Payment System Quotes

To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise, you are doomed to a routine traverse, the kind known to yachtsmen who play with their boats at sea... "cruising" it is called. Voyaging belongs to seamen, and to the wanderers of the world who cannot, or will not, fit in. If you are contemplating a voyage and you have the means, abandon the venture until your fortunes change. Only then will you know what the sea is all about. "I've always wanted to sail to the south seas, but I can't afford it." What these men can't afford is not to go. They are enmeshed in the cancerous discipline of "security." And in the worship of security we fling our lives beneath the wheels of routine - and before we know it our lives are gone. What does a man need - really need? A few pounds of food each day, heat and shelter, six feet to lie down in - and some form of working activity that will yield a sense of accomplishment. That's all - in the material sense, and we know it. But we are brainwashed by our economic system until we end up in a tomb beneath a pyramid of time payments, mortgages, preposterous gadgetry, playthings that divert our attention for the sheer idiocy of the charade. The years thunder by, The dreams of youth grow dim where they lie caked in dust on the shelves of patience. Before we know it, the tomb is sealed. Where, then, lies the answer? In choice. Which shall it be: bankruptcy of purse or bankruptcy of life?

within the capitalist system all methods for raising the social productiveness of labour are brought about at the cost of the individual labourer; all means for the development of production transform themselves into means of domination over, and exploitation of, the producers; they mutilate the labourer into a fragment of a man, degrade him to the level of an appendage of a machine, destroy every remnant of charm in his work and turn it into a hated toil; they estrange from him the intellectual potentialities of the labour process in the same proportion as science is incorporated in it as an independent power; they distort the conditions under which he works, subject him during the labour process to a despotism the more hateful for its meanness; they transform his life-time into working-time, and drag his wife and child beneath the wheels of the Juggernaut of capital. But all methods for the production of surplus-value are at the same time methods of accumulation; and every extension of accumulation becomes again a means for the development of those methods. It follows therefore that in proportion as capital accumulates, the lot of the labourer, be his payment high or low, must grow worse. The law, finally, that always equilibrates the relative surplus population, or industrial reserve army, to the extent and energy of accumulation, this law rivets the labourer to capital more firmly than the wedges of Vulcan did Prometheus to the rock. It establishes an accumulation of misery, corresponding with accumulation of capital. Accumulation of wealth at one pole is, therefore, at the same time accumulation of misery, agony of toil slavery, ignorance, brutality, mental degradation, at the opposite pole, i.e., on the side of the class that produces its own product in the form of capital.

As slaves we were this country’s first windfall, the down payment on its freedom. After the ruin and liberation of the Civil War came Redemption for the unrepentant South and Reunion, and our bodies became this country’s second mortgage. In the New Deal we were their guestroom, their finished basement. And today, with a sprawling prison system, which has turned the warehousing of black bodies into a jobs program for Dreamers and a lucrative investment for Dreamers; today, when 8 percent of the world’s prisoners are black men, our bodies have refinanced the Dream of being white. Black life is cheap, but in America black bodies are a natural resource of incomparable value.

No longer do African regimes have to spend vast sums maintaining land lines and telephone exchanges, exposed to the perils of looting or climate damage. A few mobile-phone beacons, powered by solar batteries, cost a fraction of the old, fixed system. And the cash earned by mobile-phone systems is much easier to control. Gone are the days of relying on a failing mail system to send bills to users of landline systems to chase up payment for calls already made. Top-up cards have to be paid for in advance. Mobile-phone networks are among the most cash-rich and fast-growing businesses in today’s Africa. It is no wonder that the sons, nieces and confidants of Africa’s dictators vie for ownership of mobile-phone companies.

As the years passed, new myths arose to explain the mysterious objects the strangers brought from the land of the dead. A nineteenth-century missionary recorded, for example, an African explanation of what happened when captains descended into the holds of their ships to fetch trading goods like cloth. The Africans believed that these goods came not from the ship itself but from a hole that led into the ocean. Sea sprites weave this cloth in an "oceanic factory, and, whenever we need cloth, the captain ... goes to this hole and rings a bell." The sea sprites hand him up their cloth, and the captain "then throws in, as payment, a few dead bodies of black people he has bought from those bad native traders who have bewitched their people and sold them to the white men." The myth was not so far from reality. For what was slavery in the American South, after all, but a system for transforming the labor of black bodies, via cotton plantations, into cloth?

Such a crises occurs only where the ever-lengthening chain of payments, and an artificial system of settling them, has been fully developed. Whenever there is a general and extensive disturbance of this mechanism, no matter what its cause, money becomes suddenly and immediately transformed from its merely ideal shape of money of account into hard cash. Profane commodities can no longer replace it. The use-value of commodities becomes valueless, and their value vanishes in the presence of its own independent form. On the eve of the crisis, the bourgeois, with the self-sufficiency that springs from intoxicating prosperity, declares money to be a vain imagination. Commodities alone are money. But now the cry is everywhere that money alone is a commodity! As the hart pants after fresh water, so pants his soul after money, the only wealth.

Private sector networks in the United States, networks operated by civilian U.S. government agencies, and unclassified U.S. military and intelligence agency networks increasingly are experiencing cyber intrusions and attacks,” said a U.S.-China Economic and Security Review Commission report to Congress that was published the same month Conficker appeared. “. . . Networks connected to the Internet are vulnerable even if protected with hardware and software firewalls and other security mechanisms. The government, military, businesses and economic institutions, key infrastructure elements, and the population at large of the United States are completely dependent on the Internet. Internet-connected networks operate the national electric grid and distribution systems for fuel. Municipal water treatment and waste treatment facilities are controlled through such systems. Other critical networks include the air traffic control system, the system linking the nation’s financial institutions, and the payment systems for Social Security and other government assistance on which many individuals and the overall economy depend. A successful attack on these Internet-connected networks could paralyze the United States [emphasis added].

The United States thus achieved what no earlier imperial system had put in place: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus via the IMF and World Bank, while the Treasury bill standard obliged the payments-surplus nations of Europe and East Asia to extend forced loans to the U.S. Government. Against dollar-deficit regions the United States continued to apply the classical economic leverage that Europe and Japan were not able to use against it. Debtor economies were forced to impose economic austerity to block their own industrialization and agricultural modernization. Their designated role was to export raw materials and provide low-priced labor whose wages were denominated in depreciating currencies. Against dollar-surplus nations the United States was learning to apply a new, unprecedented form of coercion. It dared the rest of the world to call its bluff and plunge the international economy into monetary crisis. That is what would have happened if creditor nations had not channeled their surplus savings to the United States by buying its Government securities.

Where America really differs from other countries is in the colossal costs of its health care. An angiogram, a survey by The New York Times found, costs an average of $914 in the United States, $35 in Canada. Insulin costs about six times as much in America as it does in Europe. The average hip replacement costs $40,364 in America, almost six times the cost in Spain, while an MRI scan in the United States is, at $1,121, four times more than in the Netherlands. The entire system is notoriously unwieldy and cost-heavy. America has about 800,000 practicing physicians but needs twice that number of people to administer its payments system. The inescapable conclusion is that higher spending in America doesn’t necessarily result in better medicine, just higher costs.

America runs on credit darling. Why do you worry, our credit will take care of this payment. It is not saving or cash in hand that matters. We do not need cash, we just need potential. The system in the US believes in potential. That is the model of the future. You need not be born rich, but you should be in the league that can make it big.

The Anglo-Spanish penal system either struck visitors as refreshingly civilized or as stingingly rapacious. Sentences could be commuted or pardoned for large cash payments, or for the transfer of assets such as stock or annuities. Absent this, prison corporations happily extended moderate-interest sentence-mortgages to a sponsor, or even to parolees themselves. Visitors could buy different levels of access to the prison via a transparent list of escalating fees, which in the Congregate would have been called bribes. Some nations just did prisons better than others.

Had the Federal Reserve System never been established, and had a similar series of runs started, there is little doubt that the same measures would have been taken as in 1907—a restriction of payments.

The U.S. has a so-called health care system that has nothing to do with the promotion of health. Those who run this system do not care about your health, and it's far from being a system. It's a fragmented patchwork of procedure-oriented services that are meshed in a voluminous trail of paper payments, with little relevance to community-based needs. This misdirected, disease-managed non-care system of symptom suppression demands more and more treatment at higher and higher costs. If they cared at all, you'd be treated like a human, not like a number resembling, quite frankly, the ear tags on a cattle herd.

Each time a police officer engages us, death, injury, maiming is possible. It is not enough to say that this is true of anyone or more true of criminals. The moment the officers began their pursuit of Prince Jones, his life was in danger. The Dreamers accept this as the cost of doing business, accept our bodies as currency, because it is their tradition. As slaves we were this country’s first windfall, the down payment on its freedom. After the ruin and liberation of the Civil War came Redemption for the unrepentant South and Reunion, and our bodies became this country’s second mortgage. In the New Deal we were their guestroom, their finished basement. And today, with a sprawling prison system, which has turned the warehousing of black bodies into a jobs program for Dreamers and a lucrative investment for Dreamers; today, when 8 percent of the world’s prisoners are black men, our bodies have refinanced the Dream of being white. Black life is cheap, but in America black bodies are a natural resource of incomparable value.

Both the opioid and EPO disasters resulted in large measure from the financial incentives in the American system. Europe, which does not have the same financial incentives and, where direct payments to doctors from drugmakers are generally banned, experienced neither disaster. In the EPO case, prosecutors and investigators later expressed shock at how thoroughly corruption infected almost every major institution involved in cancer care.

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.

America has about 800,000 practicing physicians but needs twice that number of people to administer its payments system. The inescapable conclusion is that higher spending in America doesn’t necessarily result in better medicine, just higher costs.

