Money Transfer Quotes

Here’s to the security guards who maybe had a degree in another land. Here’s to the manicurist who had to leave her family to come here, painting the nails, scrubbing the feet of strangers. Here’s to the janitors who don’t understand English yet work hard despite it all. Here’s to the fast food workers who work hard to see their family smile. Here’s to the laundry man at the Marriott who told me with the sparkle in his eyes how he was an engineer in Peru. Here’s to the bus driver, the Turkish Sufi who almost danced when I quoted Rumi. Here’s to the harvesters who live in fear of being deported for coming here to open the road for their future generation. Here’s to the taxi drivers from Nigeria, Ghana, Egypt and India who gossip amongst themselves. Here is to them waking up at 4am, calling home to hear the voices of their loved ones. Here is to their children, to the children who despite it all become artists, writers, teachers, doctors, lawyers, activists and rebels. Here’s to international money transfer. For never forgetting home. Here’s to their children who carry the heartbeats of their motherland and even in sleep, speak with pride about their fathers. Keep on.

Need' now means wanting someone else's money. 'Greed' means wanting to keep your own. 'Compassion' is when a politician arranges the transfer.

By first believing in Santa Claus, then the Easter Bunny, then the Tooth Fairy, Rant Casey was recognizing that those myths are more than pretty stories and traditions to delight children. Or to modify behavior. Each of those three traditions asks a child to believe in the impossible in exchange for a reward. These are stepped-up tests to build a child's faith and imagination. The first test is to believe in a magical person, with toys as the reward. The second test is to trust in a magical animal, with candy as the reward. The last test is the most difficult, with the most abstract reward: To believe, trust in a flying fairy that will leave money. From a man to an animal to a fairy. From toys to candy to money. Thus, interestingly enough, transferring the magic of faith and trust from sparkling fairy-dom to clumsy, tarnished coins. From gossamer wings to nickels... dimes... and quarters. In this way, a child is stepped up to greater feats of imagination and faith as he or she matures. Beginning with Santa in infancy, and ending with the Tooth Fairy as the child acquires adult teeth. Or, plainly put, beginning with all the possibility of childhood, and ending with an absolute trust in the national currency.

Even more money is transferred to the bank accounts of fashion designers, gym managers, dieticians, cosmeticians and plastic surgeons, who help us arrive at the café looking as similar as possible to the market’s ideal of beauty.

Since 1949, the United States has passed to Israel more than $100 billion in grants and $10 billion in special loans.36 Other bodies not part of the administration annually transfer to Israel $1 billion. This is larger than the amount of money transferred by the United States to North Africa, South America, and the Caribbean put together.

The Great Socialist himself is said to have embezzled one billion rupees from the Darkness, and transferred that money into a bank account in a small, beautiful country in Europe full of white people and black money.

The stock market is a device for transferring money from the impatient to the patient.

You okay?" Amber asked. Kelly smiled. "I burned down the first house they kept me in," she said. "Then I took their phone and used it to transfer all their money to different charities...

money is a matter of belief, even faith: belief in the person paying us; belief in the person issuing the money he uses or the institution that honours his cheques or transfers. Money is not metal. It is trust inscribed. And it does not seem to matter much where it is inscribed: on silver, on clay, on paper, on a liquid crystal display.

Money is never a prize; it’s a commodity, a means for getting things done. Money simply transfers economic value from place to place so that people are able to work together.

There are lives to be lived if only you didn't care. Care for what, for what; the opinion of mankind, money, success, hotel lobbies, health, umbrellas, Uneeda biscuits . . .?

There are a billion people, right now, with access to the internet and feature phones who could use bitcoin as an international wire-transfer service.

The Senator did not know who owned the jet, nor had he ever met Mr. Trudeau, which in most cultures would seem odd since Rudd had taken so much money from the man. But in Washington, money arrives through a myriad of strange and nebulous conduits. Often those taking it have only a vague idea of where it's coming from; often they have no clue. In most democracies, the transference of so much cash would be considered outright corruption, but in Washington the corruption has been legalized. Senator Rudd didn't know and didn't care that he was owned by other people.

People have to be secure in order to transfer their money to you. Never forget that. How you make them secure is to not come at them from above (action, yang) telling them how marvelous the product is and how marvelous you are. Instead, work on their comfort zone first, keeping silent for the most part, leading things along effortlessly by asking questions (nonaction, yin). When you do get to talk, be sure to tell them that everything is cozy, safe, and secure. People need to hear that. Work on their positive energy, and tell them about the good fortune that is about to descend upon them in these exciting and positive times. Then, and only then, mention the dumb screws.

Prostitution isn't illegal to protect women. Prostitutes would be much safer if it was legal. It's illegal to protect men. Men are addicted to sex. Sex is like heroin to men. If all women were allowed to charge admission to their pussy, they would have total control over men and it would cause a giant wealth transfer. Men would go broke and women would end up with all the money and power.

We’re creatures of habit when it comes to mobile contracts and the wires piping high-speed data into our homes. It’s a pain to deal with transfers, installations, and customer service interactions, so we shrug and keep paying a premium.

Buffett has said that the stock market is designed to transfer money “from the active to the patient.

When I was a concierge, I didn’t want a guest’s gratitude. I wanted gratuity. A thank you and a warm smile are always made warmer by a transfer of money.

A particularly important use of codes a was by banks. Worries about the security of telegraphic money transfers

As a Puntland cabinet minister once told me: “In Somalia, there are two industries that work: hawala [money transfer] and khat.

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.

The scholarships offer five years of paid tuition, free accommodation on campus, and meals in the Dining Hall every evening with the other scholars. For Marianne, who doesn’t pay her own rent or tuition and has no real concept of how much these things cost, it’s just a matter of reputation. She would like her superior intellect to be affirmed in public by the transfer of large amounts of money.

