Treasury Futures Quotes

Diversity is an aspect of human existence that cannot be eradicated by terrorism or war or self-consuming hatred. It can only be conquered by recognizing and claiming the wealth of values it represents for all.

Every culture has a myth of decline from some golden age, and almost all peoples throughout history have been pessimists. Even today pessimism still dominates huge parts of the world. An indefinite pessimist looks out onto a bleak future, but he has no idea what to do about it. This describes Europe since the early 1970s, when the continent succumbed to undirected bureaucratic drift. Today the whole Eurozone is in slow-motion crisis, and nobody is in charge. The European Central Bank doesn’t stand for anything but improvisation: the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro. Europeans just react to events as they happen and hope things don’t get worse.

At best, past and future are no more than reference material for the eternal now. The only real facts are those at the present moment.

Equal justice is forgotten in our current judicial system. Wealth, power, and prestige protect the ruling class. The counterfeiters, the warmongers, and the thieves who steal from the treasury go free. Our prisons are filled will nonviolent drug users and disproportionately by minorities and the poor.

The transition from foreign enemies to domestic enemies is a natural sequence when safety is emphasized over liberty. It involves the FISA court, PATRIOT Act authority, out of control NSA surveillance, and enthusiastic presidential use of the Espionage Act of 1917 to suppress and intimidate truth-tellers and whistle-blowers. We have an FBI that participates in and encourages the process by breaking laws in its sting operations and entrapments. Plus, there are illegal seizures of property at all levels of government. Property confiscated is not turned over to general government revenue. Instead, it automatically is put in the treasury of the policing organization that did the confiscating. This process is dangerous; it systematically undermines our liberty while providing funding and perverse incentives for organizations that do the policing. This brings to mind the CIA using drug money to finance secret activities during Iran-Contra.

And the Americans were told they were going to attack this heavily defended position with unloaded muskets, just with their fixed bayonets. It was a nighttime attack and they didn’t want to be shooting each other. They were commanded by that gentleman on your ten-dollar bill, Alexander Hamilton, the future secretary of the Treasury.

Paul O’Neill, Bush’s first secretary of the treasury, revealed that at the very first National Security Council meeting the subject of attacking Iraq was on the agenda for discussion. O’Neill lasted in the administration until December of 2002 when he was fired for disagreeing with Bush on the Iraq War and for expressing the danger of the large deficits.

The military-industrial complex corporations never complain of higher prices for bombs, planes, drones, and missiles. They benefit when prices rise and when cost overruns are covered with more money from the US Treasury. Those who profit are the greatest champions of the military readiness and armed conflict. They are represented by lobbyists who greatly influence both political parties. Corporate war profits and high union wages bring about remarkable cooperation between the two parties despite the political rhetoric suggesting passionate disagreement. And these militaristic policies are defended with patriotic zeal, and in appeals regarding our moral obligation to take care of all the world’s needs and to meet our obligation to spread our “goodness” around the world.

On one side was Alexander Hamilton, Washington’s right-hand man since the Revolution and the architect of the hated whiskey tax. Hamilton came from humble beginnings in the Caribbean but had pulled himself up by the proverbial bootstraps to quickly gain acceptance among the elite power brokers of New York finance. During the Revolution, he was assigned to Washington’s staff and impressed the general, quickly becoming one of Washington’s most trusted advisers. After the war, he was appointed as the first treasury secretary at the age of thirty-two. From that lofty perch he championed industry and big finance and wrote the whiskey tax to promote the advancement of larger, more established distilleries on the East Coast, to the detriment of smaller frontier distilleries. His grave today rests in his adopted city of New York, in a cemetery at the top of Wall Street.

As she sat here in the bay-window of her room, she was not reviewing the splendid pageant of her past. She was a young person whose reveries never were in retrospect. For her the part was no treasury of distinct memories, all hoarded and classified, some brighter than others and more highly valued. All memories were for her but as the motes in one fused radiance that followed her and made more luminous the pathway of her future. She was always looking forward.

This is what they came up with in lieu of a solution: The ECB allowed the Greek government to issue worthless IOUs (or, more precisely, short-term treasury bills), that no private investor would touch, and pass them on to the insolvent Greek banks.21 The insolvent Greek banks then handed over these IOUs to the European System of Central Banks22 as collateral in exchange for loans that the banks then gave back to the Greek government so that Athens could repay the ECB.

And now there’s another thing you got to learn,” said the Ape. “I hear some of you are saying I’m an Ape. Well, I’m not. I’m a Man. If I look like an Ape, that’s because I’m so very old: hundreds and hundreds of years old. And it’s because I’m so old that I’m so wise. And it’s because I’m so wise that I’m the only one Aslan is ever going to speak to. He can’t be bothered talking to a lot of stupid animals. He’ll tell me what you’ve got to do, and I’ll tell the rest of you. And take my advice, and see you do it in double quick time, for he doesn’t mean to stand any nonsense.” There was dead silence except for the noise of a very young badger crying and its mother trying to make it keep quiet. “And now here’s another thing,” the Ape went on, fitting a fresh nut into its cheek, “I hear some of the horses are saying, Let’s hurry up and get this job of carting timber over as quickly as we can, and then we’ll be free again. Well, you can get that idea out of your heads at once. And not only the Horses either. Everybody who can work is going to be made to work in future. Aslan has it all settled with the King of Calormen—The Tisroc, as our dark faced friends the Calormenes call him. All you Horses and Bulls and Donkeys are to be sent down into Calormen to work for your living—pulling and carrying the way horses and such-like do in other countries. And all you digging animals like Moles and Rabbits and Dwarfs are going down to work in The Tisroc’s mines. And—” “No, no, no,” howled the Beasts. “It can’t be true. Aslan would never sell us into slavery to the King of Calormen.” “None of that! Hold your noise!” said the Ape with a snarl. “Who said anything about slavery? You won’t be slaves. You’ll be paid—very good wages too. That is to say, your pay will be paid into Aslan’s treasury and he will use it all for everybody’s good.” Then he glanced, and almost winked, at the chief Calormene. The Calormene bowed and replied, in the pompous Calormene way: “Most sapient Mouthpiece of Aslan, The Tisroc (may-he-live-forever) is wholly of one mind with your lordship in this judicious plan.” “There! You see!” said the Ape. “It’s all arranged. And all for your own good. We’ll be able, with the money you earn, to make Narnia a country worth living in. There’ll be oranges and bananas pouring in—and roads and big cities and schools and offices and whips and muzzles and saddles and cages and kennels and prisons—Oh, everything.” “But we don’t want all those things,” said an old Bear. “We want to be free. And we want to hear Aslan speak himself.” “Now don’t you start arguing,” said the Ape, “for it’s a thing I won’t stand. I’m a Man: you’re only a fat, stupid old Bear. What do you know about freedom? You think freedom means doing what you like. Well, you’re wrong. That isn’t true freedom. True freedom means doing what I tell you.” “H-n-n-h,” grunted the Bear and scratched its head; it found this sort of thing hard to understand.