When foreign military spending [bombing Korea and Vietnam] forced the U.S. balance of payments into deficit and drove the United States off gold in 1971, central banks were left without the traditional asset used to settle payments imbalances. The alternative by default was to invest their subsequent payments inflows in U.S. Treasury bonds, as if these still were “as good as gold.” Central banks have been holding some $4 trillion of these bonds in their international reserves for the past few years — and these loans have financed most of the U.S. Government’s domestic budget deficits for over three decades. Given the fact that about half of U.S. Government discretionary spending is for military operations — including more than 750 foreign military bases and increasingly expensive operations in the oil-producing and transporting countries — the international financial system is organized in a way that finances the Pentagon, along with U.S. buyouts of foreign assets expected to yield much more than the Treasury bonds that foreign central banks hold.

A late payment isn’t a crisis if you have 90 days of cash. A staff departure isn’t catastrophic if you’ve cross-trained your team. A software crash isn’t fatal if your systems are backed up and redundant. Risk is always a combination: Hazard × Vulnerability = Impact

Finally, is it fair that the pollution caused, in China for example, by the production of goods exported to the United States and Europe be counted as Chinese pollution, and be covered by the system of permits to which all countries, including China, would be subject? The answer is that Chinese firms that emit GHGs when they produce exported goods will pass the price of carbon through to American and European importers so that rich country consumers will pay for the pollution their consumption induces. International trade does not alter the principle that payment should be collected where emissions are produced.

One of the biggest mistakes a man can make is to work too goddamned much. First you drank so much it got you in trouble, and now you're gonna work so much it'll be the same damn thing. Society ain't as hard on workaholics as it is on the other kind, but it's still just as bad for you in the long run, just as hard on your system,

Where, for example, it is impracticable to make the enjoyment of certain services dependent on the payment of a price, competition will not produce the services; and the price system becomes similarly ineffective when the damage caused to others by certain uses of property cannot be effectively charged to the owner of that property.

For example, trading in S&P 500-linked futures totaled more than $60 trillion(!) in 2011, five times the S&P 500 Index total market capitalization of $12.5 trillion. We also have credit default swaps, which are essentially bets on whether a corporation can meet the interest payments on its bonds. These credit default swaps alone had a notional value of $33 trillion. Add to this total a slew of other derivatives, whose notional value as 2012 began totaled a cool $708 trillion. By contrast, for what it’s worth, the aggregate capitalization of the world’s stock and bond markets is about $150 trillion, less than one-fourth as much. Is this a great financial system . . . or what!

Purchase Price $250,000 Down Payment $ 25,000 Mortgage Amount $225,000 At 7% Interest Rate 30 Years $1,349 $485,636 15 Years $1,899 $341,762 Difference $550 $143,874 Five hundred fifty dollars more per month, and you will save almost $150,000 and fifteen years of bondage. The really interesting thing I have observed is that fifteen-year mortgages always pay off in fifteen years. Again, part of a Total Money Makeover is putting in place systems that automate smart moves, which is what a fifteen-year mortgage is. Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for fifteen more years and pay thousands of dollars more for the privilege. If you must take out a mortgage, pretend only fifteen-year mortgages exist. If you have a great interest rate, it is not necessary to refinance to pay a mortgage off in fifteen years or earlier. Simply make payments as if you have a fifteen-year mortgage, and your mortgage will pay off in fifteen years. If you want to pay any mortgage off in twelve years or any number you want, visit my website or get a calculator and calculate the proper payment at your interest rate on your balance for a twelve-year mortgage (or the number you want). Once you have that payment amount, add to your monthly mortgage payment the difference between the new principal and interest payment and your current principal and interest payment, and you will pay off your home in twelve years.

Under Musk’s direction, X.com tried out some radical banking concepts. Customers received a $20 cash card just for signing up to use the service and a $10 card for every person they referred. Musk did away with niggling fees and overdraft penalties. In a very modern twist, X.com also built a person-to-person payment system in which you could send someone money just by plugging their e-mail address into the site. The whole idea was to shift away from slow-moving banks with their mainframes taking days to process payments and to create a kind of agile bank account where you could move money around with a couple of clicks on a mouse or an e-mail. This was revolutionary stuff, and more than 200,000 people bought into it and signed up for X.com within the first couple of months of operation.

The government is commonly conceptualized as a business. If it is seen as a service industry, taxes can be seen as payment for services provided to the public. Those services can include protection (by the military, the criminal justice system, and regulatory agencies), adjudication of disputes (by the judiciary and other agencies), social insurance (as in Social Security and Medicare and various “safety nets”), and so on. Under

December 8, 1986 Hello John: Thanks for the good letter. I don’t think it hurts, sometimes, to remember where you came from. You know the places where I came from. Even the people who try to write about that or make films about it, they don’t get it right. They call it “9 to 5.” It’s never 9 to 5, there’s no free lunch break at those places, in fact, at many of them in order to keep your job you don’t take lunch. Then there’s OVERTIME and the books never seem to get the overtime right and if you complain about that, there’s another sucker to take your place. You know my old saying, “Slavery was never abolished, it was only extended to include all the colors.” And what hurts is the steadily diminishing humanity of those fighting to hold jobs they don’t want but fear the alternative worse. People simply empty out. They are bodies with fearful and obedient minds. The color leaves the eye. The voice becomes ugly. And the body. The hair. The fingernails. The shoes. Everything does. As a young man I could not believe that people could give their lives over to those conditions. As an old man, I still can’t believe it. What do they do it for? Sex? TV? An automobile on monthly payments? Or children? Children who are just going to do the same things that they did? Early on, when I was quite young and going from job to job I was foolish enough to sometimes speak to my fellow workers: “Hey, the boss can come in here at any moment and lay all of us off, just like that, don’t you realize that?” They would just look at me. I was posing something that they didn’t want to enter their minds. Now in industry, there are vast layoffs (steel mills dead, technical changes in other factors of the work place). They are layed off by the hundreds of thousands and their faces are stunned: “I put in 35 years…” “It ain’t right…” “I don’t know what to do…” They never pay the slaves enough so they can get free, just enough so they can stay alive and come back to work. I could see all this. Why couldn’t they? I figured the park bench was just as good or being a barfly was just as good. Why not get there first before they put me there? Why wait? I just wrote in disgust against it all, it was a relief to get the shit out of my system. And now that I’m here, a so-called professional writer, after giving the first 50 years away, I’ve found out that there are other disgusts beyond the system. I remember once, working as a packer in this lighting fixture company, one of the packers suddenly said: “I’ll never be free!” One of the bosses was walking by (his name was Morrie) and he let out this delicious cackle of a laugh, enjoying the fact that this fellow was trapped for life. So, the luck I finally had in getting out of those places, no matter how long it took, has given me a kind of joy, the jolly joy of the miracle. I now write from an old mind and an old body, long beyond the time when most men would ever think of continuing such a thing, but since I started so late I owe it to myself to continue, and when the words begin to falter and I must be helped up stairways and I can no longer tell a bluebird from a paperclip, I still feel that something in me is going to remember (no matter how far I’m gone) how I’ve come through the murder and the mess and the moil, to at least a generous way to die. To not to have entirely wasted one’s life seems to be a worthy accomplishment, if only for myself. Your boy, Hank

Consider the recent financial crisis and its link to faulty reward systems. President Bill Clinton's objective of increasing homeownership by rewarding potential home buyers and lenders is one example. The Clinton administration "went to ridiculous lengths" to increase homeownership in the United State, promoting "paper-thin down payments" and pushing lenders to give mortgage loans to unqualified buyers according to Business Week editor Peter Coy.

In a common lesson about electromagnetic forces, students are given an exercise in which a bar magnet is placed on a table surrounded by scattered iron filings. The invisible field surrounding the magnet will draw the filings into alignment with it, until the swirling starburst shape of the field becomes visible. The capital relation is a kind of social magnet, with capital at one end and labor at the other, that tends to align all other social hierarchies with the master hierarchy based on money. Hence the hierarchy of athletic ability is translated into a hierarchy of payment for performing professionally. And yet the magnetism of capital is not so strong that it can perfectly align all the systems. Fame, for example, may in general be translatable into money (as when Kim Kardashian releases a smartphone game that becomes wildly successful), but the conversion is not an exact or uniform one.

Gold offers adversaries significant benefits in a world of U.S.-imposed dollar-based sanctions. Gold is physical, not digital, so it cannot be hacked or frozen. Gold is easy to transport by air to settle the balance of payments or other transactions between nations. Gold flows cannot be interdicted at SWIFT or FedWire. Gold is fungible and nontraceable (it is an element, atomic number 79), so its provenance cannot be ascertained. The United States is unprepared for this

American cold war culture represented an age of anxiety. The anxiety was so severe that it sought relief in an insistent, assertive optimism. Much of American popular culture aided this quest for apathetic security. The expanding white middle class sought to escape their worries in the burgeoning consumer culture. Driving on the new highway system in gigantic showboat cars to malls and shopping centers that accepted a new form of payment known as credit cards, Americans could forget about Jim Crow, communism, and the possibility of Armageddon. At night in their suburban homes, television allowed middle class families to enjoy light domestic comedies like The Adventures of Ozzie and Harriet, Father Knows Best, and Leave It to Beaver. Somnolently they watched representations of settled family life, stories where lost baseball gloves and dinnertime hijinks represented the only conflicts. In the glow of a new Zenith television, it became easy to believe that the American dream had been fully realized by the sacrifice and hard work of the war generation. American monsters in pop culture came to the aid of this great American sleep. Although a handful of science fiction films made explicit political messages that unsettled an apathetic America, the vast majority of 'creature features' proffered parables of American righteousness and power. These narratives ended, not with world apocalypse, but with a full restoration of a secure, consumer-oriented status quo. Invaders in flying saucers, radioactive mutations, and giant creatures born of the atomic age wreaked havoc but were soon destroyed by brainy teams of civilian scientists in cooperation with the American military. These films encouraged a certain degree of paranoia but also offered quick and easy relief to this anxiety... Such films did not so much teach Americans to 'stop worrying and love the bomb' as to 'keep worrying and love the state.

