Fund Accounting Quotes

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We’ll have to figure out a way to spend our money,” said Kaz. “What money?” said Jesper. “It all got poured into the Shu coffers. Like they needed it.” “Did it?” Nina’s eyes narrowed and Jesper saw a bit of her spirit return. “Stop playing around, Brekker, or I’ll send my unholy army of the dead after you.” Kaz shrugged. “I felt the Shu could manage with forty million.” “The thirty million Van Eck owed us—” murmured Jesper. “Four million kruge each. I’m giving Per Haskell’s share to Rotty and Specht. It will be laundered through one of the Dregs’ businesses before it passes back through the Gemensbank, but the funds should be in separate accounts for you by the end of the month.” He paused. “Matthias’ share will go to Nina. I know money doesn’t matter to—” “It matters,” said Nina. “I’ll find a way to make it matter. What will you do with your shares?” “Find a ship,” said Inej. “Put together a crew.” “Help run an empire,” said Jesper. “Try not to run it into the ground,” said Wylan. “And you, Kaz?” Nina asked. “Build something new,” he said with a shrug. “Watch it burn.
Leigh Bardugo (Crooked Kingdom (Six of Crows, #2))
But you, dear #GIRLBOSS, should save 10 percent at the bare minimum. I know it’s a lot easier to talk about saving money than it is to actually save it. Here’s a tip: Treat your savings account like just another bill. It has to be paid every month, or there are consequences. If you have direct deposit, have a portion of your paycheck automatically diverted into a savings account. Once it’s in there, forget about it. You never saw it anyway. It’s an emergency fund only (and vacations are not emergencies).
Sophia Amoruso (#GIRLBOSS)
Teaching is like having a bank account. You can happily draw on it while it is well supplied with new funds; otherwise you're in difficulties. Every teacher should have a fund of ready information on which to draw; he should keep that fund supplied regularly by new experiences, new thoughts and discoveries, by reading and moving around among people from whom he can acquire such things.
E.R. Braithwaite (To Sir, With Love)
My immediate neighbourhood will not be palmy Norway – my first choice on account of its gigantic sovereign fund and generous social provision; nor my second, Italy, on grounds of regional cuisine and sun-blessed decay; and not even my third, France, for its Pinot Noir and jaunty self-regard. Instead I’ll inherit a less than united kingdom ruled by an esteemed elderly queen, where a businessman-prince, famed for his good works, his elixirs (cauliflower essence to purify the blood) and unconstitutional meddling, waits restively for his crown. This will be my home, and it will do. I
Ian McEwan (Nutshell)
I knew I’d do anything for money. Throughout college back in Ireland, I’d kept a savings account that I charmingly termed “abortion fund.” It had €1,500 in it by the end. I knew some women who saved with their friends, and they all helped whoever was unlucky. But I didn’t trust anyone. I got the money together by waitressing, then kept adding to it after I had enough for a procedure in England. I liked watching the balance go up. The richer I got, the harder it would be for anyone to force me to do anything.
Naoise Dolan (Exciting Times)
The [carried-interest] loophole was in essence an accounting trick that enabled hedge fund and private equity managers to categorize huge portions of their income as ‘interest,’ which was taxed at the 15 percent rate then applied to long-term capital gains. This was less than half the income tax rate paid by other top-bracket wage earners. Critics called the loophole a gigantic subsidy to millionaires and billionaires at the expense of ordinary taxpayers. The Economic Policy Institute, a progressive think tank, estimated that the hedge fund loophole cost the government over $6 billion a year—the cost of providing health care to three million children. Of that total, it said, almost $2 billion a year from the tax break went to just twenty-five individuals.
Jane Mayer (Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right)
And to whom were these bundles of unrecognizably mashed-up mortgages ultimately sold? Quite often, to you and me. Our pension funds, municipalities, and money-market accounts were made up largely of these “mortgage-backed securities.
Douglas Rushkoff
Among us English-speaking peoples especially do the praises of poverty need once more to be boldly sung. We have grown literally afraid to be poor. We despise any one who elects to be poor in order to simplify and save his inner life. If he does not join the general scramble and pant with the money-making street, we deem him spiritless and lacking in ambition. We have lost the power even of imagining what the ancient idealization of poverty could have meant: the liberation from material attachments, the unbribed soul, the manlier indifference, the paying our way by what we are or do and not by what we have, the right to fling away our life at any moment irresponsibly—the more athletic trim, in short, the moral fighting shape. When we of the so-called better classes are scared as men were never scared in history at material ugliness and hardship; when we put off marriage until our house can be artistic, and quake at the thought of having a child without a bank-account and doomed to manual labor, it is time for thinking men to protest against so unmanly and irreligious a state of opinion. It is true that so far as wealth gives time for ideal ends and exercise to ideal energies, wealth is better than poverty and ought to be chosen. But wealth does this in only a portion of the actual cases. Elsewhere the desire to gain wealth and the fear to lose it are our chief breeders of cowardice and propagators of corruption. There are thousands of conjunctures in which a wealth-bound man must be a slave, whilst a man for whom poverty has no terrors becomes a freeman. Think of the strength which personal indifference to poverty would give us if we were devoted to unpopular causes. We need no longer hold our tongues or fear to vote the revolutionary or reformatory ticket. Our stocks might fall, our hopes of promotion vanish, our salaries stop, our club doors close in our faces; yet, while we lived, we would imperturbably bear witness to the spirit, and our example would help to set free our generation. The cause would need its funds, but we its servants would be potent in proportion as we personally were contented with our poverty. I recommend this matter to your serious pondering, for it is certain that the prevalent fear of poverty among the educated classes is the worst moral disease from which our civilization suffers.
William James (Varieties of Religious Experience, a Study in Human Nature)
The end result is spirituality without dogma, religion without God, argument without substance, rationalization without rationality, and tranquillity by transfer of funds from the seeker’s bank account to the company that makes the best offer of nirvana, at the same time producing dogmatism about relativism in matters of ultimate meaning.
Ravi Zacharias (Why Jesus?: Rediscovering His Truth in an Age of Mass Marketed Spirituality)
Would you believe me if I told you that there’s an investment strategy that a seven-year-old could understand, will take you fifteen minutes of work per year, outperform 90 percent of finance professionals in the long run, and make you a millionaire over time?   Well, it is true, and here it is: Start by saving 15 percent of your salary at age 25 into a 401(k) plan, an IRA, or a taxable account (or all three). Put equal amounts of that 15 percent into just three different mutual funds:   A U.S. total stock market index fund An international total stock market index fund A U.S. total bond market index fund.   Over time, the three funds will grow at different rates, so once per year you’ll adjust their amounts so that they’re again equal. (That’s the fifteen minutes per year, assuming you’ve enrolled in an automatic savings plan.)   That’s it; if you can follow this simple recipe throughout your working career, you will almost certainly beat out most professional investors. More importantly, you’ll likely accumulate enough savings to retire comfortably.
William J. Bernstein (If You Can: How Millennials Can Get Rich Slowly)
stipulation that the couple promise—indeed sign a pledge—to fund a savings account to pay for the boy’s college education. There was another
Walter Isaacson (Steve Jobs)
We were taking out mortgages we couldn’t afford because they were camouflaged to look as if we had a reasonable chance of paying them back. Banks then changed the bankruptcy laws so that we could not get out of our obligations once the rates changed. Lastly, they sold us back our own mortgages, shifting back to us any of the risk through our money-market accounts and pension funds.
Douglas Rushkoff (Life Inc.: How the World Became a Corporation and How to Take it Back)
And it is all the more extraordinary when you reflect that despite perpetually modest funding Britain still has three of the world’s top ten universities and eleven of the top one hundred. Put another way, Britain has 1 percent of the world’s population, but 11 percent of its best universities, and accounts for nearly 12 percent of total academic citations and 16 percent of the most highly cited studies. I
Bill Bryson (The Road to Little Dribbling: More Notes from a Small Island)
How to Survive Racism in an Organization that Claims to be Antiracist: 10. Ask why they want you. Get as much clarity as possible on what the organization has read about you, what they understand about you, what they assume are your gifts and strengths. What does the organization hope you will bring to the table? Do those answers align with your reasons for wanting to be at the table? 9. Define your terms. You and the organization may have different definitions of words like "justice", "diveristy", or "antiracism". Ask for definitions, examples, or success stories to give you a better idea of how the organization understands and embodies these words. Also ask about who is in charge and who is held accountable for these efforts. Then ask yourself if you can work within the structure. 8. Hold the organization to the highest vision they committed to for as long as you can. Be ready to move if the leaders aren't prepared to pursue their own stated vision. 7. Find your people. If you are going to push back against the system or push leadership forward, it's wise not to do so alone. Build or join an antiracist cohort within the organization. 6. Have mentors and counselors on standby. Don't just choose a really good friend or a parent when seeking advice. It's important to have on or two mentors who can give advice based on their personal knowledge of the organization and its leaders. You want someone who can help you navigate the particular politics of your organization. 5. Practice self-care. Remember that you are a whole person, not a mule to carry the racial sins of the organization. Fall in love, take your children to the park, don't miss doctors' visits, read for pleasure, dance with abandon, have lots of good sex, be gentle with yourself. 4. Find donors who will contribute to the cause. Who's willing to keep the class funded, the diversity positions going, the social justice center operating? It's important for the organization to know the members of your cohort aren't the only ones who care. Demonstrate that there are stakeholders, congregations members, and donors who want to see real change. 3. Know your rights. There are some racist things that are just mean, but others are against the law. Know the difference, and keep records of it all. 2. Speak. Of course, context matters. You must be strategic about when, how, to whom, and about which situations you decide to call out. But speak. Find your voice and use it. 1. Remember: You are a creative being who is capable of making change. But it is not your responsibility to transform an entire organization.
