Issuance Quotes

This acute, “a selfdissolving contradiction,” Marx had very precisely seen and foreseen that “it establishes a monopoly in certain spheres and thereby requires state interference.” This contradiction “reproduces a new financial aristocracy” (how much Marx was right!), no matter it will call itself Communist Party of Soviet Union or DuPont Financial Circle. It reproduces “a new variety of parasites . . . , a whole system of swindling and cheating by means of corporation promotion, stock issuance, and stock speculation.

History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance.

In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.

Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.

If the American people ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers occupied. The issuing power of money should be taken from the banks and restored to Congress and the people to whom it belongs. I sincerely believe the banking institutions are more dangerous to liberty than standing armies.(1)

We appreciate your coming to us with a copy of your letter to your sister, but it was unnecessary. Your offense was known to us even before the letter's receipt by your sister. Effective as of September 15 the primary responsibility of our isle's new assistant chief postal inspector has been to scan all post for use of illegal letters of the alphabet, then to make nightly reports to the Council. A report has been put on file on your behalf, your official sentence to be forthwith in issuance.

Municipalities that struggle with emergency management present an added layer of risk in terms of their ability to repay loans. When we do our underwriting for bond issuance we consider how prepared a municipality is in terms of emergency management.

Money. An instrument invented in ancient temple complexes, to keep track of debt: counters that acquired mobility and went a-walking, weaving webs of debt into vast and intricate meshes, enslaving and directing the labor of billions in service of the obligations created by its issuance. . . . Money: a shadow play projected on the walls of our minds by the dark sun of debt.

Bitcoin consists of: A decentralized peer-to-peer network (the bitcoin protocol) A public transaction ledger (the blockchain) A set of rules for independent transaction validation and currency issuance (consensus rules) A mechanism for reaching global decentralized consensus on the valid blockchain (Proof-of-Work algorithm)

In 1864, following the issuance of the Emancipation Proclamation, several civil rights laws – and laws preparing to facilitate civil rights – were passed by Republicans.85 One was a bill establishing the Freedmen’s Bureau 86 and another equalized pay for soldiers in the military, whether white or black. 87 The Fugitive Slave Law was also repealed that year 88 – over the almost unanimous opposition of the northern Democrats still in Congress. 89

No governments in modern history save Apartheid South Africa and Nazi Germany have segregated as well as the United States has, with precision and under the color of law. (And even then, both the Third Reich and the Afrikaner government looked to America’s laws to create their systems.) U.S. government financing required home developers and landlords to put racially restrictive covenants (agreements to sell only to white people) in their housing contracts. And as we’ve already seen, the federal government supported housing segregation through redlining and other banking practices, the result of which was that the two investments that created the housing market that has been a cornerstone of building wealth in American families, the thirty-year mortgage and the federal government’s willingness to guarantee banks’ issuance of those loans, were made on a whites-only basis and under conditions of segregation.

Apple raised $17 billion in a bond offering in 2013. Not to invest in new products or business lines, but to pay a dividend to stockholders. The company is awash with cash, but much of that money is overseas, and there would be a tax charge if it were repatriated to the USA. For many other companies, the tax-favoured status of debt relative to equity encourages financial engineering. Most large multinational companies have corporate and financial structures of mind-blowing complexity. The mechanics of these arrangements, which are mainly directed at tax avoidance or regulatory arbitrage, are understood by only a handful of specialists. Much of the securities issuance undertaken by Goldman Sachs was not ‘helping companies to grow’ but represented financial engineering of the kind undertaken at Apple. What

what of the enormous power exercised today by lifetime-appointed judges, who micromanage more and more of society; unelected bureaucrats employed by scores of government departments and agencies, who legislate not through elected members of Congress but by the issuance of untold regulations and rules; and, the surrendering of sovereign legal and policy authority to international organizations, thereby conferring governing decisions to organizations that exist outside the Constitution’s framework?

At the state’s constitutional convention of 1878, John F. Miller warned: “Were the Chinese to amalgamate at all with our people, it would be the lowest, most vile and degraded of our race, and the result of that amalgamation would be a hybrid of the most despicable, a mongrel of the most detestable that has ever afflicted the earth.” Two years later, California lawmakers enacted legislation to prohibit the issuance of a license authorizing the marriage of a white person with a “negro, mulatto, or Mongolian.

Who could I turn to? Around that time, a colleague in another office told me about some weird digital currency called Bitcoin, which Argentines were using to get around this problem. I decided to write about it. The people I talked with for my article had been living with some form of inflation and/or currency controls all their lives and so had their parents. They understood right away how significant it was to be able to buy a currency that’s not controlled by anyone and, therefore, can’t be stopped or seized. Its issuance rate was dictated by algorithms and computer code, not by the whims of politicians and central bankers.

