Money Shortage Quotes

Poverty is not a character failing or a lack of motivation. Poverty is a shortage of money.

I came to realize that my money problems, worries, and shortages largely began and ended with the person in my mirror. I realized also that if I could learn to manage the character I shaved with every morning, I could win at money.

Supply shortages are a business opportunity. If your business can efficiently fill the gap and match demand, there's money to earn there.

What appears to be happening is that the industry has figured out not only how to make humans replaceable but also how to make money off their replacement. The labor shortage is profitable.

There will be times when you’ll have to handle the buyer on money. Sometimes I remind a person, “While I agree it’s a lot of money for a gift, there’s no shortage of money on this planet. But there is a shortage of people who’ve found the love of their life and who know how to show their appreciation for that person. Be grateful you’ve got someone to love. Now, how would you like to handle this?” Now that’s selling! If the buyer is totally convinced it’s right, he will chew off his own foot to have it!

In Levitt’s view, economics is a science with excellent tools for gaining answers but a serious shortage of interesting questions. His particular gift is the ability to ask such questions. For instance: If drug dealers make so much money, why do they still live with their mothers? Which is more dangerous, a gun or a swimming pool? What really caused crime rates to plunge during the past decade? Do real-estate agents have their clients’ best interests at heart? Why do black parents give their children names that may hurt their career prospects?

As he spoke, he looked into their faces and saw, as though in his own features, that fundamentally they all bore the indelible impress of a similar background: army tradition; long spells of garrison service in a world isolated from the rest of society; a sense of alienation, of being despised by that society and ridiculed by liberal writers; the official ban on discussing politics and political literature, resulting in a blunting or stultifying of the intellect; a permanent shortage of money; and yet, despite it all, the knowledge that they represented, in purified and concentrated form, the vitality and courage of the whole nation.

After five years of marriage he seemed to have been left with nothing to say. It was like being embarrassed by a shortage of money.

You're going to make a lot of money? In Luxembourg?" "Yes." "How?" "They have a shortage of great-looking men. So they're going to pay me a bucket-load for being incredibly handsome and staggeringly sexy.

Herein lies the paradox: If you want more of whatever it is you desire, you have to first prove to the universe that you are capable of having it by developing a consciousness that affirms there is no shortage of it. The only way to do this is by creating a vacuum or space for it to be received, and the only way you can create a space for it to be received is by letting go of what you do have, trusting that the universe knows what it is doing. That's the law of circulation in action.

You have to have money these days. The roads are falling apart, so you need a Pajero or a Land Cruiser. The phone lines are erratic, so you need a mobile. The colleges are overrun with fundos who have no interest in getting an education, so you have to go abroad. And that’s ten lakhs a year, mind you. Thanks to electricity theft there will always be shortages, so you have to have a generator. The police are corrupt and ineffective, so you need private security guards. It goes on and on. People are pulling their pieces out of the pie, and the pie is getting smaller, so if you love your family, you’d better take your piece now, while there’s still some left. That’s what I’m doing. And if anyone isn’t doing it, it’s because they’re locked out of the kitchen.

Prior to The General Theory, economics was almost exclusively concerned with scarcity and efficiency. The very word for the productive output of society—economy—was a metaphor for making do with less. The root cause of human suffering was understood to be a shortage of resources to meet human needs. Social reformers might protest the extravagances of the rich, but poverty and squalor were driven not

Let me start with this: I am an apostate. I have lied. I have cheated. I have done things in my life that I am not proud of, including but not limited to: • falling in love with a married man nineteen years ago • being selfish and self-centered • fighting with virtually everyone I have ever known (via hateful emails, texts, and spoken words) • physically threatening people (from parking ticket meter maids to parents who hit their kids in public) • not showing up at funerals of people I loved (because I don’t deal well with death) • being, on occasion, a horrible daughter, mother, sister, aunt, stepmother, wife (this list goes on and on). The same goes for every single person in my family: • My husband, also a serial cheater, sold drugs when he was young. • My mother was a self-admitted slut in her younger days (we’re talking the 1960s, before she got married). • My dad sold cocaine (and committed various other crimes), and then served time at Rikers Island. Why am I revealing all this? Because after the Church of Scientology gets hold of this book, it may well spend an obscene amount of money running ads, creating websites, and trotting out celebrities to make public statements that their religious beliefs are being attacked—all in an attempt to discredit me by disparaging my reputation and that of anyone close to me. So let me save them some money. There is no shortage of people who would be willing to say “Leah can be an asshole”—my own mother can attest to that. And if I am all these things the church may claim, then isn’t it also accurate to say that in the end, thirty-plus years of dedication, millions of dollars spent, and countless hours of study and

Five months after Zoran's disappearance, his wife gave birth to a girl. The mother was unable to nurse the child. The city was being shelled continuously. There were severe food shortages. Infants, like the infirm and the elderly, were dying in droves. The family gave the baby tea for five days, but she began to fade. "She was dying," Rosa Sorak said. "It was breaking our hearts." Fejzić, meanwhile, was keeping his cow in a field on the eastern edge of Goražde, milking it at night to avoid being hit by Serbian snipers. "On the fifth day, just before dawn, we heard someone at the door," said Rosa Sorak. "It was Fadil Fejzić in his black rubber boots. He handed up half a liter of milk he came the next morning, and the morning after that, and after that. Other families on the street began to insult him. They told him to give his milk to Muslims, to let the Chetnik children die. He never said a word. He refused our money. He came 442 days, until my daughter-in-law and granddaughter left Goražde for Serbia." The Soraks eventually left and took over a house that once belonged to a Muslim family in the Serbian-held town of Kopaci. Two miles to the east. They could no longer communicate with Fejzić. The couple said they grieved daily for their sons. They missed their home. They said they could never forgive those who took Zoran from them. But they also said that despite their anger and loss, they could not listen to other Sebs talking about Muslims, or even recite their own sufferings, without telling of Fejzić and his cow. Here was the power of love. What this illiterate farmer did would color the life of another human being, who might never meet him, long after he was gone, in his act lay an ocean of hope.

He saw that inflation had originated with wartime shortages, which had led, in turn, to the waning value of money. Over time, the inflation had acquired a self-reinforcing momentum. Economic fundamentals alone could not account for this inflation, Hamilton noted, detecting a critical psychological factor at work. People were “governed more by passion and prejudice than by an enlightened sense of their interests,” he wrote. “The quantity of money in circulation is certainly a chief cause of its decline. But we find it is depreciated more than five times as much as it ought to be…. The excess is derived from opinion, a want of confidence.

