anything could rush in.

An attempt is sometimes made to demonstrate the desirability of measures directed against speculation by reference to the fact that there are times when there is nobody in opposition to the bears in the foreign-exchange market so that they alone are able to determine the rate of exchange. That, of course, is not correct. Yet it must be noticed that speculation has a peculiar effect in the case of a currency whose progressive depreciation is to be expected while it is impossible to foresee when the depreciation will stop, if at all. While, in general, speculation reduces the gap between the highest and lowest prices without altering the average price-level, here, where the movement will presumably continue in the same direction, this naturally can not be the case. The effect of speculation here is to permit the fluctuation, which would otherwise proceed more uniformly, to proceed by fits and starts with the interposition of pauses.

Isn't this grand? Here I am, a nobody from a nowhere town in North Carolina, and now I've seen Richmond and Washington City both. Who'd've figured I'd travel so far? Must be close to two hundred miles down to Rivington." Caudell nodded. The army had expanded his life. Before the war, outside of a couple of trips to Raleigh, he'd spent his whole life inside Nash County. Now he'd been in several different states and even though recalling it still came hard sometimes-a for eign country: the United States. Whether in a foreign country or not, Washington was still the source of traditions he held dear, as London once might have been to an early Carolina colonist. ...The ordinary folk of Washington City did better at taking their occupiers in stride. Their principal complaint against the rebels was that they had too little money, and that in Confederate currency. Lee had issued an order that made the locals take Southern money in exchange for goods and services, but he could not

Let us suppose that this ounce of mud is left in perfect rest, and that its elements gather together, like to like, so that their atoms may get into the closest relations possible. Let the clay begin. Ridding itself of all foreign substance, it gradually becomes a white earth, already very beautiful; and fit, with help of congealing fire, to be made into finest porcelain, and painted on, and be kept in kings’ palaces. But such artificial consistence is not its best. Leave it still quiet to follow its own instinct of unity, and it becomes not only white, but clear; not only clear, but hard; not only clear and hard, but so set that it can deal with light in a wonderful way, and gather out of it the loveliest blue rays only, refusing the rest. We call it then a sapphire. Such being the consummation of the clay, we give similar permission of quiet to the sand. It also becomes, first, a white earth, then proceeds to grow clear and hard, and at last arranges itself in mysterious, infinitely fine, parallel lines, which have the power of reflecting not merely the blue rays, but the blue, green, purple, and red rays in the greatest beauty in which they can be seen through any hard material whatsoever. We call it then an opal. In next order the soot sets to work; it cannot make itself white at first, but instead of being discouraged, tries harder and harder, and comes out clear at last, and the hardest thing in the world; and for the blackness that it had, obtains in exchange the power of reflecting all the rays of the sun at once in the vividest blaze that any solid thing can shoot. We call it then a diamond. Last of all the water purifies or unites itself, contented enough if it only reach the form of a dew-drop; but if we insist on its proceeding to a more perfect consistence, it crystallizes into the shape of a star. And for the ounce of slime which we had by political economy of competition, we have by political economy of co-operation, a sapphire, an opal, and a diamond, set in the midst of a star of snow.

The common name for government money is fiat money, from the Latin word for decree, order, or authorization. Two important facts must be understood about government money from the outset. First, there is a very large difference between government money redeemable in gold, and irredeemable government money, even if both are run by the government. Under a gold standard, money is gold, and government just assumes a responsibility of minting standard units of the metal or printing paper backed by the gold. The government has no control over the supply of gold in the economy, and people are able to redeem their paper in physical gold at any time, and use other shapes and forms of gold, such as bullion bars and foreign coins, in their dealings with one another. With irredeemable government money, on the other hand, the government's debt and/or paper is used as money, and the government is able to increase its supply as it sees fit. Should anybody use other forms of money for exchange, or should they attempt to create more of the government's money, they run the risk of punishment.

virtually all money is created out of debt by banks “extending credit” or giving loans. If all the debts of the world were paid off, there would be no money in circulation. How does this occur? Allow me to oversimplify, starting with government. When a government needs money, it creates bonds. These bonds represent debt. It then exchanges these bonds with its central bank, an institution granted the ability to create money. Of course, governments can also sell the bonds to the general public and even foreign nations to raise money, but that doesn’t actually create money—only banks can do that. Though considered investments, these bonds are really interest-bearing loans. If I buy a government bond for $1,000, I have actually loaned that amount to the government with the expectation that it will pay me back with interest accrued. Likewise, when the government sells bonds to its central bank, the central bank is technically loaning the newly created money, expecting interest payments. Bear in mind, both the government and the central bank are exchanging things invented out of thin air by essentially the transaction itself.