Hugging is healthy. It helps the immune system, cures depression, reduces stress and induces sleep. It’s invigorating, rejuvenating and has no unpleasant side effects. Hugging is nothing less than a miracle drug. Hugging is all natural. It is organic, naturally sweet, no artificial ingredients, nonpolluting, environmentally friendly and 100 percent wholesome. Hugging is the ideal gift. Great for any occasion, fun to give and receive, shows you care, comes with its own wrapping and, of course, fully returnable. Hugging is practically perfect. No batteries to wear out, inflation-proof, nonfattening, no monthly payments, theft-proof and nontaxable. Hugging is an underutilized resource with magical powers. When we open our hearts and arms, we encourage others to do the same. Think of the people in your life. Are there any words you’d like to say? Are there any hugs you want to share? Are you waiting and hoping someone else will ask first? Please don’t wait! Initiate!

Many countries have a long history of spying on foreign corporations for their own military and commercial advantage. The US claims that it does not engage in commercial espionage, meaning that it does not hack foreign corporate networks and pass that information on to US competitors for commercial advantage. But it does engage in economic espionage, by hacking into foreign corporate networks and using that information in government trade negotiations that directly benefit US corporate interests. Recent examples are the Brazilian oil company Petrobras and the European SWIFT international bank payment system. In fact, a 1996 government report boasted that the NSA claimed that the economic benefits of one of its programs to US industry “totaled tens of billions of dollars over the last several years.” You may or may not see a substantive difference between the two types of espionage. China, without so clean a separation between its government and its industries, does not.

A lot of business owners spend time solving problems they don’t have. Rob Walling refers to this as premature optimization. Examples include: 1. Getting a flawless credit card payment process setup before they have customers. 2. Optimizing their website before they have traffic. 3. Hiring staff before they have work for them. 4. Investing in the best systems before they have enough work to warrant it. Normally these decisions stem from believing that when you have a problem, you won’t be able to resolve it quickly.

When his patients could not afford to pay (for dental services), Dad never denied them. He would discount the cost or set up a payment plan. New York had a lot of talented, starving artists. Most of the artwork in our home Dad traded for crowns and bridges. The barter system worked, just as it had before the money system took over. Now, several of the lovely paintings grace our home in Hawaii. These works of art remind me of my dad’s generosity and his admiration for other people’s gifts. I have passed these lessons of compassion on to my son and eventually will pass on the paintings.

The welfare state and its funding are at the center of current political debate in the United States. Today, the country is divided on whether or not the federal government should deliver regulations covering social provisions. ... The United States has a long tradition of welfare programs starting in the early days of the new republic in 1776. Payments to the poor, to civil war veterans, or to those who were "unable to work due to their age or physical health" were common. Attempts to reform the law helping the poor and unemployed to get work have a long history, as do the fights against abuses of the same system.

If sin is anything that separates us from God and from each other; and if God is to be “all in all,” then he must sooner or later destroy all sin and thus remove every stain from his creation. According to the New Testament as a whole, God has a two-fold strategy, I want to suggest, for accomplishing this end. On the one hand, he sent his Son in the flesh to defeat, in some unexplained mystical way, the powers of darkness and to pioneer the way of salvation (see Heb 2:10)—a way of repentance, forgiveness, and personal sacrifice. On the other hand, for those who refuse to step into his ordained system of repentance, forgiveness, and personal sacrifice, he has an alternative strategy: in their estrangement from God, they will experience his love as a consuming fire; that is, as wrath, as punishment, and, in the end, as a means of correction. So in that sense, they will literally pay for their sin; and God will never—not in this age and not in the age to come—forgive (or set aside) the final payment they owe, which is voluntarily to step inside the ordained system of repentance, forgiveness, and personal sacrifice. As Jesus said, using the analogy of someone being thrown into prison, “Truly I tell you, you will never get out until you have paid the last penny” (Matt 5:25). 97.

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(1) The church-state issue. If parents could use their vouchers to pay tuition at parochial schools, would that violate the First Amendment? Whether it does or not, is it desirable to adopt a policy that might strengthen the role of religious institutions in schooling? The Supreme Court has generally ruled against state laws providing assistance to parents who send their children to parochial schools, although it has never had occasion to rule on a full-fledged voucher plan covering both public and nonpublic schools. However it might rule on such a plan, it seems clear that the Court would accept a plan that excluded church-connected schools but applied to all other private and public schools. Such a restricted plan would be far superior to the present system, and might not be much inferior to a wholly unrestricted plan. Schools now connected with churches could qualify by subdividing themselves into two parts: a secular part reorganized as an independent school eligible for vouchers, and a religious part reorganized as an after-school or Sunday activity paid for directly by parents or church funds. The constitutional issue will have to be settled by the courts. But it is worth emphasizing that vouchers would go to parents, not to schools. Under the GI bills, veterans have been free to attend Catholic or other colleges and, so far as we know, no First Amendment issue has ever been raised. Recipients of Social Security and welfare payments are free to buy food at church bazaars and even to contribute to the collection plate from their government subsidies, with no First Amendment question being asked. Indeed, we believe that the penalty that is now imposed on parents who do not send their children to public schools violates the spirit of the First Amendment, whatever lawyers and judges may decide about the letter. Public schools teach religion, too—not a formal, theistic religion, but a set of values and beliefs that constitute a religion in all but name. The present arrangements abridge the religious freedom of parents who do not accept the religion taught by the public schools yet are forced to pay to have their children indoctrinated with it, and to pay still more to have their children escape indoctrination.

Accepting experiences is through the understanding that everybody was born equal, no labels, no social status, no preconceptions just born a little person preparing to grow-up on what ever path is grown from development, environment and/or otherwise everybody has the right to have a roof over their head, three meals a day, a wage/payment which can support themselves and their families, a benefit system that cares for the disabled and people with mental illnesses, a government that looks out for all it's people, wars quenched not and man made barriers be fallen so every person knows the commonality of being human is that everybody is all different and let people be novices to other peoples experiences so another person gains anew. People all deserve the right to be equal.

The Dreamers accept this as the cost of doing business, accept our bodies as currency, because it is their tradition. As slaves we were this country’s first windfall, the down payment on its freedom. After the ruin and liberation of the Civil War came Redemption for the unrepentant South and Reunion, and our bodies became this country’s second mortgage. In the New Deal we were their guestroom, their finished basement. And today, with a sprawling prison system, which has turned the warehousing of black bodies into a jobs program for Dreamers and a lucrative investment for Dreamers; today, when 8 percent of the world’s prisoners are black men, our bodies have refinanced the Dream of being white. Black life is cheap, but in America black bodies are a natural resource of incomparable value.

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.

Inefficiency. A centralized financial system has many inefficiencies. Perhaps the most egregious example is the credit card interchange rate that causes consumers and small businesses to lose up to 3 percent of a transaction's value with every swipe due to the payment network oligopoly's pricing power. Remittance fees are 5–7 percent. Time is also wasted in the two days it takes to “settle” a stock transaction (officially transfer ownership). In the Internet age, this seems utterly implausible. Other inefficiencies include costly (and slow) transfer of funds, direct and indirect brokerage fees, lack of security, and the inability to conduct microtransactions, many of which are not obvious to users. In the current banking system, deposit interest rates remain very low and loan rates high because banks need to cover their brick-and-mortar costs. The insurance industry provides another example.

That City of yours is a morbid excrescence. Wall Street is a morbid excrescence. Plainly it's a thing that has grown out upon the social body rather like -- what do you call it? -- an embolism, thrombosis, something of that sort. A sort of heart in the wrong place, isn't it? Anyhow -- there it is. Everything seems obliged to go through it now; it can hold up things, stimulate things, give the world fever or pain, and yet all the same -- is it necessary, Irwell? Is it inevitable? Couldn't we function economically quite as well without it? Has the world got to carry that kind of thing for ever? "What real strength is there in a secondary system of that sort? It's secondary, it's parasitic. It's only a sort of hypertrophied, uncontrolled counting-house which has become dominant by falsifying the entries and intercepting payment. It's a growth that eats us up and rots everything like cancer. Financiers make nothing, they are not a productive department. They control nothing. They might do so, but they don't. They don't even control Westminster and Washington. They just watch things in order to make speculative anticipations. They've got minds that lie in wait like spiders, until the fly flies wrong. Then comes the debt entanglement. Which you can break, like the cobweb it is, if only you insist on playing the wasp. I ask you again what real strength has Finance if you tackle Finance? You can tax it, regulate its operations, print money over it without limit, cancel its claims. You can make moratoriums and jubilees. The little chaps will dodge and cheat and run about, but they won't fight. It is an artificial system upheld by the law and those who make the laws. It's an aristocracy of pickpocket area-sneaks. The Money Power isn't a Power. It's respectable as long as you respect it, and not a moment longer. If it struggles you can strangle it if you have the grip...You and I worked that out long ago, Chiffan... "When we're through with our revolution, there will be no money in the world but pay. Obviously. We'll pay the young to learn, the grown-ups to function, everybody for holidays, and the old to make remarks, and we'll have a deuce of a lot to pay them with. We'll own every real thing; we, the common men. We'll have the whole of the human output in the market. Earn what you will and buy what you like, we'll say, but don't try to use money to get power over your fellow-creatures. No squeeze. The better the economic machine, the less finance it will need. Profit and interest are nasty ideas, artificial ideas, perversions, all mixed up with betting and playing games for money. We'll clean all that up..." "It's been going on a long time," said Irwell. "All the more reason for a change," said Rud.