Universities are fueled in large measure by what's called overhead of the grant...so if you get a million dollar grant, half or more will go to your university, right? So that's what builds the buildings and fuels the place. So the university has an incentive to get as many people to file grant applications as they can, and they have an incentive to hire people whose grant applications will be large rather than small. So this, for example, is one of the reasons that science has taken up arms against theory –that is to say, proper scientific theoreticians like me – and it has instead hired people who run big expensive experiments: Because big expensive experiments have big grants, and those big grants bring in money. But if you were a university and what you wanted was to have people writing big expensive grants who were capable of getting them, then what you would want to do is...you would want to free those people from teaching, and you would want to get people who weren't so expensive to do the work of the university...and the way you do that is: you bring them on as graduate students; and you pay them an appalling wage; you claim that they are not actually workers, that they are students; and they do most of the teaching, and they do a lot of the work of the university, for incredibly low amounts of money; they live under poor conditions; and increasingly they have to come from abroad where they are in some sense getting a deal that still makes sense. But this means that we overproduce PhDs. We give people degrees instead of money to do the work of the university, in order that people who are capable of getting the grants spend almost full time doing that job. And it's a racket. The person who knows the most about this is actually Eric, my brother. So...what he unearthed was actually that there was an explicit conspiracy to game the visa system in order to keep this system running...that effectively a fake shortage of science students was created to allow the universities to basically flood the market, to drive the wages down.

Successful con men are treated with considerable respect in the South. A good slice of the settler population of that region were men who’d been given a choice between being shipped off to the New World in leg-irons and spending the rest of their lives in English prisons. The Crown saw no point in feeding them year after year, and they were far too dangerous to be turned loose on the streets of London—so, rather than overload the public hanging schedule, the King’s Minister of Gaol decided to put this scum to work on the other side of the Atlantic, in The Colonies, where cheap labor was much in demand. Most of these poor bastards wound up in what is now the Deep South because of the wretched climate. No settler with good sense and a few dollars in his pocket would venture south of Richmond. There was plenty of opportunity around Boston, New York, and Philadelphia—and by British standards the climate in places like South Carolina and Georgia was close to Hell on Earth: swamps, alligators, mosquitoes, tropical disease... all this plus a boiling sun all day long and no way to make money unless you had a land grant from the King... So the South was sparsely settled at first, and the shortage of skilled labor was a serious problem to the scattered aristocracy of would-be cotton barons who’d been granted huge tracts of good land that would make them all rich if they could only get people to work it. The slave-trade was one answer, but Africa in 1699 was not a fertile breeding ground for middle-management types... and the planters said it was damn near impossible for one white man to establish any kind of control over a boatload of black primitives. The bastards couldn’t even speak English. How could a man get the crop in, with brutes like that for help? There would have to be managers, keepers, overseers: white men who spoke the language, and had a sense of purpose in life. But where would they come from? There was no middle class in the South: only masters and slaves... and all that rich land lying fallow. The King was quick to grasp the financial implications of the problem: The crops must be planted and harvested, in order to sell them for gold—and if all those lazy bastards needed was a few thousand half-bright English-speaking lackeys in order to bring the crops in... hell, that was easy: Clean out the jails, cut back on the Crown’s grocery bill, jolt the liberals off balance by announcing a new “Progressive Amnesty” program for hardened criminals.... Wonderful. Dispatch royal messengers to spread the good word in every corner of the kingdom; and after that send out professional pollsters to record an amazing 66 percent jump in the King’s popularity... then wait a few weeks before announcing the new 10 percent sales tax on ale. That’s how the South got settled. Not the whole story, perhaps, but it goes a long way toward explaining why George Wallace is the Governor of Alabama. He has the same smile as his great-grandfather—a thrice-convicted pig thief from somewhere near Nottingham, who made a small reputation, they say, as a jailhouse lawyer, before he got shipped out. With a bit of imagination you can almost hear the cranky little bastard haranguing his fellow prisoners in London jail, urging them on to revolt: “Lissen here, you poor fools! There’s not much time! Even now—up there in the tower—they’re cookin up some kind of cruel new punishment for us! How much longer will we stand for it? And now they want to ship us across the ocean to work like slaves in a swamp with a bunch of goddamn Hottentots! “We won’t go! It’s asinine! We’ll tear this place apart before we’ll let that thieving old faggot of a king send us off to work next to Africans! “How much more of this misery can we stand, boys? I know you’re fed right up to here with it. I can see it in your eyes— pure misery! And I’m tellin’ you, we don’t have to stand for it!...

Five months after Zoran's disappearance, his wife gave birth to a girl. The mother was unable to nurse the child. The city was being shelled continuously. There were severe food shortages. Infants, like the infirm and the elderly, were dying in droves. The family gave the baby tea for five days, but she began to fade. "She was dying," Rosa Sorak said. "It was breaking our hearts." Fejzić, meanwhile, was keeping his cow in a field on the eastern edge of Goražde, milking it at night to avoid being hit by Serbian snipers. "On the fifth day, just before dawn, we heard someone at the door," said Rosa Sorak. "It was Fadil Fejzić in his black rubber boots. He handed up half a liter of milk he came the next morning, and the morning after that, and after that. Other families on the street began to insult him. They told him to give his milk to Muslims, to let the Chetnik children die. He never said a word. He refused our money. He came 442 days, until my daughter-in-law and granddaughter left Goražde for Serbia." The Soraks eventually left and took over a house that once belonged to a Muslim family in the Serbian-held town of Kopaci. Two miles to the east. They could no longer communicate with Fejzić. The couple said they grieved daily for their sons. They missed their home. They said they could never forgive those who took Zoran from them. But they also said that despite their anger and loss, they could not listen to other Sebs talking about Muslims, or even recite their own sufferings, without telling of Fejzić and his cow. Here was the power of love. What this illiterate farmer did would color the life of another human being, who might never meet him, long after he was gone. In his act lay an ocean of hope.

The major shortages of judges, prosecutors, and public defenders, coupled with the number of people being held in jail awaiting rail has led to a crisis in which it is not possible for every defendant who wants a day in court to get one. So the courts need a way to keep the trials from taking place. By imprisoning poor people who cannot put up money for bail, the system uses the threat or reality of extended imprisonment to extract guilty pleas, even from people who are innocent or have other valid defenses. Not able to get a timely trial, they have only one option - plead guilty. It is a Hobson's choice, more so even than many of the defendants realize, because the guilty please have serious collateral consequences they may not even be aware of and which stay with them for the rest of their lives. But pleading guilty is what they do by the thousands, every day, all over America.