As I became older, I was given many masks to wear. I could be a laborer laying railroad tracks across the continent, with long hair in a queue to be pulled by pranksters; a gardener trimming the shrubs while secretly planting a bomb; a saboteur before the day of infamy at Pearl Harbor, signaling the Imperial Fleet; a kamikaze pilot donning his headband somberly, screaming 'Banzai' on my way to my death; a peasant with a broad-brimmed straw hat in a rice paddy on the other side of the world, stooped over to toil in the water; an obedient servant in the parlor, a houseboy too dignified for my own good; a washerman in the basement laundry, removing stains using an ancient secret; a tyrant intent on imposing my despotism on the democratic world, opposed by the free and the brave; a party cadre alongside many others, all of us clad in coordinated Mao jackets; a sniper camouflaged in the trees of the jungle, training my gunsights on G.I. Joe; a child running with a body burning from napalm, captured in an unforgettable photo; an enemy shot in the head or slaughtered by the villageful; one of the grooms in a mass wedding of couples, having met my mate the day before through our cult leader; an orphan in the last airlift out of a collapsed capital, ready to be adopted into the good life; a black belt martial artist breaking cinderblocks with his head, in an advertisement for Ginsu brand knives with the slogan 'but wait--there's more' as the commercial segued to show another free gift; a chef serving up dog stew, a trick on the unsuspecting diner; a bad driver swerving into the next lane, exactly as could be expected; a horny exchange student here for a year, eager to date the blonde cheerleader; a tourist visiting, clicking away with his camera, posing my family in front of the monuments and statues; a ping pong champion, wearing white tube socks pulled up too high and batting the ball with a wicked spin; a violin prodigy impressing the audience at Carnegie Hall, before taking a polite bow; a teen computer scientist, ready to make millions on an initial public offering before the company stock crashes; a gangster in sunglasses and a tight suit, embroiled in a turf war with the Sicilian mob; an urban greengrocer selling lunch by the pound, rudely returning change over the counter to the black patrons; a businessman with a briefcase of cash bribing a congressman, a corrupting influence on the electoral process; a salaryman on my way to work, crammed into the commuter train and loyal to the company; a shady doctor, trained in a foreign tradition with anatomical diagrams of the human body mapping the flow of life energy through a multitude of colored points; a calculus graduate student with thick glasses and a bad haircut, serving as a teaching assistant with an incomprehensible accent, scribbling on the chalkboard; an automobile enthusiast who customizes an imported car with a supercharged engine and Japanese decals in the rear window, cruising the boulevard looking for a drag race; a illegal alien crowded into the cargo hold of a smuggler's ship, defying death only to crowd into a New York City tenement and work as a slave in a sweatshop. My mother and my girl cousins were Madame Butterfly from the mail order bride catalog, dying in their service to the masculinity of the West, and the dragon lady in a kimono, taking vengeance for her sisters. They became the television newscaster, look-alikes with their flawlessly permed hair. Through these indelible images, I grew up. But when I looked in the mirror, I could not believe my own reflection because it was not like what I saw around me. Over the years, the world opened up. It has become a dizzying kaleidoscope of cultural fragments, arranged and rearranged without plan or order.

The United States dollar took another pounding on German, French, and British exchanges this morning, hitting the lowest point ever known in West Germany. It has declined there by 41% since 1971, and this Canadian thinks it is time to speak up for the Americans as the most generous, and possibly the least-appreciated, people in all the earth. As long as sixty years ago, when I first started to read newspapers, I read of floods on the Yellow River and the Yangtze. Well who rushed in with men and money to help? The Americans did, that's who. They have helped control floods on the Nile, the Amazon, the Ganges, and the Niger. Today, the rich bottom land of the Mississippi is under water and no foreign land has sent a dollar to help. Germany, Japan, and, to a lesser extent, Britain and Italy, were lifted out of the debris of war by the Americans who poured in billions of dollars and forgave other billions in debts. None of those countries is today paying even the interest on its remaining debts to the United States. When the franc was in danger of collapsing in 1956, it was the Americans who propped it up, and their reward was to be insulted and swindled on the streets of Paris. And I was there -- I saw that. When distant cities are hit by earthquake, it is the United States that hurries into help, Managua,

You, O king, live far away across many seas. Yet, driven by the humble desire to share in the blessings of our culture, you have sent a delegation, which respectfully submitted your letter. You assure us that it is your veneration for our celestial ruling family that fills you with the desire to adopt our culture, and yet the difference between our customs and moral laws and your own is so profound that, were your envoy even capable of absorbing the basic principles of our culture, our customs and traditions could never grow in your soil. Were he the most diligent student, his efforts would still be vain. Ruling over the vast world, I have but one end in view, and it is this: to govern to perfection and to fulfil the duties of the state. Rare and costly objects are of no interest to me. I have no use for your country’s goods. Our Celestial Kingdom possesses all things in abundance and wants for nothing within its frontiers. Hence there is no need to bring in the wares of foreign barbarians to exchange for our own products. But since tea, silk and porcelain, products of the Celestial Kingdom, are absolute necessities for the peoples of Europe and for you yourself, the limited trade hitherto permitted in my province of Canton will continue. Mindful of the distant loneliness of your island, separated from the world by desert wastes of sea, I pardon your understandable ignorance of the customs of the Celestial Kingdom. Tremble at my orders and obey.

Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.

When a country’s economy is in trouble—when it has a balance of trade deficit, for instance, and when its debts are mounting—and when the currency, therefore, is declining in value because everybody can see that the economy is bad, politicians, throughout history, have found a way of making things worse with the imposition of exchange controls. They run to the press and they say, “Listen, all you God-fearing Americans, Germans, Russians, whatever you are, we have a temporary problem in the financial market and it is caused by these evil speculators who are driving down the value of our currency—there is nothing wrong with our currency, we are a strong country with a sound economy, and if it were not for these speculators everything would be OK.” Diverting attention away from the real cause of the problem, which is their own mismanagement of the economy, politicians look to three crowds of people to blame for the regrettable situation. After the speculators come bankers and foreigners. Nobody likes bankers anyway, not even in good times; in bad times, everybody likes them less, because everybody sees them as rich and growing richer off the bad turn of events. Foreigners as a target are equally safe, because foreigners cannot vote. They do not have a say-so in national affairs, and remember, their food smells bad. Politicians will even blame journalists: if reporters did not write about our tanking economy, our economy would not be tanking. So we are going to enact this temporary measure, they say. To stem the scourge of a declining currency, we are going to make it impossible, or at least difficult, for people to take their money out of the country—it will not affect most of you because you do not travel or otherwise spend cash overseas. (See Chapter 9 and the Bernanke delusion.) Then they introduce serious exchange controls. They are always “temporary,” yet they always go on for years and years. Like anything else spawned by the government, once they are in place, a bureaucracy grows up around them. A constituency now arises whose sole purpose is to defend exchange controls and thereby assure their longevity. And they are always disastrous for a country. The free flow of capital stops. Money is trapped inside your country. And the country stops being as competitive as it once was.