Rule by decree has conspicuous advantages for the domination of far-flung territories with heterogeneous populations and for a policy of oppression. Its efficiency is superior simply because it ignores all intermediary stages between issuance and application, and because it prevents political reasoning by the people through the withholding of information. It can easily overcome the variety of local customs and need not rely on the necessarily slow process of development of general law. It is most helpful for the establishment of a centralized administration because it overrides automatically all matters of local autonomy. If rule by good laws has sometimes been called the rule of wisdom, rule by appropriate decrees may rightly be called the rule of cleverness. For it is clever to reckon with ulterior motives and aims, and it is wise to understand and create by deduction from generally accepted principles. Government by bureaucracy has to be distinguished from the mere outgrowth and deformation of civil services which frequently accompanied the decline of the nation-state—as, notably, in France. There the administration has survived all changes in regime since the Revolution, entrenched itself like a parasite in the body politic, developed its own class interests, and become a useless organism whose only purpose appears to be chicanery and prevention of normal economic and political development. There are of course many superficial similarities between the two types of bureaucracy, especially if one pays too much attention to the striking psychological similarity of petty officials. But if the French people have made the very serious mistake of accepting their administration as a necessary evil, they have never committed the fatal error of allowing it to rule the country—even though the consequence has been that nobody rules it. The French atmosphere of government has become one of inefficiency and vexation; but it has not created and aura of pseudomysticism. And it is this pseudomysticism that is the stamp of bureaucracy when it becomes a form of government. Since the people it dominates never really know why something is happening, and a rational interpretation of laws does not exist, there remains only one thing that counts, the brutal naked event itself. What happens to one then becomes subject to an interpretation whose possibilities are endless, unlimited by reason and unhampered by knowledge. Within the framework of such endless interpretive speculation, so characteristic of all branches of Russian pre-revolutionary literature, the whole texture of life and world assume a mysterious secrecy and depth. There is a dangerous charm in this aura because of its seemingly inexhaustible richness; interpretation of suffering has a much larger range than that of action for the former goes on in the inwardness of the soul and releases all the possibilities of human imagination, whereas the latter is consistently checked, and possibly led into absurdity, by outward consequence and controllable experience.

...the more of us who understand the game and see through the lie and forge ahead in support of every other woman's right to a passionate response to life, the more we will hasten the end of our jail term. Women have been imprisoned for ages, and in our cells, our hearts, we have carried our true feelings like sleeping children, our spiritual issuance, our love. The prison walls are melting. We're almost out. And when we fly free, we will carry with us such gifts to the outside world. Our gifts haven't atrophied; they have grown in power. They have been waiting for centuries, and so have we. Let's keep our eyes on the sky. They'll throw tomatoes; they'll lie about us and try to discredit us. When we rise, they'll try to undermine us. But when they do, we'll remember the truth and bless our enemies and find strength in God. The regime of oppression is almost over; its life force is waning, and only its ghost remains. Don't tarry too long to mourn its effects; celebrate and rejoice in the new. The past is over. Wipe the dirt off your feet.

On the other hand, a generous capital market is usually associated with the following: fear of missing out on profitable opportunities reduced risk aversion and skepticism (and, accordingly, reduced due diligence) too much money chasing too few deals willingness to buy securities in increased quantity willingness to buy securities of reduced quality high asset prices, low prospective returns, high risk and skimpy risk premiums It’s clear from this list of elements that excessive generosity in the capital markets stems from a shortage of prudence and thus should give investors one of the clearest red flags. The wide-open capital market arises when the news is good, asset prices are rising, optimism is riding high, and all things seem possible. But it invariably brings the issuance of unsound and overpriced securities, and the incurrence of debt levels that ultimately will result in ruin. The point about the quality of new issue securities in a wide-open capital market deserves particular attention. A decrease in risk aversion and skepticism—and increased focus on making sure opportunities aren’t missed rather than on avoiding losses—makes investors open to a greater quantity of issuance. The same factors make investors willing to buy issues of lower quality. When the credit cycle is in its expansion phase, the statistics on new issuance make clear that investors are buying new issues in greater amounts. But the acceptance of securities of lower quality is a bit more subtle. While there are credit ratings and covenants to look at, it can take effort and inference to understand the significance of these things. In feeding frenzies caused by excess availability of funds, recognizing and resisting this trend seems to be beyond the ability of the majority of market participants. This is one of the many reasons why the aftermath of an overly generous capital market includes losses, economic contraction, and a subsequent unwillingness to lend. The bottom line of all of the above is that generous credit markets usually are associated with elevated asset prices and subsequent losses, while credit crunches produce bargain-basement prices and great profit opportunities. (“Open and Shut”)

Public blockchains are not so much databases as they are system architectures spawned from the bottom up to orchestrate the creation of globally decentralized digital services. Over time, miner compensation will shift from the issuance of new bitcoin to transaction fees, and if global adoption is great enough, then transaction fees will be sufficient to sustain miners.

Ethereum initially planned to issue 18 million ether each year in perpetuity. The thinking was that as the underlying base of ether grew, these 18 million units would become an increasingly small percentage of the monetary base. As a result, the rate of supply inflation would ultimately converge on 0 percent. The Ethereum team is currently rethinking that issuance strategy due to an intended change in its consensus mechanism. Choosing to change the issuance schedule of a cryptoasset from the plan at time of launch is more the exception than the norm, though since the asset class is still young we are not surprised by such experimentation.