Here we come to the central question of this book: What, precisely, does it mean to say that our sense of morality and justice is reduced to the language of a business deal? What does it mean when we reduce moral obligations to debts? What changes when the one turns into the other? And how do we speak about them when our language has been so shaped by the market? On one level the difference between an obligation and a debt is simple and obvious. A debt is the obligation to pay a certain sum of money. As a result, a debt, unlike any other form of obligation, can be precisely quantified. This allows debts to become simple, cold, and impersonal-which, in turn, allows them to be transferable. If one owes a favor, or one’s life, to another human being-it is owed to that person specifically. But if one owes forty thousand dollars at 12-percent interest, it doesn’t really matter who the creditor is; neither does either of the two parties have to think much about what the other party needs, wants, is capable of doing-as they certainly would if what was owed was a favor, or respect, or gratitude. One does not need to calculate the human effects; one need only calculate principal, balances, penalties, and rates of interest. If you end up having to abandon your home and wander in other provinces, if your daughter ends up in a mining camp working as a prostitute, well, that’s unfortunate, but incidental to the creditor. Money is money, and a deal’s a deal. From this perspective, the crucial factor, and a topic that will be explored at length in these pages, is money’s capacity to turn morality into a matter of impersonal arithmetic-and by doing so, to justify things that would otherwise seem outrageous or obscene. The factor of violence, which I have been emphasizing up until now, may appear secondary. The difference between a “debt” and a mere moral obligation is not the presence or absence of men with weapons who can enforce that obligation by seizing the debtor’s possessions or threatening to break his legs. It is simply that a creditor has the means to specify, numerically, exactly how much the debtor owes.

No, you are saying to yourselves what a bore he is, what use is he to society? He has no money, he has no pretty wife, no good conversation, no tips on the stockmarket. He's a useless fardel on society.... The artist is a fardel.

Take a plunge, take a plunge . . . they’re all crooks and gamblers anyway . . . take a plunge and come up with your hands full, pockets full, bankaccount full, vaults full of money. If I only dared take the risk. Fool to waste your time fuming about it.

EHMs provide favors. These take the form of loans to develop infrastructure—electric generating plants, highways, ports, airports, or industrial parks. A condition of such loans is that engineering and construction companies from our own country must build all these projects. In essence, most of the money never leaves the United States; it is simply transferred from banking offices in Washington to engineering offices in New York, Houston, or San Francisco. Despite the fact that the money is returned almost immediately to corporations that are members of the corporatocracy (the creditor), the recipient country is required to pay it all back, principal plus interest.

But what can you do with success when you get it? You cant eat it or drink it. Of course I understand that people who havent enough money to feed their faces and all that should scurry round and get it. But success . . .” “The trouble with me is I cant decide what I want most, so my motion is circular, helpless and confoundedly discouraging.” “Oh but God decided that for you. You know all the time, but you wont admit it to yourself.” “I imagine what I want most is to get out of this town, preferably first setting off a bomb under the Times Building.

You’ll make twentyfive percent on your money by tomorrow noon. . . . Then if you want to hold you can on a gamble, but if you sell three quarters and hold the rest two or three days on a chance you’re safe as . . . as the Rock of Gibraltar.” “I know Viler, it certainly sounds good. . . . ” “Hell man you dont want to be in this damned office all your life, do you? Think of your little girl.” “I am, that’s the trouble.

The fact of the matter is that an honest man wont soil his hands with politics, and he’s given no inducement to take public office.” “That’s true, a live man, nowadays, wants more money, needs more money than he can make honestly in public life. . . . Naturally the best men turn to other channels.

But I knew it wasn't just the cute girl on the screen that had made Eunice cry. It was her father laughing, being kind, the family momentarily loving and intact - a cruel side trip into the impossible, an alternate history. The dinner was over. The waiters were clearing the table with resignation and without a word. I knew that, according to tradition, I had to allow Dr. Park to pay for the meal, but I went into my apparat and transferred him three hundred yuan, the total of the bill, out of an unnamed account. I did not want his money. Even if my dreams were realised and I would marry Eunice someday, Dr. Park would always remain to me a stranger. After thirty-nine years of being alive, I had forgiven my own parents for not knowing how to care for a child, but that was the depth of my forgiveness.

A Buyback Loop occurs as you continually audit your time to determine the low-value tasks that are sucking your energy. Then you transfer those tasks, optimally, to someone who’s better at them and enjoys them. Lastly, you fill your time with higher-value tasks that light you up and make you more money. Then you start the process over again.

The role of agents is to say, Here are the facts, here is what we found. Not, This guy’s good and that guy’s bad, but rather: This guy’s dead, that guy had a gun, here’s a list of phone calls that guy made, and here’s a money transfer from this one to that one the day before the death. That’s the agent’s role. That’s the job that I have loved.

Oh I know darling, it's nothing but money in New York.

Exceptional leaders transfer their vision and aspirations to their team by the way they project themselves.

At their best, conglomerates enable the tax efficient transfer of cash from businesses that cannot use the money intelligently to those that can. Berkshire is a very rational conglomerate.

I believe that I will have this money in my possession. My faith is so strong that I can now see this money before my eyes. I can touch it with my hands. It is now awaiting transfer to me at the time, and in the proportion that I deliver the service I intend to render in return for it. I am awaiting a plan by which to accumulate this money, and I will follow that plan, when it is received.

Trust does not emerge simply because a seller makes a rational case why the customer should buy a product or service, or because an executive promises change. Trust is not a checklist. Fulfilling all your responsibilities does not create trust. Trust is a feeling, not a rational experience. We trust some people and companies even when things go wrong, and we don’t trust others even though everything might have gone exactly as it should have. A completed checklist does not guarantee trust. Trust begins to emerge when we have a sense that another person or organization is driven by things other than their own self-gain. With trust comes a sense of value—real value, not just value equated with money. Value, by definition, is the transference of trust. You can’t convince someone you have value, just as you can’t convince someone to trust you. You have to earn trust by communicating and demonstrating that you share the same values and beliefs. You have to talk about your WHY and prove it with WHAT you do.

Whereas traditionally the family was the main matchmaker, today it’s the market that tailors our romantic and sexual preferences, and then lends a hand in providing for them – for a fat fee. Previously bride and groom met in the family living room, and money passed from the hands of one father to another. Today courting is done at bars and cafés, and money passes from the hands of lovers to waitresses. Even more money is transferred to the bank accounts of fashion designers, gym managers, dieticians, cosmeticians and plastic surgeons, who help us arrive at the café looking as similar as possible to the market’s ideal of beauty.

SHAME-BASED FAMILY RULES Each family system has several categories of rules. There are rules about celebrating and socializing, rules about touching and sexuality, rules about sickness and proper health care, rules about vacations and vocations, rules about household maintenance and the spending of money. Perhaps the most important rules are about feelings, interpersonal communication and parenting. Toxic shame is consciously transferred by means of shaming rules. In shame-based families, the rules consciously shame all the members. Generally, however, the children receive the major brunt of the shame. Power is a cover-up for shame. Power is frequently hierarchical.