Austin Channing Brown (I'm Still Here: Black Dignity in a World Made for Whiteness)
Most incarcerated women—nearly two-thirds—are in prison for nonviolent, low-level drug crimes or property crimes. Drug laws in particular have had a huge impact on the number of women sent to prison. “Three strikes” laws have also played a considerable role. I started challenging conditions of confinement at Tutwiler in the mid-1980s as a young attorney with the Southern Prisoners Defense Committee. At the time, I was shocked to find women in prison for such minor offenses. One of the first incarcerated women I ever met was a young mother who was serving a long prison sentence for writing checks to buy her three young children Christmas gifts without sufficient funds in her account. Like a character in a Victor Hugo novel, she tearfully explained her heartbreaking tale to me. I couldn’t accept the truth of what she was saying until I checked her file and discovered that she had, in fact, been convicted and sentenced to over ten years in prison for writing five checks, including three to Toys “R” Us. None of the checks was for more than $150. She was not unique. Thousands of women have been sentenced to lengthy terms in prison for writing bad checks or for minor property crimes that trigger mandatory minimum sentences. The collateral consequences of incarcerating women are significant. Approximately 75 to 80 percent of incarcerated women are mothers with minor children. Nearly 65 percent had minor children living with them at the time of their arrest—children who have become more vulnerable and at-risk as a result of their mother’s incarceration and will remain so for the rest of their lives, even after their mothers come home. In 1996, Congress passed welfare reform legislation that gratuitously included a provision that authorized states to ban people with drug convictions from public benefits and welfare. The population most affected by this misguided law is formerly incarcerated women with children, most of whom were imprisoned for drug crimes. These women and their children can no longer live in public housing, receive food stamps, or access basic services. In the last twenty years, we’ve created a new class of “untouchables” in American society, made up of our most vulnerable mothers and their children.
Bryan Stevenson (Just Mercy: A Story of Justice and Redemption)
less than 1% of new businesses started each year in the U.S. receive venture funding, and total VC investment accounts for less than 0.2% of GDP. But the results of those investments disproportionately propel the entire economy. Venture-backed companies create 11% of all private sector jobs. They generate annual revenues equivalent to an astounding 21% of GDP. Indeed, the dozen largest tech companies were all venture-backed. Together those 12 companies are worth more than $2 trillion, more than all other tech companies combined.
Peter Thiel (Zero to One: Notes on Startups, or How to Build the Future)
Facebook, Oliver. You’d know what I’m talking about if you logged in more than once. All you’ve posted is an off-centered picture of a blurry raccoon.” “I’m still getting acclimated to the camera feature.” “You also only have two friends, and they’re both fake accounts.” “They told me I had funds available in a deceased relative’s account that they would help me retrieve. It sounded promising.” A sharp laugh hits me. “You didn’t even accept my friend request.” “You weren’t offering me two-million dollars.” Another laugh that prompts my own.
Jennifer Hartmann (Lotus)
I’d drained our bank account, and there was less than I’d expected in the rainy-day fund that Mom had kept at the bottom of an underwear drawer in a panty hose egg labeled “DEAD SPIDERS.” As if I hadn’t always known it was there. As if I wouldn’t have wanted to look at dead spiders. I
Adam Rex (The True Meaning of Smekday)
don’t forget about local elections. State legislatures have a huge influence on what you can and can’t do where you live; the mayor approves the city budget on things like police or school funding; your local district attorney has say over who goes to prison and who doesn’t. Local elections can even get your potholes filled, and I think we’re all anti-potholes. So do your research on the candidates just as you would for a president. Attend their speeches and debates when you can, call them out on issues of fairness and bias. Make them accountable to their records in a public forum.
Emmanuel Acho (Uncomfortable Conversations with a Black Man)
Don’t fall into the habit of bringing work home, Rick. It indicates a lack of planning, and you would eventually find yourself stuck indoors every night. Teaching is like having a bank account. You can happily draw on it while it is well supplied with new funds; otherwise you’re in difficulties. “Every
E.R. Braithwaite (To Sir, With Love)
Don't fall into the habit of bringing work home, Rick. It indicates a lack of planning, and you would eventually find yourself stuck indoors every night. Teaching is like having a bank account. You can happily draw on it while it is well supplied with new funds; otherwise you're in difficulties. Every teacher should have a fund of ready information on which to draw; he should keep that fund supplied regularly by new experiences, new thoughts and discoveries, by reading and moving around among people from whom he can acquire such things." "Not much chance of social movement for me, I'm afraid." "Nonsense, Rick, you're settled in a job now, so there's no need to worry about that; but you must get out and meet more people. I'm sure you'll find lots of nice people about who are not foolishly concerned with prejudice." "That's all right, Dad; I'm quite happy to stay at home with you and Mom." "Nice to hear you say that, but we're old and getting a bit stuffy. You need the company of younger people like yourself. It's even time he had a girl, don't you think, Jess?" Mom smiled across at me. "Ah, leave him alone, Bob, there's plenty of time for that." We went on to chat about other things, but I never forgot what Dad Belmont had said, and never again did I take notebooks home for marking. I would check the work in progress by moving about the class, helping here, correcting there; and I very soon discovered that in this way errors were pin-pointed while they were still fresh in the child's mind.
E.R. Braithwaite (To Sir, With Love)
We must commit to pulling our brothers and sisters out of the river and also commit to going upstream to identify, confront, and hold accountable those who are pushing them in. We help parents bury their babies who were victims of gun violence. And we go upstream to fight the gun manufacturers and politicians who profit from their children’s deaths. We step into the gap to sustain moms who are raising families with imprisoned dads. And we go upstream to dismantle the injustice of mass incarceration. We fund recovery programs for those suffering from opioid addiction. And we go upstream to rail against the system that enables Big Pharma and corrupt doctors to get richer every time another kid gets hooked. We provide shelter and mentoring for LGBTQ homeless kids. And we go upstream to renounce the religious-based bigotry, family rejection, and homophobic policies that make LGBTQ kids more than twice as likely as their straight or cis-gender peers to experience homelessness. We help struggling veterans get the PTSD treatment they need and deserve, and we go upstream to confront the military-industrial complex, which is so zealous to send our soldiers to war and so willing to abandon them when they return.
Glennon Doyle (Untamed: Stop Pleasing, Start Living)
The first way to save and invest your money is to have a budget, and it should be prepared when you have absolutely nothing.Once the funds have gone into your account, start keeping a record of every expenditure, and don't go for things which are not in the budget. Compare the budget and actual in the following month.
Ekare
The three Coffeehouse Investor principles offer a sensible starting point for a young college graduate who is starting to contribute to a company-sponsored retirement account. All it takes is a commitment to save and an investment in one simple index fund to build wealth, ignore Wall Street, and get on with your life. Time is on your side.   On
Bill Schultheis (The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On with Your Life)
Collectively, as a people, we have to upgrade our standards and expectations of our political leaders and ourselves, hold them and our own selves accountable for the promises we make, and insist on specifics – projects, deadlines, processes, funds to be committed, and follow-up! Otherwise, we will continue to be dribbled and deceived, and nothing would get done.
Nana Awere Damoah (Sebitically Speaking)
And now after considerable experience with the many public institutions which I have managed, it has become my firm conviction that it is not good to run public institutions on permanent funds. A permanent fund carries in itself the seed of the moral fall of the institution. A public institution means an institution conducted with the approval, and from the funds, of the public. When such an institution ceases to have public support, it forfeits its right to exist. Institutions maintained on permanent funds are often found to ignore public opinion, and are frequently responsible for acts contrary to it. In our country we experience this at every step. Some of the so-called religious trusts have ceased to render any accounts.
Mahatma Gandhi (My Experiments with Truth: An Autobiography of Mahatma Gandhi)
To honour his bills of exchange, Badoer had at least four accounts with local bankers in Constantinople, where banking was organised along the same lines as on the Rialto: a bank’s primary function was not to lend money, but to transfer the funds of its depositors, who personally presented themselves to authorise the transfer of money to creditor accounts in different cities.
Jane Gleeson-White (Double Entry: How the Merchants of Venice Created Modern Finance)
With those two things going as well as they were, I figured we could become successful institutional investment managers ourselves. So I made the pitch to the people who ran the World Bank’s pension fund, most importantly Hilda Ochoa, who was its chief investment officer at the time. Despite the fact that we had no assets under management and no track record, she gave us a $5 million U.S. bond account to manage.
Ray Dalio (Principles: Life and Work)
Each year about 600,000 start-ups are launched. Less than 0.5 percent attract VC. Of Inc. magazine's annual list of the 500 fastest growing companies in the United States assessed over a decade (1997–2007), less than 20 percent of companies were venture backed” - “62.4 percent of VC investments were completely lost while 3.1 percent of the investments accounted for 53 percent of the profits for roughly 600 investments
Mahendra Ramsinghani (The Business of Venture Capital: Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strategies)
Gates was, after all, a serial stealer of computer time, and he had manipulated passwords to hack into accounts from eighth grade through his sophomore year at Harvard. Indeed, when he claimed in his letter that he and Allen had used more than $40,000 worth of computer time to make BASIC, he omitted the fact that he had never actually paid for that time and that much of it was on Harvard’s military-supplied computer, funded by American taxpayers.
