Unit Price Quotes

God created things which had free will. That means creatures which can go wrong or right. Some people think they can imagine a creature which was free but had no possibility of going wrong, but I can't. If a thing is free to be good it's also free to be bad. And free will is what has made evil possible. Why, then, did God give them free will? Because free will, though it makes evil possible, is also the only thing that makes possible any love or goodness or joy worth having. A world of automata -of creatures that worked like machines- would hardly be worth creating. The happiness which God designs for His higher creatures is the happiness of being freely, voluntarily united to Him and to each other in an ecstasy of love and delight compared with which the most rapturous love between a man and a woman on this earth is mere milk and water. And for that they've got to be free. Of course God knew what would happen if they used their freedom the wrong way: apparently, He thought it worth the risk. (...) If God thinks this state of war in the universe a price worth paying for free will -that is, for making a real world in which creatures can do real good or harm and something of real importance can happen, instead of a toy world which only moves when He pulls the strings- then we may take it it is worth paying.

I also think there are prices too high to pay to save the United States. Conscription is one of them. Conscription is slavery, and I don't think that any people or nation has a right to save itself at the price of slavery for anyone, no matter what name it is called. We have had the draft for twenty years now; I think this is shameful. If a country can't save itself through the volunteer service of its own free people, then I say: Let the damned thing go down the drain!

The rich run a global system that allows them to accumulate capital and pay the lowest possible price for labour. The freedom that results applies only to them. The many simply have to work harder, in conditions that grow ever more insecure, to enrich the few. Democratic politics, which purports to enrich the many, is actually in the pocket of those bankers, media barons and other moguls who run and own everything.

I think there’s a definite reason for every friendship just as there’s a reason why certain atoms unite and others don’t—certain missing factors in one, or certain present factors in the other

There should be a law, I though. If you support a war, if you think it's worth the price, that's fine, but you he to put your own precious fluids on the line. You have to head for the front and hook up with an infantry unit and help spill the blood. And you have to bring along your wife, or your kids, or your lover. A law, I thought.

My point is not that we must, in telling history, accuse, judge, condemn Columbus in absentia. It is too late for that; it would be a useless scholarly exercise in morality. But the easy acceptance of atrocities as a deplorable but necessary price to pay for progress (Hiroshima and Vietnam, to save Western civilization; Kronstadt and Hungary, to save socialism; nuclear proliferation, to save us all) - that is still with us. One reason these atrocities are still with us is that we have learned to bury them in a mass of other facts, as radioactive wastes are buried in containers in the earth. We have learned to give them exactly the same proportion of attention that teachers and writers often give them in the most respectable classrooms and textbooks. This learned sense of moral proportion, coming from the apparent objectivity of the scholar, is accepted more easily than when it comes from politicians at press conferences. It is therefore more deadly.

Africa! Africa! Africa! Africa my motherland! Africa, your people cries for you! Africans must educate their citizens. Africans must reach out to it's people and empower them to build the nation. Africans you are the only people who can liberated your citizens from poverty through education. Africans must pay the price to rebuild the continent.

Because we weren’t there when the price was paid doesn’t mean that the price wasn’t paid. And if we don’t believe that, maybe we need to consider the solider who never came home so that we could.

As a SecUnit, a large part of my function was helping the company record everything my clients did and said so the company could data mine it and sell anything worthwhile. (They say good security comes at a price and the company takes that literally.)

Drilling without thinking has of course been Republican party policy since May 2008. With gas prices soaring to unprecedented heights, that's when the conservative leader Newt Gingrich unveiled the slogan 'Drill Here, Drill Now, Pay Less'—with an emphasis on the now. The wildly popular campaign was a cry against caution, against study, against measured action. In Gingrich's telling, drilling at home wherever the oil and gas might be—locked in Rocky Mountain shale, in the Arctic National Wildlife Refuge, and deep offshore—was a surefire way to lower the price at the pump, create jobs, and kick Arab ass all at once. In the face of this triple win, caring about the environment was for sissies: as senator Mitch McConnell put it, 'in Alabama and Mississippi and Louisiana and Texas, they think oil rigs are pretty'. By the time the infamous 'Drill Baby Drill' Republican national convention rolled around, the party base was in such a frenzy for US-made fossil fuels, they would have bored under the convention floor if someone had brought a big enough drill.

Still, it strikes me that, taken together, they do make an argument, and it is this: the rise of American democracy is bound up with the history of reading and writing, which is one of the reasons the study of American history is inseparable from the study of American literature. In the early United States, literacy rates rose and the price of books and magazines and newspapers fell during the same decades that suffrage was being extended. With everything from constitutions and ballots to almanacs and novels, American wrote and read their way into a political culture inked and stamped and pressed in print.

As we look out at the world, the United States not only has the highest level of inequality among the advanced industrial countries, but the level of its inequality is increasing in absolute terms relative to that in other countries.

If we were to define a sleeping bag as a house, India would move swiftly towards ending her housing shortage. A shortage of nearly thirty-one million units. Accept this definition, and you could go in for mass production of sleeping bags. We could then have passionate debates about the drastic reduction in the magnitude of the housing problem. The cover stories could run headlines: ‘Is it for real?’ And straps: ‘Sounds too good to be true, but it is.’ The government could boast that it had not only stepped up production of sleeping bags but had piled up an all-time record surplus of them. Say, thirty-seven million. Conservatives could argue that we were doing so well, the time had come to export sleeping bags, at ‘world prices’. The bleeding hearts could moan that sleeping bags had not reached the poorest. Investigative muckrakers could scrutinise the contracts given to manufacturers. Were the bags overpriced? Were they of good quality? That ends the housing shortage. There’s only one problem. Those without houses at the start of the programme will still be without houses at the end of it. (True, some of them will have sleeping bags, probably at world prices.)

I think there’s a definite reason for every friendship just as there’s a reason why certain atoms unite and others don’t—certain missing factors in one, or certain present factors in the other—what do you think? I think friendships are the result of certain needs that can be completely hidden from both people, sometimes hidden forever.

Being poor is not simply a matter of lacking opportunities to convert one's labor into a wage--or a living wage, for that matter--but rather of becoming indebted and, through the commodification of these debts, paying an ever-higher price for being poor.

Similarly, though the United States is one of the world’s richest economies by per capita income, it ranks only around seventeenth in reported life satisfaction. It is superseded not only by the likely candidates of Finland, Norway, and Sweden, which all rank above the United States but also by less likely candidates such as Costa Rica and the Dominican Republic. Indeed, one might surmise that it is health and longevity rather than income that give the biggest boost to reported life satisfaction. Since good health and longevity can be achieved at per capita income levels well below those of the United States, so too can life satisfaction. One marketing expert put it this way, with only slight exaggeration: Basic Survival goods are cheap, whereas narcissistic self-stimulation and social-display products are expensive. Living doesn’t cost much, but showing off does.