Money has always tried to break through these barriers, like water seeping through cracks in a dam. Parents have been reduced to selling some of their children into slavery in order to buy food for the others. Devout Christians have murdered, stolen and cheated – and later used their spoils to buy forgiveness from the church. Ambitious knights auctioned their allegiance to the highest bidder, while securing the loyalty of their own followers by cash payments. Tribal lands were sold to foreigners from the other side of the world in order to purchase an entry ticket into the global economy. Money has an even darker side. For although money builds universal trust between strangers, this trust is invested not in humans, communities or sacred values, but in money itself and in the impersonal systems that back it. We do not trust the stranger, or the next-door neighbour – we trust the coin they hold. If they run out of

The mood and temper of the public in regard to the treatment of crime and criminals is one of the most unfailing tests of the civilization of any country. A calm and dispassionate recognition of the rights of the accused against the State, and even of convicted criminals against the State, a constant heart-searching by all charged with the duty of punishment, a desire and eagerness to rehabilitate in the world of industry all those who have paid their dues in the hard coinage of punishment, tireless efforts towards the discovery of curative and regenerating processes, and an unfaltering faith that there is a treasure, if you can only find it, in the heart of every man – these are the symbols which in the treatment of crime and criminals mark and measure the stored-up strength of a nation, and are the sign and proof of the living virtue in it.27 In 1908 and 1909 over 180,000 people were in prison in Britain, around half for failure to pay a fine on time.28 Churchill argued that more time should be allowed for payment, since the best principle for a prison system should be to ‘prevent as many people as possible from getting there’.29 He set in motion processes by which the number of people imprisoned for failing to pay a fine for drunkenness was reduced from 62,000 to 1,600 over the next decade.30 Churchill also searched for alternative punishments for petty offences, especially by children, as he saw prison as a place of last resort for serious offenders.31 When he visited Pentonville Prison in October, he released youths imprisoned for minor offences and although he was not at the Home Office long enough to reform the penal system as a whole, he reduced the sentences of nearly 400 individuals.32 He also introduced music and libraries into prisons, tried to improve the conditions of suffragettes imprisoned for disturbing the peace and reduced the maximum amount

To enable lending to proceed when the IMF’s sustainability criteria were not met, its bureaucrats designed the “systemic risk waiver.” It was a model of circular reasoning that might well be taught to philosophy students. “Severe debt crises all carry the risks of systemic spillovers,” notes Schadler. The global financial system was deemed to be endangered if a debt payment was missed or a haircut imposed on bondholders, because “confidence” was threatened. Any haircut for bondholders might cause panic and “contagion.” So it doesn’t matter what IMF economists say regarding debt sustainability. The IMF is committed to preserving “confidence” at all costs – confidence that the troika will lend governments enough to pay their bondholders and speculators in full (but not pension funds). The systemic risk waiver means that no bondholder should lose. Labor and taxpayers must pay for the losses from risky loans, or else there will be “contagion.

The banking system we have today is a direct descendent of banking from the Middle Ages. The Medici family in Florence, Italy, arguably created the formal structure of the bank that we still retain today, after many developments. The paper currency we have today is an iteration on coins used before the first century. Today’s payments networks are iterations on the 12th century European network of the Knights Templar, who used to securely move money around for banks, royalty and wealthy aristocrats of the period. The debit cards we have today are iterations on the bank passbook that you might have owned if you had had a bank account in the year 1850. Apple Pay is itself an iteration on the debit card—effectively a tokenised version of the plastic artifact reproduced inside an iPhone. And bank branches? Well, they haven’t materially changed since the oldest bank in the world, Monte Dei Paschi de Sienna, opened their doors to the public 750 years ago.

These crises are really a form of domestic default that governments employ in countries where financial repression is a major form of taxation. Under financial repression, banks are vehicles that allow governments to squeeze more indirect tax revenue from citizens by monopolizing the entire savings and payments system, not simply currency. Governments force local residents to save in banks by giving them few, if any, other options. They then stuff debt into the banks via reserve requirements and other devices. This allows the government to finance a part of its debt at a very low interest rate; financial repression thus constitutes a form of taxation. Citizens put money into banks because there are few other safe places for their savings. Governments, in turn, pass regulations and restrictions to force the banks to relend the money to fund public debt. Of course, in cases in which the banks are run by the government, the central government simply directs the banks to make loans to it.

It was Ephialtes, in fact, who initiated democratic reforms that involved paying citizens for jury service. Shortly afterwards, he was assassinated (allegedly by his political opponents), and Pericles, his second-in-command, then took over. So, although it was hardly the ideal omen, we could say that Ephialtes was the true originator of the basic income, or at least the ‘citizen’s income’ variant. The essence of ancient Greek democracy was that the citizens were expected to participate in the polis, the political life of the city. Pericles instituted a sort of basic income grant that rewarded them for their time and was intended to enable the plebs – the contemporary equivalent of the precariat – to take part. The payment was not conditional on actual participation, which was nevertheless seen as a moral duty. Sadly, this enlightened system of deliberative democracy, facilitated by the basic income, was overthrown by an oligarchic coup in 411 BC. The road was blocked for a very long time.

In other words, money isn’t a material reality – it is a psychological construct. It works by converting matter into mind. But why does it succeed? Why should anyone be willing to exchange a fertile rice paddy for a handful of useless cowry shells? Why are you willing to flip hamburgers, sell health insurance or babysit three obnoxious brats when all you get for your exertions is a few pieces of coloured paper? People are willing to do such things when they trust the figments of their collective imagination. Trust is the raw material from which all types of money are minted. When a wealthy farmer sold his possessions for a sack of cowry shells and travelled with them to another province, he trusted that upon reaching his destination other people would be willing to sell him rice, houses and fields in exchange for the shells. Money is accordingly a system of mutual trust, and not just any system of mutual trust: money is the most universal and most efficient system of mutual trust ever devised. What created this trust was a very complex and long-term network of political, social and economic relations. Why do I believe in the cowry shell or gold coin or dollar bill? Because my neighbours believe in them. And my neighbours believe in them because I believe in them. And we all believe in them because our king believes in them and demands them in taxes, and because our priest believes in them and demands them in tithes. Take a dollar bill and look at it carefully. You will see that it is simply a colourful piece of paper with the signature of the US secretary of the treasury on one side, and the slogan ‘In God We Trust’ on the other. We accept the dollar in payment, because we trust in God and the US secretary of the treasury. The crucial role of trust explains why our financial systems are so tightly bound up with our political, social and ideological systems, why financial crises are often triggered by political developments, and why the stock market can rise or fall depending on the way traders feel on a particular morning.

But voters who quite liked the new system gave Democrats such a strong majority in Congress that Johnson and the Democrats were able to pass eighty-four new laws to put the Great Society into place. They cemented civil rights with the 1965 Voting Rights Act protecting minority voting, created jobs in Appalachia, and established job-training and community-development programs. The Elementary and Secondary Education Act of 1965 gave federal aid to public schools and established the Head Start program to provide comprehensive early education for low-income children. The Higher Education Act of 1965 increased federal investment in universities and provided scholarships and low-interest loans to students. The Social Security Amendments of 1965 created Medicare, which provided health insurance for Americans over age sixty-five, and Medicaid, which helped cover health care costs for those with limited incomes. Congress advanced the war on poverty by increasing welfare payments and subsidizing rent for low-income families.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

Consistently and uninterruptedly continued inflation must eventually lead to collapse. The purchasing power of money will fall lower and lower, until it eventually disappears altogether. It is true that an endless process of depredation can be imagined. We can imagine the purchasing power of money getting continually lower without ever disappearing altogether, and prices getting continually higher without it ever becoming impossible to obtain commodities in exchange for notes. Eventually this would lead to a situation in which even retail transactions were in terms of millions and billions and even higher figures; bu t the monetary system itself would remain. But such an imaginary state of affairs is hardly within the bounds of possibility. In the long run, a money which continually fell in value would have no commercial utility. It could not be used as a standard of deferred payments. For all transactions in which commodities or services were not exchanged for cash, another medium would have to be sought. In fact, a money that is continually depreciating becomes useless even for cash transactions. Everybody attempts to minimize his cash reserves, which are a source of continual loss.

4. “National Debts Shall Not Be Contracted with a View to the External Friction of States”; This expedient of seeking aid within or without the state is above suspicion when the purpose is domestic economy (e.g., the improvement of roads, new settlements, establishment of stores against unfruitful years, etc.). But as an opposing machine in the antagonism of powers, a credit system which grows beyond sight and which is yet a safe debt for the present requirements — because all the creditors do not require payment at one time — constitutes a dangerous money power. This ingenious invention of a commercial people [England] in this century is dangerous because it is a war treasure which exceeds the treasures of all other states; it cannot be exhausted except by default of taxes (which is inevitable), though it can be long delayed by the stimulus to trade which occurs through the reaction of credit on industry and commerce. This facility in making war, together with the inclination to do so on the part of rulers—an inclination which seems inborn in human nature — is thus a great hindrance to perpetual peace. Therefore, to forbid this credit system must be a preliminary article of perpetual peace all the more because it must eventually entangle many innocent states in the inevitable bankruptcy and openly harm them. They are therefore justified in allying themselves against such a state and its measures.