Walter Isaacson (The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution)
Madoff was not inhumanly monstrous. He was monstrously human. He was greedy for money and praise, arrogantly sure of his own capacity to pull it off, smugly dismissive of skeptics—just like anyone who mortgaged the house to invest in tech stocks, or tapped the off-limits college fund to gamble on a new business, or put all the retirement savings into a hedge fund they didn’t understand, or cheated a little on the tax return or the expense account or the spouse.
Diana B. Henriques (The Wizard of Lies: Bernie Madoff and the Death of Trust)
my first choice on account of its gigantic sovereign fund and generous social provision; nor my second, Italy, on grounds of regional cuisine and sun-blessed decay; and not even my third, France, for its Pinot Noir and jaunty self-regard. Instead I’ll inherit a less than united kingdom ruled by an esteemed elderly queen, where a businessman-prince, famed for his good works, his elixirs (cauliflower essence to purify the blood) and unconstitutional meddling, waits restively for his crown.
Ian McEwan (Nutshell)
We don’t worry about who manages the bank or what they do with our money. Even if we hear on the news that our bank has started to lend large sums of money to piano-playing cats, which we think is a bad idea, we would not feel the need to show up at the bank the next morning to ask for all of our money back. If you had lent your money to an individual and they in turn lent your money to piano-playing cats, you would demand your money back immediately. But because you deposit your money into a bank account insured by the federal government, you feel no need to keep a watchful eye on what your bank does with the money. Insurance removes the incentive for customers to police a bank. It can also remove the incentive for banks to police themselves because they do not bear the full or even the most serious consequences of their actions. Removing the natural tendencies of the market to notice and punish bad choices creates a moral hazard that may result in well-funded cats and other undetected market risks.
Mehrsa Baradaran (How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy)
Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like
Chris Hedges (Wages of Rebellion)
Whether this propensity be one of those original principles in human nature of which no further account can be given; or whether, as seems more probable, it be the necessary consequence of the faculties of reason and speech, it belongs not to our present subject to inquire. It is common to all men, and to be found in no other race of animals, which seem to know neither this nor any other species of contracts. Two greyhounds, in running down the same hare, have sometimes the appearance of acting in some sort of concert. Each turns her towards his companion, or endeavours to intercept her when his companion turns her towards himself. This, however, is not the effect of any contract, but of the accidental concurrence of their passions in the same object at that particular time. Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog. Nobody ever saw one animal by its gestures and natural cries signify to another, this is mine, that yours; I am willing to give this for that. When an animal wants to obtain something either of a man or of another animal, it has no other means of persuasion but to gain the favour of those whose service it requires. A puppy fawns upon its dam, and a spaniel endeavours by a thousand attractions to engage the attention of its master who is at dinner, when it wants to be fed by him. Man sometimes uses the same arts with his brethren, and when he has no other means of engaging them to act according to his inclinations, endeavours by every servile and fawning attention to obtain their good will. He has not time, however, to do this upon every occasion. In civilised society he stands at all times in need of the cooperation and assistance of great multitudes, while his whole life is scarce sufficient to gain the friendship of a few persons. In almost every other race of animals each individual, when it is grown up to maturity, is entirely independent, and in its natural state has occasion for the assistance of no other living creature. But man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only. He will be more likely to prevail if he can interest their self-love in his favour, and show them that it is for their own advantage to do for him what he requires of them. Whoever offers to another a bargain of any kind, proposes to do this. Give me that which I want, and you shall have this which you want, is the meaning of every such offer; and it is in this manner that we obtain from one another the far greater part of those good offices which we stand in need of. It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages. Nobody but a beggar chooses to depend chiefly upon the benevolence of his fellow-citizens. Even a beggar does not depend upon it entirely. The charity of well-disposed people, indeed, supplies him with the whole fund of his subsistence. But though this principle ultimately provides him with all the necessaries of life which he has occasion for, it neither does nor can provide him with them as he has occasion for them. The greater part of his occasional wants are supplied in the same manner as those of other people, by treaty, by barter, and by purchase. With the money which one man gives him he purchases food. The old clothes which another bestows upon him he exchanges for other old clothes which suit him better, or for lodging, or for food, or for money, with which he can buy either food, clothes, or lodging, as he has occasion.
Adam Smith (The Wealth of Nations)
Currency is the email of blockchains. Payments are the fundamental infrastructure that will enable density of adoption. It’s very, very enticing to say, "This is about more than money!" It absolutely is, in the long term. The vision of this technology is far beyond money, but you can’t build that unless you first build the money part. That’s what creates the security. That’s what creates the velocity, the liquidity, the infrastructure. That’s what funds the entire ecosystem. In the end, when we do deliver these services to people, it won’t be so they can open a bank account. This isn’t about banking the unbanked; it’s about unbanking all of us.
Andreas M. Antonopoulos (The Internet of Money Volume Two)
Using an example of how this would work in a more relatable scenario. If you were to imagine a hacker accessing the computer system of your bank and transferring all your funds from your own account into his and deleting all evidence of the transaction, existing technology would not be able to pick this up and you would likely be out of pocket. In the case of a blockchain currency like Bitcoin, having one server hacked with a false transaction being inserted into the database would not be consistent with the same record across the other copies of the database. The blockchain would identify the transaction as being illegitimate and would ultimately reject it meaning the money in your account would be kept safe.
Chris Lambert (Cryptocurrency: How I Turned $400 into $100,000 by Trading Cryptocurrency for 6 months (Crypto Trading Secrets Book 1))
Hillary trotted out her favorite image of a three-legged stool that upholds stable societies: “a responsive, accountable government; an energetic, effective private sector economy; and then civil society, which represents everything else that happens in the space between the government and the economy, that holds the values, that represents the aspirations.” This “stool” is actually the image of the bland governance of a corporate society: a government responsive to the demands of finance capital, a capitalist economy, and private, unelected and well-funded organizations that will determine “our values”. Note what is missing: a vigorous political life, scrupulously independent media, and an education system that prepares intellectually alert and critical citizens.
Diana Johnstone (Queen of Chaos: The Misadventures of Hillary Clinton)
The remedy is to terminate them after the founding generation dies out. Older foundations like Ford should be sunset immediately and its funds distributed to hospitals and other institutions that serve the needy and the poor, recipients for whom the word “charity” was invented. As the tax law is presently designed, the Ford Foundation will exist forever and will be accountable to no one except a self-perpetuating board, which is accountable to no one. This is undemocratic and unacceptable. Republicans have ignored the problems created by this system for far too long. Unless they are prepared to get serious about fighting the war the left has declared, unless the powers of this shadow political universe are checked, the progressives’ march toward a societal transformation cannot be arrested, let alone stopped.
David Horowitz (Big Agenda: President Trump's Plan to Save America)
I suggest a Money Market account with no penalties and full check-writing privileges for your emergency fund. We have a large emergency fund for our household in a mutual-fund company Money Market account. Wherever you get your mutual funds, look at the website to find Money Market accounts that pay interest equal to one-year CDs. I haven’t found bank Money Market accounts to be competitive. The FDIC does not insure the mutual-fund Money Market accounts, but I keep mine there anyway because I’ve never known one to fail. Keep in mind that the interest earned is not the main thing. The main thing is that the money is available to cover emergencies. Your wealth building is not going to happen in this account; that will come later, in other places. This account is more like insurance against rainy days than it is investing.
Dave Ramsey (The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness)
Very briefly, this simple, practical measure would be for a portion of the machines of every company to become the property of everyone – with the percentage of profits corresponding to that portion flowing into a common fund to be shared equally by all. Consider what effect that would have on the course of human history. Currently, increasing automation reduces the portion of total income that goes to workers, diverting more and more money into the pockets of the rich who own the machines. But as we have seen, this ultimately diminishes demand for their products, as the majority have less and less money to spend. But if a portion of the profits were to go automatically into the bank accounts of the workers as well, then this downward pressure on demand, sales and prices would be alleviated, turning the whole of humanity into the beneficiary of the machines’ labour.
Yanis Varoufakis (Talking to My Daughter)
Woody Allen made a PBS television special called Men of Crisis: The Harvey Wallinger Story in 1971, a half-hour satire of Henry Kissinger. The mockumentary was a natural follow-up to Allen’s directorial debut, Take the Money and Run. It opened with a Kissinger-esque character played by Allen, complaining on the phone: “I want you to get an injunction against The Times. Yes, it’s a New York, Jewish, Communist, left-wing, homosexual newspaper. And that’s just the sports section.” President Nixon already believed PBS was against him and had sent word through Clay Whitehead of the White House Office of Telecommunications Policy that criticism of the administration would result in funding cuts. PBS screened the Woody Allen special for its legal department, which found nothing objectionable. Still, station president Ethan Hitchcock wrote a memo: “Under no account must it be shown.
Kliph Nesteroff (The Comedians: Drunks, Thieves, Scoundrels, and the History of American Comedy)
But our ill fortune did not afflict the Portuguese in our town: they still shipped gold and wool to Porto and still sent hanbals, kiswas and other woven goods to Guinea. If anything, the drought and famine we were experiencing had only made their trade more profitable, because the price of the wool had fallen so low that they could purchase larger quantities of it. That year, a strange thing happened. The farmers who had neither the funds to pay the Portoguese tax nor grain to sell at marked had to give their children as payment. Girls of marriagable age were worth two arrobas of wheat; boys twice as that. A custom official of my acquaintance swore that he had seen three Portuguese caravels leave Azzemur, each carrying two hundred girls and women, who would be transported to Seville, where they would be sold as domestics and concubines. From that blighted time came the saying: when bellies speak, reason is lost.