We keep trying to make our units of measurement make sense. But the truth is that the world is an absurd place; why not embrace it? It’s true, unit conversion errors have caused us to lose space probes once in a while. But isn’t that a small price to pay for silliness?

The society that embraced him continued to prosper by stressing the family unit and their close-knit community. Hers prospered by forcigng independence and self-sufficiency.

Overall, the United States spent $63 billion of its own money on Iraq’s reconstruction throughout the war.

Growth of productive capital and rise of wages, are they really, so indissolubly united as the bourgeois economists maintain? We must not believe their mere words. We dare not believe them even when they claim that the fatter capital is the more will its slave be pampered.

To emphasize the heroism of Columbus and his successors as navigators and discoverers, and to deemphasize their genocide, is not a technical necessity but an ideological choice. It serves—unwittingly—to justify what was done. My point is not that we must, in telling history, accuse, judge, condemn Columbus in absentia. It is too late for that; it would be a useless scholarly exercise in morality. But the easy acceptance of atrocities as a deplorable but necessary price to pay for progress (Hiroshima and Vietnam, to save Western civilization; Kronstadt and Hungary, to save socialism; nuclear proliferation, to save us all)—that is still with us. One reason these atrocities are still with us is that we have learned to bury them in a mass of other facts, as radioactive wastes are buried in containers in the earth. We have learned to give them exactly the same proportion of attention that teachers and writers often give them in the most respectable of classrooms and textbooks. This learned sense of moral proportion, coming from the apparent objectivity of the scholar, is accepted more easily than when it comes from politicians at press conferences. It is therefore more deadly.

During the darkest years of the Iraq war, between 2004 and 2008, there were at least thirty-five convictions in the United States and more than $17 million in fines, forfeitures, and restitution payments made in fraud cases in connection with the American reconstruction of Iraq. But the midlevel officers, enlisted personnel, contractors, and others who have been caught account for only a tiny slice of the billions that have gone missing in Iraq. The biggest thieves have been far more elusive.

Once the government can demand of a publisher the names of the purchasers of his publications, the free press as we know it disappears. Then the spectre of a government agent will look over the shoulder of everyone who reads. The purchase of a book or pamphlet today may result in a subpoena tomorrow. Fear of criticism goes with every person into the bookstall. The subtle, imponderable pressures of the orthodox lay hold. Some will fear to read what is unpopular, what the powers-that-be dislike. When the light of publicity may reach any student, any teacher, inquiry will be discouraged. The books and pamphlets that are critical of the administration, that preach an unpopular policy in domestic or foreign affairs, that are in disrepute in the orthodox school of thought will be suspect and subject to investigation. The press and its readers will pay a heavy price in harassment. But that will be minor in comparison with the menace of the shadow which government will cast over literature that does not follow the dominant party line. If the lady from Toledo can be required to disclose what she read yesterday and what she will read tomorrow, fear will take the place of freedom in the libraries, book stores, and homes of the land. Through the harassment of hearings, investigations, reports, and subpoenas government will hold a club over speech and over the press." [United States v. Rumely, 345 U.S. 41 (1953)]

The fact that the nutritional quality of a given food (and of that food's food) can vary not just in degree but in kind throws a big wrench into an industrial food chain, the very premise of which is that beef is beef and salmon salmon. It also throws a new light on the whole question of cost, for it quality matters so much more than quantity, then the price of a food may bear little relation to the value of the nutrients in it. If units of omega-3s and beta-cartene and vitamin E are what an egg shopper is really after, then Joel's $2.20 a dozen pastured eggs actually represents a much better deal than the $0.79 a dozen industrial eggs at the supermarket.

I cannot subscribe to the perverted reasoning that society may advance and strengthen the rule of law by the expenditure of morally innocent lives but that progress in the law may never be made at the price of morally guilty lives.

And so it went, in industry after industry—shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the “welfare state.

Investors, monarchies, and parliamentarians devised methods to control the processes of wealth accumulation and the power that came with it, but the ideology behind gold fever mobilized settlers to cross the Atlantic to an unknown fate. Subjugating entire societies and civilizations, enslaving whole countries, and slaughtering people village by village did not seem too high a price to pay, nor did it appear inhumane. The systems of colonization were modern and rational, but its ideological basis was madness.

There is a belief, current in many countries, which has been elevated to the rank of an official article of faith in the United States, that free competition is itself a homeostatic process: that in a free market the individual selfishness of the bargainers, each seeking to sell as high and buy as low as possible, will result in the end in a stable dynamics of prices, and with redound to the greatest common good. This is associated with the very comforting view that the individual entrepreneur, in seeking to forward his own interest, is in some manner a public benefactor and has thus earned the great rewards with which society has showered him. Unfortunately, the evidence, such as it is, is against this simpleminded theory. The market is a game, which has indeed received a simulacrum in the family game of Monopoly. It is thus strictly subject to the general theory of games, developed by von Neumann and Morgenstern. This theory is based on the assumption that each player, at every stage, in view of the information then available to him, plays in accordance with a completely intelligent policy, which will in the end assure him of the greatest possible expectation of reward.

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

Recent evidence confirms that retail prices of essential consumer goods in poor countries are not appreciably lower than in the United States or Western Europe. In fact, with deregulation and "free trade", the cost of living in many Third World cities is now higher than in the United States. My experience in Latin America and Haiti is that the prices of meat, fish and fresh vegetables are about the same as in the United States. Can you imagine eating on less than one dollar a day?

Morgan then formed the U.S. Steel Corporation, combining Carnegie’s corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive. And so it went, in industry after industry—shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the “welfare state.

Look at the evolution of the price of a kilogram of the drug, as it makes its way from the Andes to Los Angeles. To make that much cocaine, one needs somewhere in the neighborhood of 350 kilograms of dried coca leaves. Based on price data from Colombia obtained by Gallego and Rico, that would cost about $385. Once this is converted into a kilo of cocaine, it can sell in Colombia for $800. According to figures pulled together by Beau Kilmer and Peter Reuter at the RAND Corporation, an American think tank, that same kilo is worth $2,200 by the time it is exported from Colombia, and it has climbed to $14,500 by the time it is imported to the United States. After being transferred to a midlevel dealer, its price climbs to $19,500. Finally, it is sold by street-level dealers for $78,000.10 Even these soaring figures do not quite get across the scale of the markups involved in the cocaine business. At each of these stages, the drug is diluted, as traffickers and dealers “cut” the drug with other substances, to make it go further. Take this into account, and the price of a pure kilogram of cocaine at the retail end is in fact about $122,000.