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

No sound strategy for studying fascism can fail to examine the entire context in which it was formed and grew. Some approaches to fascism start with the crisis to which fascism was a response, at the risk of making the crisis into a cause. A crisis of capitalism, according to Marxists, gave birth to fascism. Unable to assure ever-expanding markets, ever-widening access to raw materials, and ever-willing cheap labor through the normal operation of constitutional regimes and free markets, capitalists were obliged, Marxists say, to find some new way to attain these ends by force. Others perceive the founding crisis as the inadequacy of liberal state and society (in the laissez-faire meaning of liberalism current at that time) to deal with the challenges of the post-1914 world. Wars and revolutions produced problems that parliament and the market—the main liberal solutions—appeared incapable of handling: the distortions of wartime command economies and the mass unemployment attendant upon demobilization; runaway inflation; increased social tensions and a rush toward social revolution; extension of the vote to masses of poorly educated citizens with no experience of civic responsibility; passions heightened by wartime propaganda; distortions of international trade and exchange by war debts and currency fluctuations. Fascism came forward with new solutions for these challenges. Fascists hated liberals as much as they hated socialists, but for different reasons. For fascists, the internationalist, socialist Left was the enemy and the liberals were the enemies’ accomplices. With their hands-off government, their trust in open discussion, their weak hold over mass opinion, and their reluctance to use force, liberals were, in fascist eyes, culpably incompetent guardians of the nation against the class warfare waged by the socialists. As for beleaguered middle-class liberals themselves, fearful of a rising Left, lacking the secret of mass appeal, facing the unpalatable choices offered them by the twentieth century, they have sometimes been as ready as conservatives to cooperate with fascists. Every strategy for understanding fascism must come to terms with the wide diversity of its national cases. The major question here is whether fascisms are more disparate than the other “isms.” This book takes the position that they are, because they reject any universal value other than the success of chosen peoples in a Darwinian struggle for primacy. The community comes before humankind in fascist values, and respecting individual rights or due process gave way to serving the destiny of the Volk or razza. Therefore each individual national fascist movement gives full expression to its own cultural particularism. Fascism, unlike the other “isms,” is not for export: each movement jealously guards its own recipe for national revival, and fascist leaders seem to feel little or no kinship with their foreign cousins. It has proved impossible to make any fascist “international” work.

The mixture of a solidly established Romance aristocracy with the Old English grassroots produced a new language, a “French of England,” which came to be known as Anglo-Norman. It was perfectly intelligible to the speakers of other langues d’oïl and also gave French its first anglicisms, words such as bateau (boat) and the four points of the compass, nord, sud, est and ouest. The most famous Romance chanson de geste, the Song of Roland, was written in Anglo-Norman. The first verse shows how “French” this language was: Carles li reis, nostre emperere magnes, set anz tuz pleins ad estéd en Espaigne, Tresqu’en la mer cunquist la tere altaigne… King Charles, our great emperor, stayed in Spain a full seven years: and he conquered the high lands up to the sea… Francophones are probably not aware of how much England contributed to the development of French. England’s court was an important production centre for Romance literature, and most of the early legends of King Arthur were written in Anglo-Norman. Robert Wace, who came from the Channel Island of Jersey, first evoked the mythical Round Table in his Roman de Brut, written in French in 1155. An Englishman, William Caxton, even produced the first “vocabulary” of French and English (a precursor of the dictionary) in 1480. But for four centuries after William seized the English crown, the exchange between Old English and Romance was pretty much the other way around—from Romance to English. Linguists dispute whether a quarter or a half of the basic English vocabulary comes from French. Part of the argument has to do with the fact that some borrowings are referred to as Latinates, a term that tends to obscure the fact that they actually come from French (as we explain later, the English worked hard to push away or hide the influence of French). Words such as charge, council, court, debt, judge, justice, merchant and parliament are straight borrowings from eleventh-century Romance, often with no modification in spelling. In her book Honni soit qui mal y pense, Henriette Walter points out that the historical developments of French and English are so closely related that anglophone students find it easier to read Old French than francophones do. The reason is simple: Words such as acointance, chalenge, plege, estriver, remaindre and esquier disappeared from the French vocabulary but remained in English as acquaintance, challenge, pledge, strive, remain and squire—with their original meanings. The word bacon, which francophones today decry as an English import, is an old Frankish term that took root in English. Words that people think are totally English, such as foreign, pedigree, budget, proud and view, are actually Romance terms pronounced with an English accent: forain, pied-de-grue (crane’s foot—a symbol used in genealogical trees to mark a line of succession), bougette (purse), prud (valiant) and vëue. Like all other Romance vernaculars, Anglo-Norman evolved quickly. English became the expression of a profound brand of nationalism long before French did. As early as the thirteenth century, the English were struggling to define their nation in opposition to the French, a phenomenon that is no doubt the root of the peculiar mixture of attraction and repulsion most anglophones feel towards the French today, whether they admit it or not. When Norman kings tried to add their French territory to England and unify their kingdom under the English Crown, the French of course resisted. The situation led to the first, lesser-known Hundred Years War (1159–1299). This long quarrel forced the Anglo-Norman aristocracy to take sides. Those who chose England got closer to the local grassroots, setting the Anglo-Norman aristocracy on the road to assimilation into English.