Some heterodox economists today argue that growth will fall if finance becomes too big relative to the rest of the economy (industry) because real profits come from the production of new goods and services rather than from simple transfers of money earned from those goods and services.40 To ‘rebalance’ the economy, the argument runs, we must allow genuine profits from production to win over rents–which, as we can see here, is exactly the argument Ricardo made 200 years ago, and John Maynard Keynes was to make 100 years later.41

The "old school" of wastewater treatment, still embraced by most government regulators and many academics, considers water to be a vehicle for the routine transfer of waste from on place to another. It also considers the accompanying organic material to be of little or no value. The "new school", on the other hand, sees water as a dwindling, precious resource that should not be polluted with waste; organic materials are seen as resources that should be constructively recycled. My research for this chapter included reviewing hundreds of research papers on alternative wastewater systems. I was amazed at the incredible amount of time and money that has gone into studying how to clean the water we have polluted with human excrement. In all of the research papers, without exception, the idea that we should simply stop defecating in water was never suggested.

If money is in essence transferable credit—rather than a commodity medium of exchange, as the academic economists insisted—then fundamentally different factors explain the economy’s demand for it. Meeting demand for commodities is a simple matter of ensuring a sufficient supply on the market. When it comes to transferable credit, however, volume alone is not enough: the creditworthiness of the issuer and the liquidity of the liability come into play. And both these factors are determined not technologically or physically but by the general levels of trust and confidence.

Extorting money in the form of campaign contributions is not simply about getting reelected. Many politicians aggressively fund-raise even though they face little or no opposition for reelection. Politicians have discovered a creative way to transfer donations into subsidies designed to benefit their lifestyles

It is ironic that some left intellectuals should deem class struggle to be largely irrelevant at the very time class power is becoming increasingly transparent, at the very time corporate concentration and profit accumulation is more rapacious than ever, and the tax system has become more regressive and oppressive, the upward transfer of income and wealth has accelerated, public sector assets are being privatized, corporate money exercises an increasing control over the political process, people at home and abroad are working harder for less, and throughout the world poverty is growing at a faster rate than overall population.

One of my readers and his wife used a similar setup. They wanted to stop eating out so much and start cooking together more. They labeled their savings account “Trip to Europe.” Whenever they skipped going out to eat, they transferred $50 into the account. At the end of the year, they put the money toward the vacation.

The only way to create real new wealth is to grow stuff, make stuff or mine stuff. Everything else is simply the transference of wealth from one group to another. Thanks to our system of money and banking, we have transferred all our wealth to a small percentage of society – and impoverished a generation in the process.

That’s the UBI. A cash grant, with a surtax, funded by eliminating the transfers that currently exist. I require that $3,000 be devoted to health care, but otherwise I will argue that many of the best effects of the UBI are fostered by the least direction: “Here’s the money. Use it as you see fit. Your life is in your hands.

Today courting is done at bars and cafés, and money passes from the hands of lovers to waitresses. Even more money is transferred to the bank accounts of fashion designers, gym managers, dieticians, cosmeticians and plastic surgeons, who help us arrive at the café looking as similar as possible to the market’s ideal of beauty.

We should not forget that before being inscribed in Western consciousness as the principle of quantification, harmony, and classical non-existence, Greek measurement was an immense social and polymorphous practice of assessment, quantification, establishing equivalences, and the search for appropriate proportions and distributions. We can see how introducing measure is linked to a whole problem of peasant indebtedness, the transfer of agricultural properties, the settlement of debts, equivalence between foodstuff or manufactured objects, urbanization, and the establishment of a State form. The institution of money appears at the heart of this practice of measurement.

We bought the big white house, at last, by merely signing our names on a piece of paper. Mr. Gore and Mr. Andrews down at the bank arranged the financial transference with an almost invisible maneuver of figures on a card. When my husband asked if we could borrow our money right back again and use the house as security, everybody laughed.

It is unquestionable true that the £1,000 which you deposit at A today may be reissued tomorrow, and form a deposit at B. The day after that, reissued from B, it may form a deposit at C... and so on to infinitude; and that the same £1,000 in money may, thus, by a succession of transfers, multiply itself into a sum of deposits absolutely infinite.

The most efficient method of transfer for germs, it seems, is a combination of folding money and nasal mucus. A study in Switzerland in 2008 found that flu virus can survive on paper money for two and a half weeks if it is accompanied by a microdot of snot. Without snot, most cold viruses could survive on folding money for no more than a few hours.

The only really reliable way to transfer cold germs is physically by touch. A survey of subway trains in Boston found that metal poles are a fairly hostile environment for microbes. Where microbes thrive is in the fabrics on seats and on plastic handgrips. The most efficient method of transfer for germs, it seems, is a combination of folding money and nasal mucus.

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.

An IOU which remains for ever a contract between just two parties is nothing more than a loan. It is credit, but it is not money. It is when that IOU can be passed on to a third party—when it is able to be “negotiated” or “endorsed,” in the financial jargon—that credit comes to life and starts to serve as money. Money, in other words, is not just credit—but transferable credit.

we discussed this dire problem with education and illusions of academic contribution, with Ivy League universities becoming in the eyes of the new Asian and U.S. upper class a status luxury good. Harvard is like a Vuitton bag or a Cartier watch. It is a huge drag on the middle-class parents who have been plowing an increased share of their savings into these institutions, transferring their money to administrators, real estate developers, professors, and other agents. In the United States, we have a buildup of student loans that automatically transfer to these rent extractors. In a way it is no different from racketeering: one needs a decent university “name” to get ahead in life; but we know that collectively society doesn’t appear to advance with organized education.

In times of great economic change, there are always great transfer of wealth. Even if you do not have much money, it is important to incest in your education... for when the changes come, you will be better prepared for them. Don't be caught unaware and afraid. As I said, no one can predict what will happen, yet it is best to be prepared for whatever happens. And that means getting educated now.

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

IC directors ask Congress for money to rent contract workers from private companies, congresspeople approve that money, and then those IC directors and congresspeople are rewarded, after they retire from office, by being given high-paying positions and consultancies with the very companies they’ve just enriched. From the vantage of the corporate boardroom, contracting functions as governmentally assisted corruption. It’s America’s most legal and convenient method of transferring

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

We come to a point where we realize there is more to life than what the world is peddling. We admit we have foolishly bought what the world is selling—and our lives are still empty. Possessions have not bought happiness. Money has not provided security. Popularity and power have not satisfied.… The answers clearly do not lie in a life conformed to the unoriginal culture of our day. We know it to be true. And we seek desperately for teachable moments to transfer this understanding to our kids.1

To track your money, write down or digitally capture every dollar you spend for one month. Include everything, from your $1,800 mortgage payment to the $4 coffee you grabbed on your way into work. Here, savings counts as an expense, so remember to include any money you put into a savings or retirement account (unless it was taken out of your paycheck—don’t include that). Record each expense regardless of whether you pay by cash, check, debit or credit card, automatic payment, or online transfer.