The consequences of this amassing of fortunes were first felt in the catastrophe experienced by small farmers in Europe and England. The peasants became impoverished, dependent workers crowded into city slums. For the first time in human history, the majority of Europeans depended for their livelihood on a small wealthy minority, a phenomenon that capitalist-based colonialism would spread worldwide. The symbol of this new development, indeed its currency, was gold. Gold fever drove colonizing ventures, organized at first in pursuit of the metal in its raw form. Later the pursuit of gold became more sophisticated, with planters and merchants establishing whatever conditions were necessary to hoard as much gold as possible. Thus was born an ideology: the belief in the inherent value of gold despite its relative uselessness in reality. Investors, monarchies, and parliamentarians devised methods to control the processes of wealth accumulation and the power that came with it, but the ideology behind gold fever mobilized settlers to cross the Atlantic to an unknown fate. Subjugating entire societies and civilizations, enslaving whole countries, and slaughtering people village by village did not seem too high a price to pay, nor did it appear inhumane. The systems of colonization were modern and rational, but its ideological basis was madness.

They'd heard it all, but hadn't they earned their freedom? The days of running through forests and living under floorboards. Wasn't that the price they had paid?

Deception is the natural defence of the weak against the strong, and the South used it for many years against its conquerors; to-day it must be prepared to see its black proletariat turn that same two-edged weapon against itself. And how natural this is! The death of Denmark Vesey and Nat Turner proved long since to the Negro the present hopelessness of physical defence. Political defence is becoming less and less available, and economic defence is still only partially effective. But there is a patent defence at hand,—the defence of deception and flattery, of cajoling and lying. It is the same defence which peasants of the Middle Age used and which left its stamp on their character for centuries. To-day the young Negro of the South who would succeed cannot be frank and outspoken, honest and self-assertive, but rather he is daily tempted to be silent and wary, politic and sly; he must flatter and be pleasant, endure petty insults with a smile, shut his eyes to wrong; in too many cases he sees positive personal advantage in deception and lying. His real thoughts, his real aspirations, must be guarded in whispers; he must not criticise, he must not complain. Patience, humility, and adroitness must, in these growing black youth, replace impulse, manliness, and courage. With this sacrifice there is an economic opening, and perhaps peace and some prosperity. Without this there is riot, migration, or crime. Nor is this situation peculiar to the Southern United States, is it not rather the only method by which undeveloped races have gained the right to share modern culture? The price of culture is a Lie.

Summarized, the letter explained that he was all against the banks but all for the bankers-except the Jewish bankers who were to be driven out of finance entirely; that he had thoroughly tested (but unspecified) plans to make all wages very high and the prices of everything produced by these same highly paid workers very low; that he was 100 per cent for Labor, but 100 per cent against all strikes; and that he was in favor of the United States so arming itself, so preparing to produce its own coffee, sugar, perfumes, tweeds, and nickel instead of importing them, that it could defy the World...and maybe, if that World was so impertinent as to defy American in turn, Buzz hinted, he might have to take it over and run it properly.

Building the bomb was the single most expensive engineering project in the history of the United States. It began in 1942, and by the time the bomb was tested, inside the White Sands Proving Ground in the New Mexico high desert on July 16, 1945, the bomb’s price tag, adjusted for inflation, was $28,000,000,000. The degree of secrecy maintained while building the bomb is almost inconceivable.

The lingering effects of war can inspire callousness even after the guns have fallen silent. Many of us have seen the notorious clip from 60 Minutes in which Madeleine Albright, then U.S. ambassador to the United Nations and soon to be U.S. Secretary of State, declared that the price of half a million dead children as a result of the sanctions against Iraq during the 1990s had been “worth it.

Over the last twenty-five years, the cost per unit of renewable energy has fallen so far that you can hardly measure the price, today, using the same scales (since just 2009, for instance, solar energy costs have fallen more than 80 percent). Over the same twenty-five years, the proportion of global energy use derived from renewables has not grown an inch. Solar isn’t eating away at fossil fuel use, in other words, even slowly; it’s just buttressing it. To the market, this is growth; to human civilization, it is almost suicide. We are now burning 80 percent more coal than we were just in the year

The United States is now relearning an ancient lesson, dating back to the Roman Empire. Brutalizing an enemy only serves to brutalize the army ordered to do it. Torture corrodes the mind of the torturer.

We routinely and rightly condemn the terrorism that kills civilians in the name of God but we cannot claim the high moral ground if we dismiss the suffering and death of the many thousands of civilians who die in our wars as ‘collateral damage’. Ancient religious mythologies helped people to face up to the dilemma of state violence, but our current nationalist ideologies seem by contrast to promote a retreat into denial or hardening of our hearts. Nothing shows this more clearly than a remark of Madeleine Albright when she was still Bill Clinton’s ambassador to the United Nations. Later she retracted it, but among people around the world it has never been forgotten. In 1996, in CBS’s 60 Minutes, Lesley Stahl asked her whether the cost of international sanctions against Iraq was justified: 'We have heard that half a million children have died. I mean that’s more children than died in Hiroshima … Is the price worth it?’ 'I think this is a very hard choice,’ Albright replied 'but the price, we think the price is worth it.

Scholars throughout history have faced this dilemma: Do they serve power or truth? Should they aim to unite people by making sure everyone believes in the same story, or should they let people know the truth even at the price of disunity? The most powerful scholarly establishments--whether of Christian priests, Confucian mandarins, or Communist ideologues--placed unity above truth. That's why they were so powerful.

The simple measure of sanity in housing prices, Zelman argued, was the ratio of median home price to income. Historically, in the United States, it ran around 3:1; by late 2004, it had risen nationally, to 4:1. “All these people were saying it was nearly as high in some other countries,” says Zelman. “But the problem wasn’t just that it was four to one. In Los Angeles it was ten to one and in Miami, eight-point-five to one.

The true knight of faith is always absolute isolation, the false knight is sectarian. This sectarianism is an attempt to leap away from the narrow path of the paradox and become a tragic hero at a cheap price. The tragic hero expresses the universal and sacrifices himself for it. The sectarian punchinello, instead of that, has a private theatre, i.e. several good friends and comrades who represent the universal just about as well as the beadles in The Golden Snuffbox represent justice. The knight of faith, on the contrary, is the paradox, is the individual, absolutely nothing but the individual, without connections or pretensions. This is the terrible thing which the sectarian manikin cannot endure. For instead of learning from this terror that he is not capable of performing the great deed and then plainly admitting it (an act which I cannot but approve, because it is what I do) the manikin thinks that by uniting with several other manikins he will be able to do it. But that is quite out of the question. In the world of spirit no swindling is tolerated.