In the contemporary world there are two classes of bad plans-the plans invented and put into practice by men who do not accept our ideal postulates, and the plans invented and put into practice by the men who accept them, but imagine that the ends proposed by the prophets can be achieved by wicked or unsuitable means. Hell is paved with good intentions, and it is probable that plans made by well-meaning people of the second class may have results no less disastrous than plans made by evil-intentioned people of the first class. Which only shows, yet once more, how right the Buddha was in classing unawareness and stupidity among the deadly sins. Let us consider a few examples of bad plans belonging to these two classes. In the first class we must place all Fascist and all specifically militaristic plans. Fascism, in the words of Mussolini, believes that "war alone brings up to its highest tension all human energy and puts the stamp of nobility upon the peoples who have the courage to meet it." Again, "a doctrine which is founded upon the harmful postulate of peace is hostile to Fascism." The Fascist, then, is one who believes that the bombardment of open towns with fire, poison and explosives (in other words, modern war) is intrinsically good. He is one who rejects the teaching of the prophets and believes that the best society is a national society living in a state of chronic hostility towards other national societies and preoccupied with ideas of rapine and slaughter. He is one who despises the non-attached individual and holds up for admiration the person who, in obedience to the boss who happens at the moment to have grabbed political power, systematically cultivates all the passions (pride, anger, envy, hatred) which the philosophers and the founders of religions have unanimously condemned as the most maleficent, the least worthy of human beings. All fascist planning has one ultimate aim: to make the national society more efficient as a war machine. Industry, commerce and finance are controlled for this purpose. The manufacture of substitutes is encouraged in order that the country may be self-sufficient in time of war. Tariffs and quotas are imposed, export bounties distributed, exchanges depreciated for the sake of gaining a momentary advantage or inflicting loss upon some rival. Foreign policy is conducted on avowedly Machiavellian principles; solemn engagements are entered into with the knowledge that they will be broken the moment it seems advantageous to do so; international law is invoked when it happens to be convenient, repudiated when it imposes the least restraint on the nation's imperialistic designs. Meanwhile the dictator's subjects are systematically educated to be good citizens of the Fascist state. Children are subjected to authoritarian discipline that they may grow up to be simultaneously obedient to superiors and brutal to those below them. On leaving the kindergarten, they begin that military training which culminates in the years of conscription and continues until the individual is too decrepit to be an efficient soldier. In school they are taught extravagant lies about the achievements of their ancestors, while the truth about other peoples is either distorted or completely suppressed. the press is controlled, so that adults may learn only what it suits the dictator that they should learn. Any one expressing un-orthodox opinions is ruthlessly persecuted. Elaborate systems of police espionage are organized to investigate the private life and opinions of even the humblest individual. Delation is encouraged, tale-telling rewarded. Terrorism is legalized. Justice is administered in secret; the procedure is unfair, the penalties barbarously cruel. Brutality and torture are regularly employed.

The Alexandria Bourse (the fourth largest worldwide) and the Cairo stock exchange were sizable, international markets. In fact, the story of the Alexandria Bourse – or the Alexandria Futures Exchange – is an interesting representation of Egyptian society's capitalism – and cosmopolitanism – in the first half of the twentieth century; the Bourse's board of directors included Muslim, Christian and Jewish Egyptians in addition to Egyptianized foreigners who had settled in the country.

The Amsterdam Exchange Bank (Wisselbank) was set up in 1609 to resolve the practical problems created for merchants by the circulation of multiple currencies in the United Provinces, where there were no fewer than fourteen different mints and copious quantities of foreign coins.

Regulators in Britain, America and Switzerland fined six banks—HSBC, Royal Bank of Scotland, UBS, Bank of America, JPMorgan Chase and Citigroup—a total of $4.3 billion for manipulating foreign exchange markets. Britain’s Financial Conduct Authority said that traders at the banks had colluded to rig important benchmark exchange rates between 2008 and 2013.

produce in a year? Only 70. Neurology does worse, with 63, cardiology a little better with 88 and oncology, the specialisation to treat cancers, only 15. And we hope to earn foreign exchange from medical tourism!

interest rates, foreign exchange

We were supposed to keep tabs on the institutions as a whole, but by law we had to defer to the primary supervisor, in those cases the OCC for their commercial banks and the Securities and Exchange Commission for their investment banks. The Fed also shared responsibility for the U.S. affiliates of foreign banks with state regulators, as well as home-country supervisors in London, Zurich, Frankfurt, and around the world. These divisions of labor evoked the parable of the blind men and the elephant, with nobody accountable for seeing the full picture of a corporation, much less the interconnections of the entire system. This glut of watchdogs with overlapping

the Reagan–Bush strategy in 1980 culminated in the Iran-Contra Affair, as advisors answerable to the President decided to ignore Congress and do what they could to aid the Contras in Nicaragua while at the same time providing weapons to Iran in exchange for the hostages. Once again, a sitting President’s policy—being effected at the highest levels of international diplomacy, with many lives at stake not to mention the nation’s foreign policy direction—was subverted by a political challenger to gain advantage in an election. In other countries, going behind the president’s back and cutting a secret, separate deal with a foreign power would be called treason; in the America of the 1960s and ’70s, it was business as usual.

How about transparency and honesty? Bill Clinton lied under oath repeatedly during the Monica investigation, to the point of being disbarred and fined. Subpoenaed legal records of Hillary Clinton turned up (too late) mysteriously in the White House. In the latest email scandal, the mystery was not that Hillary set up a stealthy private communication system to facilitate the Clinton scheme of offering foreign zillionaires the opportunity to give money to the family foundation and huge cash speaking fees for Bill, in exchange for likely favorable U.S. government decisions affecting billions of dollars in international trade and commerce — and perhaps the very security of the United States. We expected even that from Hillary Clinton the moment that she assumed office — in the manner that her husband had once pardoned convicted FALN Puerto Rican terrorists in hopes of winning bloc votes for her New York Senate campaign, in addition to snagging money from convicted felons. That Mrs. Clinton refused to sign disclosure forms and to follow government protocols about donations and correspondence, as she promised she would, was also nothing new. But what was novel was Hillary Clinton’s ability to hold a press conference and lie about every single aspect of her email crimes. Everything she said was untrue: from the nature of smart phones and email accounts, to the email habits of other cabinet officers, to the methods of securing a server, to the mix between public and private communications, to the method of adjudicating her behavior. All were untruths offered without a shred of remorse.