The names of slaves are given for the first time within a document of 880; ‘Almund, Tidulf, Tidheh, Lull, Lull and Gadwulf’ are being transferred to land belonging to the bishop of Winchester. Slavery was in fact a legal punishment inflicted on those, for example, who could not pay their fines. A penniless farmer might sell his children. It has been estimated that 12 per cent of the English population were slaves. So land created economic subjection. Slaves, like oxen and sheep, were known as ‘live money’.

The libertarian solution is to prevent the government from redistributing money in the first place. Imagine for a moment that the $2 trillion that the US government spends on transfer payments were left instead in the hands of the people who started with it. If I could wave a magic wand, that would be my solution. It is a case I have made elsewhere.2 Leave the wealth where it originates, and watch how its many uses, individual and collaborative, enable civil society to meet the needs that government cannot.

to win the war? So they can murder me too?’ ‘The thing is, Harry, that you’ve made a nuisance of yourself, and we haven’t time to deal with nuisances like you. It’s better that you’re shut away where you can’t cause any more trouble.’ ‘But I not cause trouble,’ Harry almost shouted. ‘I living in hostel, I have job, I help firefighters.’ ‘Yes, so I heard. Still, the government want to be sure. So, today you’ll be transferred to Brixton prison for a few days while they decide where to send you.’ ‘I want my money,

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.

Making money is proof you’re adding value to people’s lives. Aiming to get rich is aiming to be useful to the world. It’s striving to do more for others. Serving more. Sharing more. Contributing more. The world rewards you for creating value. Pursue wealth because it’s moral, good, and unlimited. Money is social. It was invented to transfer value between people. One job pays way more than another because it has more social value. To get rich, don’t think about what’s valuable to you. Think about what’s valuable to others.

The enemy of my soul didn't want me painting that day. To create meant that I would look a little bit like my Creator. To overcome the terrifying angst of the blank canvas meant I would forever have more compassion for other artists. You better believe as I placed the first blue and gray strokes onto the white emptiness before me, the "not good enough" statement was pulsing through my head in almost deafening tones... This parlaying lie is one of his favorite tactics to keep you disillusioned by disappointments. Walls go up, emotions run high, we get guarded, defensive, demotivated, and paralyzed by the endless ways we feel doomed to fail. This is when we quit. This is when we settle for the ease of facebook.... This is when we get a job to simply make money instead of pursuing our calling to make a difference. This is when we put the paintbrush down and don't even try. So there I was. Standing before my painted blue boat, making a choice of which voice to listen to. I'm convinced God was smiling. Pleased. Asking me to find delight in what is right. Wanting me to have compassion for myself by focusing on that part of my painting that expressed something beautiful. To just be eager to give that beauty to whoever dared to look at my boat. To create to love others. Not to beg them for validation. But the enemy was perverting all that. Perfection mocked my boat. The bow was too high, the details too elementary, the reflection on the water too abrupt, and the back of the boat too off-center. Disappointment demanded I hyper-focused on what didn't look quite right. It was my choice which narrative to hold on to: "Not good enough" or "Find delight in what is right." Each perspective swirled, begging me to declare it as truth. I was struggling to make peace with my painting creation, because I was struggling to make make peace with myself as God's creation. Anytime we feel not good enough we deny the powerful truth that we are a glorious work of God in progress. We are imperfect because we are unfinished. So, as unfinished creations, of course everything we attempt will have imperfections. Everything we accomplish will have imperfections. And that's when it hit me: I expect a perfection in me and in others that not even God Himself expects. If God is patient with the process, why can't I be? How many times have I let imperfections cause me to be too hard on myself and too harsh with others? I force myself to send a picture of my boat to at least 20 friends. I was determined to not not be held back by the enemy's accusations that my artwork wasn't good enough to be considered "real art". This wasn't for validation but rather confirmation that I could see the imperfections in my painting but not deem it worthless. I could see the imperfections in me and not deem myself worthless. It was an act of self-compassion. I now knew to stand before each painting with nothing but love, amazement, and delight. I refused to demand anything more from the artist. I just wanted to show up for every single piece she was so brave to put on display.. Might I just be courageous enough to stand before her work and require myself to find everything about it I love? Release my clenched fist and pouty disappointments, and trade my "live up" mentality for a "show up" one? It is so much more freeing to simply show up and be a finder of the good. Break from the secret disappointments. Let my brain venture down the tiny little opening of love.. And I realized what makes paintings so delightful. It's there imperfections. That's what makes it art. It's been touched by a human. It's been created by someone whose hands sweat and who can't possibly transfer divine perfection from what her eyes see to what her fingertips can create. It will be flawed.

McConnell was the case that declared constitutional the next clamp-down on campaign finance, the 2002 McCain-Feingold Act, which barred political parties from taking soft money and blocked union and corporate political ad spending shortly before an election. At the time, it was hard not to think that the law grew, at least in part, out of an embarrassed Senator John McCain’s wish to transfer the blame to “the system” for his having unwittingly helped a constituent and contributor who turned out to be a $3 billion savings-and-loan fraudster.

I find the US initiative highly problematic. You can write donations off in your taxes to a large degree in the USA. So the rich make a choice: Would I rather donate or pay taxes? The donors are taking the place of the state. That's unacceptable....It is all just a bad transfer of power from the state to billionaires. So it's not the state that determines what is good for the people, but rather the rich want to decide. That's a development that I find really bad. What legitimacy do these people have to decide where massive sums of money will flow?

A Communist revolution is a transfer of society from the medium of money to the medium of language. It implements a true linguistic turn on the level of social practice ... Communism is a project, the goal of which is to subordinate economics to politics, in order to provide the latter with sovereign freedom of action. The medium of economics is money. Economics operates with numbers. The medium of politics is language. Politics operates with words - arguments, programs, and resolutions, as well as orders, prohibitions, instructions, and regulations.

Bitcoin can be best understood as distributed software that allows for transfer of value using a currency protected from unexpected inflation without relying on trusted third parties. In other words, Bitcoin automates the functions of a modern central bank and makes them predictable and virtually immutable by programming them into code decentralized among thousands of network members, none of whom can alter the code without the consent of the rest. This makes Bitcoin the first demonstrably reliable operational example of digital cash and digital hard money.