When it comes to ethnic markets, most of the shoppers really are very well informed. Most of the shoppers come from cultures—including China—where food preparation receives a lot more attention than in the United States. These shoppers also are largely immigrants or children of immigrants. Either they come from cultures where most food prices are lower than in the United States, or the immigrants have lower incomes themselves, or both.

By 1972 the price of a pocket calculator had dropped to $100, and 5 million units were sold. By 1975 the price was down to $25, and sales were doubling every year. In 2014 a Texas Instruments pocket calculator cost $3.62 at Walmart.

The National Academy of Sciences once estimated that a total ban on the widespread feeding of antibiotics to farm animals would raise the price of poultry anywhere from one to two cents per pound and the price of pork or beef around three to six cents a pound, costing the average meat-eating American consumer up to $9.72 a year.1357 Meanwhile, antibiotic-resistant infections in the United States cost an estimated $30 billion every year1358 and kill ninety thousand people.

Of the many 'firsts' with which I have been involved at the Texas Heart Institute —including the first successful human heart transplant in the United States and the first total artificial heart transplant in the world—the achievement that may have the greatest impact on health care did not occur in the operating room or in the research laboratory. It happened on a piece of paper... when we created the first-ever packaged pricing plan for cardiovascular surgical procedures.

Operational effectiveness: necessary but not sufficient Operational effectiveness and strategy are both essential to superior performance, which, after all, is the primary goal of any enterprise. But they work in very different ways. A company can outperform rivals only if it can establish a difference that it can preserve. It must deliver greater value to customers or create comparable value at a lower cost, or do both. The arithmetic of superior profitability then follows: delivering greater value allows a company to charge higher average unit prices; greater efficiency results in lower average unit costs. Ultimately, all differences between companies in cost or price derive from the hundreds of activities required to create, produce, sell, and deliver their products or services, such as calling on customers, assembling final products, and training employees. Cost is generated by performing activities, and cost advantage arises from performing particular activities more

The exponential growth of this industry was correlated with the phenomenon famously discovered by Moore, who in 1965 drew a graph of the speed of integrated circuits, based on the number of transistors that could be placed on a chip, and showed that it doubled about every two years, a trajectory that could be expected to continue. This was reaffirmed in 1971, when Intel was able to etch a complete central processing unit onto one chip, the Intel 4004, which was dubbed a “microprocessor.” Moore’s Law has held generally true to this day, and its reliable projection of performance to price allowed two generations of young entrepreneurs, including Steve Jobs and Bill Gates, to create cost projections for their forward-leaning products.

Roosevelt and Root deputized Taft to inform the Holy See that the United States would purchase the lands for a fair price so long as the hated friars never returned to the archipelago. The land would then be redistributed among the poor Filipino farmers.

the easy acceptance of atrocities as a deplorable but necessary price to pay for progress (Hiroshima and Vietnam, to save Western civilization; Kronstadt and Hungary, to save socialism; nuclear proliferation, to save us all)—that is still with us. One reason these atrocities are still with us is that we have learned to bury them in a mass of other facts, as radioactive wastes are buried in containers in the earth. We have learned to give them exactly the same proportion of attention that teachers and writers often give them in the most respectable of classrooms and textbooks. This learned sense of moral proportion, coming from the apparent objectivity of the scholar, is accepted more easily than when it comes from politicians at press conferences. It is therefore more deadly.

One of the most baleful consequences of the toxic combination of fear and money in the post-9/11 era has been the constriction of the physical landscape of the United States. Freedom of movement—one of the greatest attributes of life in the expanse of the United States—has been curtailed. Money has flowed from Washington and corporate America to finance security guards, security gates, metal detectors, and Jersey barriers; bit by bit, the United States has become a nation whose watchwords are now “authorized access only.

President Obama’s decision to launch airstrikes against ISIS in the summer of 2014 raised the potential for a completely new war on terror, without ever having declared an end to the previous one. It also signified a questionable “whack-a-mole” strategy, in which the U.S. targets Islamic militant insurgencies before they ever attack the United States, just in case they might do so in the future. That strategy would almost guarantee that those groups will eventually turn against us, and that the endless war on terror would remain endless.

The United States was the most unequal of the advanced industrial countries in the mid-1980s, and it has maintained that position.92 In fact, the gap between it and many other countries has increased: from the mid-1980s France, Hungary, and Belgium have seen no significant increase in inequality, while Turkey and Greece have actually seen a decrease in inequality. We are now approaching the level of inequality that marks dysfunctional societies—it is a club that we would distinctly not want to join, including Iran, Jamaica, Uganda, and the Philippines.93 Because we have so much inequality, and

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

Tell me,' the man leans forward and says, 'have you heard of a lady called Madeleine? No? In 1996, this lady named Albright Madeleine, the US ambassador to the United Nations, was asked on television how she felt about the fact that five hundred thousand Iraqi children had died as a result of US economic sanctions? Do you know what she said? She said that it was "a very hard choice" but "we think the price is worth it". These are her exact words. How do you feel about that? 'How do you think I feel about that? And I would take your love for children more seriously if you didn't have children cleaning your floors.

when they leave uni it’s gonna be with a huge debt and crazy competition for jobs and the outrageous rental prices out there mean her generation will have to move back home forever, which will lead to even more of them despairing at the future and what with the planet about to go to shit with the United Kingdom soon to be disunited from Europe which itself is hurtling down the reactionary road and making fascism fashionable again and it’s so crazy that the disgusting perma-tanned billionaire has set a new intellectual and moral low by being president of America and basically it all means that the older generation has RUINED

