Resort Marketing Quotes

The Clinton doctrine was encapsulated in the slogan “multilateral when we can, unilateral when we must.” In congressional testimony, the phrase “when we must” was explained more fully: the United States is entitled to resort to the “unilateral use of military power” to ensure “uninhibited access to key markets, energy supplies, and strategic resources.

Almost as an article of faith, some individuals believe that conspiracies are either kooky fantasies or unimportant aberrations. To be sure, wacko conspiracy theories do exist. There are people who believe that the United States has been invaded by a secret United Nations army equipped with black helicopters, or that the country is secretly controlled by Jews or gays or feminists or black nationalists or communists or extraterrestrial aliens. But it does not logically follow that all conspiracies are imaginary. Conspiracy is a legitimate concept in law: the collusion of two or more people pursuing illegal means to effect some illegal or immoral end. People go to jail for committing conspiratorial acts. Conspiracies are a matter of public record, and some are of real political significance. The Watergate break-in was a conspiracy, as was the Watergate cover-up, which led to Nixon’s downfall. Iran-contra was a conspiracy of immense scope, much of it still uncovered. The savings and loan scandal was described by the Justice Department as “a thousand conspiracies of fraud, theft, and bribery,” the greatest financial crime in history. Often the term “conspiracy” is applied dismissively whenever one suggests that people who occupy positions of political and economic power are consciously dedicated to advancing their elite interests. Even when they openly profess their designs, there are those who deny that intent is involved. In 1994, the officers of the Federal Reserve announced they would pursue monetary policies designed to maintain a high level of unemployment in order to safeguard against “overheating” the economy. Like any creditor class, they preferred a deflationary course. When an acquaintance of mine mentioned this to friends, he was greeted skeptically, “Do you think the Fed bankers are deliberately trying to keep people unemployed?” In fact, not only did he think it, it was announced on the financial pages of the press. Still, his friends assumed he was imagining a conspiracy because he ascribed self-interested collusion to powerful people. At a World Affairs Council meeting in San Francisco, I remarked to a participant that U.S. leaders were pushing hard for the reinstatement of capitalism in the former communist countries. He said, “Do you really think they carry it to that level of conscious intent?” I pointed out it was not a conjecture on my part. They have repeatedly announced their commitment to seeing that “free-market reforms” are introduced in Eastern Europe. Their economic aid is channeled almost exclusively into the private sector. The same policy holds for the monies intended for other countries. Thus, as of the end of 1995, “more than $4.5 million U.S. aid to Haiti has been put on hold because the Aristide government has failed to make progress on a program to privatize state-owned companies” (New York Times 11/25/95). Those who suffer from conspiracy phobia are fond of saying: “Do you actually think there’s a group of people sitting around in a room plotting things?” For some reason that image is assumed to be so patently absurd as to invite only disclaimers. But where else would people of power get together – on park benches or carousels? Indeed, they meet in rooms: corporate boardrooms, Pentagon command rooms, at the Bohemian Grove, in the choice dining rooms at the best restaurants, resorts, hotels, and estates, in the many conference rooms at the White House, the NSA, the CIA, or wherever. And, yes, they consciously plot – though they call it “planning” and “strategizing” – and they do so in great secrecy, often resisting all efforts at public disclosure. No one confabulates and plans more than political and corporate elites and their hired specialists. To make the world safe for those who own it, politically active elements of the owning class have created a national security state that expends billions of dollars and enlists the efforts of vast numbers of people.

The overwhelming tendency of markets is to bring people together, break down prejudices, persuade people of the need to cooperate regardless of class, race, religion, sex/gender, and physical ability. The same is obviously and especially true of sexual orientation. It is the market that rewards people who put aside their biases and seek gains through trade. This is why states devoted to racialist and hateful policies always resort to violence in control of the marketplace.

There is an old Arabic story about a man who hears Death is coming for him, so he sneaks away to Samarra. And when he gets there, he finds Death in the market, and Death says, "You know, I just felt like going on vacation to Samarra. I was going to skip you today, but how lucky you showed up to find me!" And the man is taken after all. Arthur Less has traveled halfway around the world in a cat's cradle of junkets, changing flights and fleeing from a sandstorm into into the Atlas Mountains like someone erasing his trail or outfoxing a hunter—and yet Time has been waiting here all along. In a snowy alpine resort. With cuckoos. Of course Time would turn out to be Swiss. He tosses back the champagne. He thinks: Hard to feel bad for a middle-aged white man.

for in contrast to the restrictions imposed on respectable Greek women who only went out of the house as a last resort and even then fully covered, their Egyptian sisters were not only allowed out, but attended market and ‘are employed in trade while the men stay at home and do the weaving’. Further unnatural practices meant that Egyptian ‘women pass water standing up, men sitting down’,

From a broader money view perspective, however, September 2008 was the moment when the Fed moved from lender of last resort to dealer of last resort, in effect taking the collapsing wholesale money market onto its own balance sheet. But in the heat of the moment, no one noticed.