Probably the first book that Hamilton absorbed was Malachy Postlethwayt’s Universal Dictionary of Trade and Commerce, a learned almanac of politics, economics, and geography that was crammed with articles about taxes, public debt, money, and banking. The dictionary took the form of two ponderous, folio-sized volumes, and it is touching to think of young Hamilton lugging them through the chaos of war. Hamilton would praise Postlethwayt as one of “the ablest masters of political arithmetic.” A proponent of manufacturing, Postlethwayt gave the aide-de-camp a glimpse of a mixed economy in which government would both steer business activity and free individual energies. In the pay book one can see the future treasury wizard mastering the rudiments of finance. “When you can get more of foreign coin, [the] coin for your native exchange is said to be high and the reverse low,” Hamilton noted. He also stocked his mind with basic information about the world: “The continent of Europe is 2600 miles long and 2800 miles broad”; “Prague is the principal city of Bohemia, the principal part of the commerce of which is carried on by the Jews.” He recorded tables from Postlethwayt showing infant-mortality rates, population growth, foreign-exchange rates, trade balances, and the total economic output of assorted nations.

The US Empire received a big boost from the 9/11 attack. Paul O’Neill, George W. Bush’s first secretary of the treasury, reported he was shocked that in the very first National Security Council meeting—ten days after Bush’s January of 2001 inauguration—the discussion was about when, not if, the US should invade Iraq. We also know that the PATRIOT Act was written a long time before 9/11, when the conditions were not ripe for its passage. Nine-eleven took care of that. The bill quickly passed in the US House and Senate with minimal debate and understanding. Bush signed the bill into law on October 26, 2001, a mere 45 days after the attack. Making use of a crisis is established policy.

The people in a position to resolve the financial crisis were, of course, the very same people who had failed to foresee it: Treasury Secretary Henry Paulson, future Treasury Secretary Timothy Geithner, Fed Chairman Ben Bernanke, Goldman Sachs CEO Lloyd Blankfein, Morgan Stanley CEO John Mack, Citigroup CEO Vikram Pandit, and so on. A few Wall Street CEOs had been fired for their roles in the subprime mortgage catastrophe, but most remained in their jobs, and they, of all people, became important characters operating behind the closed doors, trying to figure out what to do next. With them were a handful of government officials—the same government officials who should have known a lot more about what Wall Street firms were doing, back when they were doing it. All shared a distinction: They had proven far less capable of grasping basic truths in the heart of the U.S. financial system than a one-eyed money manager with Asperger’s syndrome.

Indefinite Pessimism Every culture has a myth of decline from some golden age, and almost all peoples throughout history have been pessimists. Even today pessimism still dominates huge parts of the world. An indefinite pessimist looks out onto a bleak future, but he has no idea what to do about it. This describes Europe since the early 1970s, when the continent succumbed to undirected bureaucratic drift. Today the whole Eurozone is in slow-motion crisis, and nobody is in charge. The European Central Bank doesn’t stand for anything but improvisation: the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro. Europeans just react to events as they happen and hope things don’t get worse. The indefinite pessimist can’t know whether the inevitable decline will be fast or slow, catastrophic or gradual. All he can do is wait for it to happen, so he might as well eat, drink, and be merry in the meantime: hence Europe’s famous vacation mania.

If you want to know the real reasons why certain politicians vote the way they do - follow the money. Arch Brexiteer Jacob Rees-Mogg (a.k.a. JackOff Grease-Smug) stands to make billions via his investment firm - Somerset Capital Management - if the UK crashes unceremoniously out of the European Union without a secure future trade deal. Why ? Because proposed EU regulations will give enforcement agencies greater powers to curb the activities adopted by the sort of off-shore tax havens his company employs. Consequently the British electorate get swindled not once, but twice. Firstly because any sort of Brexit - whether hard, soft, or half-baked - will make every man, woman and child in the UK that much poorer than under the status quo currently enjoyed as a fully paid up member of the EU. Secondly because Rees-Mogg's company, if not brought to heel by appropriate EU wide legislation, will deprive Her Majesty's Treasury of millions in taxes, thus leading to more onerous taxes for the rest of us. It begs the question, who else in the obscure but influential European Research Group (ERG) that he chairs and the Institute for Economic Affairs (IEA) that he subscribes to, have similar vested interests in a no-deal Brexit ? It is high time for infinitely greater parliamentary and public scrutiny into the UK Register of Members' Financial Interests in order to put an end to these nefarious dealings and appalling double standards in public life which only serve to further corrode public trust in an already fragile democracy.

Hamilton argued that the security of liberty and property were inseparable and that governments should honor their debts because contracts formed the basis of public and private morality: “States, like individuals, who observe their engagements are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct.”The proper handling of government debt would permit America to borrow at affordable interest rates and would also act as a tonic to the economy. Used as loan collateral, government bonds could function as money—and it was the scarcity of money, Hamilton observed, that had crippled the economy and resulted in severe deflation in the value of land. America was a young country rich in opportunity. It lacked only liquid capital, and government debt could supply that gaping deficiency. The secret of managing government debt was to fund it properly by setting aside revenues at regular intervals to service interest and pay off principal. Hamilton refuted charges that his funding scheme would feed speculation. Quite the contrary: if investors knew for sure that government bonds would be paid off, the prices would not fluctuate wildly, depriving speculators of opportunities to exploit. What mattered was that people trusted the government to make good on repayment: “In nothing are appearances of greater moment than in whatever regards credit. Opinion is the soul of it and this is affected by appearances as well as realities.” Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.