Table 1: USA Foreign Policy and Actions — Choices, Options, and Alternatives Assassinations, death squads, and drones Bounties for info/capture Bribery, blackmail, and entrapment Celebration of national “morality” and necessity of torture Collaboration/contracts with universities, scientists, professional organizations Contingent “humanitarian” aid Contingent foreign aid Control UN via vetoes Control IMF and World Bank Cooperate with foreign nations (e.g., military, intelligence) Development of domestic crowd controls (e.g., militarization of police) Diplomacy Drug wars and corruptions Disproportionate support of “allies” and enemification of others Establishment of military bases (more than 900 known foreign bases) Exportation of popular American culture Foreign student/faculty/consultant exchanges Fund development of disguised/pseudo-organizations

In the end, he says, his goal is to make the financial system work better and more safely. If the real market worked liked FXTrade, costs would come down, liquidity would rise. "The world economy is like your body," he says. "Your heart pumps six liters of blood a minute, and so if you weigh eighty kilos it would take about fifteen minutes to pump your body's weight. By that analogy, the world foreign exchange markets should be transacting $40 trillion every ten minutes. Today we do $1 trillion or so in twenty-four hours. My claim is the global economy is close to a heart attack.

First, price changes are not independent of each other. Research over the past few decades, by me and then by others, shows that many financial price series have a "memory," of sorts. Today does, in fact, influence tomorrow. If prices take a big leap up or down now, there is a measurably greater likelihood that they will move just as violently the next day. It is not a well-behaved, predictable pattern of the kind economists prefer-not, say, the periodic up-and-down procession from boom to bust with which textbooks trace the standard business cycle. Examples of such simple patterns, periodic correlations between prices past and present, have long been observed in markets-in, say, the seasonal fluctuations of wheat futures prices as the harvest matures, or the daily and weekly trends of foreign exchange volume as the trading day moves across the globe.

Interestingly, Jockey’s first attempt to enter India wasn’t with the Genomals. It was with Associated Apparels in 1962. Through the 1960s, many foreign innerwear brands were launched in India. Associated Apparels introduced the then world-famous Maidenform bras (owned today by Hanes) and tied up with Jockey to launch Jockey underwear in 1962. The international brand, Lovable, entered India in 1966 through a licensing deal and became a huge success. Along with it entered the brand Daisy Dee, through a subsidiary of Lovable, followed by Feelings. In 1971, Maxwell Industries launched VIP-branded innerwear for men in the economy segment, catching the attention of the discerning public with an advertisement featuring a Bollywood actor. In 1973, however, Jockey decided to leave India after the Indian government used the Foreign Exchange Regulation Act (FERA) to force multinational companies to dilute their ownership in their Indian ventures to 40 per cent. After Jockey exited India, its competitors flourished. Associated Apparels continued to focus on mid-premium innerwear during the 1980s and was successful in establishing themselves as a dominant player in the mid-premium innerwear segment through Liberty (men) and Libertina (women). Maxwell Industries, during the 1980s, launched the brand, Frenchie, to cater to the mid-premium innerwear segment. In 1985, Rupa & Co. emerged in the innerwear market, offering products across categories, including men, women and kids, and became one of the biggest manufacturers and sellers of innerwear in India. The success of Rupa was followed by many other domestic brands in the 1980s and ’90s, including Amul, Lux Cozi and Dollar in the men’s category, while Neva, Bodycare, Softy, Lady Care, Little Lacy, Red Rose, Sonari, Feather Line, etc., were the key players in the lingerie market. Then came the liberalization of 1991. With the regulatory hurdles to enter India removed, Jockey decided to return to India. And this time, it chose the right partners.

One thing is overlooked, which is this: That the kind of dependence that results from exchange, from commercial transactions, is a reciprocal dependence. We cannot be dependent on the foreigner without the foreigner being dependent on us. Now, this is the very essence of society. To break up natural relations is not to place ourselves in a state of independence, but in a state of isolation.

So how do my election law offenses compare to those of leading progressives? Well, let’s see. Senate Majority Leader Harry Reid took $31,000 in late 2013 from his campaign funds to buy jewelry for his granddaughter Ryan Elisabeth Reid’s wedding. In his campaign year-end report, Reid tried to hide his granddaughter’s relationship to him by simply listing the transaction as a “holiday gift” to one “Ryan Elisabeth.” The impression Reid sought to convey was that he was buying gifts for his supporters. When it came to light that Reid had funneled campaign money to his granddaughter, Reid agreed to repay the money, but waxed indignant at continuing questions from reporters. “As a grandparent,” he fumed, “I say enough is enough.” Although Reid’s case involves obvious corruption, the Obama administration has neither investigated nor prosecuted a case against this stalwart Obama ally.6 Bill Clinton, you may recall, had his own campaign finance controversy. Following the 1996 election, the Democratic National Committee was forced to return $2.8 million in illegal and improper donations, most of it from foreign sources. Most of that money was raised by a shady Clinton fundraiser named John Huang. Huang, who used to work for the Lippo Group, an Indonesian conglomerate, set up a fundraising scheme for foreign businessmen seeking special favors from the U.S. government to meet with Clinton, in exchange for large sums of money. A South Korean businessman had dinner with President Clinton in return for a $250,000 donation. Yogesh Gandhi, an Indian businessman who claimed to be related to Mahatma Gandhi, arranged to meet Clinton in the White House and be photographed receiving an award in exchange for a $325,000 contribution. Both donations were returned, but again, no official investigation, no prosecutions.7

The foreign exchange rates are determined based on the demand and supply of currencies in the whole world and change real time. 

For example, Ms. Sweta from UK invests GBP 100,000 in an FCNR deposit on July 15, 2014 (1 GBP=100 INR) for 5 years at a rate so that the deposit has a maturity amount of GBP 120,000 on July 15, 2019 and simultaneously, enters a forward contract to convert the maturity amount (Sell GBP) at INR 125/GBP i.e. INR 15,000,000. Sweta’s investment of 10,000,000 INR becomes 15,000,000 INR giving her a simple average return of 10%. It will not matter whether the foreign exchange on July 15, 2019 is INR 110/GBP or INR 150/GBP; she would still get 15,000,000 on maturity.