Those who, from the start, are the unfortunate, the downtrodden, the broken – these are the ones, the weakest, who most undermine life amongst men, who introduce the deadliest poison and scepticism into our trust in life, in man, in ourselves. Where can we escape the surreptitious glance imparting a deep sadness, the backward glance of the born misfit revealing how such a man communes with himself, – that glance which is a sigh. ‘If only I were some other person!’ is what this glance sighs: ‘but there’s no hope of that. I am who I am: how could I get away from myself ? And oh – I’m fed up with myself!’ . . . In such a soil of self-contempt, such a veritable swamp, every kind of weed and poisonous plant grows, all of them so small, hidden, dissembling and sugary. Here, the worms of revenge and rancour teem all round; here, the air stinks of things unrevealed and unconfessed; here, the web of the most wicked conspiracy is continually being spun, – the conspiracy of those who suffer against those who are successful and victorious, here, the sight of the victorious man is hated. And what mendacity to avoid admitting this hatred as hatred! What expenditure of big words and gestures, what an art of ‘righteous’ slander! These failures: what noble eloquence flows from their lips! How much sugared, slimy, humble humility swims in their eyes! What do they really want? At any rate, to represent justice, love, wisdom, superiority, that is the ambition of these who are ‘the lowest’, these sick people! And how skilful such an ambition makes them! In particular, we have to admire the counterfeiter’s skill with which the stamp of virtue, the ding-a-ling golden ring of virtue is now imitated. They have taken out a lease on virtue to keep it just for themselves, these weak and incurably sick people, there is no doubt about it: ‘Only we are good and just’ is what they say, ‘only we are the homines bonæ voluntatis’. They promenade in our midst like living reproaches, like warnings to us, – as though health, success, strength, pride and the feeling of power were in themselves depravities for which penance, bitter penance will one day be exacted: oh, how ready they themselves are, in the last resort, to make others penitent, how they thirst to be hangmen! Amongst them we find plenty of vengeance-seekers disguised as judges, with the word justice continually in their mouth like poisonous spittle, pursing their lips and always at the ready to spit at anybody who does not look discontented and who cheerfully goes his own way. Among their number there is no lack of that most disgusting type of dandy, the lying freaks who want to impersonate ‘beautiful souls’ and put their wrecked sensuality on the market, swaddled in verses and other nappies, as ‘purity of the heart’: the type of moral onanists and ‘self-gratifiers.’ The will of the sick to appear superior in any way, their instinct for secret paths, which lead to tyranny over the healthy, – where can it not be found, this will to power of precisely the weakest!

There is an old Arabic story about a man who hears Death is coming for him, so he sneaks away to Samarra. And when he gets there, he finds Death in the market, and Death says, “You know, I just felt like going on vacation to Samarra. I was going to skip you today, but how lucky you showed up to find me!” And the man is taken after all. Arthur Less has traveled halfway around the world in a cat’s cradle of junkets, changing flights and fleeing from a sandstorm into the Atlas Mountains like someone erasing his trail or outfoxing a hunter—and yet Time has been waiting here all along. In a snowy alpine resort. With cuckoos. Of course Time would turn out to be Swiss. He tosses back the champagne. He thinks: Hard to feel bad for a middle-aged white man.

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

There is no slave in a market: there is no horse in a fair: so shown and offered and examined and paraded, Mother, as I have been, for ten shameful years,’ cried Edith, with a burning brow, and the same bitter emphasis on the one word. ‘Is it not so? Have I been made the bye-word of all kinds of men? Have fools, have profligates, have boys, have dotards, dangled after me, and one by one rejected me, and fallen off, because you were too plain with all your cunning: yes, and too true, with all those false pretences: until we have almost come to be notorious? The licence of look and touch,’ she said, with flashing eyes, ‘have I submitted to it, in half the places of resort upon the map of England? Have I been hawked and vended here and there, until the last grain of self-respect is dead within me, and I loathe myself? Has been my late childhood? I had none before. Do not tell me that I had, tonight of all nights in my life!

Anyone familiar with the darker side of life understands that a man who has lost his shadow is like a woman with a dark past who marries: no one is more loyal, because she knows how much is at stake. Whispered words like moans sliding over naked skin. It was in such places that you learned the philosophy of the different races: the melancholy Italians, suspicious Jews, Brutal Germans, and stubborn Spaniards, intoxicated with envy and murderous pride. The spiteful resentment that we women often resort to when we are in pain. Elegance could be acquired through money, education, hard work and intelligence. Doubt is what keeps people young. Certainty is like a malignant virus that infects us as we get older. Spain: that sad, embittered country, reeking of the sacristy and run by black marketeers and mediocre ruffians. The paradise of envy, barbarity and treachery. One of those men who use others as a pretext to talk about themselves. How flimsy the ties are that prevent human beings from lying or betraying. Women are the only worthwhile temptation. Everything else is negotiable. After all, like the rest of womankind, she only needed persuading.

Patients tend to assume that their generic drugs are identical to brand-name drugs, in part because they imagine a simple and amicable process: as a patent expires, the brand-name company turns over its recipe, and a generic company makes the same drug, but at a fraction of the cost, since it no longer has to invest in research or marketing. But in fact, generic drug companies fight a legal, scientific, and regulatory battle, often in the dark, from the moment they set out to develop a generic. Mostly, their drugs come to market not with help from brand-name drug companies, but in spite of their efforts to stop them. Brand companies often resort to “shenanigans” and “gaming tactics” to delay generic competition, as the exasperated FDA commissioner Scott Gottlieb put it. They will erect a fortress of patents around their drugs, sometimes patenting each manufacturing step—even the time-release mechanism, if there is one. They may make small alterations to their drugs and declare them new, to add years to their patents, a move known as “evergreening.” Rather than sell samples of their drugs, which generic makers need in order to study and reverse-engineer them, brand-name companies will withhold samples, which in 2018 led the FDA to begin publicly shaming the companies accused of such practices by posting their names on its website.