Taking quick looks behind him on the trail, Lew Basnight was apt to see things that weren’t necessarily there. Mounted figure in a black duster and hat, always still, turned sidewise in the hard, sunlit distance, horse bent to the barren ground. No real beam of attention, if anything a withdrawal into its own lopsided star-shaped silhouette, as if that were all it had ever aspired to. It did not take long to convince himself that the presence behind him now, always just out of eyeball range, belonged to one and the same subject, the notorious dynamiter of the San Juans known as the Kieselguhr Kid. The Kid happened to be of prime interest to White City Investigations. Just around the time Lew was stepping off the train at the Union Station in Denver, and the troubles up in the Coeur d’Alene were starting to bleed over everywhere in the mining country, where already hardly a day passed without an unscheduled dynamite blast in it someplace, the philosophy among larger, city-based detective agencies like Pinkerton’s and Thiel’s began to change, being as they now found themselves with far too much work on their hands. On the theory that they could look at their unsolved cases the way a banker might at instruments of debt, they began selling off to less-established and accordingly hungrier outfits like White City their higher-risk tickets, including that of the long-sought Kieselguhr Kid. It was the only name anybody seemed to know him by, “Kieselguhr” being a kind of fine clay, used to soak up nitroglycerine and stabilize it into dynamite. The Kid’s family had supposedly come over as refugees from Germany shortly after the reaction of 1849, settling at first near San Antonio, which the Kid-to-be, having developed a restlessness for higher ground, soon left, and then after a spell in the Sangre de Cristos, so it went, heading west again, the San Juans his dream, though not for the silver-mine money, nor the trouble he could get into, both of those, he was old enough by then to appreciate, easy enough to come by. No, it was for something else. Different tellers of the tale had different thoughts on what. “Don’t carry pistols, don’t own a shotgun nor a rifle—no, his trade-mark, what you’ll find him packing in those tooled holsters, is always these twin sticks of dynamite, with a dozen more—” “Couple dozen, in big bandoliers across his chest.” “Easy fellow to recognize, then.” “You’d think so, but no two eyewitnesses have ever agreed. It’s like all that blasting rattles it loose from everybody’s memory.” “But say, couldn’t even a slow hand just gun him before he could get a fuse lit?” “Wouldn’t bet on it. Got this clever wind-proof kind of striker rig on to each holster, like a safety match, so all’s he has to do’s draw, and the ‘sucker’s all lit and ready to throw.” “Fast fuses, too. Some boys down the Uncompahgre found out about that just last August, nothin left to bury but spurs and belt buckles. Even old Butch Cassidy and them’ll begin to coo like a barn full of pigeons whenever the Kid’s in the county.” Of course, nobody ever’d been sure about who was in Butch Cassidy’s gang either. No shortage of legendary deeds up here, but eyewitnesses could never swear beyond a doubt who in each case, exactly, had done which, and, more than fear of retaliation—it was as if physical appearance actually shifted, causing not only aliases to be inconsistently assigned but identity itself to change. Did something, something essential, happen to human personality above a certain removal from sea level? Many quoted Dr. Lombroso’s observation about how lowland folks tended to be placid and law-abiding while mountain country bred revolutionaries and outlaws. That was over in Italy, of course. Theorizers about the recently discovered subconscious mind, reluctant to leave out any variable that might seem helpful, couldn’t avoid the altitude, and the barometric pressure that went with it. This was spirit, after all.

Silicon Valley is the zoo where the chaos monkeys are kept, and their numbers only grow in time. With the explosion of venture capital, there is no shortage of bananas to feed them. The question for society is whether it can survive these entrepreneurial chaos monkeys intact, and at what human cost.

A failed harvest in 1555 led to rising grain prices and the widespread trouble food shortages always triggered. A Parliament called by Mary in 1555 solved some of the problems but also created others. For example, Parliament granted the government a large sum of money through taxation to alleviate the financial difficulties, but it refused to approve another measure put forward by Mary: the confiscation of property belonging to nobles who had gone into exile.

So, we shouldn't keep going on about corruption and embezzlement of all kinds (in any case, the recrimination is part of the crime). We should lucidly take the view that, from a rational point of view and a reasonable human perspective, there are no longer sufficient needs or useful ends to cope with such a mass of money and resources. Were it not for efficient, organized embezzlement, there is a danger we would be confronted with an excess of means and a shortage of ends — a grave and demoralizing situation which we must stave off with bankruptcies, waste, misuse of public funds, etc. The only offender in all this, if we accept that the main function of money is to circulate and be spent, is the small saver. For whereas the big financial crooks merely contravene the moral law or legality, he contravenes the immoral law, the profound law of our society . . . Saving, the retentio n of monies, th e unlawful imprisonment of private funds which could be put to public use, that is to say which could become liquid capital — that is where real corruption lies today. And it is only right that the law should come down on the small saver at the same time as it grants an amnesty to th large-scale fraudsters and gives the green light to their operations.

If the price of gold was too low, the problem was not a shortage of gold but an excess of paper money in relation to gold. This excess money was reflected in rising inflation in the United States, the United Kingdom and France.

Before, he had not realized what he actually wanted. Until today, when he saw how Cheng Yujin bade him farewell so easily, and how she began to talk happily about her and her future husband, Cheng Yuanjing finally understood what kind of answer he actually wanted to hear. He was not her uncle, nor was she his niece. What he wanted was for Cheng Yujin to see him as a man. He wanted her to give him an embroidery, make him pastries, and came to see him — as a man. Cheng Yuanjing had witnessed how Cheng Yujin very attentively cared for other men. Truly tasteless. Lin Qingyuan’s martial and literary skills weren’t as good as him. Her cousin brother was nothing more than a half-grown child. Why did Cheng Yujin so obsessed with them? Upon this inexplicable feeling, he deliberately revealed his identity. Later, Cheng Yujin’s attitude towards him indeed changed. Unfortunately, she still didn’t see him as a man. Since she knew his identity, Cheng Yujin always regarded him as a symbol, a tool that could promote her future husband and son’s position. Sometimes Cheng Yuanjing wanted to knock Cheng Yujin’s head and pried it open to have a look. Since she wanted to marry a wealthy and powerful husband, how could she put her sight on Xu Zhixian and Lin Qingyuan? As a crown prince, he had no shortage of money, property, power, and status. Moreover, he also currently occupied the identity of the Cheng family’s ninth son, which enabled her to get closer with him easily. Such conveniences, such good conditions, yet Cheng Yujin didn’t use it and still dared to talk about her future husband in front of him. For Cheng Yuanjing, Cheng Yujin was an oddity, truly the only one. The more he got closer to her, the more joyful and possessive Cheng Yuanjing became, and the more he couldn’t bear to hear about another man from her mouth.