Ideally, Disney hoped to staff the World Showcase pavilions at EPCOT Center using an international version of the College Program. They thought that having guests walk into an elaborate recreation of Japan only to be greeted by a blonde-haired teen with a Southern accent would spoil the entire show. Plus, the program could help promote the rationale behind the cultural exchange of World Showcase—foreign nationals could bring a little bit of their home countries to the U.S., and then return to their homeland with a little bit of the U.S. Planners envisioned the program as the “greatest U.N. ever created,” which would promote world peace.

Total Cost Analysis When the purchasing staff considers switching to a new supplier or consolidating its purchases with an existing one, it cannot evaluate the supplier based solely on its quoted price. Instead, it must also consider the total acquisition cost, which can in some cases exceed a product’s initial price. The total acquisition cost includes these items: • Material. The list price of the item being bought, less any rebates or discounts. • Freight. The cost of shipping from the supplier to the company. • Packaging. The company may specify special packaging, such as for quantities that differ from the supplier’s standards and for which the supplier charges an extra fee. • Tooling. If the supplier had to acquire special tooling in order to manufacture parts for the company, such as an injection mold, then it will charge through this cost, either as a lump sum or amortized over some predetermined unit volume. • Setup. If the setup for a production run is unusually lengthy or involves scrap, then the supplier may charge through the cost of the setup. • Warranty. If the product being purchased is to be retained by the company for a lengthy period of time, it may have to buy a warranty extension from the supplier. • Inventory. If there are long delays between when a company orders goods and when it receives them, then it must maintain a safety stock on hand to guard against stock-out conditions and support the cost of funds needed to maintain this stock. • Payment terms. If the supplier insists on rapid payment terms and the company’s own customers have longer payment terms, then the company must support the cost of funds for the period between when it pays the supplier and it is paid by its customers. • Currency used. If supplier payments are to be made in a different currency from the company’s home currency, then it must pay for a foreign exchange transaction and may also need to pay for a hedge, to guard against any unfavorable changes in the exchange rate prior to the scheduled payment date. These costs are only the ones directly associated with a product. In addition, there may be overhead costs related to dealing with a specific supplier (see “Sourcing Distance” later in the chapter), which can be allocated to all products purchased from that supplier.

I once had a foreign exchange trader who worked for me who was an unabashed chartist. He truly believed that all the information you needed was reflected in the past history of a currency. Now it's true there can be less to consider in trading currencies than individual equities, since at least for developed country currencies it's typically not necessary to pore over their financial statements every quarter. And in my experience, currencies do exhibit sustainable trends more reliably than, say, bonds or commodities. Imbalances caused by, for example, interest rate differentials that favor one currency over another (by making it more profitable to invest in the higher-yielding one) can persist for years. Of course, another appeal of charting can be that it provides a convenient excuse to avoid having to analyze financial statements or other fundamental data. Technical analysts take their work seriously and apply themselves to it diligently, but it's also possible for a part-time technician to do his market analysis in ten minutes over coffee and a bagel. This can create the false illusion of being a very efficient worker. The FX trader I mentioned was quite happy to engage in an experiment whereby he did the trades recommended by our in-house market technician. Both shared the same commitment to charts as an under-appreciated path to market success, a belief clearly at odds with the in-house technician's avoidance of trading any actual positions so as to provide empirical proof of his insights with trading profits. When challenged, he invariably countered that managing trading positions would challenge his objectivity, as if holding a losing position would induce him to continue recommending it in spite of the chart's contrary insight. But then, why hold a losing position if it's not what the chart said? I always found debating such tortured logic a brief but entertaining use of time when lining up to get lunch in the trader's cafeteria. To the surprise of my FX trader if not to me, the technical analysis trading account was unprofitable. In explaining the result, my Kool-Aid drinking trader even accepted partial responsibility for at times misinterpreting the very information he was analyzing. It was along the lines of that he ought to have recognized the type of pattern that was evolving but stupidly interpreted the wrong shape. It was almost as if the results were not the result of the faulty religion but of the less than completely faithful practice of one of its adherents. So what use to a profit-oriented trading room is a fully committed chartist who can't be trusted even to follow the charts? At this stage I must confess that we had found ourselves in this position as a last-ditch effort on my part to salvage some profitability out of a trader I'd hired who had to this point been consistently losing money. His own market views expressed in the form of trading positions had been singularly unprofitable, so all that remained was to see how he did with somebody else's views. The experiment wasn't just intended to provide a “live ammunition” record of our in-house technician's market insights, it was my last best effort to prove that my recent hiring decision hadn't been a bad one. Sadly, his failure confirmed my earlier one and I had to fire him. All was not lost though, because he was able to transfer his unsuccessful experience as a proprietary trader into a new business advising clients on their hedge fund investments.

Among primitive peoples we often find that closely connected groups living under exactly similar conditions develop sharply differentiated fashions, by means of which each group establishes uniformity within, as well as difference without the prescribed set. On the other hand, there exists a wide-spread predilection for importing fashions from without, and such foreign fashions assume a greater value within the circle, simply because they did not originate there. [...] Because of their external origin, these imported fashions create a special and significant form of socialization, which arises through mutual relation to a point without the circle. It sometimes appears as though social elements, just like the axes of vision, converge best at a point that is not too near. The currency, or more precisely the medium of exchange among primitive races, often consists of objects that are brought in from without. [...] Paris modes are frequently created with the sole intention of setting a fashion elsewhere. This motive of foreignness, which fashion employs in its socializing endeavors, is restricted to higher civilization, because novelty, which foreign origin guarantees in extreme form, is often regarded by primitive races as an evil. [...] The savage is afraid of strange appearances; the difficulties and dangers that beset his career cause him to scent danger in anything new which he does not understand and which he cannot assign to a familiar category. Civilization, however, transforms this affectation into its very opposite. Whatever is exceptional, bizarre, or conspicuous, or whatever departs from the customary norm, exercises a peculiar charm upon the man of culture, entirely independent of its material justification. The removal of the feelings of insecurity with reference to all things new was accomplished by the progress of civilization.