Understanding Metro's history may illuminate today's debates. To conservatives who decry Metro's expense--around $10 billion in nominal dollars--this book serves as a reminder that Metro was never intended to be the cheapest solution to any problem, and that it is the product of an age that did not always regard cheapness as an essential attribute of good government. To those who celebrate automobile commuting as the rational choice of free Americans, it replies that some Americans have made other choices, based on their understanding that building great cities is more important than minimizing average commuting time. This book may also answer radicals who believe that public funds should primarily--or exclusively--serve the poor, which in the context of transportation means providing bus and rail transit for the carless while leaving the middle class to drive. It suggests that Metro has done more for inner-city African Americans than is generally understood. And to those hostile to public mega-projects as a matter of principle, it responds that it may take a mega-project to kill a mega-project. Had activists merely opposed freeways, they might as well have been dismissed as cranks by politicians and technical experts alike. By championing rapid transit as an equally bold alternative, they won allies, and, ultimately, victory. Most important, this book recalls the belief of Great Society liberals that public investments should serve all classes and all races, rather than functioning as a last resort. These liberals believed, with Abraham Lincoln, that 'the legitimate object of government is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves--in their separate, and individual capacities.' This approach justifies the government's role in rail not as a means of distributing wealth, but as an agent for purchasing rapid transit--a good that people collectively want but cannot collectively buy through a market.

On this account I feel always, on a Saturday night, as though I also were released from some yoke of labour, had some wages to receive, and some luxury of repose to enjoy. For the sake, therefore, of witnessing, upon as large a scale as possible, a spectacle with which my sympathy was so entire, I used after, on Saturday nights, after I had taken opium, to wander forth, without much regarding the direction or the sistance, to all the markets, and other parts of London, to which the poor resort on a Saturday night, for laying out their wages. Many a family party, consisting of a man, his wife, and sometimes one or two of his children, have I listened to, as they stood consulting on their ways and means, or the strength of their exchequer, or the price of household articles. Gradually I became familiar with their wishes, their difficulties, and their opinions. Sometimes there might be heard murmers of discontent: but far oftener expressions on the countenance, or uttered in words, of patience, hope, and tranquillity. And taken generally, I must say, that, in this point at least, the poor are far more philosophic than the rich - that they show a more ready and cheerful submission to what they consider as irremediable evils, or irreparable losses. Whenever I saw occasion, or could do it without appearing to be intrusive, I joined their parties; and gave my opinion upon the matter in discussion, which, if not always judicious, was always received indulgently. If wages were a little higher, or expected to be so, or the quartern loaf a little lower, or it was reported that onions and butter were expected to fall, I was glad: yet, if the contrary were true, I drew from opium some means of consoling myself. For opium (like the bee, that extracts its materials indiscriminately from roses and from the soot of chimneys) can overrule all feelings into a compliance with the master key. Some of these rambles lead me to great distances: for an opium-eater is too happy to observe the motion of time.

Financial Times commentator Martin Wolf concluded in 2010: "We already know that the earthquake of the past few years has damaged Western economies, while leaving those of emerging countries, particularly Asia, standing. It has also destroyed Western prestige. The West has dominated the world economically and intellectually for at least two centuries. That epoch is now over. Hitherto, the rulers of emerging countries disliked the West's pretensions, but respected its competence. This is true no longer. Never again will the West have the sole word." I was reminded of the Asian financial crisis in 1997. When Asian economies were devastated by similarly foolish borrowing the West – including the International Monetary Fund and World Bank – prescribed bitter medicine. They extolled traditional free market principles: Asia should raise interest rates to support sagging currencies, while state spending, debt, subsidies should be cut drastically. Banks and companies in trouble should be left to fail, there should be no bail-outs. South Korea, Thailand, Indonesia were pressured into swallowing the bitter medicine. President Suharto paid the ultimate price: he was forced to resign. Anger against the IMF was widespread. I was in Los Angeles for a seminar organised by the Claremont McKenna College to discuss, among other things, the Asian crisis. The Thai speaker resorted to profanity: F-- the IMF, he screamed. The Asian press was blamed by some Western academics. If we had the kind of press freedoms the West enjoyed, we could have flagged the danger before the crisis hit. Western credibility was torn to shreds when the financial tsunami struck Wall Street. Shamelessly abandoning the policy prescriptions they imposed on Asia, they decided their banks and companies like General Motors were too big to fail. How many Asian countries could have been spared severe pain if they had ignored the IMF? How vain was their criticism of the Asian press, for the almost unfettered press freedoms the West enjoyed had failed to prevent catastrophe.

Sales conversations are founded on “seduction”, a form of courtship a seller initiates in order to win the prospect’s trust in conversation before engaging into actual product selling. Marketing resorts to courtship as well when marketers gain their market’s attention with promises of a better future and more satisfactory situations. Whatever our role at work, we are all in sales and marketing, whether we like it or not. This is particularly true of technical performers who intend to hold a pivotal role for aligning technology with business needs. Mobile disposition in its higher form cultivates courtship essential for building strong and trustworthy relationships with other actors in a business enterprise.

Indeed, by the 1780s, his teeth had become so bad that he sought treatment from the itinerant French dentist Jean Pierre Le Moyer, first at army headquarters in Newburgh then on several occasions at Mount Vernon. Le Moyer specialized in the risky procedure of tooth transplants, which involved extracting a diseased tooth from a patient and replacing it with a healthy tooth obtained from a donor. Washington resorted to this procedure during the 1780s, with the healthy teeth coming from his slaves, who received thirteen shillings per tooth, or about one-third of what Le Moyer typically paid on the free market.

By contrast, in a liquidity crisis only one creditor can save the debtor: the government. There is no competitive market that offers emergency loans during a liquidity crisis. This means that the government can dictate terms. It can also neglect the interests of other stakeholders or discriminate among them for political reasons. The risk of abuse is far higher than it is in a normal bankruptcy.