Laila Lalami (The Moor's Account)
Why Westerners are so obsessed with "saving" Africa, and why this obsession so often goes awry? Western countries should understand that Africa’s development chances and social possibilities remain heavily hindered due to its overall mediocre governance. Africa rising is still possible -- but first Africans need to understand that the power lies not just with the government, but the people. I do believe, that young Africans have the will to "CHANGE" Africa. They must engage their government in a positive manner on issues that matters -- I also realize that too many of the continent’s people are subject to the kinds of governments that favor ruling elites rather than ordinary villagers and townspeople. These kind of behavior trickles down growth. In Zimbabwe Robert Mugabe is the problem. In South Africa the Apartheid did some damage. The country still wrestles with significant racial issues that sometimes leads to the murder of its citizens. In Ethiopia, Somalia and Kenya the world’s worst food crisis is being felt. In Libya the West sends a mixed messages that make the future for Libyans uncertain. In Nigeria oil is the biggest curse. In Liberia corruption had make it very hard for the country to even develop. Westerners should understand that their funding cannot fix the problems in Africa. African problems can be fixed by Africans. Charity gives but does not really transform. Transformation should come from the root, "African leadership." We have a PHD, Bachelors and even Master degree holders but still can't transform knowledge. Knowledge in any society should be the power of transformation. Africa does not need a savior and western funds, what Africa needs is a drive towards ownership of one's destiny. By creating a positive structural system that works for the majority. There should be needs in dealing with corruption, leadership and accountability.
Henry Johnson Jr
Imagine, for instance, that all of Washington’s 100,000 lobbyists were to go on strike tomorrow.3 Or that every tax accountant in Manhattan decided to stay home. It seems unlikely the mayor would announce a state of emergency. In fact, it’s unlikely that either of these scenarios would do much damage. A strike by, say, social media consultants, telemarketers, or high-frequency traders might never even make the news at all. When it comes to garbage collectors, though, it’s different. Any way you look at it, they do a job we can’t do without. And the harsh truth is that an increasing number of people do jobs that we can do just fine without. Were they to suddenly stop working the world wouldn’t get any poorer, uglier, or in any way worse. Take the slick Wall Street traders who line their pockets at the expense of another retirement fund. Take the shrewd lawyers who can draw a corporate lawsuit out until the end of days. Or take the brilliant ad writer who pens the slogan of the year and puts the competition right out of business. Instead of creating wealth, these jobs mostly just shift it around.
Rutger Bregman (Utopia for Realists: How We Can Build the Ideal World)
IRA funds became a form of play money for the middle class... Because the pool of capital that made up an IRA could not be withdrawn for twenty or thirty years, many people viewed their IRAs as containing money they could experiment with. They could use an IRA to buy their first stock or their first mutual fund. They could put in in a money market fund first, and then, as they got bolder - and the bull market became more irresistible - shift some of it into something a little riskier. IRAs gave people a way to try on the stock and bond markets for size, to see how they felt, and to become slowly comfortable with the idea of investing. The knowledge that the money couldn't easily be withdrawn acted as a psychological safety net, allowing investors to feel as though they could take a chance or two. If they made a mistake, they reasoned, there was still time to recoup - several decades, perhaps.Over time, many people came to believe that it as imperative to maximize the returns they were getting on their IRA account, even at the risk of taking a loss. How else would they ever have enough to retire on? This, surely, is the classic definition of investment capital.
Joe Nocera (A Piece of the Action: How the Middle Class Joined the Money Class)
suggest funding college, or at least the first step of college, with an Educational Savings Account (ESA), funded in a growth-stock mutual fund. The Educational Savings Account, nicknamed the Education IRA, grows tax-free when used for higher education. If you invest $2,000 a year from birth to age eighteen in prepaid tuition, that would purchase about $72,000 in tuition, but through an ESA in mutual funds averaging 12 percent, you would have $126,000 tax-free. The ESA currently allows you to invest $2,000 per year, per child, if your household income is under $220,000 per year. If you start investing early, your child can go to virtually any college if you save $166.67 per month ($2,000/year). For most of you, Baby Step Five is handled if you start an ESA fully funded and your child is under eight. If your children are older, or you have aspirations of expensive schools, graduate school, or PhD programs that you pay for, you will have to save more than the ESA will allow. I would still start with the ESA if the income limits don’t keep you out. Start with the ESA because you can invest it anywhere, in any fund or any mix of funds, and change it at will. It is the most flexible, and you have the most control.
Dave Ramsey (The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness)
This new religion has had a decisive influence on the development of modern science, too. Scientific research is usually funded by either governments or private businesses. When capitalist governments and businesses consider investing in a particular scientific project, the first questions are usually, ‘Will this project enable us to increase production and profits? Will it produce economic growth?’ A project that can’t clear these hurdles has little chance of finding a sponsor. No history of modern science can leave capitalism out of the picture. Conversely, the history of capitalism is unintelligible without taking science into account. Capitalism’s belief in perpetual economic growth flies in the face of almost everything we know about the universe. A society of wolves would be extremely foolish to believe that the supply of sheep would keep on growing indefinitely. The human economy has nevertheless managed to keep on growing throughout the modern era, thanks only to the fact that scientists come up with another discovery or gadget every few years – such as the continent of America, the internal combustion engine, or genetically engineered sheep. Banks and governments print money, but ultimately, it is the scientists who foot the bill.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
[Hyun Song Shin] most accurately portrayed the state of the global economy. 'I'd like to tell you about the Millennium Bridge in London,' he began…'The bridge was opened by the queen on a sunny day in June,' Shin continued. 'The press was there in force, and many thousands of people turned up to savor the occasion. However, within moments of the bridge's opening, it began to shake violently.' The day it opened, the Millennium Bridge was closed. The engineers were initially mystified about what had gone wrong. Of course it would be a problem if a platoon of soldiers marched in lockstep across the bridge, creating sufficiently powerful vertical vibration to produce a swaying effect. The nearby Albert Bridge, built more than a century earlier, even features a sign directing marching soldiers to break step rather than stay together when crossing. But that's not what happened at the Millennium Bridge. 'What is the probability that a thousand people walking at random will end up walking exactly in step, and remain in lockstep thereafter?' Shin asked. 'It is tempting to say, 'Close to Zero' ' But that's exactly what happened. The bridge's designers had failed to account for how people react to their environment. When the bridge moved slightly under the feet of those opening-day pedestrians, each individual naturally adjusted his or her stance for balance, just a little bit—but at the same time and in the same direction as every other individual. That created enough lateral force to turn a slight movement into a significant one. 'In other words,' said Shin, 'the wobble of the bridge feeds on itself. The wobble will continue and get stronger even though the initial shock—say, a small gust of wind—had long passed…Stress testing on the computer that looks only at storms, earthquakes, and heavy loads on the bridge would regard the events on the opening day as a 'perfect storm.' But this is a perfect storm that is guaranteed to come every day.' In financial markets, as on the Millennium Bridge, each individual player—every bank and hedge fund and individual investor—reacts to what is happening around him or her in concert with other individuals. When the ground shifts under the world's investors, they all shift their stance. And when they all shift their stance in the same direction at the same time, it just reinforces the initial movement. Suddenly, the whole system is wobbling violently. Ben Bernanke, Mervyn King, Jean-Claude Trichet, and the other men and women at Jackson Hole listened politely and then went to their coffee break.
Neil Irwin (The Alchemists: Three Central Bankers and a World on Fire)
Data sliced sufficiently finely begin once again to tell stories. The top 1 percent of the income distribution—representing household incomes in excess of roughly $475,000—comprises only about 1.5 million households. If one adds up the numbers of vice presidents or above at S&P 1500 companies (perhaps 250,000), professionals in the finance sector, including in hedge funds, venture capital, private equity, investment banking, and mutual funds (perhaps 250,000), professionals working at the top five management consultancies (roughly 60,000), partners at law firms whose profits per partner exceed $400,000 (roughly 25,000), and specialist doctors (roughly 500,000), this yields perhaps 1 million people. These are surely not all one-percenters, but they are all plausibly parts of the top 1 percent, and this group might comprise half—a sizable share—of 1 percent households overall. At the very least, the people in these known and named jobs constitute a material, rather than just marginal or eccentric, part of the top 1 percent of the income distribution. They are also, of course, the people depicted in journalistic accounts of extreme jobs—the people who regularly cancel vacation plans, spend most of their time on the road, live in unfurnished luxury apartments, and generally subsume themselves in work, encountering their personal lives only occasionally, and as strangers.