Who I Am in Christ I Am Accepted   John 1:12 I am God’s child. John 15:15 I am Christ’s friend. Romans 5:1 I have been justified. 1 Corinthians 6:17 I am united with the Lord, and I am one spirit with Him. 1 Corinthians 6:20 I have been bought with a price. I belong to God. 1 Corinthians 12:27 I am a member of Christ’s Body. Ephesians 1:1 I am a saint. Ephesians 1:5 I have been adopted as God’s child. Ephesians 2:18 I have direct access to God through the Holy Spirit. Colossians 1:14 I have been redeemed and forgiven of all my sins. Colossians 2:10 I am complete in Christ. I Am Secure   Romans 8:1-2 I am free from condemnation. Romans 8:28 I am assured all things work together for good. Romans 8:31-34 I am free from any condemning charges against me. Romans 8:35-39 I cannot be separated from the love of God. 2 Corinthians 1:21-22 I have been established, anointed and sealed by God. Philippians 1:6 I am confident that the good work God has begun in me will be perfected. Philippians 3:20 I am a citizen of heaven. Colossians 3:3 I am hidden with Christ in God. 2 Timothy 1:7 I have not been given a spirit of fear, but of power, love and a sound mind. Hebrews 4:16 I can find grace and mercy in time of need. 1 John 5:18 I am born of God and the evil one cannot touch me. I Am Significant   Matthew 5:13-14 I am the salt and light of the earth. John 15:1,5 I am a branch of the true vine, a channel of His life. John 15:16 I have been chosen and appointed to bear fruit. Acts 1:8 I am a personal witness of Christ. 1 Corinthians 3:16 I am God’s temple. 2 Corinthians 5:17-21 I am a minister of reconciliation for God. 2 Corinthians 6:1 I am God’s coworker (see 1 Corinthians 3:9). Ephesians 2:6 I am seated with Christ in the heavenly realm. Ephesians 2:10 I am God’s workmanship. Ephesians 3:12 I may approach God with freedom and confidence. Philippians 4:13 I can do all things through Christ who strengthens me.

The history of black workers in the United States illustrates the point. As already noted, from the late nineteenth-century on through the middle of the twentieth century, the labor force participation rate of American blacks was slightly higher than that of American whites. In other words, blacks were just as employable at the wages they received as whites were at their very different wages. The minimum wage law changed that. Before federal minimum wage laws were instituted in the 1930s, the black unemployment rate was slightly lower than the white unemployment rate in 1930. But then followed the Davis-Bacon Act of 1931, the National Industrial Recovery Act of 1933 and the Fair Labor Standards Act of 1938—all of which imposed government-mandated minimum wages, either on a particular sector or more broadly. The National Labor Relations Act of 1935, which promoted unionization, also tended to price black workers out of jobs, in addition to union rules that kept blacks from jobs by barring them from union membership. The National Industrial Recovery Act raised wage rates in the Southern textile industry by 70 percent in just five months and its impact nationwide was estimated to have cost blacks half a million jobs. While this Act was later declared unconstitutional by the Supreme Court, the Fair Labor Standards Act of 1938 was upheld by the High Court and became the major force establishing a national minimum wage. As already noted, the inflation of the 1940s largely nullified the effect of the Fair Labor Standards Act, until it was amended in 1950 to raise minimum wages to a level that would have some actual effect on current wages. By 1954, black unemployment rates were double those of whites and have continued to be at that level or higher. Those particularly hard hit by the resulting unemployment have been black teenage males. Even though 1949—the year before a series of minimum wage escalations began—was a recession year, black teenage male unemployment that year was lower than it was to be at any time during the later boom years of the 1960s. The wide gap between the unemployment rates of black and white teenagers dates from the escalation of the minimum wage and the spread of its coverage in the 1950s. The usual explanations of high unemployment among black teenagers—inexperience, less education, lack of skills, racism—cannot explain their rising unemployment, since all these things were worse during the earlier period when black teenage unemployment was much lower. Taking the more normal year of 1948 as a basis for comparison, black male teenage unemployment then was less than half of what it would be at any time during the decade of the 1960s and less than one-third of what it would be in the 1970s. Unemployment among 16 and 17-year-old black males was no higher than among white males of the same age in 1948. It was only after a series of minimum wage escalations began that black male teenage unemployment not only skyrocketed but became more than double the unemployment rates among white male teenagers. In the early twenty-first century, the unemployment rate for black teenagers exceeded 30 percent. After the American economy turned down in the wake of the housing and financial crises, unemployment among black teenagers reached 40 percent.

Global warming, environmental degradation, global flows of economic speculation and risk taking, overpopulation, global debt, new viruses, terrorism and warfare, and political polarization are killing us. Dealing with big questions takes a long-term view, cooperation, delayed gratification, and deep learning that crosses traditional silos of knowledge production. All of these are in short supply today. In the United States and much of the developed world, decisions are based on short-term interests and gain (e.g., stock prices or election cycles), as well as pandering to ignorance. Such decisions make the world worse, not better, and bring Armageddon ever closer.

When the Starbursts cost a cent apiece, the average number of candies per customer was 3.5, but when the price went down to zero, the average went down to 1.1 per customer. The students limited themselves to a large degree when the candy was free. In fact, almost all the students applied a very simple social-norm rule in this situation—they politely took one and only one Starburst. ... What these results mean is that when price is not a part of the exchange, we become less selfish maximizers and start caring more about the welfare of others. We saw this demonstrated by the fact that when the price decreased to zero, customers restrained themselves and took far fewer units.

It was Southern, therefore, to put it brutally, because of the history of America—the United States of America: and small black boys and girls were now paying for this holocaust. They were attempting to go to school. They were attempting to get an education, in a country in which education is a synonym for indoctrination, if you are white, and subjugation, if you are black. It was rather as though small Jewish boys and girls, in Hitler’s Germany, insisted on getting a German education in order to overthrow the Third Reich. Here they were, nevertheless, scrubbed and shining, in their never-to-be-forgotten stiff little dresses, in their never-to-be-forgotten little blue suits, facing an army, facing a citizenry, facing white fathers, facing white mothers, facing the progeny of these co-citizens, facing the white past, to say nothing of the white present: small soldiers, armed with stiff, white dresses, and long or short dark blue pants, entering a leper colony, and young enough to believe that the colony could be healed, and saved. They paid a dreadful price, those children, for their missionary work among the heathen.

Alan Greenspan assures us that home prices are not prone to bubbles—or major deflations—on any national scale,” he’d said. “This is ridiculous, of course…. In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default.

President Carter’s re-election campaign in 1979 commenced amid spiralling global oil prices. With Bandar’s help, Carter drafted a letter to Fahd requesting Saudi Arabia to put more oil on the market.69 Fahd responded: ‘Tell my friend, the president of the United States of America, when they need our help, they will not be disappointed.’70 He promised to do ‘anything in his power externally or internally to ensure your re-election’, since this was ‘essential if there was ever to be a just and lasting peace in the Middle East’.71 This assistance, which saw Saudi oil trading $4–5 a day below other suppliers, cost the kingdom $30m to $40m a day. In gratitude, Carter invited Bandar to the White House in early December 1979, where they discussed Middle East politics and the US–Saudi relationship.