The [Dow-Alcoa and Alcoa-IG] negotiations [of 1929] reveal strikingly the technique of cartel diplomacy—the steady application of "pressure" and the resort alternatively to challenges and blandishments. The similarity to power politics in which trial by battle is a last resort is marked. The procedure discloses the vast gulf between big business in practice and the patterns of behavior assumed in a regime of free competition. It shows how the conference table superseded the market as the arena for decision making.

A weak competitor may resort to dropping prices because it is the only available action for increasing its volume in the short term to stave off disaster. By the late 1970s, Tesco had been suffering because of their legacy of small, town-centre sites but succeeded in taking the industry by storm with their ‘check-out’ campaign. The whole UK retail market became price-driven for several years, before it swung once again towards a market orientation with the battle being fought on location, format and service.

consolidation, coupled with a desire among the survivors to restore normal profit levels, helps to usher in an era of orderly competition based on serving the variety of wants. In 1975, Carrefour became the first foreign retailer in Brazil. Through a period of aggressive mergers and acquisitions, they increased their market share and forced smaller competitors to leave or consolidate. In 1999, the largest national retailer, Companhia Brasileira de Distribuicao, merged with Casino Guichard Perrachon & Cie, to compete against the growing foreign chains, which now hold 40% of the market. The outcome has been a more orderly market where each is large and successful enough not to have to resort to permanent cut-throat price competition.

In 1863, as Havana continued to grow, the need for expansion prompted the removal of the city walls. The Ten Years’ War ended with a cease fire from Spain. However, it was followed by the Cuban War of Independence, which lasted from 1895 until 1898 and prompted intervention by the United States. The American occupation of Cuba lasted until 1902. After Cuban Independence came into being, another period of expansion in Havana followed, leading to the construction of beautiful apartment buildings for the new middle class and mansions for the wealthy. During the 1920’s, Cuba developed the largest middle class per total population in all of Latin America, necessitating additional accommodations and amenities in the capital city. As ships and airplanes provided reliable transportation, visitors saw Havana as a refuge from the colder cities in the North. To accommodate the tourists, luxury hotels, including the Hotel Nacional and the Habana Riviera, were built. In the 1950’s gambling and prostitution became widespread and the city became the new playground of the Americas, bringing in more income than Las Vegas. Now that Cuba senses an end to the embargo and hopes to cultivate a new relationship with the United States, construction in Havana has taken on a new sense of urgency. Expecting that Havana will once again become a tourist destination, the French construction group “Bouygues” is busy building Havana's newest luxury hotel. This past June Starwood’s mid-market Four Points Havana, became the first U.S. hotel, owned by Marriott, to open in Cuba. The historic Manzana de Gómez building which was once Cuba's first European-style shopping arcade has now been transformed into the Swiss based Manzana Kempinski, Gran Hotel, La Habana. It has now become Cuba's first new 5-Star Hotel! Spanish resort hotels dot the beaches east of Havana and China is expected to build 108,000 new hotel rooms for the largest tourist facility in the Caribbean. On the other end of the spectrum is the 14 room Hotel Terral whch has a prime spot on the Malecón.

Once it is recognized that the role of the state in a market economy is not only to enforce property and contract rights, but to ensure liquidity, then the bailout, properly understood, is no different from the enforcement of property rights. A host of legal consequences follow from this observation. This book gives an accounting of them.

Metaphors are often very useful in elucidating complicated problems and in making them comprehensible to less intelligent minds. But they become misleading and result in nonsense if people forget that every comparison is imperfect. It is silly to take metaphorical idioms literally and to deduce from their interpretation features of the object one wished to make more easily understandable by their use. There is no harm in the economists' description of the operation of the market as automatic and in their custom of speaking of the anonymous forces operating on the market. They could not anticipate that anybody would be so stupid as to take these metaphors literally. No "automatic" and "anonymous" forces actuate the "mechanism" of the market. The only factors directing the market and determining prices are purposive acts of men. There is no automatism; there are men consciously aiming at ends chosen and deliberately resorting to definite means for the attainment of these ends. There are no mysterious mechanical forces; there is only the will of every individual to satisfy his demand for various goods. There is no anonymity; there are you and I and Bill and Joe and all the rest. And each of us is engaged both in production and consumption. Each contributes his share to the determination of prices.

During the Great Depression, Lysol was the number one form of contraception for women. You read that correctly. Lysol, the number one product for cleaning up elementary school puke, was marketed back then as a feminine hygiene douche for women. “Feminine hygiene” in the early 1930s wasn’t about keeping your flapper hoo-ha fresh and minty; it was woman code for “birth control,” which was illegal.1 So Lysol stepped in and became a woman’s first and only resort to prevent pregnancy.

The unidentified founder of bitcoin dealt with this fairness problem by resorting to the free-market principles of competition. That is one of the purposes of the relentless hashing competition, a process that, to the uninitiated, can seem pointless. It’s a bit of a trick. Miners perform a task with the sole goal of winning a race to earn bitcoin, and almost as an unintended result, they end up confirming transactions along the way and keeping the blockchain up-to-date. This is the basis upon which bitcoin’s protocol decides who should earn the seigniorage, a model founded on the idea that in return for this privilege the recipients must invest resources—equipment, electricity—and that their computer must do work. That in turn provides