Henceforth, federal, state, and local governments shall make no law nor establish any program that transfers general tax revenues to some citizens and not to others, whether those transfers consist of money or in-kind benefits. All programs currently providing such benefits are to be terminated. The funds formerly allocated to them are to be used instead to provide every citizen with a Universal Basic Income beginning at age twenty-one and continuing until death. The maximum annual value of the grant at the program’s outset is to be $13,000, of which $3,000 must be devoted to catastrophic health insurance.

Now India is a place beyond all others where one must not take things too seriously - the mid-day sun always excepted. Too much work and too much energy kill a man as effectively as too much assorted vice or too much drink. Flirtation does not matter, because every one is being transferred, and either you or she leave the station and never return. Good work does not matter, because a man is judged by his worst output, and another man takes all the credit of his best as a rule. Bad work does not matter, because other men do worse, and incompetents hang on longer in India than anywhere else. Amusements do not matter, because you must repeat them as soon as you have accomplished them once, and most amusements only mean trying to win another person's money. Sickness does not matter, because it's all in the day's work, and if you die, another man takes over your place and your office in the eight hours between your death and burial. Nothing matters except Home-furlough and acting allowances, and these only because they are scarce. It is a slack country, where all men work with imperfect instruments, and the wisest thing is to escape as soon as you ever can to some place where amusement is amusement and a reputation worth the having.

Augustine, as bishop of Hippo, appointed his monk Antoninus in the 410s to be bishop of a subordinate diocese at Fussala, one of Africa’s relatively few villages, in the hills of what is now eastern Algeria. Antoninus turned out to be a bad man - he was young and from a poor family, he was promoted too fast - and he terrorized his village, extorting money, clothing, produce and building materials. He was also accused of sexual assault. Augustine removed him, but did not depose him, and tried to transfer him to the nearby estate of Thogonoetum. Here, the tenants told Augustine and their landowner that they would leave if he came.

When problems of transference are involved, as they usually are, psychotherapy is, among other things, a process of map-revising. Patients come to therapy because their maps are clearly not working. But how they may cling to them and fight the process every step of the way! Frequently their need to cling to their maps and fight against losing them is so great that therapy becomes impossible, as it did in the case of the computer technician. Initially he requested a Saturday appointment. After three sessions he stopped coming because he took a job doing lawn-maintenance work on Saturdays and Sundays. I offered him a Thursday-evening appointment. He came for two sessions and then stopped because he was doing overtime work at the plant. I then rearranged my schedule so I could see him on Monday evenings, when, he had said, overtime work was unlikely. After two more sessions, however, he stopped coming because Monday-night overtime work seemed to have picked up. I confronted him with the impossibility of doing therapy under these circumstances. He admitted that he was not required to accept overtime work. He stated, however, that he needed the money and that the work was more important to him than therapy. He stipulated that he could see me only on those Monday evenings when there was no overtime work to be done and that he would call me at four o’clock every Monday afternoon to tell me if he could keep his appointment that evening. I told him that these conditions were not acceptable to me, that I was unwilling to set aside my plans every Monday evening on the chance that he might be able to come to his sessions. He felt that I was being unreasonably rigid, that I had no concern for his needs, that I was interested only in my own time and clearly cared nothing for him, and that therefore I could not be trusted. It was on this basis that our attempt to work together was terminated, with me as another landmark on his old map. The problem of transference is not simply a

Part of what kept him standing in the restive group of men awaiting authorization to enter the airport was a kind of paralysis that resulted from Sylvanshine’s reflecting on the logistics of getting to the Peoria 047 REC—the issue of whether the REC sent a van for transfers or whether Sylvanshine would have to take a cab from the little airport had not been conclusively resolved—and then how to arrive and check in and where to store his three bags while he checked in and filled out his arrival and Post-code payroll and withholding forms and orientational materials then somehow get directions and proceed to the apartment that Systems had rented for him at government rates and get there in time to find someplace to eat that was either in walking distance or would require getting another cab—except the telephone in the alleged apartment wasn’t connected yet and he considered the prospects of being able to hail a cab from outside an apartment complex were at best iffy, and if he told the original cab he’d taken to the apartment to wait for him, there would be difficulties because how exactly would he reassure the cabbie that he really was coming right back out after dropping his bags and doing a quick spot check of the apartment’s condition and suitability instead of it being a ruse designed to defraud the driver of his fare, Sylvanshine ducking out the back of the Angler’s Cove apartment complex or even conceivably barricading himself in the apartment and not responding to the driver’s knock, or his ring if the apartment had a doorbell, which his and Reynolds’s current apartment in Martinsburg most assuredly did not, or the driver’s queries/threats through the apartment door, a scam that resided in Claude Sylvanshine’s awareness only because a number of independent Philadelphia commercial carriage operators had proposed heavy Schedule C losses under the proviso ‘Losses Through Theft of Service’ and detailed this type of scam as prevalent on the poorly typed or sometimes even handwritten attachments required to explain unusual or specific C-deductions like this, whereas were Sylvanshine to pay the fare and the tip and perhaps even a certain amount in advance on account so as to help assure the driver of his honorable intentions re the second leg of the sojourn there was no tangible guarantee that the average taxi driver—a cynical and ethically marginal species, hustlers, as even their smudged returns’ very low tip-income-vs.-number-of-fares-in-an-average-shift ratios in Philly had indicated—wouldn’t simply speed away with Sylvanshine’s money, creating enormous hassles in terms of filling out the internal forms for getting a percentage of his travel per diem reimbursed and also leaving Sylvanshine alone, famished (he was unable to eat before travel), phoneless, devoid of Reynolds’s counsel and logistical savvy in the sterile new unfurnished apartment, his stomach roiling in on itself in such a way that it would be all Sylvanshine could do to unpack in any kind of half-organized fashion and get to sleep on the nylon travel pallet on the unfinished floor in the possible presence of exotic Midwest bugs, to say nothing of putting in the hour of CPA exam review he’d promised himself this morning when he’d overslept slightly and then encountered last-minute packing problems that had canceled out the firmly scheduled hour of morning CPA review before one of the unmarked Systems vans arrived to take him and his bags out through Harpers Ferry and Ball’s Bluff to the airport, to say even less about any kind of systematic organization and mastery of the voluminous Post, Duty, Personnel, and Systems Protocols materials he should be receiving promptly after check-in and forms processing at the Post, which any reasonable Personnel Director would expect a new examiner to have thoroughly internalized before reporting for the first actual day interacting with REC examiners, and which there was no way in any real world that Sylvanshine could expect

We can easily imagine a monetary organization which, by the exclusive use of notes or clearing-house methods, allows all transfers to be made with the instrumentality of sums of money that never change their position in space. If differences due to the geographical position of money are disregarded in this way, we get the following law for the exchange-ratio between money and other economic goods: every economic good, that is ready for consumption (in the sense in which that phrase is usually understood in commerce and technology), has a subjective use-value qua consumption good at the place where it is and qua production good at those places to which it may be brought for consumption.