At the Treaty of San Ildefonso, Napoleon had promised Spain not to sell Louisiana to a third party, a commitment he now decided to ignore. On the same day that Whitworth called for his passports in Paris, across the Atlantic President Thomas Jefferson signed the Louisiana Purchase, doubling the size of the United States at the stroke of his pen. The Americans paid France 80 million francs for 875,000 square miles of territory that today comprises all or some of thirteen states from the Gulf of Mexico across the Midwest right up to the Canadian border, at a cost of less than four cents an acre.93 ‘Irresolution and deliberation are no longer in season,’ Napoleon wrote to Talleyrand. ‘I renounce Louisiana. It is not only New Orleans that I cede; it is the whole colony, without reserve; I know the price of what I abandon … I renounce it with the greatest regret: to attempt obstinately to retain it would be folly.’94 After the Saint-Domingue debacle and the collapse of Amiens, Napoleon concluded he must realize his largest and (for the immediate future) entirely useless asset, one that might eventually have drawn France into conflict with the United States. Instead, by helping the United States to continental greatness, and enriching the French treasury in the process, Napoleon was able to prophesy: ‘I have just given to England a maritime rival that sooner or later will humble her pride.’95 Within a decade, the United States was at war with Britain rather than with France, and the War of 1812 was to draw off British forces that were still fighting in February 1815, and which might otherwise have been present at Waterloo.

Thoughtless is the man who buries his ideals, surrendering to the common fate. Can he seem other than impotent, wooden, ignominious? The body is literally manufactured and sustained by mind. Through pressure of instincts from past lives, strengths or weaknesses percolate gradually into human consciousness. They express as habits, which in turn ossify into a desirable or an undesirable body. Outward frailty has mental origin. As all things can be reflected in water, so the whole universe is mirrored in the lake of the cosmic mind. The dual scales of maya ( delusion ) that balance every joy with a grief! Look fear in the face and it will cease to trouble you. Attachment is blinding; it lends an imaginary halo of attractiveness to the object of desire. Be comfortable within your purse. Extravagance will buy you discomfort. The vanished lives of all men are dark with many shames. Human conduct is ever unreliable until anchored in the Divine. everything in future will improve if you are making a spiritual effort now. Imagination is the door through which disease as well as healing enters. Disbelieve in the reality of sickness even when you are ill; an unrecognized visitor will flee! Continual intellectual study results in vanity and the false satisfaction of an undigested knowledge. The ancient yogis discovered that the secret of cosmic consciousness is intimately linked with breath mastery. This is India's unique and deathless contribution to the world's treasury of knowledge. Fixity of attention depends on slow breathing; quick or uneven breaths are an inevitable accompaniment of harmful emotional states: fear, lust, anger. Imposters and hypocrites, there are indeed, but India respects all for the sake of the few who illumine the whole land with supernal blessings.

Animals are the lower intelligent of creatures, yet God illustrates man as one of them. Why? To demonstrate to us how careless, how thoughtless, and sometimes how cruel and low-life we can be without him. Without God, we go through a hard, disappointing, and dreadful life. We are like fearful, untrained, and bitter children that have played all day and are afraid to go to sleep at night, thinking we are going to miss out or be left out of things. A sailor out on a stormy sea needs a strong sail and anchor for the days and a lighthouse for the nights to survive. This is a good illustration of witnessing. We draw from one another’s strength for the day and mediate on it in the nights in accordance with God’s Word. God has faded out of the mind of this generation, we like immature children, believe that the Toyland of material wealth is a sufficient world. Yet houses, cars, and money really do not fulfill. Abraham begot Isaac, and Isaac begot Jacob – a generation of God-fearing men. But in the next generation, God was not the God of Isaac. He had faded and became second place in their lives. Even in the mother’s womb, there was a struggle for honor and success. Jacob stole his brother’s birthright. Morals were decaying, rottenness appeared. The same things have happened with us. Our whole nation is reaping the results of a fading faith and trust, which is producing decaying morals and a decaying country. We are morally out of control. Unless we, like Jacob, who when frightened for his life desired a moral renewal, acknowledge that we are wrong and find God in the process. We must seek God with our whole hearts. The future of this world is in the hands of the believers. God has left everything in the hands of the church. Therefore, we must witness. An evangelical team must go out and bring the people back to the Garden of Eden as God had originally planned. Grace is always available!

And spend they did. Money circulated faster and spread wider through its communities of use than at any other time in economic history.8 Workers labored fewer days and at higher wages than before or since; people ate four meals a day; women were taller in Europe than at any time until the 1970s; and the highest percentage on record of business profits went to preventative maintenance on equipment. It was a period of tremendous growth and wealth. Meanwhile, with no way of storing or growing value with this form of money over the long term, people made massive investments in architecture, particularly cathedrals, which they knew would attract pilgrims and tourists for years to come. This was their way of investing in the future, and the pre-Renaissance era of affluence became known as the Age of Cathedrals. The beauty of a flow-based economy is that it favors those who actively create value. The problem is that it disfavors those who are used to reaping passive rewards. Aristocratic landowning families had stayed rich for centuries simply by being rich in the first place. Peasants all worked the land in return for enough of their own harvest on which to subsist. Feudal lords did not participate in the peer-to-peer economy facilitated by local currencies, and by 1100 or so, most or the aristocracy’s wealth and power was receding. They were threatened by the rise of the merchant middle class and the growing bourgeois population, and had little way of participating in all the sideways trade. The wealthy needed a way to make money simply by having money. So, one by one, each of the early monarchies of Europe outlawed the kingdom’s local currencies and replaced them with a single central currency. Instead of growing their money in the fields, people would have to borrow money from the king’s treasury—at interest. If they wanted a medium through which to transact at the local marketplace, it meant becoming indebted to the aristocracy.

The ownership of land is not natural. The American savage, ranging through forests who game and timber are the common benefits of all his kind, fails to comprehend it. The nomad traversing the desert does not ask to whom belong the shifting sands that extend around him as far as the horizon. The Caledonian shepherd leads his flock to graze wherever a patch of nutritious greenness shows amidst the heather. All of these recognise authority. They are not anarchists. They have chieftains and overlords to whom they are as romantically devoted as any European subject might be to a monarch. Nor do they hold as the first Christians did, that all land should be held in common. Rather, they do not consider it as a thing that can be parceled out. “We are not so innocent. When humanity first understood that a man’s strength could create good to be marketed, that a woman’s beauty was itself a commodity for trade, then slavery was born. So since Adam learnt to force the earth to feed him, fertile ground has become too profitable to be left in peace. “This vital stuff that lives beneath our feet is a treasury of all times. The past: it is packed with metals and sparkling stones, riches made by the work of aeons. The future: it contains seeds and eggs: tight-packed promises which will unfurl into wonders more fantastical than ever jeweller dreamed of -- the scuttling centipede, the many-branched tree whose roots, fumbling down into darkness, are as large and cunningly shaped as the boughs that toss in light. The present: it teems. At barely a spade’s depth the mouldy-warp travels beneath my feet: who can imagine what may live a fathom down? We cannot know for certain that the fables of serpents curving around roots of mighty trees, or of dragons guarding treasure in perpetual darkness, are without factual reality. “How can any man own a thing so volatile and so rich? Yet we followers of Cain have made of our world a great carpet, whose pieces can be lopped off and traded as though it were inert as tufted wool.