It is not that the historian can avoid emphasis of some facts and not of others. This is as natural to him as to the mapmaker, who, in order to produce a usable drawing for practical purposes, must first flatten and distort the shape of the earth, then choose out of the bewildering mass of geographic information those things needed for the purpose of this or that particular map. My argument cannot be against selection, simplification, emphasis, which are inevitable for both cartographers and historians. But the map-maker's distortion is a technical necessity for a common purpose shared by all people who need maps. The historian's distortion is more than technical, it is ideological; it is released into a world of contending interests, where any chosen emphasis supports (whether the historian means to or not) some kind of interest, whether economic or political or racial or national or sexual. Furthermore, this ideological interest is not openly expressed in the way a mapmaker's technical interest is obvious ("This is a Mercator projection for long-range navigation-for short-range, you'd better use a different projection"). No, it is presented as if all readers of history had a common interest which historians serve to the best of their ability. This is not intentional deception; the historian has been trained in a society in which education and knowledge are put forward as technical problems of excellence and not as tools for contending social classes, races, nations. To emphasize the heroism of Columbus and his successors as navigators and discoverers, and to de-emphasize their genocide, is not a technical necessity but an ideological choice. It serves- unwittingly-to justify what was done. My point is not that we must, in telling history, accuse, judge, condemn Columbus in absentia. It is too late for that; it would be a useless scholarly exercise in morality. But the easy acceptance of atrocities as a deplorable but necessary price to pay for progress (Hiroshima and Vietnam, to save Western civilization; Kronstadt and Hungary, to save socialism; nuclear proliferation, to save us all)-that is still with us. One reason these atrocities are still with us is that we have learned to bury them in a mass of other facts, as radioactive wastes are buried in containers in the earth. We have learned to give them exactly the same proportion of attention that teachers and writers often give them in the most respectable of classrooms and textbooks. This learned sense of moral proportion, coming from the apparent objectivity of the scholar, is accepted more easily than when it comes from politicians at press conferences. It is therefore more deadly. The treatment of heroes (Columbus) and their victims (the Arawaks)-the quiet acceptance of conquest and murder in the name of progress-is only one aspect of a certain approach to history, in which the past is told from the point of view of governments, conquerors, diplomats, leaders. It is as if they, like Columbus, deserve universal acceptance, as if they-the Founding Fathers, Jackson, Lincoln, Wilson, Roosevelt, Kennedy, the leading members of Congress, the famous Justices of the Supreme Court-represent the nation as a whole. The pretense is that there really is such a thing as "the United States," subject to occasional conflicts and quarrels, but fundamentally a community of people with common interests. It is as if there really is a "national interest" represented in the Constitution, in territorial expansion, in the laws passed by Congress, the decisions of the courts, the development of capitalism, the culture of education and the mass media.

It was a complex chain of oppression in Virginia. The Indians were plundered by white frontiersmen, who were taxed and controlled by the Jamestown elite. And the whole colony was being exploited by England, which bought the colonists’ tobacco at prices it dictated and made 100,000 pounds a year for the King. Berkeley himself, returning to England years earlier to protest the English Navigation Acts, which gave English merchants a monopoly of the colonial trade, had said: . . . we cannot but resent, that forty thousand people should be impoverish’d to enrich little more than forty Merchants, who being the only buyers of our Tobacco, give us what they please for it, and after it is here, sell it how they please; and indeed have forty thousand servants in us at cheaper rates, than any other men have slaves. . . .

A prohibition on the hoarding or possession of gold was integral to the plan to devalue the dollar against gold and get people spending again. Against this background, FDR issued Executive Order 6102 on April 5, 1933, one of the most extraordinary executive orders in U.S. history. The blunt language over the signature of Franklin Delano Roosevelt speaks for itself: I, Franklin D. Roosevelt . . . declare that [a] national emergency still continues to exist and . . . do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the . . . United States by individuals, partnerships, associations and corporations.... All persons are hereby required to deliver, on or before May 1, 1933, to a Federal reserve bank . . . or to any member of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them.... Whoever willfully violates any provision of this Executive Order . . . may be fined not more than $10,000 or . . . may be imprisoned for not more than ten years. The people of the United States were being ordered to surrender their gold to the government and were offered paper money at the exchange rate of $20.67 per ounce. Some relatively minor exceptions were made for dentists, jewelers and others who made “legitimate and customary” use of gold in their industry or art. Citizens were allowed to keep $100 worth of gold, about five ounces at 1933 prices, and gold in the form of rare coins. The $10,000 fine proposed in 1933 for those who continued to hoard gold in violation of the president’s order is equivalent to over $165,000 in today’s money, an extraordinarily large statutory fine. Roosevelt followed up with a

This education startled even a man who had dabbled in fifty educations all over the world; for, if he were obliged to insist on a Universe, he seemed driven to the Church. Modern science guaranteed no unity. The student seemed to feel himself, like all his predecessors, caught, trapped, meshed in this eternal drag-net of religion. In practice the student escapes this dilemma in two ways: the first is that of ignoring it, as one escapes most dilemmas; the second is that the Church rejects pantheism as worse than atheism, and will have nothing to do with the pantheist at any price. In wandering through the forests of ignorance, one necessarily fell upon the famous old bear that scared children at play; but, even had the animal shown more logic than its victim, one had learned from Socrates to distrust, above all other traps, the trap of logic -- the mirror of the mind. Yet the search for a unit of force led into catacombs of thought where hundreds of thousands of educations had found their end. Generation after generation of painful and honest-minded scholars had been content to stay in these labyrinths forever, pursuing ignorance in silence, in company with the most famous teachers of all time. Not one of them had ever found a logical highroad of escape.