But even the biggest Wall Street banks were at a disadvantage when they went up against the traders at Koch Industries, British Petroleum, or Amoco. The Wall Street banks didn’t have access to inside information. Goldman Sachs didn’t own refineries or pipelines and couldn’t get a sneak peek into where markets were headed. The banks had to resort to second-rate information that was publicly available, like government reports on monthly energy supplies. It was a losing proposition. In the mid-1990s, the Wall Street banks came to Koch Industries, asking for help. “We kept getting approached by banks, who say, ‘Hey, Koch. You guys are so good at this physical stuff, we’d like to partner with you,’ ” recalled a former senior Koch executive who was heavily involved in trading operations. The banks came to Koch with the same pitch: the banks would handle “all this financial stuff,” while Koch handled the physical end of trading and shared information from its operations. If Koch executives were flattered by the attention from Wall Street, they didn’t show it for long. “We kind of got curious—or, suspicious is the better term,” the executive recalled. Rather than help the banks out, Koch set up a team to study why the banks were so interested in their business. Koch hired the outside consulting firm McKinsey & Company to study what was happening in commodities markets during the 1990s. McKinsey reported that the world of trading had grown even larger and more profitable than Koch Industries had suspected. As it happened, the futures contracts that Koch was trading had become the “plain vanilla” products in a rapidly booming market. Now there were more exotic, more opaque, and far more profitable financial products on the market. These products were called “derivatives.” That’s where the real money was.

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WE have little idea of just how dependent we have become on human means. If we don’t spend thousands of dollars advertising our special rallies and activities we can hardly draw a crowd. Without extensive mailings, only a handful of people will be interested in our Gospel activities and products. In our media-soaked society, we have found it necessary to resort to full-color magazine displays, catchy marketing phrases, massive bumper sticker campaigns, and special celebrity guests at our meetings. And while none of this is necessarily sinful or wrong, it is surely symptomatic of one thing: We don’t have revival fire in our midst! The Holy Spirit is not drawing the crowds.

What’s the first thing you do now before you visit a new restaurant for the first time or book a hotel room online? You probably ask a friend for a recommendation or you check out the reviews online. Now more than ever, the story your customers tell about you is a big part of your story. Word of mouth is accelerated and amplified. Trust is built digitally beyond the village. Reputations are built and lost in a moment. Opinions are no longer only shared one to one; they are broadcasted one to many, through digital channels. Those opinions live on as clues to your story. The cleanliness of your hotel bathrooms is no longer a secret. Guests’ unedited photos are displayed alongside a hotel brochure’s digital glossies. TripAdvisor ratings are proudly displayed by hotels and often say more about the standards guests can expect than do other, more established star ratings systems, such as the Forbes Travel Guide‘s ratings. Once-invisible brands and family-run hotels have had their businesses turned around by the stories their customers tell about them. “With 50 million reviews and counting, [TripAdvisor] is shaking the travel industry to its core.” —Nathan Labenz It turns out that people are more likely to trust the stories other people tell about you than to trust the well-lit Photoshopped images in your brochure. Reputation is how your idea and brand story are spread. A survey conducted by Chadwick Martin Bailey found that six in ten cruise customers said “they were less likely to book a cruise that received only one star.” There is no marketing more powerful than what one person says to another to recommend your brand. “Don’t waste money on expensive razors.” “Nice hotel; shame about the customer service.” In a world where online reputation can increase a hotel’s occupancy and revenue, trust has become a marketing metric. “[R]eputation has a real-world value.” —Rachel Botsman When we were looking to book a quiet, off-the-beaten-track hotel in Bali, the first place we looked wasn’t with the travel agents or booking.com. I jumped online and found that one of the area’s best-rated hotels on tripadvisor.com wasn’t a five-star resort but a modest family-run, three-star hotel that was punching well above its weight. This little fifteen-room hotel had more than 400 very positive reviews and had won a TripAdvisor Travellers Choice award. The reviews from the previous guests sealed the deal. The little hotel in Ubud was perfect. The reviews didn’t lie, and of course the place was fully booked with a steady stream of guests who knew where to look before taking a chance on a hotel room. Just a few years before, this $50-a-night hotel would have been buried amongst a slew of well-marketed five-star resorts. Today, thanks to a currency of trust, even tiny brands can thrive by doing the right thing and giving their customers a great story to tell.

the consequences of this state of affairs have been drawn by the Hungarian-born American financier George Soros who, in an essay published in September 2012 (Soros 2012), argued that in order to avoid a definitive split of the euro zone into creditor and debtor countries, and thus a likely collapse of the EU itself, Germany must resolve a basic dilemma: either assume the role of the ‘benevolent hegemon’ or else leave the euro zone. If Germany were to give up the euro, leaving the euro zone in the hands of the debtor countries, all problems that now appear to be insoluble, could be resolved through currency depreciation, improved competitiveness, and a new status of the ECB as lender of last resort. The common market would survive, but the relative position of Germany and of other creditor countries that might wish to leave the euro zone would change from the winning to the losing side. Both groups of countries could avoid such problems if only Germany was willing to assume the role of a benevolent hegemon. However, this would require the more or less equal treatment of debtor and creditor countries, and a much higher rate of growth, with consequent inflation. These may well be unacceptable conditions for the German leaders, for the Bundesbank and, especially, for the German voters.

Washington resorted to this procedure during the 1780s, with the healthy teeth coming from his slaves, who received thirteen shillings per tooth, or about one-third of what Le Moyer typically paid on the free market.