[...] Pourtant, s’il n’existe pas de moyen infaillible pour permettre au futur disciple d’identifier un Maître authentique par une procédure mentale uniquement, il existe néanmoins cette maxime ésotérique universelle (127) que tout aspirant trouvera un guide authentique s’il le mérite. De même que cette autre maxime qu’en réalité, et en dépit des apparences, ce n’est pas celui qui cherche qui choisit la voie, mais la voie qui le choisit. En d’autres termes, puisque le Maître incarne la voie, il a, mystérieusement et providentiellement, une fonction active à l’égard de celui qui cherche, avant même que l’initiation établisse la relation maître-disciple. Ce qui permet de comprendre l’anecdote suivante, racontée par le Shaykh marocain al-’Arabî ad-Darqâwî (mort en 1823), l’un des plus grands Maîtres soufis de ces derniers siècles. Au moment en question, il était un jeune homme, mais qui représentait déjà son propre Shaykh, ’Alî al-Jamal, à qui il se plaignit un jour de devoir aller dans tel endroit où il craignait de ne trouver aucune compagnie spirituelle. Son Shaykh lui coupa la parole : « Engendre celui qu’il te faut! » Et un peu plus tard, il lui réitéra le même ordre, au pluriel : « Engendre-les! »(128) Nous avons vu que le premier pas dans la voie spirituelle est de « renaître »; et toutes ces considérations laissent entendre que nul ne « mérite » un Maître sans avoir éprouvé une certaine conscience d’« inexistence » ou de vide, avant-goût de la pauvreté spirituelle (faqr) d’où le faqîr tire son nom. La porte ouverte est une image de cet état, et le Shaykh ad-Darqâwî déclare que l’un des moyens les plus puissants pour obtenir la solution à un problème spirituel est de tenir ouverte « la porte de la nécessité »(129) et de prendre garde qu’elle ne se referme. On peut ainsi en déduire que ce « mérite » se mesurera au degré d’acuité du sens de la nécessité chez celui qui cherche un Maître, ou au degré de vacuité de son âme, qui doit être en effet suffisamment vide pour précipiter l’avènement de ce qui lui est nécessaire. Et soulignons pour terminer que cette « passivité » n’est pas incompatible avec l’attitude plus active prescrite par le Christ : « Cherchez et vous trouverez; frappez et l’on vous ouvrira », puisque la manière la plus efficace de « frapper » est de prier, et que supplier est la preuve d’un vide et l’aveu d’un dénuement, d’une « nécessité » justement. En un mot, le futur disciple a, aussi bien que le Maître, des qualifications à actualiser. 127. Voir, dans le Treasury of Traditional Wisdom de Whitall Perry, à la section réservée au Maître spirituel, pp. 288-95, les citations sur ce point particulier, de même que sur d’autres en rapport avec cet appendice. 128. Lettres d'un Maître soufi, pp. 27-28. 129. Ibid., p. 20. - Le texte dit : « porte de la droiture », erreur de traduction corrigée par l’auteur, le terme arabe ayant bien le sens de « nécessité », et même de « besoin urgent ». (NdT)

During his time working for the head of strategy at the bank in the early 1990s, Musk had been asked to take a look at the company’s third-world debt portfolio. This pool of money went by the depressing name of “less-developed country debt,” and Bank of Nova Scotia had billions of dollars of it. Countries throughout South America and elsewhere had defaulted in the years prior, forcing the bank to write down some of its debt value. Musk’s boss wanted him to dig into the bank’s holdings as a learning experiment and try to determine how much the debt was actually worth. While pursuing this project, Musk stumbled upon what seemed like an obvious business opportunity. The United States had tried to help reduce the debt burden of a number of developing countries through so-called Brady bonds, in which the U.S. government basically backstopped the debt of countries like Brazil and Argentina. Musk noticed an arbitrage play. “I calculated the backstop value, and it was something like fifty cents on the dollar, while the actual debt was trading at twenty-five cents,” Musk said. “This was like the biggest opportunity ever, and nobody seemed to realize it.” Musk tried to remain cool and calm as he rang Goldman Sachs, one of the main traders in this market, and probed around about what he had seen. He inquired as to how much Brazilian debt might be available at the 25-cents price. “The guy said, ‘How much do you want?’ and I came up with some ridiculous number like ten billion dollars,” Musk said. When the trader confirmed that was doable, Musk hung up the phone. “I was thinking that they had to be fucking crazy because you could double your money. Everything was backed by Uncle Sam. It was a no-brainer.” Musk had spent the summer earning about fourteen dollars an hour and getting chewed out for using the executive coffee machine, among other status infractions, and figured his moment to shine and make a big bonus had arrived. He sprinted up to his boss’s office and pitched the opportunity of a lifetime. “You can make billions of dollars for free,” he said. His boss told Musk to write up a report, which soon got passed up to the bank’s CEO, who promptly rejected the proposal, saying the bank had been burned on Brazilian and Argentinian debt before and didn’t want to mess with it again. “I tried to tell them that’s not the point,” Musk said. “The point is that it’s fucking backed by Uncle Sam. It doesn’t matter what the South Americans do. You cannot lose unless you think the U.S. Treasury is going to default. But they still didn’t do it, and I was stunned. Later in life, as I competed against the banks, I would think back to this moment, and it gave me confidence. All the bankers did was copy what everyone else did. If everyone else ran off a bloody cliff, they’d run right off a cliff with them. If there was a giant pile of gold sitting in the middle of the room and nobody was picking it up, they wouldn’t pick it up, either.” In

If we can find a way as a society to integrate these two opposing outlooks, we’ll no longer have to fight about them. Right now we deal with the contradictions between science and religion by allowing them to operate in completely separate arenas. The Buddhist outlook allows us to fully integrate them. I don’t think this integration will happen for a few hundred years, at least. By then Buddhism will probably no longer be called “Buddhism” and won’t have much connection to ancient Indian cosmology and mythology. But I think future historians will see the connection between Buddhism and a more fully integrated and realistic view of life.