The “German problem” after 1970 became how to keep up with the Germans in terms of efficiency and productivity. One way, as above, was to serially devalue, but that was beginning to hurt. The other way was to tie your currency to the deutsche mark and thereby make your price and inflation rate the same as the Germans, which it turned out would also hurt, but in a different way. The problem with keeping up with the Germans is that German industrial exports have the lowest price elasticities in the world. In plain English, Germany makes really great stuff that everyone wants and will pay more for in comparison to all the alternatives. So when you tie your currency to the deutsche mark, you are making a one-way bet that your industry can be as competitive as the Germans in terms of quality and price. That would be difficult enough if the deutsche mark hadn’t been undervalued for most of the postwar period and both German labor costs and inflation rates were lower than average, but unfortunately for everyone else, they were. That gave the German economy the advantage in producing less-than-great stuff too, thereby undercutting competitors in products lower down, as well as higher up the value-added chain. Add to this contemporary German wages, which have seen real declines over the 2000s, and you have an economy that is extremely hard to keep up with. On the other side of this one-way bet were the financial markets. They looked at less dynamic economies, such as the United Kingdom and Italy, that were tying themselves to the deutsche mark and saw a way to make money. The only way to maintain a currency peg is to either defend it with foreign exchange reserves or deflate your wages and prices to accommodate it. To defend a peg you need lots of foreign currency so that when your currency loses value (as it will if you are trying to keep up with the Germans), you can sell your foreign currency reserves and buy back your own currency to maintain the desired rate. But if the markets can figure out how much foreign currency you have in reserve, they can bet against you, force a devaluation of your currency, and pocket the difference between the peg and the new market value in a short sale. George Soros (and a lot of other hedge funds) famously did this to the European Exchange Rate Mechanism in 1992, blowing the United Kingdom and Italy out of the system. Soros could do this because he knew that there was no way the United Kingdom or Italy could be as competitive as Germany without serious price deflation to increase cost competitiveness, and that there would be only so much deflation and unemployment these countries could take before they either ran out of foreign exchange reserves or lost the next election. Indeed, the European Exchange Rate Mechanism was sometimes referred to as the European “Eternal Recession Mechanism,” such was its deflationary impact. In short, attempts to maintain an anti-inflationary currency peg fail because they are not credible on the following point: you cannot run a gold standard (where the only way to adjust is through internal deflation) in a democracy.

The writer's craft, explained! I have stood on the shores of imagination, gazing at a sea of dreams. It is a lonely place, for not many can stand on that shifting sand and call it home. I can see others who also weave a web of dreams and will share them. We are called storytellers and we alone have that gift that feed the needs of the many. We are a strange family, united in our separate talents and bonded by our willingness to share. The price we pay, is a dependence on others, reaching out to listen to our stories. WE must never forget our need for the herd or they will forget us! There is no savage punishment for such as we, than to be easily forgotten! This is our greatest fear and all of us share that terror. So write brothers and sisters, write and bare your souls without fear. If you are good enough, they will listen and they will remember you. Its all we can ask!

In the drastic, but brief, deflation of prices in 1920–1921 the United States did not complete the liquidation of inflated bank credit created during the War period: neither prices nor the structure of production and finance arrived at complete equilibrium relationships. The result was that the recovery following the immediate post-war depression rested on a foundation of prior inflation and upon a price level which could by no means be considered “normal.

Ever more scholars see cultures as a kind of mental infection or parasite, with humans as its unwitting host. Organic parasites, such as viruses, live inside the body of their hosts. They multiply and spread from one host to the other, feeding off their hosts, weakening them, and sometimes even killing them. As long as the hosts live long enough to pass along the parasite, it cares little about the condition of its host. In just this fashion, cultural ideas live inside the minds of humans. They multiply and spread from one host to another, occasionally weakening the hosts and sometimes even killing them. A cultural idea – such as belief in Christian heaven above the clouds or Communist paradise here on earth – can compel a human to dedicate his or her life to spreading that idea, even at the price of death. The human dies, but the idea spreads. According to this approach, cultures are not conspiracies concocted by some people in order to take advantage of others (as Marxists tend to think). Rather, cultures are mental parasites that emerge accidentally, and thereafter take advantage of all people infected by them. This approach is sometimes called memetics. It assumes that, just as organic evolution is based on the replication of organic information units called ‘genes’, so cultural evolution is based on the replication of cultural information units called ‘memes’.1 Successful cultures are those that excel in reproducing their memes, irrespective of the costs and benefits to their human hosts. Most scholars in the humanities disdain memetics, seeing it as an amateurish attempt to explain cultural processes with crude biological analogies. But many of these same scholars adhere to memetics’ twin sister – postmodernism. Postmodernist thinkers speak about discourses rather than memes as the building blocks of culture.

It was not these policies alone that turned things around; it was also the energy behind the policies: the six-week tour, the firing and hiring, the tough decisions made about the fleet and the fields. A light was burning in the pilothouse, a firm hand had taken hold of the tiller. United Fruit’s stock price stabilized, then began to climb. It doubled in the first two weeks of Zemurray’s reign, reaching $26 a share by the fall of 1933. This had less to do with tangible results—it was too early for that—than the confidence of investors. If you looked in the newspaper, you would see the new head of the company landing his plane on a strip in the jungle, anchoring his boat on the north coast of Honduras, going here and there, working, working, working. In a time of crisis, the mere evidence of activity can be enough to get things moving. Though Zemurray would stay at the helm for another twenty years, United Fruit was saved in his first sixty days.

The United States was born through war, reunited by war, and saved from destruction by war. No future generation, however comfortable and affluent, can escape that terrible knowledge. Our freedom is not entirely our own; in some sense it is mortgaged from those who paid the ultimate price for its continuance. My own life of security, freedom, opportunity, and relative affluence certainly has been made possible because a grandfather fought and was gassed in the Argonne; an uncle in the Marines died trying to stop Japanese imperialism on Okinawa; a cousin in the Army lost his life at twenty-two trying to stop Hitler in France; and my father in the Army Air Force flew forty times over Japan hoping to end the idea of the expansive Greater East Asia Co-prosperity Sphere. I have spent some time these past decades trying to learn where, how, and why they and their generations fought as they did—and what our own obligations are to acknowledge their sacrifices.

Has the United States been blessed for its critical role in Israel’s re-birth? Financially, America has certainly prospered. In the intervening 65 years since 1948, America has grown by 1,500%. In 1948 the gross domestic product (GDP) of the United States was just over $1 trillion dollars. In 2012 America’s GDP had grown to over $15.6 trillion per year. In the same period, the nation also enjoyed a time of great freedom, though what Americans have done with that freedom is another issue.

In the thirty years leading up to the Civil War, the law was increasingly interpreted in the courts to suit the capitalist development of the country. Studying this, Morton Horwitz (The Transformation of American Law) points out that the English commonlaw was no longer holy when it stood in the way of business growth. Mill owners were given the legal right to destroy other people’s property by flood to carry on their business. The law of “eminent domain” was used to take farmers’ land and give it to canal companies or railroad companies as subsidies. Judgments for damages against businessmen were taken out of the hands of juries, which were unpredictable, and given to judges. Private settlement of disputes by arbitration was replaced by court settlements, creating more dependence on lawyers, and the legal profession gained in importance. The ancient idea of a fair price for goods gave way in the courts to the idea of caveat emptor (let the buyer beware), thus throwing generations of consumers from that time on to the mercy of businessmen.