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.

Under President Richard Nixon, U.S. policy developed an even more pronounced pro-Portuguese bent, consistent with the administration’s support for white-ruled Africa. The most notorious manifestation was the December 1971 executive agreement that gave Portugal $436 million in credits for the use of the Azores base until February 1974. It was, noted the New York Times, “one of the largest economic assistance packages negotiated in many years in exchange for foreign base rights,” and it would “prop up the Lisbon Government’s floundering economy,” exhausted by a decade of colonial wars.56 As Amílcar Cabral told the UN Security Council in Addis Ababa the following February, “Portugal would not be in a position to carry out three wars against Africans without the aid of her allies.”57 CUBAN

Didn’t your sister explain what happens to a man’s body when he’s aroused?” he asked. “Yes, but she didn’t tell me it could happen in the parlor, of all places.” His lips curved. “I’m afraid it can happen anywhere. The parlor, the drawing room, a carriage . . . or a summer house.” Looking scandalized, Pandora asked, “Then you think this is what Dolly and Mr. Hayhurst were doing in the summer house?” “There’s no doubt.” He began to unfasten the top buttons of her nightgown, and kissed the newly revealed skin of her throat. Pandora, however, hadn’t yet finished with the subject of the summer house rendezvous. “But Mr. Hayhurst wouldn’t have returned to the ballroom with a . . . a protrusion like that. How do you deflate it?” “I usually distract myself by thinking about the latest analysis of foreign securities on the stock exchange. That usually takes care of the problem right away. If that fails, I picture the Queen.” “Really? I wonder what Prince Albert used to think about? It couldn’t have been the Queen—they had nine children together.” As Pandora continued to chatter, Gabriel spread the sides of the nightgown open and kissed the tender valley between her breasts. Her fingers fidgeted at the back of his neck. “Do you suppose it was something like educational reform? Or Parliamentary procedure, or—” “Shhh.” 

Goldman would provide M&A advice as well as involve its foreign exchange desk to handle the currency exchange for the purchase price. If Goldman missed the deal—meaning our bankers were not involved—then proprietary trading might possibly be involved in merger arbitrage (oftentimes, Goldman would make more money in proprietary merger arbitrage than if it had been hired to advise on the deal). Goldman ensured that we looked at each transaction and each flow and had some way to make money from it.

The link between foreign-exchange transactions, art, and armaments hadn’t gone unnoticed by Hoover.

..using a foreign currency that felt like play money. There was no guilt. I couldn't calculate the exchange rate fast enough.

But however determined this programme of domestic consolidation, following the Reichstag election results of May 1924, not even the votes of the SPD were sufficient to carry the constitutional amendments necessary to ratify the Dawes Plan, which included an international mortgage on the Reichsbahn. Over a quarter of the German electorate had voted for the far right - 19 per cent for the DNVP, almost 7 per cent for Hitler's NSDAP. Almost 13 per cent had opted for the Communists. The two-thirds majority would have to include at least some deputies from the DNVP, intransigent foes of the Versailles Treaty and the progenitors of the 'stab in the back' legend. So concerned were the foreign powers that the American ambassador Alanson Houghton intervened directly in German party politics, summoning leading figures in the DNVP to explain bluntly that if they rejected the Dawes Plan, it would be one hundred years before America ever assisted Germany again. Under huge pressure from their business backers, on 29 August 1924 enough DNVP members defected to the government side to ratify the plan. In exchange, the Reich government offered a sop to the nationalist community by formally renouncing its acceptance of the war-guilt clause of the Versailles Treaty. Nevertheless, on 10 October 1924 Jack Morgan bit his tongue and signed the loan agreement that committed his bank along with major financial interests in London, Paris and even Brussels to the 800-million Goldmarks loan. The loan was to apply the salve of business common sense to the wounds left by the war. And it was certainly an attractive proposition. The issuers of the Dawes Loan paid only 87 cents on the dollar for their bonds. They were to be redeemed with a 5 per cent premium. For the 800 million Reichsmarks it received, Germany would service bonds with a face value of 1.027 billion. But if Morgan's were bewildered by the role they had been forced to play, this speaks to the eerie quality of the reconfiguration of international politics in 1924. The Labour government that hosted the final negotiations in London was the first socialist government elected to preside over the most important capitalist centre of the old world, supposedly committed by its party manifesto of 1919 to a radical platform of nationalization and social transformation. And yet in the name of 'peace' and 'prosperity' it was working hand in glove with an avowedly conservative adminstration in Washington and the Bank of England to satisfy the demands of American investors, in the process imposing a damaging financial settlement on a radical reforming government in France, to the benefit of a German Republic, which was at the time ruled by a coalition dominated by the once notorious annexationist, but now reformed Gustav Stresemann. 'Depoliticization' is a euphemistic way of describing this tableau of mutual evisceration. Certainly, it had been no plan of Wilson's New Freedom to raise Morgan's to such heights. In fact, even Morgan's did not want to own the terms of the Dawes Settlement. Whereas Wilson had invoked public opinion as the final authority, this was now represented by the 'investing' public, for whom the bankers, as financial advisors, were merely the spokesmen. But if a collective humbling of the European political class had been what lay behind Wilson's call for a 'peace without victory' eight years earlier, one can't help thinking that the Dawes Plan and the London Conference of 1924 must have had him chuckling in his freshly dug grave. It was a peace. There were certainly no European victors.

devalued the yuan by a third, from 5.8 yuan per dollar to 8.7 yuan per dollar. By the middle of 1995, a new hard peg had been established at 8.3 yuan per dollar. This exchange rate would be rigidly maintained until the middle of 2005. The result was that the yuan became progressively undervalued relative to economic fundamentals. China had tied its currency to the dollar even though productivity was growing far slower in the United States than in China, or much of the rest of the world. This made Chinese exports increasingly cheap for foreign consumers and simultaneously deprived Chinese consumers of the ability to buy everything their labor had earned. It was a transfer from China’s consumers that subsidized the profits

At the same time that there was less oversight of GE finance operations, Immelt quietly reduced the board’s involvement with financial complexities. In 2002, he disbanded the finance committee of the board, which had been tasked with oversight of “retirement plans, foreign exchange exposure, airline financing and other matters involving major uses of GE funds.” He gave no reason.