Adaptogens: Herbs for Strength, Stamina, and Stress Relief by David Winston and Steven Maimes An in-depth discussion of adaptogens with detailed monographs for many adaptogenic, nervine, and nootropic herbs. Adaptogens in Medical Herbalism: Elite Herbs and Natural Compounds for Mastering Stress, Aging, and Chronic Disease by Donald R. Yance A scientifically based herbal and nutritional program to master stress, improve energy, prevent degenerative disease, and age gracefully. Alchemy of Herbs: Transform Everyday Ingredients into Foods and Remedies That Heal by Rosalee de la Forêt This book offers an introduction to herbal energetics for the beginner, plus a host of delicious and simple recipes for incorporating medicinal plants into meals. Rosalee shares short chapters on a range of herbs, highlighting scientific research on each plant. The Business of Botanicals: Exploring the Healing Promise of Plant Medicines in a Global Industry by Ann Armbrecht Forbes In a world awash with herbal books, this is a much-needed reference, central to the future of plant medicine itself. Ann weaves a complex tapestry through the story threads of the herbal industry: growers, gatherers, importers, herbalists, and change-making business owners and non-profits. As interest in botanical medicine surges and the world’s population grows, medicinal plant sustainability is paramount. A must-read for any herbalist. The Complete Herbal Tutor: The Ideal Companion for Study and Practice by Anne McIntyre Provides extensive herbal profiles and materia medica; offers remedy suggestions by condition and organ system. This is a great reference guide for the beginner to intermediate student. Foundational Herbcraft by jim mcdonald jim mcdonald has a gift for explaining energetics in a down-to-earth and engaging way, and this 200-page PDF is a compilation of his writings on the topic. jim’s categorization of herbal actions into several groups (foundational actions, primary actions, and secondary actions) adds clarity and depth to the discussion. Access the printable PDF and learn more about jim’s work here. The Gift of Healing Herbs: Plant Medicines and Home Remedies for a Vibrantly Healthy Life by Robin Rose Bennett A beautiful tour of some of our most healing herbs, written in lovely prose. Full of anecdotes, recipes, and simple rituals for connecting with plants. Herbal Healing for Women: Simple Home Remedies for All Ages by Rosemary Gladstar Thorough and engaging materia medica. This was the only book Juliet brought with her on a three-month trip to Central America and she never tired of its pages. Information is very accessible with a lot of recipes and formulas. Herbal Recipes for Vibrant Health: 175 Teas, Tonics, Oils, Salves, Tinctures, and Other Natural Remedies for the Entire Family by Rosemary Gladstar Great beginner reference and recipe treasury written by the herbal fairy godmother herself. The Modern Herbal by Maude Grieve This classic text was first published in 1931 and contains medicinal, culinary, cosmetic, and economic properties, plus cultivation and folklore of herbs. Available for free online.

There are exceptions to this rule—that is, if a group or individual also appears on the Treasury Department’s Office of Foreign Asset Controls list of “specially designated nationals”—but this list is short.

The losers, according to the Times: “People Buying Health Insurance,” “Individual Taxpayers in the Future,” “The Elderly,” “Low-Income Families,” and people in high-income, highly taxed states like California and New York. “In the long run, most Americans will see no tax cut or a tax hike,” the Washington Post wrote in its own analysis.38 The final loser was the US Treasury, and government itself: by the end of the fiscal year in which the bill went into effect, the deficit had grown to $779 billion.39

In the current system, to manage the laborious process of cross-firm reconciliation, middlemen ledger-keepers have been created—clearinghouses, settlement agencies, and correspondent banks, custodial banks, and others. Those intermediaries solve some of the trust problems but they also add cost, time, and risk. In the United States, the final settlement of a trade takes two days for U.S. Treasury bonds and up to thirty days for instruments such as syndicated loans. Not only do massive errors and omissions still occur, but the time lag paralyzes literally trillions of dollars of potentially useful capital, which must wait in escrow accounts or collateral agreements until all parties have cleared their books and the trade is settled. A more efficient, real-time system would unlock those funds, sending a wall of money into the world’s markets—yes, to make bankers richer, but also to provide more credit to businesses and households. In theory, R3’s distributed ledger could achieve all that. It could unleash a tidal wave of money.

On August 5, the Standard & Poor’s rating agency—citing, among other factors, the prospect of future budget brinkmanship—downgraded U.S. government debt to one notch below the top AAA rating. The rating agency had made an egregious error that caused it to overstate the estimated ten-year deficit by $2 trillion, which the Treasury quickly pointed out. S&P acknowledged the error but asserted that the mistake did not affect its judgment of the government’s creditworthiness. I had the feeling that S&P wanted to show it was not intimidated. The episode highlighted the odd relationship between governments and rating agencies: Governments regulate the rating agencies, but the rating agencies have the power to downgrade governments’ debt.

An indefinite pessimist looks out onto a bleak future, but he has no idea what to do about it. This describes Europe since the early 1970s, when the continent succumbed to undirected bureaucratic drift. Today the whole Eurozone is in slow-motion crisis, and nobody is in charge. The European Central Bank doesn’t stand for anything but improvisation: the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro. Europeans just react to events as they happen and hope things don’t get worse. The indefinite pessimist can’t know whether the inevitable decline will be fast or slow, catastrophic or gradual. All he can do is wait for it to happen, so he might as well eat, drink, and be merry in the meantime: hence Europe’s famous vacation mania.

In retrospect, I think our view of market expectations was too dependent on our survey of securities dealers. Futures markets gave us a reliable read of where markets thought the federal funds rate was going—but not for our securities purchases. For that, economists at the New York Fed asked their counterparts at the securities firms, who paid careful attention to every nuance of Fed policymakers’ public statements. In effect, our PhD economists surveyed their PhD economists. It was a little like looking in a mirror. It didn’t tell us what the rank-and-file traders were thinking. Many traders, apparently, didn’t pay much attention to their economists and were betting our purchases would continue more or less indefinitely. Some called it “QE-ternity” or “QE-infinity.” Their assumption was unreasonable and entirely inconsistent with what we had been saying. Nevertheless, some investors had evidently established market positions based on it. Now, like Metternich, they looked at our statements about securities purchases and asked, “What do they mean by that?” Their conclusion, despite the plain meaning of what I said at the press conference, was that we were signaling an earlier increase in our federal funds rate target. They sold their Treasury securities and mortgage-backed securities, driving up long-term interest rates.

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

There are few occasions in any argument where one side is completely right and the other comprehensively wrong. This is one of them. Jack Lew’s Treasury was spot on and the German response utterly ludicrous. The US Treasury Department’s underlying analysis was founded on basic macroeconomics that Berlin, and the Eurogroup (as I have personally witnessed), refuses to acknowledge.