Daniel Markovits (The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite)
The Sputnik moment for the Open Classroom movement came in 1983, when a blue-ribbon commission appointed by Ronald Reagan’s Secretary of Education, T. H. Bell, delivered a scathing report, entitled, A Nation at Risk, whose famously ominous conclusion warned that “the educational foundations of our society are presently being eroded by a rising tide of mediocrity that threatens our very future as a Nation and a people.” The response this time was a fervent and growing bipartisan campaign for more accountability from schools, mostly in the form of more of those standardized tests. And by 2001, “accountability” had become a buzzword. Under President George W. Bush that year, the “No Child Left Behind” Act tied federal funding to students’ performance on tests. Eight years later, President Barack Obama’s “Race to the Top” program sought similar results, although this time using carrots instead of sticks. However the federal policy was constructed, the message was becoming clear: for schools to survive, their students would have to score high on mandated tests. Teachers consequently understood that to preserve their own jobs, they’d have to spend more time and energy on memorization and drills. The classrooms of the so-called Third Industrial Revolution began to look ever more like the dreary common schools of the turn of the twentieth century, and the spirit of Emile retreated once again.
Tom Little (Loving Learning: How Progressive Education Can Save America's Schools)
First I’ll ask Totthill what he knows about the borrowed funds. Since he probably won’t have a satisfactory answer, I’ll have to go through the account ledgers to find out what happened. In either event, I’ll tell the land steward to estimate what it will take to make the land improvements.” “I don’t envy you,” West said casually, and paused. His tone changed, sharpening. “Nor do I understand you. Sell the damned estate, Devon. You owe nothing to those people. Eversby Priory isn’t your birthright.” Devon sent him a sardonic glance. “Then how did I end up with it?” “By bloody accident!” “Regardless, it’s mine. Now leave, before I flatten your skull with one of these ledgers.” But West stood unmoving, pinning him with a baleful stare. “Why is this happening? What has changed you?” Exasperated, Devon rubbed the corners of his eyes. He hadn’t slept well for weeks, and his cookmaid had brought him only burned bacon and weak tea for breakfast. “Did you think that we were going to go through life completely unaltered?” he asked. “That we would occupy ourselves with nothing but selfish pleasures and trivial amusements?” “I was counting on it!” “Well, the unexpected happened. Don’t trouble yourself over it; I’ve asked nothing of you.” West’s aggression weathered down to a core of resentment. He approached the desk, turned, and hoisted himself up with effort to sit next to Devon. “Maybe you should, you stupid bastard.
Lisa Kleypas (Cold-Hearted Rake (The Ravenels, #1))
SECTION XI.--The Strength of Simplicity. The soul in the state of abandonment knows how to see God even in the proud who oppose His action. All creatures, good or evil, reveal Him to it. __________________________________________________________________ The whole practice of the simple soul is in the accomplishment of the will of God. This it respects even in those unruly actions by which the proud attempt to depreciate it. The proud soul despises one in whose sight it is as nothing, who beholds only God in it, and in all its actions. Often it imagines that the modesty of the simple soul is a mark of appreciation for itself; when, all the time, it is only a sign of that loving fear of God and of His holy will as shown to it in the person of the proud. No, poor fool, the simple soul fears you not at all. You excite its compassion; it is answering God when you think it is speaking to you: it is with Him that it believes it has to do; it regards you only as one of His slaves, or rather as a mask with which He disguises Himself. Therefore the more you take a high tone, the lower you become in its estimation; and when you think to take it by surprise, it surprises you. Your wiles and violence are just favours from Heaven. The proud soul cannot comprehend itself, but the simple soul, with the light of faith, can very clearly see through it. The finding of the divine action in all that occurs at each moment, in and around us, is true science, a continuous revelation of truth, and an unceasingly renewed intercourse with God. It is a rejoicing with the Spouse, not in secret, nor by stealth, in the cellar, or the vineyard, but openly, and in public, without any human respect. It is a fund of peace, of joy, of love, and of satisfaction with God who is seen, known, or rather, believed in, living and operating in the most perfect manner in everything that happens. It is the beginning of eternal happiness not yet perfectly realised and tasted, except in an incomplete and hidden manner. The Holy Spirit, who arranges all the pieces on the board of life, will, by this fruitful and continual presence of His action, say at the hour of death, "fiat lux," "let there be light" (Gen. i, 14), and then will be seen the treasures which faith hides in this abyss of peace and contentment with God, and which will be found in those things that have been every moment done, or suffered for Him. When God gives Himself thus, all that is common becomes wonderful; and it is on this account that nothing seems to be so, because this way is, in itself, extraordinary. Consequently it is unnecessary to make it full of strange and unsuitable marvels. It is, in itself, a miracle, a revelation, a constant joy even with the prevalence of minor faults. But it is a miracle which, while rendering all common and sensible things wonderful, has nothing in itself that is sensibly marvellous.
Jean-Pierre de Caussade (Abandonment to Divine Providence)
And then I saw him speak. Years later, after writing dozens upon dozens of presidential speeches, it would become impossible to listen to rhetoric without editing it in my head. On that historic Iowa evening, Obama began with a proclamation: “They said this day would never come.” Rereading those words today, I have questions. Who were “they,” exactly? Did they really say “never”? Because if they thought an antiwar candidate with a robust fund-raising operation could never win a divided three-way Democratic caucus, particularly with John Edwards eating into Hillary Clinton’s natural base of support among working-class whites, then they didn’t know what they were talking about. All this analysis would come later, though, along with stress-induced insomnia and an account at the Navy Mess. At the time, I was spellbound. The senator continued: “At this defining moment in history, you have done what the cynics said you couldn’t do.” He spoke like presidents in movies. He looked younger than my dad. I didn’t have time for a second thought, or even a first one. I simply believed. Barack Obama spoke for the next twelve minutes, and except for a brief moment when the landing gear popped out and I thought we were going to die, I was riveted. He told us we were one people. I nodded knowingly at the gentleman in the middle seat. He told us he would expand health care by bringing Democrats and Republicans together. I was certain it would happen as he described. He looked out at a sea of organizers and volunteers. “You did this,” he told them, “because you believed so deeply in the most American of ideas—that in the face of impossible odds, people who love this country can change it.
David Litt (Thanks, Obama: My Hopey, Changey White House Years)
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.
Anonymous
In the wake of the Cognitive Revolution, gossip helped Homo sapiens to form larger and more stable bands. But even gossip has its limits. Sociological research has shown that the maximum ‘natural’ size of a group bonded by gossip is about 150 individuals. Most people can neither intimately know, nor gossip effectively about, more than 150 human beings. Even today, a critical threshold in human organisations falls somewhere around this magic number. Below this threshold, communities, businesses, social networks and military units can maintain themselves based mainly on intimate acquaintance and rumour-mongering. There is no need for formal ranks, titles and law books to keep order. 3A platoon of thirty soldiers or even a company of a hundred soldiers can function well on the basis of intimate relations, with a minimum of formal discipline. A well-respected sergeant can become ‘king of the company’ and exercise authority even over commissioned officers. A small family business can survive and flourish without a board of directors, a CEO or an accounting department. But once the threshold of 150 individuals is crossed, things can no longer work that way. You cannot run a division with thousands of soldiers the same way you run a platoon. Successful family businesses usually face a crisis when they grow larger and hire more personnel. If they cannot reinvent themselves, they go bust. How did Homo sapiens manage to cross this critical threshold, eventually founding cities comprising tens of thousands of inhabitants and empires ruling hundreds of millions? The secret was probably the appearance of fiction. Large numbers of strangers can cooperate successfully by believing in common myths. Any large-scale human cooperation – whether a modern state, a medieval church, an ancient city or an archaic tribe – is rooted in common myths that exist only in people’s collective imagination. Churches are rooted in common religious myths. Two Catholics who have never met can nevertheless go together on crusade or pool funds to build a hospital because they both believe that God was incarnated in human flesh and allowed Himself to be crucified to redeem our sins. States are rooted in common national myths. Two Serbs who have never met might risk their lives to save one another because both believe in the existence of the Serbian nation, the Serbian homeland and the Serbian flag. Judicial systems are rooted in common legal myths. Two lawyers who have never met can nevertheless combine efforts to defend a complete stranger because they both believe in the existence of laws, justice, human rights – and the money paid out in fees.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
Months later, Time magazine would run its now infamous article bragging about how it had been done. Without irony or shame, the magazine reported that “[t]here was a conspiracy unfolding behind the scenes” creating “an extraordinary shadow effort” by a “well-funded cabal of powerful people” to oppose Trump.112 Corporate CEOs, organized labor, left-wing activists, and Democrats all worked together in secret to secure a Biden victory. For Trump, these groups represented a powerful Washington and Democratic establishment that saw an unremarkable career politician like Biden as merely a vessel for protecting their self-interests. Accordingly, when Trump was asked whom he blames for the rigging of the 2020 election, he quickly responded, “Least of all Biden.” Time would, of course, disingenuously frame this effort as an attempt to “oppose Trump’s assault on democracy,” even as Time reporter Molly Ball noted this shadow campaign “touched every aspect of the election. They got states to change voting systems and laws and helped secure hundreds of millions in public and private funding.” The funding enabled the country’s sudden rush to mail-in balloting, which Ball described as “a revolution in how people vote.”113 The funding from Democratic donors to public election administrators was revolutionary. The Democrats’ network of nonprofit activist groups embedded into the nation’s electoral structure through generous grants from Democratic donors. They helped accomplish the Democrats’ vote-by-mail strategy from the inside of the election process. It was as if the Dallas Cowboys were paying the National Football League’s referee staff and conducting all of their support operations. No one would feel confident in games won by the Cowboys in such a scenario. Ball also reported that this shadowy cabal “successfully pressured social media companies to take a harder line against disinformation and used data-driven strategies to fight viral smears.” And yet, Time magazine made this characterization months after it was revealed that the New York Post’s reporting on Hunter Biden’s corrupt deal-making with Chinese and other foreign officials—deals that alleged direct involvement from Joe Biden, resulting in the reporting’s being overtly censored by social media—was substantially true. Twitter CEO Jack Dorsey would eventually tell Congress that censoring the New York Post and locking it out of its Twitter account over the story was “a mistake.” And the Hunter Biden story was hardly the only egregious mistake, to say nothing of the media’s willful dishonesty, in the 2020 election. Republicans read the Time article with horror and as an admission of guilt. It confirmed many voters’ suspicions that the election wasn’t entirely fair. Trump knew the article helped his case, calling it “the only good article I’ve read in Time magazine in a long time—that was actually just a piece of the truth because it was much deeper than that.