Overall, the success of a Treasury auction depends on investor demand. Institutional investors such as insurance companies, foreign central banks, hedge funds, money funds, states, municipalities, Savings and Loans, credit unions, pension funds, and small local banks are all major participants. Depending on who buys a certain Treasury determines how much supply is available in the Repo market. For example, if a large amount of the auction is purchased by securities dealers and hedge funds, there’s plenty of supply around the Repo market. Dealers and hedge funds are leveraged players who loan their securities into the Repo market to finance their purchases. That keeps those securities readily available in the market. If, on the other hand, a large amount is purchased by end-user portfolios, such as investors who are more retail and less sophisticated, then there’s less supply available in the Repo market.

Back in those days, banks did not lend money to stock speculators. That business was left to the trust companies. Trust companies were not banks. In one way, they were the original non-bank financial institutions, the original shadow banks. They were officially financial institutions that were state chartered, and the state charter had much lighter regulatory requirements, including lower reserve requirements and the ability to write uncollateralized loans. Since banks did not write uncollateralized loans, the New York Stock Exchange brokers went to the trust companies. It was a good business for everyone. Brokers were able to get loans to leverage both their own trading positions and the positions of their clients.

Over a period of three weeks from October through November 1907, a national panic swept through the country. The trust companies were no longer able to supply loans to the stock brokers. The rate for an overnight loan used to finance stock positions shot up from 9.5% to 70%, and that was for brokers lucky enough to get a loan! There was just no money available.

As interest rates began to rise in the post-war period, leaving your cash at a bank that paid near zero percent interest was not such a good investment. Corporations and municipalities had millions of dollars to invest, but could not get a decent return on the short-term cash. They wanted a rate, because any rate was better than nothing. At the same time, securities dealers on Wall Street began holding trading positions. Previously the role of the broker-dealer was as a pure middleman. That’s the broker part of broker-dealer. When a client wanted to sell a bond, the firm’s salesmen scoured the market to find a buyer. If they could find a buyer, the trade was done: end-user seller to end-user buyer, and the Wall Street firm just stood in the middle. That changed in the 1950s. Some broker-dealers, like Bear Stearns and Salomon Brothers, realized they could make money buying bonds for their own trading account. And, they could even make money betting on the direction of interest rates.

Overall, it was a pretty good trading strategy. He made money in two out of three possible scenarios. If bond prices went down, he made a lot of money. If the market stayed the same, he earned free interest on the cash. If the Treasury market rallied, he risked a pretty big loss. And guess what? Between February 1982 and May 1982, the Treasury market reversed its decline and started to rally. This was the one chance in three that he wasn’t hoping for. When the May 15, 1982, coupon interest payments were due on a Monday, Drysdale was wiped out and didn’t have enough money to make the payments. That Sunday evening, Heuwetter called Drysdale's clearing bank, Chase Manhattan, and informed them that "we may have a problem" meeting the $160 million interest payment due the next day. Could Chase possibly lend Drysdale $200 million to tide them over? What he didn’t tell them was that, yes, the market rally had wiped them out, but the problem was even worse than that. Drysdale had conducted its Repo trading mostly through Chase's Securities Lending Department.

It's not called Federal Reserve Funds. The money doesn’t belong to the Federal Reserve. It’s never called "Fed Funds" with capital "F’s." Officially, the market is called “federal funds,” though it’s often referred to as “fed funds,” and sometimes called just “funds.” But the “f” is never capitalized. The overnight federal funds rate was the benchmark short-term interest rate for a long time. Way back when, banks dominated the financial system, the overnight inter-bank rate anchored short-term interest rates.

The modern use of Repo financing, though not yet called a Repo, began shortly after the U.S. entered World War I in 1917. Part of the Fed’s official mandate was to "provide an elastic currency," which, as we know, includes providing liquidity to the banking system. During its first few years, injecting cash into the financial system exclusively involved the rediscounting of commercial paper. The Fed loaned money to banks and received commercial paper as collateral. Then, with the growing issuance of Liberty Bonds by the U.S. government, banks began presenting these new government securities to the Fed for rediscounting. When the Fed rediscounted the first Liberty Bond, the Repo market was born.

There’s no real definition of a shadow bank, but a shadow bank is basically a financial institution that performs banking functions. A shadow bank can be anything from an REIT (Real Estate Investment Trust) to a mortgage finance company to a hedge fund to a broker-dealer. Think of what banks do. In the simplest terms, a bank takes in deposits and makes mortgage loans. The mortgage loans are the bank’s investments. The deposits are the bank’s funding. Anyone with a savings or checking account is lending money to a bank. The bank borrows money from the depositors and loans money to the homeowners. Mortgage REITs are a great example of shadow banking. The REIT buys mortgage-backed securities (MBSs) and borrows money to finance the purchases in the Repo market. The mortgage-backed securities are just like a bank writing a mortgage loan, except they’re a security, and the Repo transactions are just like the deposits. But the REIT is not a bank. It’s a shadow bank.

Now, picture a bank that’s financing CDOs for a hedge fund through Repo transactions. Suppose the floor dropped-out from under the CDO market, like it did in 2007, and the bank issued a margin call to the hedge fund. Suppose the hedge fund told the bank, “We will give you your cash as soon as we sell some CDOs. Maybe next week.” That doesn’t work. But the Repo counterparty has an out. No need to wait. Once there is technically a default or bankruptcy, the bank can take over the hedge fund’s positions and liquidate them. Then they cross their fingers that they had taken enough margin to cover the losses on the forced sale! That brings up a good question. Why are there runs on banks and shadow banks? The question is easily answered when you look at what banks and shadow banks have in common. They lend long and borrow short. It’s the age-old business model flaw of the banking system. They are lending money long-term and borrowing money short-term. A bank writes a 30-year mortgage loan to a homeowner and borrows money from their depositors to cover the loan. Remember, the depositors can show up any day and withdraw their money. Unfortunately, this same bank business model flaw extends to the shadow banks. They also lend long and borrow short. Just like a bank, a REIT’s MBS portfolio might have an average weighted maturity of, say, seven years.

Matched Sales were first used during the summer of 1966 and ended in December 2002. These operations were technically different from Reverse-Repo operations. The Fed actually sold the securities to Primary Dealers and bought them back at a later date. Back then, Fed lawyers were concerned with a transaction where the Fed was technically borrowing money. They felt it might be inappropriate – or even illegal. That meant the Fed drained reserves via buy-sellbacks for 36 years. By 2002, the Fed’s lawyers were more comfortable with the transaction to be booked as Reverse-Repo.

Bobby didn’t solve their problem and didn’t offer his opinion on their opposing solutions. His silence on the matter only added to the tension they were feeling from the daily money shortages.