This strategy, which was then used as the template for the rest of the European periphery, turning the majority of European states into what I jokingly refer to as Bailoutistan, was always going to backfire on the European economy. Tim Geithner and Jack Lew, his successor in the US Treasury Department, understood this well. They shared the concern that what started in Greece in 2010, with the combination of an absurd bailout and a hideous level of austerity, has put Europe into a position that undermines America’s recovery and threatens the prospects of China, Latin America, even India and Africa.

Let those who boast of present sinful joys remember what shall be in the future and take warning.

What are the future prospects for a country that turns from the economic and political principles that made it the world’s economic giant, and towards the European socialist state philosophy?  Who would have ever thought that the world’s leading free enterprise, free market nation would: a.) nationalize its banks; b.) replace the CEO of the nation’s largest industrial corporation by demand of the White House; c.) force itself into a position of majority ownership of that corporation and default on bondholders; d.) force the CEO of the nation’s largest bank to buy a company that could destroy the bank, and then force the CEO to lie to shareholders about the transaction, at the demand of the Secretary of the Treasury and the Chairman of the Federal Reserve?

Still, one could argue—and many did—that Greenspan, at least, had no business being quite so shocked. Over the years, countless people had challenged his deregulatory dogma, including (to name just a few) Joseph Stiglitz and Paul Krugman, both Nobel Prize–winning economists, and Brooksley Born, who was head of the Commodity Futures Trading Commission from 1996 to 1999. Born eventually became something of a Cassandra figure for the crisis, since she repeatedly called for regulating the market for derivatives, those ultracomplex financial products that eventually helped bring down the economy. Those calls were silenced when Greenspan, along with then-Treasury Secretary Robert Rubin and then-Securities and Exchange Commission Chair Arthur Levitt, took the extraordinary step of convincing Congress to pass legislation forbidding Born’s agency from taking any action for the duration of her term.

Minyon said first I needed to talk to Gary Gensler. Again with the Gary Gensler. Who was Gary Gensler? Minyon assured me that I knew him. I’d worked with him on the platform committee. “Was he that bald guy with the big glasses who acts like he knows everything?” Minyon said the reason he acted like that was because he did know everything. Gary had been an undersecretary of the Treasury under Bill Clinton and the chair of the Commodity Futures Trading Commission under Obama. He had worked at Goldman Sachs before he got into politics. Not Goldman Sachs again!

Take Brooksley Born, former chair of the Commodity Futures Trading Commission (CFTC), who waged an unsuccessful campaign to regulate the multitrillion-dollar derivatives market. Soon after the Clinton administration asked her to take the reins of the CFTC, a regulatory backwater, she became aware of the over-the-counter (OTC) derivatives market, a rapidly expanding and opaque market, which she attempted to regulate. According to a PBS Frontline special: "Her attempts to regulate derivatives ran into fierce resistance from then-Fed Chairman Alan Greenspan, then-Treasury Secretary Robert Rubin, and then-Deputy Treasury Secretary Larry Summers, who prevailed upon Congress to stop Born and limit future regulation." Put more directly by New York Times reporter Timothy O'Brien, "they ... shut her up and shut her down." Mind you, Born was no dummy. She was the first female president of the Stanford Law Review, the first woman to finish at the top of the class, and an expert in commodities and futures. But because a trio of people who were literally en-titled decided they knew what was best for the market, they dismissed her call for regulation, a dismissal that triggered the financial collapse of 2008. To be fair to Greenspan et al., their resistance was not surprising. According to psychologists Hillel Einhorn and Robin Hogarth, "we [as human beings] are prone to search only for confirming evidence, and ignore disconfirming evidence." In the case of Born, it was the '90s, the markets were doing well, and the country was prospering; it's easy to see why the powerful troika rejected her disconfirming views. Throw in the fact that the disconcerting evidence was coming from a "disconfirming" person (i.e., a woman), and they were even more likely to disregard the data. In the aftermath, Arthur Levitt, former chairman of the SEC, said, "If she just would have gotten to know us... maybe it would have gone a different way."12 Born quotes Michael Greenberg, the director of the CFTC under her, as saying, "They say you weren't a team player, but I never saw them issue you a uniform." We like ideas and people that fit into our world-view, but there is tremendous value in finding room for those that don't. According to Paul Carlile and Clayton Christensen, "It is only when an anomaly is identified—an outcome for which a theory can't account that an opportunity to improve theory occurs."13 One of the ways you'll know you are coming up against an anomaly is if you find yourself annoyed, defensive, even dismissive, of a person, or his idea.

FAKE NEWS People say that heretofore I kept Black tenants from my door Using legal trickery, But fake news doesn’t bother me. They say that falsifying facts is How I skirted all my taxes. People call it larceny, But fake news doesn’t bother me. Constantly I’m found at fault, Charged with sexual assault, Harassment, and adultery, But fake news doesn’t bother me. Starving students, people say, Had their futures ripped away By Dumpty University, But fake news doesn’t bother me. They smear me with the vilest things Like payoffs for my casual flings From the campaign treasury, But fake news doesn’t bother me. People say I monetize All my presidential ties, Boosting my prosperity, But fake news doesn’t bother me. They say my meddling in Ukraine Left an ignominious stain Tantamount to treachery, But fake news doesn’t bother me. They say in days coronaviral I propelled our downward spiral Through my imbecility, But fake news doesn’t bother me. Notwithstanding crimes like these, I’ll continue as I please. Fake news doesn’t bother me. I’ll just rewrite history. Among other allegations, Donald Trump is said to have discriminated against African Americans as a New York real estate developer; committed tax fraud to avoid paying income tax on $50 million; engaged in sexual misconduct toward more than twenty-five women; endorsed Trump University’s fraudulent scheme to target the uneducated and the elderly; used the power of his office to attempt blackmail in Ukraine; and mishandled the government’s early response to the coronavirus pandemic.