Mollie Ziegler Hemingway (Rigged: How the Media, Big Tech, and the Democrats Seized Our Elections)
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Glenn Eichler
Another dangerous neoliberal word circulating everywhere that is worth zooming in on is the word ‘resilience’. On the surface, I think many people won’t object to the idea that it is good and beneficial for us to be resilient to withstand the difficulties and challenges of life. As a person who lived through the atrocities of wars and sanctions in Iraq, I’ve learnt that life is not about being happy or sad, not about laughing or crying, leaving or staying. Life is about endurance. Since most feelings, moods, and states of being are fleeting, endurance, for me, is the common denominator that helps me go through the darkest and most beautiful moments of life knowing that they are fleeing. In that sense, I believe it is good for us to master the art of resilience and endurance. Yet, how should we think about the meaning of ‘resilience’ when used by ruling classes that push for wars and occupations, and that contribute to producing millions of deaths and refugees to profit from plundering the planet? What does it mean when these same warmongers fund humanitarian organizations asking them to go to war-torn countries to teach people the value of ‘resilience’? What happens to the meaning of ‘resilience’ when they create frighteningly precarious economic structures, uncertain employment, and lay off people without accountability? All this while also asking us to be ‘resilient’… As such, we must not let the word ‘resilience’ circulate or get planted in the heads of our youth uncritically. Instead, we should raise questions about what it really means. Does it mean the same thing for a poor young man or woman from Ghana, Ecuador, Afghanistan vs a privileged member from the upper management of a U.S. corporation? Resilience towards what? What is the root of the challenges for which we are expected to be resilient? Does our resilience solve the cause or the root of the problem or does it maintain the status quo while we wait for the next disaster? Are individuals always to blame if their resilience doesn’t yield any results, or should we equally examine the social contract and the entire structure in which individuals live that might be designed in such a way that one’s resilience may not prevail no matter how much perseverance and sacrifice one demonstrates? There is no doubt that resilience, according to its neoliberal corporate meaning, is used in a way that places the sole responsibility of failure on the shoulders of individuals rather than equally holding accountable the structure in which these individuals exist, and the precarious circumstances that require work and commitment way beyond individual capabilities and resources. I find it more effective not to simply aspire to be resilient, but to distinguish between situations in which individual resilience can do, and those for which the depth, awareness, and work of an entire community or society is needed for any real and sustainable change to occur. But none of this can happen if we don’t first agree upon what each of us mean when we say ‘resilience,’ and if we have different definitions of what it means, then we should ask: how shall we merge and reconcile our definitions of the word so that we complement not undermine what we do individually and collectively as people. Resilience should not become a synonym for surrender. It is great to be resilient when facing a flood or an earthquake, but that is not the same when having to endure wars and economic crises caused by the ruling class and warmongers. [From “On the Great Resignation” published on CounterPunch on February 24, 2023]
Louis Yako
You get a deduction for the current value of the stock if you have owned it for more than a year. Advice: Look at the stocks in your taxable accounts to find those with the greatest appreciation and consider using those shares to fund charitable
Anonymous
increases in expenditures remains a top imperative for policymakers due to the unsustainable growth forecasts and concerns that health care will absorb an increasingly larger share of government budgets, leaving very little funding available for other important government programs.
Ken Yale (Clinical Integration: A Roadmap to Accountable Care)
Poppies in Afghanistan: The Taliban and the Heroin Trade Harvesting opium in Afghanistan Ghaffar Baig/ Reuters/Corbis Most Americans knew little about Afghanistan or the Taliban prior to September 11, 2001, but those who follow the heroin trade have focused on Afghanistan for decades. Afghanistan has long been a major area of opium production, but the “golden triangle” of Southeast Asia (Burma, Laos, and Thailand) historically dominated opium production. By 1999, though, Afghanistan had become the undisputed world leader in opium production despite being an Islamic state ruled by the Taliban, which publicly opposed opium use. In 1999, the Taliban representative to the United States, Abdul Hakeem Mujahid, said, “We are against poppy cultivation, narcotics production and drugs, but we cannot fight our own people” (Bartolet & Levine, 2001, p. 85). Even before 9/11, the United States accused the Taliban of profiting from opium and heroin production, and using those profits to fund terrorist activities. Under pressure from the United Nations, the Taliban announced bans on poppy cultivation in 1997, 1998, and 2000, but there was little evidence of any decreased production. In 2001, though, a ban was put into place that apparently really did reduce poppy production. Cynics have pointed out that the Taliban was simply trying to increase prices by temporarily cutting the supply; whatever the reason, when the Taliban lost control of Afghanistan, the poppy made a comeback. In this war-ravaged and economically depressed nation, growing opium is one of the few ways that farmers can make a living. Afghan President Hamid Karzai has urged his people to declare jihad (holy war) on drug production, but opium farming still accounts for nearly half of the domestic economy, and Afghanistan supplies nearly 80% of the world’s heroin (Office of National Drug Control Policy, 2013). In recent years, opium production has declined in Afghanistan, but a close relationship between heroin traffickers and the insurgency continues to create difficulties for that country’s reconstruction process (Office of National Drug Control Policy, 2013).
Stephen A. Maisto (Drug Use and Abuse)
Reformers have argued loudly and aggressively that our schools and students are failing. But the language they use is by necessity obscure and technocratic, because no matter how emphatically they argue that America’s students are falling behind their international counterparts, the data repeatedly show that when studies control for the effects of poverty, American students are competitive with the top percentile of students in the world. And a 2011 Stanford University study found that family income continues to be far and away the biggest determining factor of student achievement. Make your way through the jargon about achievement gaps and teacher accountability, and the problem becomes clear. Nearly a quarter of all children in the US live in poverty, among the highest rates in the developed world. Combine this with the fact that in America, poor students receive less educational funding than rich ones and you have a real civil rights issue: the U.S. government discriminates against poor children.
Anonymous
Still, there was a certain audacity to the letter. Gates was, after all, a serial stealer of computer time, and he had manipulated passwords to hack into accounts from eighth grade through his sophomore year at Harvard. Indeed, when he claimed in his letter that he and Allen had used more than $40,000 worth of computer time to make BASIC, he omitted the fact that he had never actually paid for that time and that much of it was on Harvard’s military-supplied computer, funded by American taxpayers
Anonymous
The average plan administrator charges 1.3% to 1.5% annually (according to the nonpartisan Government Accountability Office). That’s $1,300 for every $100,000 just to participate in the 401(k). So when you add this 1.3% for the plan administration to the total mutual fund costs of 3.17%, it
Anthony Robbins (MONEY Master the Game: 7 Simple Steps to Financial Freedom (Tony Robbins Financial Freedom))
On a daily basis the venture capitalist was not concerned with historical impact; he worked to create wealth for himself and his limited partners. However, among the Benchmark partners there was awareness that framing one’s professional raison d’être in the language of financial return meant that one was hostage to the vagaries of the market—and even when the market is buoyant, there is little that is soul-quenching about mere numbers. “The really big wins are where all the rewards come from,” Bob Kagle once pointed out, before eBay had gone public. The rewards he was referring to were the emotional ones, not the financial ones, and they were rewards derived not from a game of assuming personal risk—the venture guys had a portfolio across which risk could be spread—but from being backers of entrepreneurs, the ones who commercialized new technology and introduced new products and services—and were the ones who really took on risk. “Nine times out of ten they’re taking on some big, established system of some sort.” He dropped his voice for emphasis: If the individual entrepreneur won, even for the venture guys it produced an “exhilarating feeling”—he groped for the right words—“it’s confirmation that one person with courage can make a difference.” This was the minidrama Kagle and his colleagues had seen play out triumphantly again and again. The work itself did not have any neat demarcations of beginning, middle, and end. The funds seemed to be evergreen, fresh capital materializing as soon as the till was exhausted. The calendars of the partners, revolving as they did around looking at new business plans, meeting new entrepreneurs, considering new deals, gave a feeling of perennially beginning afresh. For them, it was the best place in the cosmos to get the first peek at the future.
Randall E. Stross (eBoys: The First Inside Account of Venture Capitalists at Work)
Speaking at the end of the summit, Australian Prime Minister Tony Abbott said countries will hold each other accountable by monitoring implementation of their commitments to boost growth. The G-20, criticized in recent years as being all talk and no action, was urged to deliver measurable results this year. Perhaps in response, the group said the International Monetary Fund will also play a role in monitoring progress and estimating the economic benefits of the growth plan. IMF Managing Director Christine Lagarde dismissed concerns that countries might fudge their growth figures, saying the monitoring is a thorough and detailed process. “We’ll make sure they keep their feet to the fire,” she said. The G-20 communique says that if the $2 trillion initiative is fully implemented, it will lift global GDP by 2.1 percent above expected levels by 2018 and create millions of jobs.