MMT helps us to see why countries that fix their exchange rates, like Argentina did until 2001, or that take on debt denominated in a foreign currency, like Venezuela has done, undermine their monetary sovereignty and subject themselves to the kinds of constraints faced by other currency users,

With $3 trillion in foreign exchange reserves, the party-

TransferWise is using a modified dating app to take on the entire foreign currency exchange market. In fact, because it’s easier to match people looking to exchange currency than it is to match people looking to date, the company reached a billion-dollar valuation in under five years.

We lived up to now in a solid universe whose generations had deposited stratifications, one after the other. All was clear: the father was the father; the law was the law; the foreigner was the foreigner. One had the right to say that the law was hard, but it was the law. Today these sure bases of political life are anathema: for these truths constitute the program of a racist party condemned at the court of humanity. In exchange, the foreigner recommends to us a universe according to his dreams. There are no more borders, there are no more cities. From one end to the other of the continent the laws are the same, and also the passports, and also the judges, and also the currencies. Only one police force and only one brain: the senator from Milwaukee inspects and decides. In return for which, trade is free; at last trade is free. We plant some carrots which by chance never sell well, and we buy some hoeing machines which always happen to be very expensive. And we are free to protest, free, infinitely free to write, to vote, to speak in public, provided that we never take measures which can change all that. We are free to get upset and to fight in a universe of wadding. One does not know very well where our freedom ends, where our nationality ends, one does not know very well where what is permitted ends. It is an elastic universe. One does not know any more where one’s feet are set; one does not even know any more if one has feet; one feels very light, as if one’s body had been lost. But for those who grant us this simple ablation what infinite rewards, what a multitude of tips! This universe which they polish up and try to make look good to us is similar to some palace in Atlantis. There are everywhere small glasswares, columns of false marble, inscriptions, magic fruits. By entering this palace you abdicate your power, in exchange you have the right to touch the golden apples and to read the inscriptions. You are nothing any more; you do not feel any more the weight of your body; you have ceased being a man: you are one of the faithful of the religion of Humanity. At the bottom of the sanctuary there sits a Negro god. You have all the rights, except to speak evil of the god.

And profit was generated by what was essentially an elaborate pyramid scheme: at the apex were foreign commercial and financial houses; in the middle stood Brazilian merchants, traders, and a few exporters; and the whole thing rested on the backs of indebted tappers, who, as one critic put it, received goods on credit charged at fifty but in reality worth ten, in exchange for latex that the local merchant assessed at ten but that was actually worth fifty.

This is Radical Exoticism: the rule governing the world. It is not a law, for the law is the universal principle of understanding, the regulated interplay of differences, moral, political and economic rationality. It is a rule - and, like all rules, implies an arbitrary predestination. Consider languages, none of which is reducible to any other. Languages are predestined, each according to its own rules, its own arbitrary determinants, its own implacable logic. Each obeys the laws of communication and exchange, certainly, but at the same time it answers to an indestructible internal coherence; a language as such is, and must forever remain, fundamentally untranslatable into any other language. This explains why all languages are so 'beautiful' - precisely because they are foreign to one another. A law is never ineluctable: it is a concept, founded upon a consensus. A rule, by contrast, is indeed ineluctable, because it is not a concept but a form that orders a game. Seduction illustrates this well. Eros is love - the force of attraction, of fusion, of conjunction. Seduction is the far more radical figure of disjunction, distraction, illusion and diversion, a figure that alters essence and meaning, alters identity and the subject. And, contrary to common belief, entropy is on the side not of universal disjunction but of conjunction and fusion, of love and understanding - on the side of the proper use of differences. Seduction - exoticism - is an excess of the other, of otherness, the vertiginous appeal of what is 'more different than different' : this is what is irreducible - and this is the true source of energy. In this predestined world of the Other, everything comes from elsewhere - happy or unhappy events, illnesses, even thoughts themselves. All imperatives flow from the non-human - from gods, beasts, spirits, magic. This is a universe of fatality, not of psychology. According to Julia Kristeva we become estranged from ourselves by internalizing the other, and this estrangement from ourselves takes the form - among others - of the unconscious. But in the world of fatality the unconscious does not exist. There is no universal form of the unconscious, as psychoanalysis claims, and the only alternative to unconscious repression is fatality - the imputation of everything to a completely nonhuman agency, an agency which is external to the human and delivers us from it.

The very scale of the efforts made to exterminate the Other is testimony to the Other's indestructibility, and by extension to the indestructible totality of Otherness. Such is the power of this idea, and such is the power of the facts. Radical otherness survives everything: conquest, racism, extermination, the virus of difference, the psychodrama of alienation. On the one hand, the Other is always-already dead; on the other hand, the Other is indestructible. This is the Great Game. The ultimate inscrutability of beings, as of peoples. Segalen: 'The inscrutability of races, which is merely the extension to races of the inscrutability of individuals.' The survival of exoticism depends entirely on the impossibility of encounter, fusion and the exchange of differences. Fortunately, all this is an illusion - the illusion of subjectivity itself. All that endures is the foreignness of the foreigner, the irredeemability of the object. No psychology: psychology is always the worst way to go. Avoid all psychological, ideological and moral forms of the Other - eschew the metaphor of the Other, the Other as metaphor. Seek the Other's 'cruelty', the Other's unintelligibility, the Other as spectre: constrain the Other to foreignness, violate the Other in his foreignness. Running to ground of metaphor: sublime form of metaphorical violation. Radical anti-ethnology, anti-universalism, anti-differentialism. Radical exoticism versus the pimping of differences.