For the dangers of an economy absolutely dominated by a single staple crop were as clear in the seventeenth century as they are nowadays. Dependence on one primary product leaves the producers at the mercy of the market, with its recurring gluts and lowered prices, and its recurring shortage of money. Primary producers are normally at the mercy of their customers anyway: but if they have diversified their products they can at least hope to live off the sales of the others when the sales of one – say, cocoa – have declined, in volume or in value. To

Luke frowned. This was not great timing. He was getting close to closing the deal with a twenty-five-year-old beauty and who shows up but the younger brother who is all of thirty-two. The hotshot spy-plane pilot. Younger, better-looking, plenty of money, exciting life. An officer. The general would no doubt prefer that. He looked Sean up and down—he was tan, had dark blond hair, a dimpled bad-boy smile and no shortage of lines for picking up women. Good lines; Luke had actually borrowed some of them. “You

Virtually unable to attract new capital to the foundering enterprise, the company seized the next year on a novel approach to raising money to fund the embryonic British Empire: a lottery. With the reluctant approval of King James and the Church of England, the Virginia Company sold lottery tickets to the public, discovering no shortage of gamers willing to hazard hard coinage for the chance to win the 01,000 grand prize, a fortune at a time when the typical working-class family scraped by on little more than a pound a month. Having begun as a corporation, Virginia had evolved into a gamblers' stake with a lively populist following back in England.

the shortage of cotton also drove up the price and hence the value of the South’s cotton-backed bonds, making them an irresistibly attractive investment for key members of the British political elite.

The Crusades, like the conquests that followed, were as much about overcoming Europe’s monetary shortage as about converting heathens to Christianity.14

The 9/11 Commission warned that Al Qaeda "could... scheme to wield weapons of unprecedented destructive power in the largest cities of the United States." Future attacks could impose enormous costs on the entire economy. Having used up the surplus that the country enjoyed as part of the Cold War peace dividend, the U.S. government is in a weakened financial position to respond to another major terrorist attack, and its position will be damaged further by the large budget gaps and growing dependence on foreign capital projected for the future. As the historian Paul Kennedy wrote in his book The Rise and Fall of Great Powers, too many decisions made in Washington today "bring merely short-term advantage but long-term disadvantage." The absence of a sound, long-term financial strategy could bring about a deterioration that, in his words, "leads to the downward spiral of slower growth, heavier taxes, deepening domestic splits over spending priorities and a weakening capacity to bear the burdens of defense." Decades of success in mobilizing enormous sums of money to fight large wars and meet other government needs have led Americans to believe that ample funds will be readily available in the event of a future war, terrorist attack, or other emergency. But that can no longer be assumed. Budget constraints could limit the availability or raise the cost of resources to deal with new emergencies. If government debt continues to pile up, deficits rise to stratospheric levels, and heave dependence on foreign capital grows, borrowing the money needed will be very costly. [Alexander] Hamilton understood the risks of such a precarious situation. After suffering through financial shortages, lack of adequate food and weapons, desertions, and collapsing morale during the Revolution, he considered the risk that the government would have difficulty in assembling funds to defend itself all too real. If America remains on its dangerous financial course, Hamilton's gift to the nation - the blessing of sound finances - will be squandered. The U.S. government had no higher obligation that to protect the security of its citizens. Doing so becomes increasingly difficult if its finances are unsound. While the nature of this new brand of warfare, the war on terrorism, remains uncharted, there is much to be gained if our leaders look to the experiences of the past for guidance in responding to the challenges of the future. The willingness of the American people and their leaders to ensure that the nation's finances remain sound in the face of these new challenges - sacrificing parochial interests for the common good - is the price we must pay to preserve the nation's security and thus the liberties that Hamilton and his generation bequeathed us.

Food cost rather than the absolute absence of food can often be the key factor in shortages and possible starvation. During the height of the Irish Potato Famine in 1845, Ireland was actually exporting food to England. The peasants starved because they could not afford to buy food at the local prices, enhanced by the loss of the potato crop. There was enough food, in absolute terms, to keep everyone alive; they died because they had no money to buy it.

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

True Cause. History is full of war, of death, of sacrifice…of unimaginable brutality. All in the name of the Cause. The mighty Cause. It is not the idea of fighting for a cause that saddens me so. It is the ease with which people devote themselves to it. Men have flocked into the streets, marched, argued, fought, killed…for causes they didn’t even understand. They do it because they follow along, to be part of the group…or because they don’t want to be left out. Because they are told to, or because they crave to be part of something. They follow the Cause for many reasons, with great passion and staggering ignorance. Disturbingly rare among them, are people who fight because they truly understand the reasons for their struggle. Most are simply followers, nipping at the heels of their leaders, like dogs begging for scraps. Throughout history, men have fought for uncounted reasons. For land, for money, for hegemony over their neighbors. They have fought for religion, to avenge insults, to impose belief systems…or to resist such being forced upon them. Wars have been waged to preserve or eliminate slavery, to escape the yoke of political masters…or to impose such rule upon others. Men have fought against those they branded inferiors…and struggled against those who called themselves their betters. The drum has beaten the call to war throughout history, rallying men and women to fight for the Cause…to accept the inevitable pain and suffering of war. To sacrifice sons and daughters to the slaughter. To see cities burn and millions die in confusion, agony, and despair. All for the Cause. Since the dawn of recorded history, the flags have waved and the crowds have cheered. The soldiers have marched…they have marched to fight for the Cause. What did most of them get back from those who called them to war? Famine, disease, shortages, despair. Burned cities and broken dreams. A flag-draped coffin in place of a live son or daughter. Words, endless, professionally-written platitudes, offered by the masters in justification of the slaughter. How often was the Cause truly just, worth the pain and death and horror of war? How many of those billions, who took to the streets for 5,000 years and cheered and sang and rallied for the Cause…how many of them really understood? What percentage took the time to consider the facts, the situation…to question what they were told and ultimately decide for themselves if the Cause was true and righteous? How many mindlessly believed the words of their masters, giving their all to a cause they didn’t even comprehend? A Cause that wasn’t worthy of their sacrifice? What if the Cause is false, corrupt…a fraud created simply to urge men to fight? What if it serves nothing more than the base purposes of the leaders, buying them power with the blood of the people? What does the reasonable man, the just man, do if he discovers the Cause is false? Is there any retribution, any action, any violence unjustified in punishing those responsible? Could any horror that the oppressed and manipulated victims visit upon their former masters be unjustified. Does righteous vengeance become the Cause.

We have a surplus of things we don’t need and a shortage of things we do need. We need more workers. We need more homes. We need more public transit. We need more green energy. We need, we need, we need. This endless cycle of “need” can be exhausting to hear because a lot of this is not things that the average person can really go out and fix. If someone could flip a switch that helps enact policy around immigration reform and nuclear power plants, that would be amazing! But it takes collective action to achieve anything substantial.