Stay away from lawyers. Someone steal your idea? Execute better than they can. Someone misrepresent your product? Overwhelm the market with positive reviews. Taking a company or person to court should be your last resort. It will pull resources and focus away from your business, and, in most cases, the only people who really win, regardless of the outcome, are the lawyers. Traditional

From the Bridge” Celebrating “La Navidad Cubana” Before the fall of Batista, Cuba was considered to be a staunch Catholic Nation. As in other Christian countries, Christmas was considered a religious holiday. In 1962, a few years after the revolution, Cuba became an atheist country by government decree. Then In 1969, Fidel Castro thinking that Christmas was interfering with the production of sugar cane, totally removed the holiday from the official calendar. Of course Christmas was still celebrated by Cubans in exile, many of whom live in South Florida and Union City, NJ. However it was still was celebrated clandestinely in a subdued way on the island. It was said, if it is to believed, that part of the reason for this was due to the fact that Christmas trees do not grow in Cuba. Now that Christianity and Christmas have both been reestablished by the government, primarily due to the Pope’s visits to Cuba, Christmas as a holiday has been reinstated. Many Christmas traditions have been lost over the past five decades and are still not observed in Cuba, although the Cuban Christmas feast is highlighted by a festive “Pig Roast,” called the “Cena de Navidad” or Christmas dinner. Where possible, the dinner includes Roast Pork done on a spit, beans, plantains, rice and “mojo” which is a type of marinade with onions, garlic, and sour orange. Being a special event, some Cubans delight in serving the roasted pork, in fancier ways than others. Desserts like sweet potatos, “turrones” or nougats, “buñuelos” or fritters, as well as readily available tropical fruits and nuts hazelnuts, guava and coconuts, are very common at most Christmas dinners. Beverages such as the “Mojito” a drink made of rum, sugar cane juice, lime, carbonated water and mint, is the main alcoholic drink for the evening, although traditionally the Christmas dinner should be concluded by drinking wine. This grand Christmas dinner is considered a special annual occasion, for families and friends to join together. Following this glorious meal, many Cubans will attend Misa de Gallo or mass of the rooster, which is held in most Catholic churches at midnight. The real reason for Christmas in Cuba, as elsewhere, is to celebrate the birth of Christ. Churches and some Cuban families once again, display manger scenes. Traditionally, children receive presents from the Three Wise Men and not from Santa Claus or the parents. Epiphany or “Three King’s Day,” falls on January 6th. Christmas in Cuba has become more festive but is not yet the same as it used to be. Although Christmas day is again considered a legal holiday in Cuba, children still have to attend school on this holiday and stores, restaurants and markets stay open for regular business. Christmas trees and decorations are usually only displayed at upscale hotels and resorts.

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Michael Nanosky is a driven business professional with a strong passion for sports and marketing. He has demonstrated success in leadership roles at Janus Hotels & Resorts and Ultimate Hoops Inc., known for his hard work and innovation.

The critic Michael Warner points out that in the lesbian and gay movement, ‘the institutions of culture-building have been market-mediated: bars, discos, special services, newspapers, magazines, phone lines, resorts, urban commercial districts

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As the famine deepened, rumours of cannibalism spread throughout the province. The goverment issued stark warnings about it. We heard that an elderly man had killed a child and put the cooked meat into soup. He sold it at a market canteen, where it was eaten by eager diners. The crime was discovered when police found the bones. I thought these killers must have been psychopaths, and that ordinary people would never resort to such crimes. Now I am not sure. Having spoken to many who came close to death during that time I realize that starvation can drive people to insanity. It can cause parents to take food from their own children, people to eat the corpses of the dead, and the gentlest neighbour to commit murder.

The economy and financial markets are becoming global, while monetary policy and financial supervision and regulation are conducted at the country level by national authorities. This is what the sovereign state is all about. For the foreseeable future, it is unrealistic to imagine that the authorities in large countries will conduct monetary policy or financial supervision and regulation for the sake of global stability. The gap between the reality of the global economy and the policy-making institutions is the essential source of the problem we are faced with for many decades to come. Most problems derive from the fact that (1) central banks lack the incentive to 'internalize' the international spillover from their own conduct of monetary policy, (2) there is no global lender of last resort that is really worthy of that title, and (3) financial institutions tend to consume the services of financial stability excessively by not internalizing the impact of their own behavior on financial stability - the 'tragedy of the commons.

Capitalism would, in the end, Marx said, turn on the so-called free market, along with the values and traditions it claims to defend. It would in its final stages pillage the systems and structures that made capitalism possible. It would resort, as it causes widespread suffering, to harsher forms of repression to maintain social control. It would attempt, in a frantic last stand, to extract profit by looting and pillaging state institutions, contradicting its stated nature.

It is important to confront these consequences, for the notion that, in the last resort, the whole debate is a matter of value judgements and not of facts has prevented professional students of the market order from stressing forcibly enough that socialism cannot possibly do what it promises.

If white women never resorted to domestic work unless they were certain of finding nothing better, Black women were trapped in these occupations until the advent of World War II. Even in the 1940s, there were street-corner markets in New York and other large cities—modern versions of slavery’s auction block—inviting white women to take their pick from the crowds of Black women seeking work.

Mary Carter Paint Company. Founded in 1958 as the successor to a 1908 company, it started as an acquirer of other paint companies, then evolved into a resort and casino developer in the Bahamas. Changing its name to Resorts International, it divested itself of the paint business and name. In 1972 the company had warrants that sold for 27 cents when the stock traded at $8 a share. The warrants were so cheap because they were worthless unless the stock traded above $40 a share. Fat chance. Since our model said the warrants were worth $4 a share, we bought all we could at the unbelievable bargain price of 27 cents each, which turned out to be 10,800 warrants at a total cost, after commissions, of $3,200. We hedged our risk of loss by shorting eight hundred shares of the common stock at $8. When the stock later fell to $1.50 a share, we bought back our short stock for a profit of about $5,000. Our gain now consisted of the warrants for “free” plus about $1,800 in cash. The warrants were trading close to zero but below the tiny amount the model said they were worth, so I decided we should put them away and forget them. Six busy years passed. Then in 1978 we started getting calls from people who wanted to buy our warrants. The company had purchased property in Atlantic City, New Jersey, after which it successfully lobbied, along with others, to bring casino gambling to the state, limited to Atlantic City. On May 26, 1978, Resorts opened the first US casino outside Nevada. Having received early approval, they had no competition and reaped windfall profits until other casinos opened late in 1979. With the stock now trading at $15 a share, ten times its earlier lowest price, and the warrants trading between $3 and $4, the model said they were worth about $7 or $8. So, instead of selling and reaping a $30,000 to $40,000 profit, I bought more warrants and sold stock short to hedge the risk of loss. As the stock broke through the $100 mark, we were still buying warrants and shorting stock. We finally sold the 27-cent warrants and others for above $100 each. We ultimately made more than $1 million.