The highest-risk investments include: Futures Commodities Limited partnerships Collectibles Rental real estate Penny stocks (stocks that cost less than $5 per share) Speculative stocks (such as stock in new companies) Foreign stocks from volatile nations “Junk” (or high-yield corporate) bonds Moderate-risk investments include: Growth stocks (companies that reinvest most of their profits to grow the business) Corporate bonds with lower (but still investment-grade) ratings Mutual funds or exchange-traded funds (ETFs) Real estate investment trusts (REITs) Blue chip stocks Limited-risk investments include: Top-rated investment-grade corporate and municipal bonds The lowest-risk investments include: Treasury bills and bonds FDIC-insured bank CDs (certificates of deposit) Money market funds Practicing

Beginning in 2001, there was another shift in the Repo market. The CFTC changed their margin investment rules, allowing for FCMs (Futures Commission Merchants) to invest their cash in federal agencies, municipal bonds, and corporate bonds, instead of just Treasurys. The premium that U.S. Treasury collateral enjoyed narrowed. Before the rule change in 2000, GC was averaging around 7 basis points below fed funds. Beginning in 2001, GC was averaging almost flat to fed funds. When there’s less demand for Treasurys, there’s a smaller premium.

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

There’s a theory that Treasury yields can be broken down into two components: the expected future path of overnight interest rates and the “term premium.” What’s that? Technically, the term premium is extra yield the investor receives for holding longer-term securities. The return is not just the average of the overnight rates, but a little extra yield just for holding the security for a longer period of time.

Treasury Bills The simplest, safest way to generate future cash from current cash is to buy a short-term, three-month Treasury bill. The purchase price you pay is loaned to the government, which in return promises to pay you a guaranteed rate of interest for three months and then return your principal. Because it is very unlikely that the U.S. Treasury will not be around to repay you three months later, the investment is close to riskless and therefore pays a low rate of interest. Its return serves as a benchmark for riskier securities, which must promise to pay more.

The Purānas, which are encyclopedic repositories of traditional wisdom, including everything from cosmology to philosophy to stories about kings and holy men. They contain many yogic legends and teachings. The following are especially important: the Bhāgavata-Purāna (also known as Shrīmad-Bhāgavata), Shiva-Purāna, and Devī-Bhāgavata-Purāna (a Tantric work). The so-called Yoga-Upanishads (some twenty texts), most of which were composed after 1000 C.E. and include three extensive works: the Darshana-Upanishad, Yoga-Shikhā-Upanishad and Tejo-Bindu-Upanishad. The texts of Hatha-Yoga, such as the Goraksha-Samhitā, Hatha-Yoga-Pradīpikā, Hatha-Ratna-Avalī, Gheranda-Samhitā, Shiva-Samhitā, Yoga-Yājnavalkya, Yoga-Bīja, Yoga-Shāstra of Dattātreya, Sat-Karma-Samgraha, and the Shiva-Svarodaya, which are all available in English. Vedāntic scriptures like the voluminous Yoga-Vāsishtha, which teaches Jnāna-Yoga, and its traditional abridgment, the Laghu-Yoga-Vāsishtha, both available in English renderings. The literature of the bhakti-mārga or devotional path, which is especially prominent among the Vaishnavas (worshipers of Vishnu) and Shaivas (worshipers of Shiva). There is a considerable literature on bhakti in both Sanskrit and Tamil, as well as various vernacular languages. In particular, I can recommend Nārada’s Bhakti-Sūtra, Shāndilya’s Bhakti-Sūtra, and the extensive Bhāgavata-Purāna, which is a detailed (mythological) account of the birth, life, and death of the God-man Krishna, with many wonderful and inspiring stories of yogins and ascetics. This beautiful work contains the Uddhāva-Gītā, Krishna’s final esoteric instruction to sage Uddhāva. Goddess worship from a Tantric viewpoint is the core of the Devī-Bhāgavata-Purāna, which should also be studied. In addition, sincere Yoga students should also read and ponder the great yogic texts associated with the different schools of Buddhism and Jainism. To encounter the world of Yoga through its literature will challenge the practitioner in many ways: The texts, even in translation and with notes, are often difficult to comprehend and demand serious concentration and perseverance. Yet we do not have to become scholars, but our study (svādhyāya) will show us what it takes to be a real yogin and what magnificent tools Yoga puts at our disposal. It will also further our self-understanding and strengthen our commitment to practice. In his Treasury of Good Advice (1.6), Sakya Pāndita, who was one of the great scholar-adepts of Vajrayāna Buddhism, wrote: Even if one were to die first thing tomorrow, today one must study. Although one may not become a sage in this life, knowledge is firmly accumulated for future lives, just as secured assets can be used later.

BDS on college campuses is a savvy, well-funded political operation whose sponsors and organizers include groups and individuals with ties to Islamist agendas. I didn’t make this up. A much smarter person than me said this in his sworn testimony in front of the United States Congress. Here is Dr. Jonathan Schanzer, former terrorism finance analyst for the United States Department of the Treasury: The overlap of former employees of organizations that provided support to Hamas who now play important roles [in the BDS movement]… speaks volumes about the real agenda of key components of the BDS campaign.10 Schanzer, now senior vice president at the Washington, DC–based think tank the Foundation for Defense of Democracies, is an expert in uncovering financial ties that are designed to be hidden. In his testimony, Dr. Schanzer describes a head-spinning web of financial and personal connections between BDS and supporters of terrorism. The BDS US campus operation represents a savvy rebranding of the Palestinian cause to make it more palatable—and, you know, less terror-y—for the American people. Key figures in the BDS movement come from a particularly uncompromising strain of Palestinian nationalism that calls for a State of Palestine to stretch from the river to the sea (yes, without Israel). Apparently, when they saw that their message was not resonating with Western society (not surprisingly, I would say), they decided to pivot and started pouring their resources into American colleges in order to influence future leaders and voters in America and Europe. “Investing in the future they are,” as Yoda would say.

Liberation as Ever-Perfect does not refer to the liberation of a buddha that has occurred in the past, such as that of Buddha Sakyamuni, but to the way in which countless beings are liberated right now and will continue to be liberated in the future simply by realizing their primordial purity. The basis, the path, and the ultimate result in this system are all of a singular, undifferentiated nature: total, pure awareness. Thus, the primordial freedom that one seeks to attain by practicing the spiritual path is something that one already possesses. Intrinsic freedom is itself the path that leads to the actualization of the goal.

way. I monitor the action by following the TLT, the iShares 20+ Year Treasury Bond ETF. This security goes down when interest rates go up, and vice versa. When the TLT goes down, you can expect the stock index futures to go down soon after,

As the first treasury secretary and principal architect of the new government, Hamilton took constitutional principles and infused them with expansive life, turning abstractions into institutional realities. He had a pragmatic mind that minted comprehensive programs. In contriving the smoothly running machinery of a modern nation-state—including a budget system, a funded debt, a tax system, a central bank, a customs service, and a coast guard—and justifying them in some of America’s most influential state papers, he set a high-water mark for administrative competence that has never been equaled. If Jefferson provided the essential poetry of American political discourse, Hamilton established the prose of American statecraft. No other founder articulated such a clear and prescient vision of America’s future political, military, and economic strength or crafted such ingenious mechanisms to bind the nation together.