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

How is money created? An example: You buy a house or take out a mortgage on the excess value of your property. You want 200,000 Dollars. The following happens. The bank’s computer adds these virtual numbers - because that is what they are - to your bank account, and then you have to bleed for the next 30 years, WITH INTEREST. The bank attached a fictional number to your name and for 30 years you need to work to pay the money back. The bank didn’t build your house, nor did it pay for the materials. That was done by people like you and me. They too have to pay, because they also have a mortgage. And when you die, your kids will have to pay taxes on your estate. Often, they have to take out a mortgage of their own to do so[74]. Another example of how banks create money out of nothing: You go to the bank to lend 1,000 Dollars. One year later, you have to pay 1,100 Dollars back, including interest. The additional 100 Dollars come from fellow citizens, for instance in the form of wages or profit sharing. In other words, the extra 100 Dollars come from society. This can only happen when the total amount of money in circulation increases. That increase – inflation – is created when the bank creates more money. In other words: “Interest payments are a direct way to create money.” All the money that exists comes from the bank. This remarkable phenomenon has been described as follows by Mr. Robert Hemphill, Credit Manager of the Federal Reserve Bank in Atlanta: “If all the bank loans were paid, there would not be a dollar in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.”[75]

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

Give us an idea of…” Noya Baram rubs her temples. “Oh, well.” Augie begins to stroll around again. “The examples are limitless. Small examples: elevators stop working. Grocery-store scanners. Train and bus passes. Televisions. Phones. Radios. Traffic lights. Credit-card scanners. Home alarm systems. Laptop computers will lose all their software, all files, everything erased. Your computer will be nothing but a keyboard and a blank screen. “Electricity would be severely compromised. Which means refrigerators. In some cases, heat. Water—well, we have already seen the effect on water-purification plants. Clean water in America will quickly become a scarcity. “That means health problems on a massive scale. Who will care for the sick? Hospitals? Will they have the necessary resources to treat you? Surgical operations these days are highly computerized. And they will not have access to any of your prior medical records online. “For that matter, will they treat you at all? Do you have health insurance? Says who? A card in your pocket? They won’t be able to look you up and confirm it. Nor will they be able to seek reimbursement from the insurer. And even if they could get in contact with the insurance company, the insurance company won’t know whether you’re its customer. Does it have handwritten lists of its policyholders? No. It’s all on computers. Computers that have been erased. Will the hospitals work for free? “No websites, of course. No e-commerce. Conveyor belts. Sophisticated machinery inside manufacturing plants. Payroll records. “Planes will be grounded. Even trains may not operate in most places. Cars, at least any built since, oh, 2010 or so, will be affected. “Legal records. Welfare records. Law enforcement databases. The ability of local police to identify criminals, to coordinate with other states and the federal government through databases—no more. “Bank records. You think you have ten thousand dollars in your savings account? Fifty thousand dollars in a retirement account? You think you have a pension that allows you to receive a fixed payment every month?” He shakes his head. “Not if computer files and their backups are erased. Do banks have a large wad of cash, wrapped in a rubber band with your name on it, sitting in a vault somewhere? Of course not. It’s all data.” “Mother of God,” says Chancellor Richter, wiping his face with a handkerchief.

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The Seventh Central Pay Commission was appointed in February 2014 by the Government of India (Ministry of Finance) under the Chairmanship of Justice Ashok Kumar Mathur. The Commission has been given 18 months to make its recommendations. The terms of reference of the Commission are as follows:  1. To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure including pay, allowances and other facilities/benefits, in cash or kind, having regard to rationalisation and simplification therein as well as the specialised needs of various departments, agencies and services, in respect of the following categories of employees:-  (i) Central Government employees—industrial and non-industrial; (ii) Personnel belonging to the All India Services; (iii) Personnel of the Union Territories; (iv) Officers and employees of the Indian Audit and Accounts Department; (v) Members of the regulatory bodies (excluding the RBI) set up under the Acts of Parliament; and (vi) Officers and employees of the Supreme Court.   2. To examine, review, evolve and recommend changes that are desirable and feasible regarding the principles that should govern the emoluments structure, concessions and facilities/benefits, in cash or kind, as well as the retirement benefits of the personnel belonging to the Defence Forces, having regard to the historical and traditional parties, with due emphasis on the aspects unique to these personnel.   3. To work out the framework for an emoluments structure linked with the need to attract the most suitable talent to government service, promote efficiency, accountability and responsibility in the work culture, and foster excellence in the public governance system to respond to the complex challenges of modern administration and the rapid political, social, economic and technological changes, with due regard to expectations of stakeholders, and to recommend appropriate training and capacity building through a competency based framework.   4. To examine the existing schemes of payment of bonus, keeping in view, inter-alia, its bearing upon performance and productivity and make recommendations on the general principles, financial parameters and conditions for an appropriate incentive scheme to reward excellence in productivity, performance and integrity.   5. To review the variety of existing allowances presently available to employees in addition to pay and suggest their rationalisation and simplification with a view to ensuring that the pay structure is so designed as to take these into account.   6. To examine the principles which should govern the structure of pension and other retirement benefits, including revision of pension in the case of employees who have retired prior to the date of effect of these recommendations, keeping in view that retirement benefits of all Central Government employees appointed on and after 01.01.2004 are covered by the New Pension Scheme (NPS).   7. To make recommendations on the above, keeping in view:  (i) the economic conditions in the country and the need for fiscal prudence; (ii) the need to ensure that adequate resources are available for developmental expenditures and welfare measures; (iii) the likely impact of the recommendations on the finances of the state governments, which usually adopt the recommendations with some modifications; (iv) the prevailing emolument structure and retirement benefits available to employees of Central Public Sector Undertakings; and (v) the best global practices and their adaptability and relevance in Indian conditions.   8. To recommend the date of effect of its recommendations on all the above.

Nearly all experts agree that children need and want clear rules, and that being held accountable for obeying the rules is a vital feature of healthy development. But rules are helpful only if children know them and understand them, so the brighter the line, the better. Nanny Debs likes to call a special meeting to go over her “house rules,” and then she posts a chore list in each child’s bedroom along with a wooden pole that’s used for keeping score. When children make the bed or clean their rooms or wash the dishes, they get to put a colored ring around the pole. Each ring entitles them to fifteen minutes of watching television or playing a video game, up to a total of an hour per day. If they misbehave, they first get a warning, and if they persist, the parent removes one of the rings. To keep the rules consistent, parents need to coordinate with each other and with caretakers so that everyone knows what’s expected. When your children are still toddlers, establish a system of rewards and punishments in advance, and when you’re giving either one to a child, explain exactly why. As they get older, it becomes more useful to ask them what goals they have for themselves. Once you hear their ambitions, you can help get there with the right incentives, like making allowance payments contingent on doing chores, or promising bonuses for doing extra work.

The form that this bargain took was the adoption of what anthropologists and social historians describe as the “closed village.” Almost every peasant society in premodern times had, as its main form of economic organization, the “closed village.” Unlike more modern forms of economic organization, in which individuals tend to deal with many buyers and sellers in an open market, the households of the closed village joined together to operate like an informal corporation, or a large family, not in an open marketplace but in a closed system where all the economic transactions of the village tended to be struck with a single monopolist—the local landlord, or his agents among the village chiefs. The village as a whole would contract with the landlord, usually for payment in kind, for a high proportion of the crop, rather than a fixed rent. The proportional rent meant that the landlord absorbed part of the downside risk of a bad harvest. Of course, the landlord also took the greater part of the potential profit. Landlords also typically provided seed.

The attempt to make legislation flexible enough to fit individual cases also nullifies the universality of the law. A judge who has the option of giving a sentence which may be anywhere from two to ten years has nothing to guide him in his choice except his own private beliefs. Some judges are habitually lenient, and some habitually harsh, so that the fate of the accused usually depends as much on the personality and mood of his judge as on the actual circumstances of the case. Changing from a system of punishment in the form of prison sentences to a system of justice in the form of reparations payments to the victims would do nothing to solve this problem as long as the legal-judicial mechanism remained a function of government rather than of the free market. Free-market arbiters are guided in their choices by the desires of consumers, with profit and loss as a built-in “correction mechanism.” But government judges have no signals to guide their decisions. Even if they wanted to please their “customers,” they would have no signals to tell them how to do so. A government judge, faced with a flexible penalty, can have nothing to guide him but his own opinions and whims.

Another example of how blitzscaling applies to a completely different type of business is the rapid rise of the shale oil and natural gas industry in the United States during the 2000s. The energy sector scores well on the growth factors we’ve defined. Oil and gas is an enormous, high-margin industry, with a very efficient distribution system. And while the shale industry doesn’t feature many network effects, it has its own source of powerful long-term competitive advantage. In the energy industry, rather than buy land outright, the usual practice is to lease the drilling rights for ninety-nine years for a combination of guaranteed lease payments and royalties. This means that leasing the right land is tantamount to holding an unbreakable monopoly on the oil and gas underneath that land,

What Bitcoin does is run a computerised lottery, in a process called “mining.” Bitcoin miners guess a number. They take their guess, they combine it with a block of transactions that are waiting to be processed, and they do a simple calculation on them. If the calculation gives a small enough number, the miner wins six-and-a-quarter fresh new bitcoins! And their block of transactions is added to the public blockchain. The more guesses you make, the better your chances. In June 2020, Bitcoin miners were making 100 quintillion guesses every second. This used as much electricity as all of Austria.45 This is called “proof-of-work” — though it might better be termed “proof-of-waste.” Blocks come out approximately every ten minutes. If miners win coins too often, the difficulty goes up, to slow the system down — so the miners have to add more computers to compete. This results in spiraling electricity use — Bitcoin is, literally, anti-efficient. The point of all this waste is to secure the blockchain — the threat model is that nobody can change the blockchain without wasting at least as much electricity. The Bitcoin mining system is incredibly slow, and very hard to scale up. Bitcoin now consumes between 0.1% and 0.5% of all the electricity in the world — for the same seven transactions per second, worldwide, that it could do in 2009, when it was just running on Nakamoto’s desktop PC. Bitcoin is the most inefficient payment network in human history.