In the end five million acres were burned in 1910, and flame-killed trees provided fuel for reburn cycles that lasted well into the 1930s. Reburns spread into healthy timber and ultimately redoubled the acreage that was lost. Faced with the possibility of a lumber shortage and consequently under tremendous political pressure, the Forest Service finally gave fire suppression top priority. Money was appropriated by Congress, crews were organized, lookout towers were built, timber companies constructed access roads into the mountains, telephones began to replace runners and mounted messengers. Fire fighting had finally entered, as one historian said, its heroic age.

I really hated the jobs I had that were poorly funded.

First they warn everyone to wear a mask. Then we find out unless it's a special kind of mask it's not going to protect you at all." "It's not just a question of beds. There's not enough linen, not enough gloves, gowns, hypodermic needles, disinfectant, meds, you name it. Not enough ambulances, not enough ventilators or other equipment. Hospitals are even running out of food." "It's not like every other bad thing stopped happening to make room for the flu. People are still getting cancer and having heart attacks and strokes and road accidents. The idea that we could handle any kind of surge on top of that--whoever's fantasy that was, it was never going to happen." "The retired workers they were depending on to take over for the workers out sick? Very few of those people ever showed. The volunteer doctors and nurses and the other helping hands--they aren't showing up, either. It's not like 9/11. There aren't any heroes rushing toward the danger. The danger is everywhere, and everyone's running scared." "Let's face it, this is America. Anything that's bad for business, people don't want to hear. When it comes to money or doing the right thing, most people are going to choose money. Close up shop for months till they can make a new vaccine? How many businesses would still be alive after that?" "This disaster proves what some of us have been saying about America all along: everything is broken.

Before the Second World War, the British paid ample lip service to the idea of self-government in India, but granting full independence was never a serious option. The Raj was the jewel in His Majesty’s crown; giving it up was unthinkable. But by 1947, the British nation was exhausted and traumatized by German bombing; discouraged by the loss of so many of its soldiers; shocked by the desertion and mutiny of its Indian servicemen; benumbed by unprecedented winter cold and an energy shortage that had the population shivering and its factories shuttered; broke, owing not only the Americans for the money that was keeping its economy afloat but India, too; and disgusted by the growing violence between Muslims, Hindus, and Sikhs for which it took no responsibility, violence that would shortly lead to a bloodbath of historic proportions. Overwhelmed by these troubles at home and in its disintegrating colony, Britain concluded that exit from the subcontinent was the only option.

SOFR is a combination of three Repo rates: deliverable GC, GCF, and Tri-Party. The deliverable GC component is an average of all inter-dealer U.S. Treasury General Collateral trades that settle in FICC (Fixed Income Clearing Corp.). GCF is short for General Collateral Finance, and it’s basically inter-dealer Tri-Party trades that settle within FICC. The last component is the Tri-Party rate, and this rate is very important for understanding SOFR. Tri-Party is the average rate for Tri-Party trades that settle at the Bank of New York (BONY). Whereas GC and GCF are dealer-to-dealer rates, Tri-Party is a dealer-to-customer rate. What does that mean? It’s where the Street borrows money from customers, not from each other. Dealer-to-customer means the rate is on the offered side of the market, or lower if the dealer marks up the rate, which we commonly do. The Tri-Party rate is always lower than the inter-dealer rate. And it means that SOFR should always trade below Repo GC.

When cash moves in and out of money market funds (MMF), it affects Repo rates. Yes, these funds invest a majority of their funds in bank CDs, commercial paper, U.S. Treasurys, corporate bonds, and discount notes, but their uninvested cash goes directly into the Repo market. Large funds like Fidelity, Vanguard, Federated, PIMCO, and Blackrock invest hundreds of billions of dollars in the Repo market each day. When individual inventors put money in these funds, a percentage of that cash filters into the Repo market.

The Velocity of Collateral is like the economics term the Velocity of Money.[33] In economics circles, the Velocity of Money is how much, on average, a single dollar is re-used over a period of time. It’s how fast a currency passes from one holder to another. Think of the same principle, except in the Repo market. The VofC is how much, on average, a security turns over before it gets from end-seller to end-buyer. The Repo market has a high velocity because there are many players making markets, speculating on interest rates, and borrowing and lending securities. In the diagram below, $100 million of securities is loaned from a leveraged portfolio to Bank A, then to Bank B, then to Bank C before it reaches its final destination, the cash provider. Every time the security is re-used (rehypothecated), assets and liabilities are created by the velocity of the collateral.

The real significant shortages were caused by one of the following: 1.       Cheapest-To-Deliver (CTD) – A specific security must be delivered to the exchange (CME) to fulfill a futures delivery requirement. If the correct security is not delivered, it’s a very expensive fine. This is a can’t-fail scenario. 2.       Gone From The Market – This was the case with the 3.625% 5/15/2013. There was no supply available and deep shorts. 3.       Settlement Distortion – During the September 11, 2001, period, the entire settlement system broke down. BONY couldn’t clear securities for days. 4.       Flight-To-Quality – End-investors buy-up all of the Treasurys, pack them away in their portfolios, and don’t loan them into the Repo market. These are solid reasons for securities shortages. However, when you take these out, the rest can generally be attributed to the Repo market, assisted by the Repo market, or helped along by the Repo market. A “Repo market squeeze” is a short squeeze that’s orchestrated by someone in the Repo market. The squeezer could be a Primary Dealer, a bank, a broker-dealer, or even a West Coast money manager. The concept is simple: Buy or borrow as much of a Treasury issue as possible and hold that supply out of the market. Don’t loan it to anyone. Then see how low Repo rates go. When the security begins to trade rich in the cash market or term Repo rates decline, sell the position. Or sell as much as possible.

As drugs flow up into the United States, all kinds of people make money off them. People are subcontracted to ship, truck, warehouse, and finally smuggle the product over the border. To complicate this, drugs are often bought and sold many times on their journey. People actually handling these narcotics will often have no knowledge which so-called kingpin or cartel ever owned them, only knowing the direct contacts they are dealing with. Ask a New York cocaine dealer who smuggled his product into America. He would rarely have a clue. All this helps explain why the Mexican drug trade is such a confusing web, which confounds both journalists and drug agents. Tracing exactly who touched a shipment on its entire journey is a hard task. But this dynamic, moving industry has a solid center of gravity—turfs, or plazas. Drugs have to pass through a certain territory on the border to get into the United States, and whoever is running those plazas makes sure to tax everything that moves. The border plazas have thus become a choke point that is not seen in other drug-producing nations such as Colombia, Afghanistan, or Morocco. This is one of the key reasons why Mexican turf wars have become so bloody. The vast profits attract all kinds to the Mexican drug trade: peasant farmers, slum teenagers, students, teachers, businessmen, idle rich kids, and countless others. It is often pointed out that in poor countries people turn to the drug trade in desperation. That is true. But plenty of middle-class or wealthy people also dabble. Growing up in the south of England, I knew dozens of people who moved and sold drugs, from private-school boys to kids from council estates (projects). The United States has never had a shortage of its own citizens willing to transport and sell drugs. The bottom line is that drugs are good money even to wealthy people, and plenty have no moral dilemmas about the business.