You’re mistaken if you think we move from birth to death. Birth is a single moment that happens at the time of birth. It has its own past and its own future. That’s why we Buddhists say birth isn’t really birth, or appearance isn’t really appearance. Death, too, is a single moment that happens at the time of death. It also has its own past and its own future. That’s why we Buddhists say disappearance isn’t really disappearance, or death isn’t really death.

Next, Cohn repeated what everyone was saying: Interest rates were going to go up over the foreseeable future. I agree, Trump said. “We should just go borrow a lot of money right now, hold it, and then sell it and make money.” Cohn was astounded at Trump’s lack of basic understanding. He tried to explain. If you as the federal government borrow money through issuing bonds, you are increasing the U.S. deficit. What do you mean? Trump asked. Just run the presses—print money. You don’t get to do it that way, Cohn said. We have huge deficits and they matter. The government doesn’t keep a balance sheet like that. “If you want to do something that would be smart—and you actually do control this—I would add a 50-year and a 100-year bond from the U.S. Treasury.

The Delhi Sultans and the Mughals may have arrived from abroad, and their progenitors might initially have harked back to distant cities in the Ferghana Valley as their idea of ‘home’, but they settled in India and retained no extraterritorial allegiance. They married women from India and diluted their foreign blood to the point that in a few generations no trace remained of their foreign ethnicity. Akbar’s son Jehangir was half-Rajput; Jehangir’s son Shah Jehan also came from an Indian bride; Aurangzeb was only one-eighth non-Indian. Of course, the Mughal emperors were all deeply aware of their connections to Ferghana; they would ask emissaries from there about the conditions of their ancestors’ Chingisid tombs and donate money for their upkeep. The past was part of the Mughal identity, but their conceptions of themselves in the present and for the future became more rooted and embedded in India. The British, in contrast, maintained racial exclusivity, practised discrimination against Indians and sneered at miscegenation. Yes, the Mughal emperors taxed the citizens of India, they claimed tributes from subordinate princes, they plundered the treasuries of those they defeated in battle—all like the British—but they spent or saved what they had earned in India, instead of ‘repatriating’ it to Samarkand or Bukhara as the British did by sending their Indian revenues to London. They ploughed the resources of India into the development of India, establishing and patronizing its industries and handicrafts; they brought painters, sculptors and architects from foreign lands, but they absorbed them at their courts and encouraged them to adorn the artistic and cultural heritage of their new land. The British did little, very little, of such things. They basked in the Indian sun and yearned for their cold and fog-ridden homeland; they sent the money they had taken off the perspiring brow of the Indian worker to England; and whatever little they did for India, they ensured India paid for it in excess. And at the end of it all, they went home to enjoy their retirements in damp little cottages with Indian names, their alien rest cushioned by generous pensions provided by Indian taxpayers.

The annual Tax Statistics Bulletin, jointly released by the Treasury and SARS, revealed in November 2016 exactly how narrow that tax base is, noting that 60 per cent of South Africa’s corporate tax comes from just 325 large companies. The contribution of corporate tax has, in turn, steadily declined to 18,1 per cent of total tax revenue, down from a peak of 26,7 per cent before the financial crisis in 2008/09.184 The tax base associated with the private sector is shrinking. The same sorry state is evident in personal tax. In the 2017 budget, the finance minister announced a 45 per cent marginal tax rate for individuals earning above R1,5 million per annum, a rate that would apply to a mere 105 668 people out of a total population of some 55 million.

charged with public mischief,” Rebecca answered. “Maybe breaking immigration laws, if

The intermediate objectives for achieving U.S. defeat may be enumerated as follows: Make the Americans stupid – Disorient the people of the United States and other Western countries. Establish a set of myths useful from the standpoint of the long-range strategy. Examples of such myths: Josef Stalin is our “Uncle Joe,” a man we can trust; the Cold War was triggered by paranoid anti-Communists; Senator McCarthy blacklisted innocent people; President Kennedy was killed by Big Business and the CIA; the Vietnam War was fought on account of corporate greed; Russia and China are irreconcilable enemies who will not be able to combine their forces against the United States; the Soviet Union collapsed for economic reasons; Russia is America’s ally in the War on Terror. Infiltrate the U.S. financial system – Financial control through organized crime and drug trafficking. To this end the Eastern Bloc began infiltrating organized crime in the 1950s and, in 1960, began a narcotics offensive against the West which would generate billions of dollars in illicit money which banks could not resist laundering. In this way, a portal was opened into the heart of the capitalist financial structures in order to facilitate future economic and financial sabotage. Promote bankruptcy and economic breakdown – The promotion of a cradle-to-grave welfare state as a means to bankrupt the United States Treasury (i.e., the Cloward-Piven Strategy). Welfare simultaneously demoralizes the workforce as it bankrupts the government. Elect a stealth Communist president – As an organizer for the Communist Party explained during a meeting I attended more than thirty years ago, the stealth Communist president will one day exploit a future financial collapse to effect a transition from “the dictatorship of the bourgeoisie” to the “dictatorship of the proletariat.” Exploit the counter-revolution – Some strategists believe that a counter-revolutionary or right wing reaction is unavoidable. It is therefore necessary, from the standpoint of sound strategy, to send infiltrators into the right wing. Having a finger in every pie and an agent network in every organization, the Communists are not afraid of encouraging counter-revolution, secession, or civil war in the wake of financial collapse. After all, the reactionaries and right wing elements must be drawn out so that they can be purged or, if necessary, turned into puppet allies. Already Putin is posturing as a Christian who opposes feminism and homosexuality. This has fooled many “conservatives” in the West, and is an intentional ploy which further serves to disorient the West. Take away the nuclear button – The strategists in Moscow do not forget that the neutralization of the U.S. nuclear deterrent is the most important of all intermediate objectives. This can be achieved in one of four ways: (1) cutting off nuclear forces funding by Congress; (2) administratively unplugging the weapons through executive orders issued by Obama, (3) it may be accomplished through a general financial collapse, or (4) a first strike.

the U.S. Treasury prints “In God We Trust” on the dollar; the ECB might as well print “Kick the Can Down the Road” on the euro.

The US military is the most powerful in all of history, yet Americans continue to die in a series of wars, the treasury is bare, and the US is the most hated nation in the world.