By having no affiliation with “coin” in its name, Ethereum was moving beyond the idea of currency into the realm of cryptocommodities. While Bitcoin is mostly used to send monetary value between people, Ethereum could be used to send information between programs. It would do so by building a decentralized world computer with a Turing complete programming language.11 Developers could write programs, or applications, that would run on top of this decentralized world computer. Just as Apple builds the hardware and operating system that allows developers to build applications on top, Ethereum was promising to do the same in a distributed and global system. Ether, the native unit, would come into play as follows: Ether is a necessary element—a fuel—for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).

A dramatic ageing of the population. Its effects will start being felt in 2005 (from the retirement of numerous groups). Since the government did not foresee and reform the retirement system paid out of each year’s taxes, we know it is already too late. There will not be sufficient funds to furnish allocations and healthcare to seniors and ever higher taxes will be levied on those who are working. The result will necessarily be a generalised lowering of purchasing power and therefore of economic growth based on consumption. The ageing of the population will also rapidly lead — it is already happening — to another frightening effect: a loss of technological skills. There are not enough young minds. 2)  The massive immigration of new battalions from the Third World to palliate these gaps, so desired by the UN, is an imposture. These migrants are unskilled and need social services themselves. They are mouths to feed, not the brains needed in a post-industrial society. Germany wanted to import more than 30,000 engineers that it needs (already), but got only 9,000 Indians. The immigration-colonisation (of which the entire cost is already more than 122 billion euros a year), which will not stop growing, added to the steadily increasing birth rate of the foreigners — most of them, as everyone knows, are not able to earn a good education — will be one more brake on economic prosperity. The current masses of ‘youths’ from Africa and North Africa will for the most part have a choice only between unemployment supported by welfare payments or participation in the parallel and criminal economy. The professional value of the workforce is going to experience a dramatic decline as soon as 2010.

devices and you can build an application. You don’t need to ask for anyone’s permission to innovate. Write the app, launch it on your endpoint, and bitcoin will route it, because bitcoin is a dumb network. That is the power of innovation on the internet. It’s innovation without permission. It’s innovation without central approval. It’s innovation without a broad network upgrade. And that means bitcoin is not a specific financial network. It’s not a financial network for large transactions or small transactions, fast transactions or slow transactions. It’s whatever you want to use it for, based upon what you choose to do at the endpoint. Compare that to the current banking system. The current banking system is built around very smart networks, absolutely and tightly controlled to deliver very specific applications to very dumb endpoints. Even with your most sophisticated online banking, all you can do with your bank is access some HTML that delivers a set of services that they decided they were going to give you. You get no APIs, no ability to run additional applications, no ability to upgrade or innovate or change anything unless the entire network changes to support your new application. The current system has networks for large payments, small payments, or fast payments, but it’s not all of the above. Bitcoin is all of those things because it’s not discriminating, it’s neutral, it doesn’t care, it’s dumb. The power of pushing intelligence to the edge, of not making decisions in the center, moves the innovation into the hands of its end users and gives those end users the ability to build applications that are so niche that only a handful of people around the world need them. And they can build those applications without asking for anyone’s permission.

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Strange as it may seem — and irrational as it would be in a more logical system of world diplomacy — the dollar glut is what finances America’s global military build-up. It forces foreign central banks to bear the costs of America’s expanding military empire. The result is a new form of taxation without representation. Keeping international reserves in dollars means recycling dollar inflows to buy U.S. Treasury bills — U.S. government debt issued largely to finance the military spending that has been a driving force in the U.S. balance-of-payments deficit since the Korean War broke out in 1950. [...] “China National Offshore Oil Corporation go home” is the motto when foreign governments try to use their sovereign wealth funds (central bank departments trying to figure out what to do with their dollar glut) to make direct investments in American industry, as happened when China’s national oil company sought to buy Unocal in 2005.[...] So Europeans and Asians see U.S. companies pumping more dollars into their economies not only to buy their exports (in excess of providing them with goods and services in return), not only to buy their companies and commanding heights of privatized public enterprises (without giving them reciprocal rights to buy important U.S. companies), and not only to buy foreign stocks, bonds and real estate. The U.S. media neglect to mention that the U.S. Government spends hundreds of billions of dollars abroad — not only in the Near East for direct combat, but to build military bases to encircle the rest of the world, and to install radar systems, guided missile systems and other forms of military coercion, including the “color revolutions” that have been funded all around the former Soviet Union.

If we pay attention, it becomes clear that many people have already internalized seeing themselves as ‘customers’. For example, when some express their discontent with any government or corporate policies or services, they often demand changes as ‘taxpayers’ rather than as citizens. Is it implied in this language that those who do not (or cannot) pay taxes, albeit temporarily, have no rights to object as citizens? Is this why poor neighborhoods in America are usually run down and unsafe? If so, we must be careful about accepting this reality, because each one of us at any given point in our lives may be in a place where we may not be deemed as worthy consumers or taxpayers by the system. Seeing oneself as a customer is more about one’s income and payment to exist in the system than it is about their basic human rights or even their real value.

When Martin analyzed the data—every transaction using a Canadian Tire credit card from the prior year—he discovered that what customers purchased was a remarkably precise predictor of their subsequent payment behavior when used in conjunction with traditional tools like income and credit history. A New York Times Magazine article entitled “What Does Your Credit Card Company Know about You?” described some of Martin’s most intriguing findings: “People who bought cheap, generic automotive oil were much more likely to miss a credit-card payment than someone who got the expensive, name-brand stuff. People who bought carbon-monoxide monitors for their homes or those little felt pads that stop chair legs from scratching the floor almost never missed payments. Anyone who purchased a chrome-skull car accessory or a ‘Mega Thruster Exhaust System’ was pretty likely to miss paying his bill eventually.

Witness the government's inability to control the banking system or the continuing spree of vast bonus payments with little justification or scrutiny.

Dagny,” he was saying, standing at the window, as if looking out at the peaks, not of mountains, but of time, “the rebirth of d’Anconia Copper—and of the world—has to start here, in the United States. This country was the only country in history born, not of chance and blind tribal warfare, but as a rational product of man’s mind. This country was built on the supremacy of reason—and, for one magnificent century, it redeemed the world. It will have to do so again. The first step of d’Anconia Copper, as of any other human value, has to come from here—because the rest of the earth has reached the consummation of the beliefs it has held through the ages: mystic faith, the supremacy of the irrational, which has but two monuments at the end of its course: the lunatic asylum and the graveyard. . . . Sebastián d’Anconia committed one error: he accepted a system which declared that the property he had earned by right, was to be his, not by right, but by permission. His descendants paid for that error. I have made the last payment. . . . I think that I will see the day when, growing out from their root in this soil, the mines, the smelters, the ore docks of d’Anconia Copper will spread again through the world and down to my native country, and I will be the first to start my country’s rebuilding. I may see it, but I cannot be certain. No man can predict the time when others will choose to return to reason. It may be that at the end of my life, I shall have established nothing but this single mine—d’Anconia Copper No. 1, Galt’s Gulch, Colorado, U.S.A. But, Dagny, do you remember that my ambition was to double my father’s production of copper? Dagny, if at the end of my life, I produce but one pound of copper a year, I will be richer than my father, richer than all my ancestors with all their thousands of tons—because that one pound will be mine by right and will be used to maintain a world that knows it!

The system was orderly enough: Payments for inmates were to be delivered to the SS by the third day of each month; the punishment for prisoners damaging Konti property was death; and the SS quickly disposed of bodies.

The next time you go to the supermarket, look closely at a can of peas. Think about all the work that went into it—the farmers, truckers, and supermarket employees, the miners and metalworkers who made the can—and think how miraculous it is that you can buy this can for under a dollar. At every step of the way, competition among suppliers rewarded those whose innovations shaved a penny off the cost of getting that can to you. If God is commonly thought to have created the world and then arranged it for our benefit, then the free market (and its invisible hand) is a pretty good candidate for being a god. You can begin to understand why libertarians sometimes have a quasi-religious faith in free markets. Now let’s do the devil’s work and spread chaos throughout the marketplace. Suppose that one day all prices are removed from all products in the supermarket. All labels too, beyond a simple description of the contents, so you can’t compare products from different companies. You just take whatever you want, as much as you want, and you bring it up to the register. The checkout clerk scans in your food insurance card and helps you fill out your itemized claim. You pay a flat fee of $10 and go home with your groceries. A month later you get a bill informing you that your food insurance company will pay the supermarket for most of the remaining cost, but you’ll have to send in a check for an additional $15. It might sound like a bargain to get a cartload of food for $25, but you’re really paying your grocery bill every month when you fork over $2,000 for your food insurance premium. Under such a system, there is little incentive for anyone to find innovative ways to reduce the cost of food or increase its quality. The supermarkets get paid by the insurers, and the insurers get their premiums from you. The cost of food insurance begins to rise as supermarkets stock only the foods that net them the highest insurance payments, not the foods that deliver value to you. As the cost of food insurance rises, many people can no longer afford it. Liberals (motivated by Care) push for a new government program to buy food insurance for the poor and the elderly. But once the government becomes the major purchaser of food, then success in the supermarket and food insurance industries depends primarily on maximizing yield from government payouts. Before you know it, that can of peas costs the government $30, and all of us are paying 25 percent of our paychecks in taxes just to cover the cost of buying groceries for each other at hugely inflated costs. That, says Goldhill, is what we’ve done to ourselves. As long as consumers are spared from taking price into account—that is, as long as someone else is always paying for your choices—things will get worse.