Never once, Harberger said admiringly, had he seen Milton resort to a personal attack, insinuation, or innuendo. Instead, it was “as if an iron will kept driving him to talk about the merits of the case, and only the merits of the case, all of the time.” Becker, a longtime veteran of the Chicago workshop tradition, admitted that Friedman was prone to attack. But it was always in the service of improving others’ ideas. Never would he “soften his view to curry favor.” Ever the optimist, animated by a “missionary zeal to convert the heathen,” Friedman took his case for markets and freedom to whomever would listen.

Although such an organized criminal gang may enter into many fields, organized crime finds its basic support in black market activities. A black market is any area of the market which is legally prohibited. If left unprohibited, it would be an area of trade involving peaceful, willing exchanges between sellers and buyers. But when government initiates force by forbidding this area of trade to honest men, it throws it open to men who are willing to take the risk of violating bureaucratic dictates and the statutory laws of the politicians. The violence and fraud associated with any black market do not spring from the nature of the good or service being sold; they are a direct result of the fact that entrepreneurs have been legally forbidden to deal in this area of the market, leaving it open to men who dare to ignore prohibitions and who are willing to resort to violence in order to do business without getting caught. Unless prohibited, every market activity is operated on the basis of willing exchange, without the initiation of force, because this is the only way a business can be operated successfully, as force is a nonproductive expenditure of energy.

Private defense service employees would not have the legal immunity which so often protects governmental policemen. If they committed an aggressive act, they would have to pay for it, just the same as would any other individual. A defense service detective who beat a suspect up wouldn’t be able to hide behind a government uniform or take refuge in a position of superior political power. Defense service companies would be no more immune from having to pay for acts of initiated force and fraud than would bakers or shotgun manufacturers. (For full proof of this statement, see Chapter 11.) Because of this, managers of defense service companies would quickly fire any employee who showed any tendency to initiate force against anyone, including prisoners. To keep such an employee would be too dangerously expensive for them. A job with a defense agency wouldn’t be a position of power over others, as a police force job is, so it wouldn’t attract the kind of people who enjoy wielding power over others, as a police job does. In fact, a defense agency would be the worst and most dangerous possible place for sadists! Government police can afford to be brutal—they have immunity from prosecution in all but the most flagrant cases, and their “customers” can’t desert them in favor of a competent protection and defense agency. But for a free-market defense service company to be guilty of brutality would be disastrous. Force—even retaliatory force—would always be used only as a last resort; it would never be used first, as it is by governmental police.

remedy the “anarchy” of the market, the socialist planned economy is utterly irrational. Its irrationality is due to the elimination of the essential indices for determining rational production and distribution – namely, prices. Von Mises showed that prices represent the incredibly thick and vital data sets required for allocating productive resources for commodity production and calibrating these to demand. Socialism is irrational because by beginning without prices for the machinery of production, no rational criteria could ever emerge for allocating resources to specific production processes. And when unpriced consumer goods are added to the mix, the chaos multiplies – unless, that is, political force is applied, and it always is. Eliminating prices, the socialist economy cannot provide the feedback loops required for determining what to produce or how much of it to produce. Cancerous, over-sized productive capacities in one sector of the economy are paralleled by relatively anemic productive capacities in another, and so on. And resorting to the labor theory of value won’t fix the problem. The socially average amount of labor time required to produce a commodity, even if it determines a commodity’s value (a doubtful claim in any case), is by no means an adequate index for determining the amount of resources to devote to its production. This means that socialism fails not only at resource allocation but also at the economic representation of the people it claims to champion. Absent price mechanisms, economic “voters,” or consumers, have no way to voice their needs and wants. Production and distribution must be based on the non-democratic decision-making of centralized authorities. Those who really care about the working masses must reject socialism for its incapacity to establish economic democracy, its most fundamental reason for being.