Poverty abolitionists do the difficult thing. They donate to worthy organizations, yes, but they must do more. If charity were enough, well, it would be enough, and this book would be irrelevant. Giving money away is a beautiful act, and yet poverty persists. Rather than throwing money over the wall, let’s tear the wall down. The evidence is in, and it’s clear: We can integrate our communities without depressing property values, compromising school quality, or harming affluent children. So why do so many of us remain “unsure of our own social position”? Why do we scare so easily? We have been taught this fear. Our institutions have socialized us to scarcity, creating artificial resource shortages and then normalizing them.

The Colorado Basin, then, is a few years away from permanent drought, and it will have to make do with whatever nature decrees the flow shall be. If the shortages were to be shared equally among the basin states, then things might not be so bad for Arizona. But this will obviously not be the case; there is that fateful clause stipulating that California shall always receive its full 4.4-million-acre-foot entitlement before Phoenix and Tucson receive a single drop. What began as an Olympian division of one river’s waters emerged, after fifty years of brokering, tinkering, and fine-tuning according to the dictates of political reality, as an ultimate testament to the West’s cardinal law: that water flows toward power and money.

Discussion Questions 1. An institution for people with disabilities, the Willowbrook State School opened in 1947 on Staten Island, New York, and remained in operation until 1987. Despite having a maximum capacity of 4,000 people, by 1965 it housed over 6,000 intellectually and physically disabled children and adults, becoming the largest state-run mental institution of its kind in the United States. Due to staff and money shortages, there was only one nurse per ward, one or two attendants per 35 to 125 residents, and more than 200 residents living in houses built for fewer than 100. An estimated 12,000 residents died at Willowbrook from 1950 to 1980, approximately 400 a year, due to neglect, violence, lack of nutrition, and medical mismanagement or experimentation. What was your awareness of Willowbrook State School before reading The Lost Girls of

When the National War Labor Board froze salaries during and after World War II, companies facing severe labor shortages discovered that they could attract workers by offering health insurance instead. To encourage the trend, the federal government ruled that money paid for employees’ health benefits would not be taxed.

As I described it in “Open and Shut,” the capital market cycle is simple in its operation, and its message is easy to perceive. An uptight, cautious credit market usually stems from, leads to or connotes things like these: fear of losing money heightened risk aversion and skepticism unwillingness to lend and invest regardless of merit shortages of capital everywhere economic contraction and difficulty refinancing debt defaults, bankruptcies and restructurings low asset prices, high potential returns, low risk and excessive risk premiums Taken together, these things are indicative of a great time to invest. Of course, however, because of the role played by fear and risk aversion in their creation, most people shy away from investing while they are in force. That makes it difficult for most people to invest when the capital cycle is negative, just as it is potentially lucrative.

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”)

I also made a beeline for the latrine. Not just to see if it was clean. Was there a shortage of toilet paper, were any mirrors cracked, were there any missing showerheads? Finding any of these situations immediately told me one of several things—the unit is running short of upkeep money, no one is checking on these things to get them fixed, or the troops are not being supervised well enough. Find out which and fix it.

the plan was a scheme to bilk money from the investors in return for selling them Louisiana. Law was given a monopoly on trade, as well. Later, when it turned out that Law’s company was merely a large confidence game, many of the settlers decided to ignore this and stay on. During the first year of Law’s operation, he decided that a town should be founded at a spot that could be reached from both Lake Pontchartrain and the Mississippi River. In 1718, this town became La Nouvelle Orleans. Development of the city began that year, but work was slow, thanks to brutal heat and the rising and falling waters of the Mississippi. There was talk of moving the city because of the danger of flooding, so levees were constructed, which spread out as the city and the plantations of the area grew. But rising water was not the only danger that could be found at the mouth of the Mississippi. In many early documents, writers spoke of the monsters that dwelt in the murky waters, and the Indian legends told of gigantic beasts that waited to spring upon unwary travelers. “May God preserve us from the crocodiles!” wrote Father Louis Hennepin. Meanwhile, John Law was having problems holding up his end of the bargain that he made with the French. In order to get his money, he had promised his investors that he would have a colony of six thousand settlers and three thousand slaves by 1727. His problem, however, was a shortage of women. The colony’s governor, Jean-Baptiste Le Moyne, Sieur de Bienville, wrote, “The white men are running in the woods after the Indian girls.” About 1720, one solution to cure the shortage of women arrived when the jails of Paris were emptied of prostitutes. The ladies of the evening were given a choice: serve their term in prison or become a colonist in Louisiana. Those who chose the New World quickly became the wives of the men most starved for female companionship. The prisons also served as a source for male colonists. Many thieves, vagabonds, deserters and smugglers also chose to come to Louisiana to avoid prison time. They made for strange company when mixed with aristocrats, indicted for some wrongdoing or another, who also chose New Orleans over the Bastille. New Orleans also lacked education and medical care. Despairing over the conditions, Governor Bienville coaxed the sisters of Ursuline to come from France and assist the new city. The first Ursulines arrived in 1727 and set to work caring for orphans, operating

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

By the end of Louis XIV’s reign, the economy had collapsed entirely. “The shortage of credit was universal, trade was destroyed, consumption was cut by half, the cultivation of lands neglected, the people unhappy,” a minister wrote. Law was forty-four years old. He’d been pitching his ideas about money for a decade. Finally, with his buddy as the Regent, he was about to get his big chance.

The paper money printed by the new national banks circulated around the country at face value. So far, so good. But because the money had to be backed by government bonds, the amount of money in circulation was limited by the amount of money the government borrowed. Every fall, when farmers needed money to hire people to harvest their crops, and buyers needed money to buy the crops, there was a shortage of money, and interest rates spiked.

Believing in any sort of shortage makes your consciousness smaller and slower so that you may experience what you believe in.

may not even have been about money, but details were scant. Rumors and emotions weren’t. An artillery unit ran out of ammunition on the battlefront; rumors followed that their shortage had been caused by a strike back in the States. It wasn’t true, but there were enough dark feelings around that it was easy to believe. Why wasn’t everyone back home pitching in like we were? We didn’t want our parents and families and others back home to experience the horrors we were experiencing, but we did want to feel that they were doing as much as they possibly could to help us end those horrors. There were times we didn’t get that feeling.