We expect the cybereconomy to evolve through several stages. 1. The most primitive manifestations of the Information Age involve the Net simply as an information medium to facilitate what are otherwise ordinary industrial-era transactions. At this point, the Net is no more than an exotic delivery system for catalogues. Virtual Vineyards, for example, one of the first cybermerchants, simply sells wine from a page on the World Wide Web. Such transactions are not yet directly subversive of the old institutions. They employ industrial currency, and take place within identifiable jurisdictions. These uses of the Internet have little such megapolitical impact. 2. An intermediate stage of Internet commerce will employ information technology in ways that would have been impossible in the industrial era, such as in long-distance accounting or medical diagnosis. More examples of these new applications of advanced computational power are spelled out below. The second stage of Net commerce will still function within the old institutional framework, employing national currencies and submitting to the jurisdiction of nation-states. The merchants who employ the Net for sales will not yet employ it to bank their profits, only to earn revenues. These profits made on Internet transactions will still be subject to taxation. 3. A more advanced stage will mark the transition to true cybercommerce. Not only will transactions occur over the Net, but they will migrate outside the jurisdiction of nation-states. Payment will be rendered in cybercurrency. Profits will be booked in cyberbanks. Investments will be made in cyberbrokerages. Many transactions will not be subject to taxation. At this stage, cybercommerce will begin to have significant megapolitical consequences of the kind we have already outlined. The powers of governments over traditional areas of the economy will be transformed by the new logic of the Net. Extraterritorial regulatory power will collapse. Jurisdictions will devolve. The structure of firms will change, and so will the nature of work and employment.

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

the roughly $800 billion in available stimulus, we directed more than $90 billion toward clean energy initiatives across the country. Within a year, an Iowa Maytag plant I’d visited during the campaign that had been shuttered because of the recession was humming again, with workers producing state-of-the-art wind turbines. We funded construction of one of the world’s largest wind farms. We underwrote the development of new battery storage systems and primed the market for electric and hybrid trucks, buses, and cars. We financed programs to make buildings and businesses more energy efficient, and collaborated with Treasury to temporarily convert the existing federal clean energy tax credit into a direct-payments program. Within the Department of Energy, we used Recovery Act money to launch the Advanced Research Projects Agency–Energy (ARPA-E), a high-risk, high-reward research program modeled after DARPA, the famous Defense Department effort launched after Sputnik that helped develop not only advanced weapons systems like stealth technology but also an early iteration of the internet, automated voice activation, and GPS.

Gold can still be stored as a long-term niche asset for savings and jewelry, but due to its slow speed and lack of widespread acceptance in modern times — along with legal tender laws — gold is not a viable alternative to the global fiat currency system for payments, unless heavily abstracted via trusted counterparties.

Laws permitting segregation had been struck down, but in the opinion of many whites the government continued to give blacks unfair advantages, everything from college and hiring quotas to a welfare system that leached away even the most marginal financial security from hardworking, law-abiding white folks. These beliefs were at complete variance from the daily experience of African Americans trapped in crushing poverty and inadequate housing. Far from effortlessly benefiting from federal largesse and rioting at the slightest perceived provocation, they struggled with bureaucratic red tape in the social service and legal systems. Applying for welfare, Social Security, and disability payments was a complex, often tortuous process. Gangs and drugs were rampant in slums and public housing. A disproportionate percentage of poor black males were either in prison or at risk of it. In too many instances, black women had to raise extended families without an adult male presence or financial support. And, always, there was the despairing sense that things were never going to get much better.

For Native Americans, the era of military resistance was over. Many retreated westward. Eventually the government forced nearly all of them across the Mississippi. For those few who remained, the bleak future belonged not to warriors but to leaders such as Richardville who could adjust to white ways, live under the annuity payment system, and assent to the ever-shrinking Indian “reservation” lands. Perhaps cruelest of all was the fate of the Miamis, most of whom, even after the deaths of Little Turtle and William Wells, were determined to remain neutral in the conflict between the long knives and the redcoats. There was no middle ground. Not only were many Miami villages destroyed, but in 1818, at the Treaty of St. Mary’s or New Purchase Treaty, the Miamis gave up most of their tribal lands, covering the central third of Indiana.

and any resemblance to actual persons, living or dead, business establishments, events, or locales is entirely coincidental. HERO: HURRICANE RESCUE. Copyright © 2017 by Alloy Entertainment. All rights reserved under International and Pan-American Copyright Conventions. By payment of the required fees, you have been granted the nonexclusive, nontransferable right to access and read the text of this e-book on screen. No part of this text may be reproduced, transmitted, decompiled, reverse-engineered, or stored in or introduced into any information storage and retrieval system, in any form or by any means,

What is needed is an electronic payment system based on cryptographic proof instead of trust,” wrote Satoshi.

NEVER Accept Any Cash Payments Except rental application fees, but you can do this online today, too.

Catch-up payment plans—are they allowed? Do they kill your eviction process? Most states say if a landlord accepts any kind of partial payment of rent after the eviction process has been started by the landlord, the eviction action will be dismissed.

What are you trying to buy? Asset type? Size? Price? To determine the answer to the first question, do the following: Start with your own net worth. Add in friends and family. The total team net worth is your starting point. Choose a market. Consider travel time and expense. You must be able to be in your market to look at deals at least once a month. Determine the viability of your market. Job growth? Population growth? Get deal flow from the market. Real estate agents Find all commercial realty companies in the city. Get on all their mailing lists. Analyze deals online from realtors in the area. Call the realtors about their listings. Direct to owners Get lists of owners. Create a system to reach owners directly. Mail Text Cold calling Analyze deals. Income approach Income – Expenses = Net operating income Net operating income – Debt service = Cash flow Check with lenders for current terms on debt. What is the CoC return? Cap rate? Debt ratio? Comparable data Check the analyzed cap rate against cap rates in the area for similar properties. Check comparable sale prices. Comps should be close in size and age to the subject property. Comps should have similar amenities. Comps should be within a few miles of the subject property. Exit Hold and operate. Refinance. Sell or flip. Consider upcoming market conditions. Debt Check with lenders or a mortgage broker to determine the availability of loans for this type of property. What are the terms and conditions? Is this the information you used to analyze the deal originally? Make the offer. Use an LOI to submit the offer in writing. The LOI will summarize the main deal points. If your offer is less than 15 percent of the asking price, speak with the realtor before you submit the offer. Once the offer is accepted, send the LOI to your attorney and have them draft the purchase agreement. Draft the purchase and sale agreement. Now that you have a fully executed contract, the clock starts. Earnest money goes into escrow. Do your due diligence. Financial inspection Physical inspection Lease audit Begin your loan application. The lender will complete three inspections. Appraisal Environmental inspection Physical engineer inspection of the buildings Do your closing. The lender will wire the loan proceeds to the closing escrow. Wire your down payment funds to the closing escrow. You own a new property! Engage property management for takeover of operations.

This strategy, together with the partial dismantling of measures to fight poverty, partly explains the continuous rise of inequalities in India. However, some of the rich have become richer for other reasons as well, including the close relationship between the Modi government and industrialists. FROM CRONY CAPITALISM TO COLLUSIVE CAPITALISM While the Modi government is not responsible for the enrichment of Indian tycoons, which began in most cases prior to the BJP victory in 2014, it continued to help them. In Gujarat, the Modi government had apparently granted unwarranted advantages to industrialists, including the sale of land below market prices, dispensations from environmental standards, unjustified tax rebates, interest-free loans, and so on.136 After forming the central government, the NDA government allegedly shielded Indian industrialists from banks to which these men owed billions. Such collusion has contributed to destabilizing a banking system undermined by dubious debts—particularly those held by these big investors, who do not pay back their loans.137 Even if the problem began under the previous government, it has persisted in part owing to collusion between businessmen and the ruling class. The government’s cronies continued to receive huge loans from public-sector banks (whose heads have trouble disobeying the government),138 which they proved unable to pay back. In May 2018, nonperforming assets (NPAs) vested in public banks—in other words, loans for which the borrower had not made payment on either the interest or the principal in at least ninety days—accounted for 12.65 billion dollars, or about 14 percent of their total loans (compared to 12.5 percent in March the previous year139 and only 3 percent in March 2012).140 A small number of borrowers were largely responsible for this evolution, among whom were prominent large industrialists.141 In 2015, in a fifty-seven-page document, Credit Suisse gave a detailed analysis of the astounding level of debt of ten Indian corporations that continued to borrow even though all the red flags had gone up.142 In 2018, 84 percent of the dubious loans were owed by major corporations, and twelve of them accounted for 25 percent of the outstanding NPAs.143 Among them is the group owned by Gautam Adani, a supporter of Prime Minister Narendra Modi since 2002.144 In 2015, the group increased its debt level by 16 percent to acquire a seaport and two power plants. Consequently, its debt soared to 840 billion rupees (11.2 billion USD), compared to only 331 billion rupees (4.41 billion dollars) in 2011.145

Ponzi borrower’ borrows based on the belief that the appreciation of the value of the asset will be sufficient to refinance the debt but could not make sufficient payments on interest or principal with the cash flow from investments. Only the appreciating asset value can keep the Ponzi borrower afloat. If the use of Ponzi finance is general enough in the financial system, then the inevitable default by the Ponzi borrower can cause the financial system to go into seizure when the bubble pops and asset prices stop increasing and the banks/markets stop lending.