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.

At some point the Indian Act system will go. But that will be the result of a broad conversation involving Aboriginals and non-Aboriginals over how to settle the outstanding treaty, land and other issues. This won’t necessarily require a protracted debate. What it will require is that Canadians engage in the conversation instead of sitting back as if it doesn’t concern them. We have to be involved because what is needed is a serious transfer of responsibility and money, the exact opposite of dragging out treaty negotiations one by one. We need to do more than empower our governments to act. We need to push them. We need to make this a make-or-break issue. We need to elect or defeat them with these indigenous issues in mind.

The government spenders tell us, for example, that if the national income is $1,500 billion then federal taxes of $360 billion a year would mean that only 24 percent of the national income is being transferred from private purposes to public purposes. This is to talk as if the country were the same sort of unit of pooled resources as a huge corporation, and as if all that were involved were a mere bookkeeping transaction. The government spenders forget that they are taking the money from A in order to pay it to B. Or rather, they know this very well; but while they dilate upon all the benefits of the process to B, and all the wonderful things he will have which he would not have had if the money had not been transferred to him, they forget the effects of the transaction on A. B is seen; A is forgotten. In

Over the decade that movie producer Menahem Golan had retained the rights for Spider-Man, he’d managed to involve half a dozen different corporate entities. Golan had originally bought the Spider-Man rights for his Cannon Films; after leaving Cannon, he transferred them to 21st Century Films. Next, he raised money by preselling television rights to Viacom, and home video rights to Columbia Tri-Star; then he signed a $5 million deal with Carolco that guaranteed his role as producer. But after Carolco assigned the film to James Cameron, Cameron refused to give Golan the producer credit, and the lawsuits began. By the end of 1994, Carolco was suing Viacom and Tri-Star; Viacom and Tri-Star were countersuing Carolco, 21st Century, and Marvel; and MGM—which had swallowed Cannon—was suing Viacom, Tri-Star, 21st Century, and Marvel.

In 1872, Western Union (by then the dominant telegraph company in the United States) decided to implement a new, secure scheme to enable sums of up to $100 to be transferred between several hundred towns by telegraph. The system worked by dividing the company's network into twenty districts, each of which had its own superintendent. A telegram from the sender's office to the district superintendent confirmed that the money had been deposited; the superintendent would then send another telegram to the recipient's office authorizing the payment. Both of these messages used a code based on numbered codebooks. Each telegraph office had one of these books, with pages containing hundreds of words. But the numbers next to these words varied from office to office; only the district superintendent had copies of each office's uniquely numbered book.

cryptocurrencies such as Bitcoin and anonymous online markets such as the Silk Road. Digital cryptocurrencies provide an individual with an array of benefits unlike anything the market actor has ever experienced. They provide a means by which one may transfer wealth securely, anonymously, and with virtually zero transaction costs. Naturally, this allows one to safely avoid taxes in the course of a transaction as there is no means by which said transaction may be traced backed to him. More importantly however, the use of such digital currencies normalizes the idea of using private currencies to the general public. The State's status as the sole producer of money is one of its greatest sources of legitimacy and power; thus, the proliferation and expanding use of private currencies constitute effective means by which State rule may be peacefully undermined.

Slowly but surely, Europeans were able to purchase a lot of the precious resources of Africa for the beads they acquired back home for very little.2 European incursion into Africa slowly turned beads from hard money to easy money, destroying their salability and causing the erosion of the purchasing power of these beads over time in the hands of the Africans who owned them, impoverishing them by transferring their wealth to the Europeans, who could acquire the beads easily. The aggry beads later came to be known as slave beads for the role they played in fueling the slave trade of Africans to Europeans and North Americans. A one-time collapse in the value of a monetary medium is tragic, but at least it is over quickly and its holders can begin trading, saving, and calculating with a new one. But a slow drain of its monetary value over time will slowly transfer the wealth of its holders to those who can produce the medium at a low cost. This is a lesson worth remembering when we turn to the discussion of the soundness of government money in the later parts of the book.

For years, Britain operated a research facility called the Common Cold Unit, but it closed in 1989 without ever finding a cure. It did, however, conduct some interesting experiments. In one, a volunteer was fitted with a device that leaked a thin fluid at his nostrils at the same rate that a runny nose would. The volunteer then socialized with other volunteers, as if at a cocktail party. Unknown to any of them, the fluid contained a dye visible only under ultraviolet light. When that was switched on after they had been mingling for a while, the participants were astounded to discover that the dye was everywhere—on the hands, head, and upper body of every participant and on glasses, doorknobs, sofa cushions, bowls of nuts, you name it. The average adult touches his face sixteen times an hour, and each of those touches transferred the pretend pathogen from nose to snack bowl to innocent third party to doorknob to innocent fourth party and so on until pretty much everyone and everything bore a festive glow of imaginary snot. In a similar study at the University of Arizona, researchers infected the metal door handle to an office building and found it took only about four hours for the “virus” to spread through the entire building, infecting over half of employees and turning up on virtually every shared device like photocopiers and coffee machines. In the real world, such infestations can stay active for up to three days. Surprisingly, the least effective way to spread germs (according to yet another study) is kissing. It proved almost wholly ineffective among volunteers at the University of Wisconsin who had been successfully infected with cold virus. Sneezes and coughs weren’t much better. The only really reliable way to transfer cold germs is physically by touch. A survey of subway trains in Boston found that metal poles are a fairly hostile environment for microbes. Where microbes thrive is in the fabrics on seats and on plastic handgrips. The most efficient method of transfer for germs, it seems, is a combination of folding money and nasal mucus. A study in Switzerland in 2008 found that flu virus can survive on paper money for two and a half weeks if it is accompanied by a microdot of snot. Without snot, most cold viruses could survive on folding money for no more than a few hours.