Of course, the real reason for the difficulty is that the raw materials that were created for the use and benefit of all have been stolen by a small number, who refuse to allow them to be used for the purposes for which they were intended. This numerically insignificant minority refuse to allow the majority to work and produce the things they need; and what work they do graciously permit to be done is not done with the object of producing the necessaries of life for those who work, but for the purpose of creating profit for their masters. And then, strangest fact of all, the people who find it a hard struggle to live, or who exist in dreadful poverty and sometimes starve, instead of trying to understand the causes of their misery and to find out a remedy themselves, spend all their time applauding the Practical, Sensible, Level-headed Business-men, who bungle and mismanage their affairs, and pay them huge salaries for doing so. Sir Graball D’Encloseland, for instance, was a ‘Secretary of State’ and was paid £5,000 a year. When he first got the job the wages were only a beggarly £2,000, but as he found it impossible to exist on less than £100 a week he decided to raise his salary to that amount; and the foolish people who find it a hard struggle to live paid it willingly, and when they saw the beautiful motor car and the lovely clothes and jewellery he purchased for his wife with the money, and heard the Great Speech he made – telling them how the shortage of everything was caused by Over-production and Foreign Competition, they clapped their hands and went frantic with admiration. Their only regret was that there were no horses attached to the motor car, because if there had been, they could have taken them out and harnessed themselves to it instead.

I had dropped more or less by chance into the only community of any size in Western Europe where political consciousness and disbelief in capitalism were more normal than their opposites. Up here in Aragon one was among tens of thousands of people, mainly though not entirely of working-class origin, all living at the same level and mingling on terms of equality. In theory it was perfect equality, and even in practice it was not far from it. There is a sense in which it would be true to say that one was experiencing a foretaste of Socialism, by which I mean that the prevailing mental atmosphere was that of Socialism. Many of the normal motives of civilized life — snobbishness, money-grubbing, fear of the boss, etc. — had simply ceased to exist. The ordinary class-division of society had disappeared to an extent that is almost unthinkable in the money — tainted air of England; there was no one there except the peasants and ourselves, and no one owned anyone else as his master. Of course such a state of affairs could not last. It was simply a temporary and local phase in an enormous game that is being played over the whole surface of the earth. But it lasted long enough to have its effect upon anyone who experienced it. However much one cursed at the time, one realized afterwards that one had been in contact with something strange and valuable. One had been in a community where hope was more normal than apathy or cynicism, where the word ‘comrade’ stood for comradeship and not, as in most countries, for humbug. One had breathed the air of equality. I am well aware that it is now the fashion to deny that Socialism has anything to do with equality. In every country in the world a huge tribe of party-hacks and sleek little professors are busy ‘proving’ that Socialism means no more than a planned state-capitalism with the grab-motive left intact. But fortunately there also exists a vision of Socialism quite different from this. The thing that attracts ordinary men to Socialism and makes them willing to risk their skins for it, the ‘mystique’ of Socialism, is the idea of equality; to the vast majority of people Socialism means a classless society, or it means nothing at all. And it was here that those few months in the militia were valuable to me. For the Spanish militias, while they lasted, were a sort of microcosm of a classless society. In that community where no one was on the make, where there was a shortage of everything but no privilege and no boot-licking, one got, perhaps, a crude forecast of what the opening stages of Socialism might be like. And, after all, instead of disillusioning me it deeply attracted me. The effect was to make my desire to see Socialism established much more actual than it had been before. Partly, perhaps, this was due to the good luck of being among Spaniards, who, with their innate decency and their ever-present Anarchist tinge, would make even the opening stages of Socialism tolerable if they had the chance.

It is strange how many government departments claim to have money shortages, but there is never a shortage of funds for wars.

The higher education bubble isn’t bursting because of a shortage of money. It is bursting because of a shortage of value. The solution is to improve the product, not to increase the subsidy.

In Japan: The shortage of wives for farmers became a rural crisis. In one village in the late 1980s, of unmarried persons between ages 25 and 39, 120 were men and only 31 were women, a ratio of 4:1. Some Japanese villages organized to find wives for their bachelors. One mountain village placed newspaper ads, promising free winter skiing vacations to all young women who visited and agreed to meet its men. Over a fiveyear period, 300 women responded, but none became wives of a village man. In another mountain village of 7,000, there were three bachelors for every unmarried woman, so the local government became a marriage agent. It brought in 22 women from the Philippines, South Korea, Thailand, and other Asian countries to marry its men, many in their 40s and 50s. Some marriages endured, but others ended in divorce because of the labor demands of farm life, the burden wives bore in caring for their husband’s elderly parents, and cultural differences. Small businesses developed that offered counseling services for bicultural couples and served as marriage brokers to match Japanese men with foreign women. Even today, many Japanese farm men remain bachelors. Farming in Japan is now primarily a part-time occupation—farmers find off-season jobs in construction or other tasks, unable to make an acceptable living even with government subsidies. And farming is now largely performed by older persons. For example, in one important rice-growing area, between 1980 and 2003, the number of people making most of their money from farming fell by 56 percent, and the number of people between ages 15 and 59 fell by 83 percent. There was one increase, though: there were 600 more farmers older than 70 in 2003 than in 1980.

These strongly Aristotelian attitudes, which still dominate many societies today, reflected a suspicion of the middleman. They were thought to make money not by adding intrinsic value to the traded item, but by moving goods or money to areas of shortage, or even, many believed, by creating the shortage in the first place.

Crimping or Shanghaiing was the act of kidnapping unsuspecting men to serve aboard ships usually destined to sail to the far east. In most cases this happened on the waterfront of cities such as London, Bristol and Hull in England and San Francisco, Portland, Seattle, Port Townsend on the West Coast and New York, Boston, Philadelphia, and Baltimore on the on the East Coast of the United States. Portland, Oregon. In the mid-19th century eventually became the most infamously known city for shanghaiing. People engaged in this form of kidnapping were known as crimps and those members of a ship’s crew that were acquired in this way were referred to as being part of a ships “press gang.” This term had its origin Great Britain's Royal Navy. The need for Shanghaiing grew from shortage of sailors first in the British navy in England and then on merchant ships sailing on the lengthy trade routes primarily to China. With many seamen jumping ship along the west coast and joining the California Gold Rush it developed a cottage industry for boarding masters known as crimps, who found crews for ships. Being paid for every person they delivered there was a strong incentive to find as many seamen as possible and for this they were paid what was named blood money. Records show that these crimps could receive a percentage of the man’s pay or in some cases thousands of dollars of advance pay against the seaman’s pay for the voyage. In 1884 the practice of Crimping or Shanghaiing was curtailed when the Dingley Act came into effect. This law prohibited the taking advantage of the seamen, although some loopholes allowed the practice to continue into the 20th century.