Anonymous
Many Nigerians get excited when the government execute such projects as newly constructed schools, roads, health centers and other government funded projects which they tag as developmental projects. They get excited over what they perceive as a performing government carrying out its corporate responsibilities. But they are ignorant of the fact that public funds cannot disappear in a vacuum, it has to be accounted for; therefore contracts must be awarded to make the stealing legal and official. Yet, the people only wish that more of such projects can be executed; they fail to understand that with a defective procurement process in place, the more projects a government executes under this abnormal process; the more kickbacks its officials receive, the more money is stolen, the more corruption is patronized. In fact, under our present abnormal procurement process, the more project a government executes, the more money its officials steal through each contract inflation and kickbacks. If we therefore do not fix our public procurement lapses; stealing through contract inflation and kickbacks will become an inevitable and official act of corruption as it has seemingly already become!
Tony Osborg (Can Nigeria Bake Her Own Bread?)
some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the social constituency with an interest in positive real returns on bonds has grown. In the developed world a rising share of wealth is held in the form of private pension funds and other savings institutions that are required, or at least expected, to hold a high proportion of their assets in the form of government bonds and other fixed income securities. In 2007 a survey of pension funds in eleven major economies revealed that bonds accounted for more than a quarter of their assets, substantially lower than in past decades, but still a substantial share.71 With every passing year, the proportion of the population living off the income from such funds goes up, as the share of retirees increases.
Niall Ferguson (The Ascent of Money: A Financial History of the World: 10th Anniversary Edition)
or declaration of party fund raising. Unlike in the United States where fund raising is a completely transparent process and there is accountability to the last dollar—in India, party donations are not talked about, any corporation or individual
Shaili Chopra (The Big Connect: Politics in the Age of Social Media)
MKULTRA had been authorized in 1953 by then-CIA Director Allen Dulles, and that “normal procedures for project approval, funding, and accounting were waived.
H.P. Albarelli Jr. (A Terrible Mistake: The Murder of Frank Olson and the CIA's Secret Cold War Experiments)
Even the infamous 2002 Bali bombing mastermind, Imam Samudra from the al-Qaeda-linked terrorist group Jamaah Islamiyah, funded his attack in which more than 200 people were murdered with the $150,000 he obtained by hacking into Western bank accounts and credit lines. Samudra was technologically savvy and while in prison wrote an autobiographical manifesto containing a chapter titled “Hacking, Why Not?” In the book, Samudra shared his hacking and “carding” techniques with his disciples, encouraging them “to take the holy war into cyberspace by attacking U.S. computers, with the particular aim of committing credit card fraud, called ‘carding,’ ” to fund operations.
Marc Goodman (Future Crimes)
Designing financial products that share the commitment features of the microfinance contracts, without the interest that comes with them, could clearly be of great help to many people. A group of researchers teamed up with a bank that works with poor people in the Philippines to design such a product, a new kind of account that would be tied to each client’s own savings targets. This target could be either an amount (the client would commit not to withdraw the funds until the amount was reached) or a date (the client would commit to leave the money in the account until that date). The client chose the type of commitment and the specific target. However, once those targets were set, they were binding, and the bank would enforce them. The interest rate was no higher than on a regular account. These accounts were proposed to a randomly selected set of clients. Of the clients they approached, about one in four agreed to open such an account. Out of those takers, a little over two-thirds chose the date goal, and the remaining one-third, the amount goal. After a year, the balances in the savings accounts of those who were offered the account were on average 81 percent higher than those of a comparable group of people who were not offered the account, despite the fact that only one in four of the clients who had been offered the account actually signed on. And the effects were probably smaller than they could have been, because even though there was a commitment not to withdraw any money, there was no positive force pushing the client to actually save, and many of the accounts that were opened remained dormant. Yet most people preferred not to take up the offer of such an account. They were clearly worried about committing themselves to not withdrawing until the goal was reached. Dumas and Robinson ran into the same problem in Kenya—many people did not end up using that accounts they were offering, some of the because the withdrawal fees were too high and they did not want to have their money tied up in the account. This highlights an interesting paradox: There are ways to get around self-control problems, but to make use of them usually requires an initial act of self-control.
Esther Duflo (Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty)
And indeed today as it struggles with its financial crisis, the central issue in Greek politics remains resentment of the influence of Brussels, Germany, the International Monetary Fund, and other external actors, which are seen as pulling strings behind the back of a weak Greek government. Although there is considerable distrust of government in American political culture, by contrast, the basic legitimacy of democratic institutions runs very deep. Distrust of government is related to the Greek inability to collect taxes. Americans loudly proclaim their dislike of taxes, but when Congress mandates a tax, the government is energetic in enforcement. Moreover, international surveys suggest that levels of tax compliance are reasonably high in the United States; higher, certainly, than most European countries on the Mediterranean. Tax evasion in Greece is widespread, with restaurants requiring cash payments, doctors declaring poverty-line salaries, and unreported swimming pools owned by asset-hiding citizens dotting the Athenian landscape. By one account, Greece’s shadow economy—unreported income hidden from the tax authorities—constitutes 29.6 percent of total GDP.24 A second factor has to do with the late arrival of capitalism in Greece. The United States was an early industrializer; the private sector and entrepreneurship remained the main occupations of most Americans. Greece urbanized and took on other trappings of a modern society early on, but it failed to build a strong base of industrial employment. In the absence of entrepreneurial opportunities, Greeks sought jobs in the state sector, and politicians seeking to mobilize votes were happy to oblige. Moreover, the Greek pattern of urbanization in which whole villages moved from the countryside preserved intact rural patronage networks, networks that industry-based development tended to dissolve.
Francis Fukuyama (Political Order and Political Decay: From the Industrial Revolution to the Globalization of Democracy)
The earth and everything on it belong to the LORD” (Psalm 24:1 CEV). So although the bank account, trust fund, or mortgage might display our name, we’re not the real owner. Papa God is.
Debora M. Coty (Fear, Faith, and a Fistful of Chocolate: Wit and Wisdom for Sidestepping Life's Worries)
The cost of defense, meanwhile, goes up and up and up, with little political resistance and barely any public discussion. By the fullest accounting, which is different from usual budget figures, the United States will spend more than $1 trillion on national security this year. That includes about $580 billion for the Pentagon’s baseline budget plus “overseas contingency” funds, $20 billion in the Department of Energy budget for nuclear weapons, nearly $200 billion for military pensions and Department of Veterans Affairs costs, and other expenses. But it doesn’t count more than $80 billion a year of interest on the military-related share of the national debt. After adjustments for inflation, the United States will spend about 50 percent more on the military this year than its average through the Cold War and Vietnam War. It will spend about as much as the next 10 nations combined—three to five times as much as China, depending on how you count, and seven to nine times as much as Russia. The world as a whole spends about 2 percent of its total income on its militaries; the United States, about 4 percent.
Anonymous
Miriam Adeney writes that the "'prosperity gospel' teachers are partly right. Christian faith often helps the family budget. People get drunk less. Their lives become more orderly. They become more accountable. Many churches help people in dysfunctional situations. . . . Christian faith encourages and inspires and motivates. Renouncing idols and serving Christ blesses individuals and can also bless communities and nations."13 The problem with the prosperity gospel, of course, is that faith is not a formula or a divine ATM at which the proper code guarantees a release of funds or health.
Paul Borthwick (Western Christians in Global Mission: What's the Role of the North American Church?)
the Egyptian leader let loose: “The American Ambassador says that our behavior is not acceptable. Well, let us tell them that those who do not accept our behavior can go and drink from the sea…We will cut the tongues of anybody who talks badly about us…We are not going to accept gangsterism by cowboys.”45 So ended U.S. aid to Egypt. By 1965, Washington was working sedulously to undermine Cairo’s efforts to reschedule its international debt and to gain credit in world monetary funds. The shipments of American wheat that accounted for 60 percent of all Egyptian bread were suspended. Nasser was convinced that Johnson was out to assassinate him.
Michael B. Oren (Six Days of War: June 1967 and the Making of the Modern Middle East)
People who buy equity ETF shares in taxable accounts, such as a joint account or trust account, will find their tax bill may be slightly lower at the end of the year than if they had purchased the same amount in a comparable open-end index fund.
Richard Ferri (All About Index Funds)
First, a total-market index fund is an ideal “core” equity holding in a taxable account, because of its “tax efficiency.” The Russell 3000 and the Wilshire 5000 have essentially no turnover. Stocks may leave the index via mergers and acquisitions, but these are often not taxable events. The only way a stock truly leaves these portfolios is feet first, by going bankrupt, in which case you don’t have to worry about capital gains.
William J. Bernstein (The Four Pillars of Investing: Lessons for Building a Winning Portfolio)
It’s a big galaxy. The First Order is a remnant born of a war thirty years gone. Yes, they persist, yes, they continue, but by all accounts they do so barely. They are, at best, an ill-organized, poorly equipped, and badly funded group of loyalists who use propaganda and fear to inflate their strength and their importance.
Greg Rucka (Star Wars: Before the Awakening)
She would tell him there were insufficient funds, and Adam would scramble to push money into the yawning hole of the account, and then he’d have to pay a returned check fee to the bank and another one to Mr. Ramirez, getting further behind on his next month’s rent, an endless pathetic loop of insufficiency.
Maggie Stiefvater (The Dream Thieves (The Raven Cycle, #2))
also advisable to keep two separate accounts for the husband and wife, not to make internal transfers and invest in the name of the person whose funds are used for investments.