Take smoking. In principle we should all have the right to smoke if we want to, despite the overwhelming evidence that smoking can kill the smoker. Judged from the standard set by Mill, smoking appears to be acceptable, something dangerous but not worthy of government restrictions except in the case of minors, since they are presumably not yet in a position to make responsible choices for themselves. But the calculation quickly gets more complex. When smokers become ill, this is a burden on the health-care system and the society more generally, as it leads to early exit from the work force. So we all indirectly subsidize those who smoke by paying higher health-care premiums or disability payments or by not benefitting from what they might contribute to the economy and to the government via taxes. It is not at all clear, though, whether such harm would be sufficiently great to justify government intervention.

At the start of my residency, the Affordable Care Act (ACA) was passed and all doctors had to get up to speed on the Merit-Based Incentive Payment System (MIPS), a new program under the Quality Payment Program (QPP), where a physician would now receive substantial adjustments to payments from Medicare if they met specific quality-of-care criteria. One would think that “quality” and “merit” in medicine would mean that the patient was actually getting better. But when I dug deep through the MIPS website to find the specific quality metrics for each specialty, I was shocked to see that these quality criteria were primarily based on whether doctors prescribed drugs regularly or did more interventions. Yes, a government incentive program focused less on actual patient outcomes (i.e., Did the patient get healthier?) and more on whether doctors prescribed long-term pharmaceuticals.

The Treasury of Spain informed me that the companies (the criminals) had 365 days to pay me my missing salary of 60,000 Euros, according to an official court decision made in Madrid. However, I was well aware that this would only escalate the danger for both Martina and me. I knew they would not fulfill their payment obligations. They would seek cheaper methods to evade payment and would also attempt to eliminate me without facing any consequences. I was unsure whom to turn to for help. Should I ask the King of Spain, or the leaders of Israel, Brussels, Hungary, Interpol, or the Policia Nacional? How could I protect Martina from these criminals? How could I dismantle Adam's mafia? These thoughts were weighing heavily on my mind as my anticipated final departure from Spain drew near. I received a letter, from Zaragoza. The letter informed me that I owed Zaragoza approximately 1800 euros for fines accrued by Adam. It also mentioned that it had been around 1.5 years since the incident on the highway, where I received fines while I was driving the gypsy caravan. Late fees were added without question. Make it 2000. Additionally, it warned that if I failed to make payment within 15 days of receiving the letter in my mailbox, the authorities would visit me with a court order to seize belongings of mine worth at least 1800 euros. Someone disclosed my „new” address to the Zaragoza Authorities. It is possible that the Correo/Post Office/Postal Service were unable to deliver their correspondence to my previous address on Carrer Cantabria due to my absence after the same expo where the fines were incurred on the highway and the unwanted flooding of the apartment. But now. Delivered. It is possible that the biased Catalan Court, which was known by my side at this point for its corruption and/or incompetence, shared my Barcelona address with the Correo/Postal Service to ensure that the fines reached me. The corrupt and/or incompetent Ciutat de la Justicia, the so called „City of Justice”, the Catalan judicial system did not solely reserve the sharing of my home address for the mafia/s. Everything was not a direct result of the criminals’ conspiracy. But.

A “working girls’ hotel,” which is what some called them, was usually on a second floor, with a “big bouncer” always stationed at the bottom step where the line began. “A good romp in the hay would generally set a sailor back between two and three dollars. Believe me… there was an endless line to make payments.” Each house had an alarm system to call Shore Patrol if trouble occurred. And every room had an emergency button to ring a bell if a girl needed help.

The Story of the Dictator and the Idiot. Once upon a time two species along the same homo genus existed. Two types of human kind. One was dominant and the other was submissive. One superior, one inferior. One law enforcing, one law abiding. One authoritarian and one obedient. The Dictator and the Idiot. Fundamentally there was no difference between these two. Both had a low IQ. Both neurotic. Both animalistic in nature. But the one became self-ordained to punish the other, tell them what to do, who to be, how to act, and what he can and can not have. This was the Dictator. The other, the Idiot, believed it all and kept living under the rule of the Dictator, believing everything they had to say. The Dictator occasionally made up rules and procedures for the Idiot to follow, in order for the Idiot not to die, be punished, be locked in a time-out, receive 100 lashes, be sent elsewhere or otherwise face different variations of punishments as imposed by the Dictator. Groups of Idiots were born and soon the Dictator saw an opportunity to create rules regarding the ways in which they can and can not have sex, how often, with whom and where, in order to control the Idiot once more. The Idiots obeyed. The Idiots then sold goods and soon the Dictator made a rule that a portion of their sales must go to him. He made up a word too in the process to call this collection system "tax". Groups of Dictators were also born and eventually evolved throughout history to write further rules, indoctrination, engage in the slave trade, human trafficking, rape, drug trades, the savagery of war, establishment of brothels and the repulsive behaviour displayed by half the population today. At some point, the Dictator creates the self-epithet of "Master" and labels the Idiot "Servant" but nothing much changes. A thousand other bynames came to fruition but none as pure and descriptive. "King, Emperor, Pastor, President, Minister," the list goes on. The Idiot evolves to become a silenced, subdued, indoctrinated servant. To allow punishment upon himself against his will, and to listen to the biased opinion of the Dictator as though it were a universal law. The Idiot follows unquestioningly and uncritically. Listening and doing without much thought. The Dictator evolves to write further religious scriptures in various forms on various continents. He writes laws and federal punishments. The Idiot then abides. The Dictator sentences the idiot to a life in jail for self defence. The Idiot abides. The Dictator takes money from the idiot and calls it Tax. The Idiot abides. The Dictator takes land from the Idiot without payment and gives it to another. The Idiot abides. The Dictator forces the Idiot to pay maintenance to his lazy wife. The Idiot abides. This speaks not of the character of the Dictator, but of the Idiot that carries on in his moronic ways. Stumbling over his own subordinate, defeated mind. The Dictator and the Idiot. An ongoing Sattire, a defeated people.

How to Use the Biker Service for CNIC Applications In an effort to streamline the application process for CNICs (Computerized National Identity Cards) and make government services more accessible, the Biker Service has been introduced as a part of Pakistan’s initiative to modernize its registration systems. This service allows citizens to complete their CNIC applications from the comfort of their homes through mobile service officers who assist in the process. Here’s a guide on how to effectively use the Biker Service for your CNIC application. 1. What is the Biker Service? The Biker Service is an outreach program that sends mobile registration officers directly to applicants’ homes. This service is especially beneficial for individuals who face difficulties visiting local NADRA (National Database and Registration Authority) centers due to health, age, or mobility issues. It provides doorstep assistance to ensure all parts of the CNIC application, including biometric verification and photo capture, are done seamlessly. 2. Key Benefits Convenience: Eliminates the need to visit physical centers. Time-Saving: Reduces waiting times associated with in-person visits. Accessibility: Helps those in remote or underserved areas complete their applications. Professional Assistance: Ensures the application is correctly filled and all necessary steps are completed. 3. Steps to Use the Biker Service for CNIC Applications Booking an Appointment: Contact NADRA’s helpline or visit their online service portal to schedule a biker appointment. Provide your personal details and address to confirm the visit. Prepare Required Documents: Ensure that you have all necessary documents ready, such as your old CNIC (if renewing), a copy of your birth certificate, or any relevant supporting paperwork for a new CNIC application. The Biker Visit: On the scheduled day, a NADRA officer on a motorcycle will arrive at your address. The officer will verify your identity, take your photograph, and collect your biometric data (fingerprints and thumb impressions) directly at your home. Completion and Confirmation: The mobile officer submits your application to the NADRA system. You will receive a receipt or application tracking number for follow-up. Payment and Fees: The cost of the Biker Service includes standard CNIC processing fees plus an additional convenience charge. Ensure you have the means to make a payment, whether via cash or through any payment method recommended during the booking. 4. Tracking Your Application Once your application is submitted, you can track its progress using NADRA’s online tracking system. Enter your application or tracking number to check the status and receive updates on when your CNIC will be ready for collection or delivery. Final Thoughts The Biker Service by NADRA is a major advancement in making government services more user-friendly and accessible to a broader population. It saves applicants from the hassle of traveling and long queues, making it especially useful for senior citizens, individuals with disabilities, and those living in remote areas. If you’re eligible and looking for a hassle-free way to apply for a CNIC, this service is a great option to consider.

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its selection and vetting process. The workers, for their part, can hope for a steady flow of jobs and prompt payment with minimal fuss. Handy’s computer system also tries to schedule each worker’s jobs in such a way as to minimise travel time.

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As the producer states gradually forced the major oil companies to share with them more of the profits from oil, increasing quantities of sterling and dollars flowed to the Middle East. To maintain the balance of payments and the viability of the international financial system, Britain and the United States needed a mechanism for these currency flows to be returned. [...] The purchase of most goods, whether consumable materials like food and clothing or more durable items such as cars or industrial machinery, sooner or later reaches a limit where, in practical terms, no more of the commodity can be used and further acquisition is impossible to justify. Given the enormous size of oil revenues, and the relatively small populations and widespread poverty of many of the countries beginning to accumulate them, ordinary goods could not be purchased at a rate that would go far to balance the flow of dollars (and many could be bought from third countries, like Germany and Japan – purchases that would not improve the dollar problem). Weapons, on the other hand, could be purchased to be stored up rather than used, and came with their own forms of justification. Under the appropriate doctrines of security, ever-larger acquisitions could be rationalised on the grounds that they would make the need to use them less likely. Certain weapons, such as US fighter aircraft, were becoming so technically complex by the 1960s that a single item might cost over $10 million, offering a particularly compact vehicle for recycling dollars. Arms, therefore, could be purchased in quantities unlimited by any practical need or capacity to consume. As petrodollars flowed increasingly to the Middle East, the sale of expensive weaponry provided a unique apparatus for recycling those dollars – one that could expand without any normal commercial constraint.