Your written statement of your purpose should be similar to the following: “By the first day of January, 19…, I will have in my possession $ 50,000, which will come to me in various amounts from time to time during the interim. “In return for this money I will give the most efficient service of which I am capable, rendering the fullest possible quantity, and the best possible quality of service in the capacity of salesman of . . . . . . . . (describe the service or merchandise you intend to sell). “I believe that I will have this money in my possession. My faith is so strong that I can now see this money before my eyes. I can touch it with my hands. It is now awaiting transfer to me at the time, and in the proportion that I deliver the service I intend to render in return for it. I am awaiting a plan by which to accumulate this money, and I will follow that plan, when it is received.” Second. Repeat this program night and morning until you can see, (in your imagination) the money you intend to accumulate. Third. Place a written copy for your statement where you can see it night and morning, and read it just before retiring, and upon arising until it has been memorized.

If there are costs to becoming legal, there are also bound to be costs to remaining outside the law. We found that operating outside the world of legal work and business was surprisingly expensive. In Peru, for example, the cost of operating a business extralegally includes paying 10 to 15 per cent of its annual income in bribes and commissions to authorities. Add to such payoffs the costs of avoiding penalties, making transfers outside legal channels and operating from dispersed locations and without credit, and the life of the extralegal entrepreneur turns out to be far more costly and full of daily hassles than that of the legal businessman. Perhaps the most significant cost was caused by the absence of institutions that create incentives for people to seize economic and social opportunities to specialize within the market place. We found that people who could not operate within the law also could not hold property efficiently or enforce contracts through the courts; nor could they reduce uncertainty through limited liability systems and insurance policies, or create stock companies to attract additional capital and share risk. Being unable to raise money for investment, they could not achieve economies of scale or protect their innovations through royalties and patents.

In my early youth, from the moment I ceased to be under the guardianship of my relations, I began madly to enjoy all the pleasures which money could buy—and, of course, such pleasures became irksome to me. Then I launched out into the world of fashion—and that, too, soon palled upon me. I fell in love with fashionable beauties and was loved by them, but my imagination and egoism alone were aroused; my heart remained empty... I began to read, to study—but sciences also became utterly wearisome to me. I saw that neither fame nor happiness depends on them in the least, because the happiest people are the uneducated, and fame is good fortune, to attain which you have only to be smart. Then I grew bored... Soon afterwards I was transferred to the Caucasus; and that was the happiest time of my life. I hoped that under the bullets of the Chechenes boredom could not exist—a vain hope! In a month I grew so accustomed to the buzzing of the bullets and to the proximity of death that, to tell the truth, I paid more attention to the gnats—and I became more bored than ever, because I had lost what was almost my last hope. When I saw Bela in my own house; when, for the first time, I held her on my knee and kissed her black locks, I, fool that I was, thought that she was an angel sent to me by sympathetic fate... Again I was mistaken; the love of a savage is little better than that of your lady of quality, the barbaric ignorance and simplicity of the one weary you as much as the coquetry of the other. I am not saying that I do not love her still; I am grateful to her for a few fairly sweet moments; I would give my life for her—only I am bored with her...

Bitcoin is not a currency. Bitcoin is the internet of money. As a technology, it can bring economic inclusion and empowerment to billions of people in the world. I’ll give you one example of a specific application that is going to fundamentally change the lives of more than a billion people in the next five to ten years. ​ Every day, an immigrant somewhere cashes their paycheck and stands in line to wire 50 percent of that paycheck back to their home country to feed their extended family. Here in the US, 60 million people have no bank accounts, yet they cash their paychecks and send them abroad. Overall in the world, $550 billion is transmitted every year as remittances from first-world countries. Much of that money is sent to five major destinations: Mexico, India, the Philippines, Indonesia, and China. In some of these places, remittances represent up to 40 percent of the local economy. Sitting on top of that flow of $550 billion are companies like Western Union, and they take, on average, a cut of 9 percent of every single one of these transactions out of the pockets of the poorest people of the world. Imagine what happens when one day one of these immigrants figures out they can do the same thing with bitcoin — not for 15 percent, not 10 percent, not 5 percent, but for 5 cents. Not a percentage; a flat fee. What happens when they can do that? They can, right now. There is a startup company that is handling remittances between the US and the Philippines. They’re doing a few million dollars right now, but they’re going to start growing. There’s $500 billion sitting behind that dam. When you’re an immigrant and you can change your financial future by not paying 9 percent to send money home, imagine what happens if every month, instead of sending 91 dollars home, you send 100 dollars home. That makes a difference. There are a billion people, right now, with access to the internet and feature phones who could use bitcoin as an international wire-transfer service.

Key Points: ● Transparency - Blockchain offers significant improvements in transparency compared to existing record keeping and ledgers for many industries. ● Removal of Intermediaries – Blockchain-based systems allow for the removal of intermediaries involved in the record keeping and transfer of assets. ● Decentralization – Blockchain-based systems can run on a decentralized network of computers, reducing the risk of hacking, server downtime and loss of data. ● Trust – Blockchain-based systems increase trust between parties involved in a transaction through improved transparency and decentralized networks along with removal of third-party intermediaries in countries where trust in the intermediaries doesn’t exist. ● Security – Data entered on the blockchain is immutable, preventing against fraud through manipulating transactions and the history of data. Transactions entered on the blockchain provide a clear trail to the very start of the blockchain allowing any transaction to be easily investigated and audited. ● Wide range of uses - Almost anything of value can be recorded on the blockchain and there are many companies and industries already developing blockchain-based systems. These examples are covered later in the book. ● Easily accessible technology – Along with the wide range of uses, blockchain technology makes it easy to create applications without significant investment in infrastructure with recent innovations like the Ethereum platform. Decentralized apps, smart contracts and the Ethereum platform are covered later in the book. ● Reduced costs – Blockchain-based ledgers allow for removal of intermediaries and layers of confirmation involved in transactions. Transactions that may take multiple individual ledgers, could be settled on one shared ledger, reducing the costs of validating, confirming and auditing each transaction across multiple organizations. ● Increased transaction speed – The removal of intermediaries and settlement on distributed ledgers, allows for dramatically increased transaction speeds compared to a wide range of existing systems.