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
The five major sources of income which are exempt for NRIs are: Proceeds from Life Insurance Policy - provided the policy complies with the exemption criteria/conditions Dividend from a domestic company or mutual fund scheme - provided the company or mutual fund scheme has paid the Dividend Distribution Tax (DDT), if applicable Interest on an NRE account – provided the NRE account is maintained as per the FEMA rules Interest on FCNR or RFC accounts – provided the account owner is a non-resident or RBNOR under the Income Tax Act Long Term Capital Gain on equity and equity based mutual fund – provided the Security Transaction Tax (STT) has been paid
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
Sec. Particulars Amount 80C Tax saving investments1 Maximum up to Rs. 1,50,000 (from FY 2014-15) 80D Medical insurance premium-self, family Individual: Rs. 15,000 Senior Citizen: Rs. 20,000 Preventive Health Check-up Rs. 5,000 80E Interest on Loan for Higher Education Interest amount (8 years) 80EE Deduction of Interest of Housing Loan2 Up to Rs.1,00,000 total 80G Charitable Donation 100%/ 50% of donation or 10% of adjusted total income, whichever is less 80GGC Donation to political parties Any sum contributed (Other than Cash) 80TTA Interest on savings account Rs. 10,000 1              Tax saving investments includes life insurance premium including ULIPs, PPF, 5 year tax saving FD, tuition fees, repayment of housing loan, mutual fund (ELSS) (Sec. 80CCB), NSC, employee provident fund, pension fund (Sec. 80CCC) or pension scheme (Sec. 80CCD), etc. NRIs are not allowed to invest in certain investments, such as PPF, NSC, 5 year bank FD, etc. 2              Only to the first time buyer of a self-occupied residential flat costing less than Rs. 40 lakhs and loan amount of less than 25 lakhs sanctioned in financial year 2013-14 Clubbing of other’s income Generally, the taxpayer is taxed on his own income. However, in certain cases, he may have to pay tax on another person’s income.  Taxpayers in the higher tax bracket (e.g. 30%) may divert some portion
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
Mr. Bhagwat, an NRI from France, bought a residential property in 2009-10 for Rs. 10,000,000 out of NRE account. If he sells the property in 2013-14 for Rs. 17,500,000, he is allowed to credit Rs. 10,000,000 to an NRE account up to a maximum of 2 properties. The gain amount of Rs. 7,500,000 will be credited to the NRO account and only after payment of the long term capital gain tax he may remit the funds abroad or transfer it to an NRE account.
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
NRE, FCNR, NRO or inward remittances, the amount can only be credited to the NRO account. The company may accept deposits under a private arrangement or public deposit scheme. A non-banking finance company (NBFC) is required to get registered with RBI and follow the RBI guidelines. Any firm or company accepting deposits are not allowed to use the funds for agricultural/plantation activities, real estate business or investing in other concerns engaged in these activities. Also, the funds cannot be used for re-lending (except NBFC) or repatriated outside India.
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
Loans NRIs can give loans to resident Indians on a repatriable or non-repatriable basis. NRIs can also receive loans from residents. Loan from NRIs in foreign currency or on a repatriable basis A resident Indian can borrow up to US dollars 250,000 from NRI close relatives on a repatriation basis i.e. on repayment, the NRI can credit the funds in an NRE account and take this money back without any restrictions. The NRI should be a close relative of the borrower. Please check ‘Who is your relative’ for details. The amount of loan should be received by an inward remittance or by debit to the NRE/FCNR account. The loan should be a minimum of 1 year and without any interest. The funds cannot be used for agricultural/plantation/real estate business or for relending. Income: As the loan should be interest-free, no income can be generated. Taxability: As there is no income, there is no tax. Loan from NRIs in Indian rupees or on a non-repatriable basis A resident, not being a company incorporated in India, may borrow in rupees from an NRI on a non- repatriation basis. The period of loan should be 3 years or less and the rate of interest should not exceed 2% over the prevailing bank rate at the time of the loan. The loan has to be utilized for meeting the borrower’s personal requirement or for his business purposes. The funds cannot be used for agricultural/plantation/real estate business or for relending or for investment in shares, securities or immovable property. For example, Ms. Isumati has given an unsecured loan to her father’s firm earning 15% interest. If she goes to the UK for further studies and becomes an NRI, while she may continue with the loan, RBI rules would apply. The funds cannot be used for real estate business and if the bank rate is 10%, she cannot be paid more than 12% interest on her loan. Her father would also need to deduct TDS @ 30.9% on the interest. Income: Income from loans given to residents is interest. Taxability: The interest income on loans given is taxable for NRIs. Loans to NRIs NRIs are allowed to borrow from a bank/authorized
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
For example, if Mr. Ashwin from Hong Kong transfers $100,000 to India and credits his NRE bank account in India, he has remitted the funds. Later, if he transfers the same funds back to Hong Kong, he is said to have repatriated the funds.
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
For transferring funds out of an NRE account, there is no limit, conditions or restrictions and the transfer can be completed very easily by submitting a request form.
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
If you still have NRO deposits, inquire why your advisor or the bank relationship manager did not tell you about the transfer to NRE account, seek proper guidance and immediately initiate the steps to transfer funds from NRO to NRE.
Jigar Patel (NRI Investments and Taxation: A Small Guide for Big Gains)
Many SWAT teams are essentially accountable to no one. These independent SWAT groups claim that although they are funded by the taxpayers, they have incorporated and therefore, as private corporations, they are exempt from opening their records to the public.
Jim Marrs (Population Control: How Corporate Owners Are Killing Us)
What Arnold didn’t know is that when Lauren Michaels called to tell me about her pregnancy, how quickly I made my way over to the bank and withdrew $100,000 in cash. I had my financial planner put it in a separate account. My rainy day fund created specifically for a day like today. His ass would seriously regret treating me like the pauper when I know I am a queen.
K.C. Blaze (YOUR HUSBAND MY MAN 4)
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Wizard101
Finance was the leading industry to which government opened the growth gates, as it had done previously for manufacturing, railways, suburban housing, and advanced technology. Beginning seriously in the 1980s, government deliberately, piece by piece, dismantled the regulatory structure that had tamed finance into something of a utility. And as in the past, entrepreneurs rushed in and innovated. The lucrative innovations ranged from collateralized debt obligations (CDOs—called by Warren Buffett “financial weapons of mass destruction”) and the like, on through high-speed trading (to us, a robotized cousin of front-running).4 The increase of the weight of finance in America’s GDP came about not so much by increasing the numbers of those employed in the sector, but by increasing the take of those high up in the industry. During the 1970s, average pay in finance was roughly the same as in most other industries; by 2002, it was double.5 The legions of clerks and tellers remained poorly paid; the gain went to the top, most of it to the top of the top. By 2005, finance accounted for a full 40 percent of all corporate profits. And many of the very most lucrative parts of finance—hedge funds, private equity partnerships, venture partnerships—were not structured and therefore not counted as corporations. Along with the accountants and consultants, add to this profit-making machine the Wall Street law firms that are part and parcel of finance, although they do not count as finance, but rather as business services. Finance got considerably more than 40 percent.
Stephen S. Cohen (Concrete Economics: The Hamilton Approach to Economic Growth and Policy)
Today, you have the option to invest through a discount brokerage account, a mutual fund account, a full-service brokerage account, or even a bank account.
Alex H. Frey (A Beginner's Guide to Investing: How to Grow Your Money the Smart and Easy Way)
Discount brokerage accounts are low-cost online accounts offered by firms like E*TRADE, Charles Schwab, and Fidelity. These accounts allow do-it-yourself investors to purchase a large variety of common stocks, mutual funds, and exchange-traded funds (ETFs),
Alex H. Frey (A Beginner's Guide to Investing: How to Grow Your Money the Smart and Easy Way)
What does diversification mean in practice? It means that when you invest in the stock market, you want a broadly diversified portfolio holding hundreds of stocks. For people of modest means, and even quite wealthy people, the way to accomplish that is to buy one or more low-cost equity index mutual funds. The fund pools the money from thousands of investors and buys a portfolio of hundreds of individual common stocks. The mutual fund collects all the dividends, does all the accounting, and lets mutual fund owners reinvest all cash distributions in more shares of the fund if they so wish.
Burton G. Malkiel (The Elements of Investing: Easy Lessons for Every Investor)
less than 1% of new businesses started each year in the U.S. receive venture funding, and total VC investment accounts for less than 0.2% of GDP. But the results of those investments disproportionately propel the entire economy. Venture-backed companies create 11% of all private sector jobs.
Peter Thiel (Zero to One: Notes on Startups, or How to Build the Future)
Many of the Abbott disciplines trace back to 1968, when it hired a remarkable financial officer named Bernard H. Semler. Semler did not see his job as a traditional financial controller or accountant. Rather, he set out to invent mechanisms that would drive cultural change. He created a whole new framework of accounting that he called Responsibility Accounting, wherein every item of cost, income, and investment would be clearly identified with a single individual responsible for that item.4 The idea, radical for the 1960s, was to create a system wherein every Abbott manager in every type of job was responsible for his or her return on investment, with the same rigor that an investor holds an entrepreneur responsible. There would be no hiding behind traditional accounting allocations, no slopping funds about to cover up ineffective management, no opportunities for finger-pointing.
James C. Collins (Good to Great: Why Some Companies Make the Leap...And Others Don't)