The sickly are the greatest danger to man: not the wicked, not the ‘beasts of prey’. Those who, from the start, are the unfortunate, the downtrodden, the broken – these are the ones, the weakest, who most undermine life amongst men, who introduce the deadliest poison and scepticism into our trust in life, in man, in our- selves. Where can we escape the surreptitious glance imparting a deep sadness, the backward glance of the born misfit revealing how such a man communes with himself, – that glance which is a sigh. ‘If only I were some other person!’ is what this glance sighs: ‘but there’s no hope of that. I am who I am: how could I get away from myself? And oh – I’m fed up with myself!’ . . . In such a soil of self-contempt, such a veritable swamp, every kind of weed and poisonous plant grows, all of them so small, hidden, dissembling and sugary. Here, the worms of revenge and rancour teem all round; here, the air stinks of things unrevealed and unconfessed; here, the web of the most wicked conspiracy is continually being spun, – the conspiracy of those who suffer against those who are successful and victorious, here, the sight of the victorious man is hated. And what mendacity to avoid admitting this hatred as hatred! What expenditure of big words and gestures, what an art of ‘righteous’ slander! These failures: what noble eloquence flows from their lips! How much sugared, slimy, humble humility swims in their eyes! What do they really want? At any rate, to represent justice, love, wisdom, superiority, that is the ambition of these who are ‘the lowest’, these sick people! And how skilful such an ambition makes them! In particular, we have to admire the counterfeiter’s skill with which the stamp of virtue, the ding-a-ling golden ring of virtue is now imitated. They have taken out a lease on virtue to keep it just for themselves, these weak and incurably sick people, there is no doubt about it: ‘Only we are good and just’ is what they say, ‘only we are the homines bonæ voluntatis’.90 They promenade in our midst like living reproaches, like warnings to us, – as though health, success, strength, pride and the feeling of power were in themselves depravities for which penance, bitter penance will one day be exacted: oh, how ready they themselves are, in the last resort, to make others penitent, how they thirst to be hangmen! Amongst them we find plenty of vengeance-seekers disguised as judges, with the word justice continually in their mouth like poisonous spittle, pursing their lips and always at the ready to spit at anybody who does not look discontented and who cheerfully goes his own way. Among their number there is no lack of that most disgusting type of dandy, the lying freaks who want to impersonate ‘beautiful souls’91 and put their wrecked sensuality on the market, swaddled in verses and other nappies, as ‘purity of the heart’: the type of moral onanists and ‘self-gratifiers’ [die Species der moralischen Onanisten und ‘Selbstbefriediger’]. The will of the sick to appear superior in any way, their instinct for secret paths, which lead to tyranny over the healthy, – where can it not be found, this will to power of precisely the weakest!

What gives Saudi Arabia its importance in global energy markets—and thus, a geopolitical influence disproportionate to its economic size or military strength—is the role that it plays as the producer of last resort. For decades, Saudi Aramco has maintained significant spare production capacity that allows it to rapidly put large volumes of oil into the market.

Mark had no love for Dubai. The place was like Disneyland. The tallest building in the world! An island resort shaped like a palm tree! A mall with a ski resort inside of it! But it was also true that Iranian and American spies were all over the city—the Iranians to keep an eye on antiregime activity and to protect the flow of black market goods going from Dubai to Iran,

PayPal’s big challenge was to get new customers. They tried advertising. It was too expensive. They tried BD [business development] deals with big banks. Bureaucratic hilarity ensued. … the PayPal team reached an important conclusion: BD didn’t work. They needed organic, viral growth. They needed to give people money. So that’s what they did. New customers got $10 for signing up, and existing ones got $10 for referrals. Growth went exponential, and PayPal wound up paying $20 for each new customer. It felt like things were working and not working at the same time; 7 to 10 percent daily growth and 100 million users was good. No revenues and an exponentially growing cost structure were not. Things felt a little unstable. PayPal needed buzz so it could raise more capital and continue on. (Ultimately, this worked out. That does not mean it’s the best way to run a company. Indeed, it probably isn’t.)2 Thiel’s account captures both the desperation of those early days and the almost random experimentation the company resorted to in an effort to get PayPal off the ground. But in the end, the strategy worked. PayPal dramatically increased its base of consumers by incentivizing new sign-ups. Most important, the PayPal team realized that getting users to sign up wasn’t enough; they needed them to try the payment service, recognize its value to them, and become regular users. In other words, user commitment was more important than user acquisition. So PayPal designed the incentives to tip new customers into the ranks of active users. Not only did the incentive payments make joining PayPal feel riskless and attractive, they also virtually guaranteed that new users would start participating in transactions—if only to spend the $10 they’d been gifted in their accounts. PayPal’s explosive growth triggered a number of positive feedback loops. Once users experienced the convenience of PayPal, they often insisted on paying by this method when shopping online, thereby encouraging sellers to sign up. New users spread the word further, recommending PayPal to their friends. Sellers, in turn, began displaying PayPal logos on their product pages to inform buyers that they were prepared to honor this method of online payment. The sight of those logos informed more buyers of PayPal’s existence and encouraged them to sign up. PayPal also introduced a referral fee for sellers, incentivizing them to bring in still more sellers and buyers. Through these feedback loops, the PayPal network went to work on its own behalf—it served the needs of users (buyers and sellers) while spurring its own growth.

Several of the gates were cautiously opened; the importation of provisions from the river and the adjacent country was no longer obstructed by the Goths; the citizens resorted in crowds to the free market, which was held during three days in the suburbs; and while the merchants who undertook this gainful trade made a considerable profit, the future subsistence of the city was secured by the ample magazines which were deposited in the public and private granaries.

The president’s next sentence was boring but extraordinarily important: “The Federal Reserve is also taking steps to provide additional liquidity to money-market mutual funds, which will help ease pressure on our financial markets.” This was the other half of the money bargain, previously only available to banks: the Fed as lender of last resort. Now, the president was saying, the Fed stood ready to lend against the commercial paper that the money-market funds held and that nobody, but nobody, wanted to buy.

Did you really just say "mancation"? Bonnie raised her eyebrows. "I thought he was going fishing." "He is, but that's what they call it these days when a bunch of guys go off together for a weekend. The resorts have started marketing their packages as "mancations." They get golf, fishing poker--- all that guy stuff.

Americans have resorted to drinking bottled, filtered, and distilled water in unprecedented amounts today. But you should know this: except for distilled water, you have no way of knowing the quality of the water you are paying so dearly for since it is an entirely unregulated market.

So when I am about to give a speech, I resort to the hand-brain connection. I jot down notes on my notepad, half a page, and when they go through my hand and pen, there seems to be a better link to the memory. Once I do my notes, I don’t even need to look at the paper anymore; I just know the sequence of my arguments.

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