The population, who are, ultimately, indifferent to public affairs and even to their own interests, negotiate this indifference with an equally spectral partner and one that is similarly indifferent to its own will: the government [Ie pouvoir] . This game between zombies may stabilize in the long term. The Year 2000 will not take place in that an era of indifference to time itself - and therefore to the symbolic term of the millennium - will be ushered in by negotiation. Nowadays, you have to go straight from money to money, telegraphically so to speak, by direct transfer (that is the viral side of the matter). A viral revolution, then, more akin to the Glass Bead Game than to the steam engine, and admirably personified in Bernard Tapie's playboy face. For the look of money is reflected in faces. Gone are the hideous old capitalists, the old-style industrial barons wearing the masks of the suffering they have inflicted. Now there are only dashing playboys, sporty and sexual, true knights of industry, wearing the mask of the happiness they spread all around themselves. The world put on a show of despair after 1968. It's been putting on a big show of hope since 1980. No more tears, alright? Reaganite optimism, the pump ing up of the dollar. Fabius's glossy new look. Patriotic conviviality. Reluctance prohibited. The old pessimism was produced by the idea that things were getting worse and worse. The new pessimism is produced by the fact that everything is getting better and better. Supercooled euphoria. Controlled anaesthesia. I should like to see the equivalent of Bernard Tapie in the world of business emerge in the world of concepts. Buying up failing concepts, swallowing them up, dusting them off (firing all the deadbeats who are in the way), putting them back into circulation with a dynamic virginity, sending them shooting up on the Stock Exchange and then abandoning them afterwards like dogs. Some people do this very well. It is perhaps better to save tired concepts by maintaining them in a super cooled state like unemployed labour, or locking them away in interactive data banks kept alive on a respirator.

[14] It is in accordance with this plan of action above all that one should train oneself. As soon as you leave the house at break of day, examine everyone whom you see, everyone whom you hear, and answer as if under questioning. What did you see? A handsome man or beautiful woman? Apply the rule. Does this lie within the sphere of choice, or outside it? Outside. Throw it away. [15] What did you see? Someone grieving over the death of his child? Apply the rule. Death is something that lies outside the sphere of choice. Away with it. You met a consul? Apply the rule. What kind of thing is a consulship? One that lies outside the sphere of choice, or inside? Outside. Throw that away too, it doesn’t stand the test. Away with it; it is nothing to you. [16] If we acted in such a way and practised this exercise from morning until night, we would then have achieved something, by the gods. [17] But as things are, we’re caught gazing open-mouthed at every impression that comes along, and it is only in the schoolroom that we wake up a little, if indeed we ever do. Afterwards, when we go outside, if we see someone in distress, we say, ‘He’s done for,’ or if we see a consul, exclaim, ‘A most fortunate man’; if an exile, ‘Poor wretch!’; if someone in poverty, ‘How terrible for him; he hasn’t money enough to buy a meal.’ [18] These vicious judgements must be rooted out, then; that is what we should concentrate our efforts on. For what is weeping and groaning? A judgement. What is misfortune? A judgement. What is civil strife, dissension, fault-finding, accusation, impiety, foolishness? [19] All of these are judgements and nothing more, and judgements that are passed, moreover, about things that lie outside the sphere of choice, under the supposition that such things are good or bad. Let someone transfer these judgements to things that lie within the sphere of choice, and I guarantee that he’ll preserve his peace of mind, regardless of what his circumstances may be. [20] The mind is rather like a bowl filled with water, and impressions are like a ray of light that falls on that water. [21] When the water is disturbed, the ray of light gives the appearance of being disturbed, but that isn’t really the case. [22] So accordingly, whenever someone suffers an attack of vertigo, it isn’t the arts and virtues that are thrown into confusion, but the spirit in which they’re contained; and when the spirit comes to rest again, so will they too.

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

How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

Today, such studies are illegal. Medical scientists cannot offer inducements like pardons to persuade prisoners to take part in their studies. Although they can award small cash payments to research subjects, they are forbidden from giving anyone so much money or such tempting favors that their compensations might constitute what ethicists term an inappropriate inducement, an irresistible temptation to join the study. Now, more than eighty years after the 1918 flu, people enter studies for several reasons—to get free medical care, to get an experimental drug that, they hope, might cure them of a disease like cancer or AIDS, or to help further scientific knowledge. In theory at least, study participants are supposed to be true volunteers, taking part in research of their own free will. But in 1918, such ethical arguments were rarely considered. Instead, the justification for a risky study with human beings was that it was better to subject a few to a great danger in order to save the many. Prisoners were thought to be the ideal study subjects. They could offer up their bodies for science and, if they survived, their pardons could be justified because they gave something back to society. The Navy inmates were perfect for another reason. Thirty-nine of them had never had influenza, as far as anyone knew. So they might be uniquely susceptible to the disease. If the doctors wanted to deliberately transmit the 1918 flu, what better subjects? Was influenza really so easily transmitted? the doctors asked. Why did some people get it and others not? Why did it kill the young and healthy? Could the wartime disruptions and movements of troops explain the spread of the flu? If it was as contagious as it seemed, how was it being spread? What kind of microorganism was causing the illness? The normal way to try to answer such questions would be to study the spread of the disease in animals. Give the disease to a few cages of laboratory rats, or perhaps to some white rabbits. Isolate whatever was causing the illness. Show how it spread and test ways to protect animals—and people—against the disease. But influenza, it seemed, was a uniquely human disease. No animal was known to be susceptible to it. Medical researchers felt they had no choice but to study influenza in people. Either the Navy doctors were uncommonly persuasive or the enticement of a pardon was overwhelmingly compelling. For whatever reason, the sixty-two men agreed to be subjects in the medical experiment. And so the study began. First the sailors were transferred to a quarantine station on Gallops Island in Boston Harbor. Then the Navy doctors did their best to give the men the flu. Influenza is a respiratory disease—it is spread from person to person, presumably carried on droplets of mucus sprayed in the air when sick people cough or sneeze, or carried on their hands and spread when the sick touch the healthy. Whatever was causing the flu should be present in mucus taken from the ill. The experiments, then, were straightforward. The Navy doctors collected mucus from men who were desperately ill with the flu, gathering thick viscous secretions from their noses and throats. They sprayed mucus from flu patients into the noses and throats of some men, and dropped it into other men’s eyes. In one attempt, they swabbed mucus from the back of the nose of a man with the flu and then directly swabbed that mucus into the back of a volunteer’s nose.

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

Lingering fraud and regulatory problems aside, the post-integration PayPal is certainly better positioned now than it was during its starry-eyed startup days to revolutionize money transfers and wrest control of currencies away from corrupt governments.

BoP markets also started to become extraordinary sources of innovation. For example, Safaricom offered mobile cash allowing poor Kenyans, who did not have access to banks, to transfer money from A to B by text messaging. By 2009, seven million consumers were involved in this. Filipino maids working in Singapore were sending money home through an SMS message. From simple money transfers, this technology is being extended for application in public health, education and even entertainment like video downloads for a few cents.