Back in July 2003, he’d written them a long essay on the causes and consequences of what he took to be a likely housing crash: “Alan Greenspan assures us that home prices are not prone to bubbles—or major deflations—on any national scale,” he’d said. “This is ridiculous, of course…. In 1933, during the fourth year of the Great Depression, the United States found itself in the midst of a housing crisis that put housing starts at 10% of the level of 1925. Roughly half of all mortgage debt was in default. During the 1930s, housing prices collapsed nationwide by roughly 80%.

After World War II, the United States, triumphant abroad and undamaged at home, saw a door wide open for world supremacy. Only the thing called ‘communism’ stood in the way, politically, militarily, economically, and ideologically. Thus it was that the entire US foreign policy establishment was mobilized to confront this ‘enemy’, and the Marshall Plan was an integral part of this campaign. How could it be otherwise? Anti-communism had been the principal pillar of US foreign policy from the Russian Revolution up to World War II, pausing for the war until the closing months of the Pacific campaign when Washington put challenging communism ahead of fighting the Japanese. Even the dropping of the atom bomb on Japan – when the Japanese had already been defeated – can be seen as more a warning to the Soviets than a military action against the Japanese.19 After the war, anti-communism continued as the leitmotif of American foreign policy as naturally as if World War II and the alliance with the Soviet Union had not happened. Along with the CIA, the Rockefeller and Ford Foundations, the Council on Foreign Relations, certain corporations, and a few other private institutions, the Marshall Plan was one more arrow in the quiver of those striving to remake Europe to suit Washington’s desires: 1.    Spreading the capitalist gospel – to counter strong postwar tendencies toward socialism. 2.    Opening markets to provide new customers for US corporations – a major reason for helping to rebuild the European economies; e.g. a billion dollars (at twenty-first-century prices) of tobacco, spurred by US tobacco interests. 3.    Pushing for the creation of the Common Market (the future European Union) and NATO as integral parts of the West European bulwark against the alleged Soviet threat. 4.    Suppressing the left all over Western Europe, most notably sabotaging the Communist parties in France and Italy in their bids for legal, non-violent, electoral victory. Marshall Plan funds were secretly siphoned off to finance this endeavor, and the promise of aid to a country, or the threat of its cutoff, was used as a bullying club; indeed, France and Italy would certainly have been exempted from receiving aid if they had not gone along with the plots to exclude the Communists from any kind of influential role.

Once the NSA embraced the Internet and a drift-net style of data collection, the agency was transformed. The bulk collection of phone and e-mail metadata, both inside the United States and around the world, has now become one of the NSA’s core missions. The agency’s analysts have discovered that they can learn far more about people by tracking their daily digital footprints through their metadata than they could ever learn from actually eavesdropping on their conversations. What’s more, phone and e-mail logging data comes with few legal protections, making it easy for the NSA to access.

This was his glory and his guilt-- that he let them teach him to feel guilty of his glory, to accept the part of a sacrificial animal and, in punishment for the sin of intelligence, to perish on the altars of the brutes. The tragic joke of human history is that on any of the altars men erected, it was always man whom they immolated and the animal whom they enshrined. It was always the animal's attributes, not man's, that humanity worshipped: the idol of instinct and the idol of force--the mystics and the kings-- the mystics, who longed for an irresponsible consciousness and ruled by means of the claim that their dark emotions were superior to reason, that knowledge cam in blind, causeless fits, blindly to be followed, not doubted-- the kings, who ruled by means of claws and muscles, with conquest as their method and looting as their aim, with a club or a gun as sole sanction of their power. The defenders of man's soul were concerned with his feelings, and the defenders of man's body were concerned with his stomach-- but both were united against his mind. Yet no one, not the lowest of humans, is ever able fully to renounce his brain. No one has ever believed in the irrational; what they do believe in is the unjust. Whenever a man denounces the mind, it is because his goal is of a nature the mind would not permit him to confess. When he preaches contradictions, he does so in the knowledge that someone will accept the burden of the impossible, someone will make it work for him at the price of his own suffering or life; destruction is the price of any contradiction. It is the victims who made injustice possible. It is the men of reason who made it possible for the rule of the brute to work. The despoiling of reason has been the motive of every anti-reason creed on earth. The despoiling ability has been the purpose of every creed that preached self-sacrifice.

In 1967 Kilby and his team produced almost what Haggerty envisioned. It could do only four tasks (add, subtract, multiply, and divide) and was a bit heavy (more than two pounds) and not very cheap ($150).21 But it was a huge success. A new market had been created for a device people had not known they needed. And following the inevitable trajectory, it kept getting smaller, more powerful, and cheaper. By 1972 the price of a pocket calculator had dropped to $100, and 5 million units were sold. By 1975 the price was down to $25, and sales were doubling every year. In 2014 a Texas Instruments pocket calculator cost $3.62 at Walmart.

Pfaff: The riposte of a civilized nation: one that believes in good, in human society and does oppose evil, has to be narrowly focused and, above all, intelligent. Missiles are blunt weapons. Those terrorists are smart enough to make others bear the price for what they have done, and to exploit the results. A maddened U.S. response that hurts still others is what they want: It will fuel the hatred that already fires the self-righteousness about their criminal acts against the innocent. What the United States needs is cold reconsideration of how it has arrived at this pass. It needs, even more, to foresee disasters that might lie in the future.

The exponential growth of this industry was correlated with the phenomenon famously discovered by Moore, who in 1965 drew a graph of the speed of integrated circuits, based on the number of transistors that could be placed on a chip, and showed that it doubled about every two years, a trajectory that could be expected to continue. This was reaffirmed in 1971, when Intel was able to etch a complete central processing unit onto one chip, the Intel 4004, which was dubbed a “microprocessor.” Moore’s Law has held generally true to this day, and its reliable projection of performance to price allowed two generations of young entrepreneurs, including Steve Jobs and Bill Gates, to create cost projections for their forward-leaning products. The

When President Obama asked to meet with Steve Jobs, the late Apple boss, his first question was ‘how much would it cost to make the iPhone in the United States, instead of overseas?’ Jobs was characteristically blunt, asserting that ‘those jobs are never coming back’. In point of fact, it’s been estimated that making iPhones exclusively in the US would add around $65 to the cost of each phone – not an unaffordable cost, or an unthinkable drop in margin for Apple, if it meant bringing jobs back home.  But American workers aren’t going to be making iPhones anytime soon, because of the need for speed, and scale, in getting the product on to shelves around the world. When Apple assessed the global demand for the iPhone it estimated that it would need almost 9,000 engineers overseeing the production process to meet demand. Their analysts reported that it would take nine months to recruit that many engineers in the US – in China, it took 15 days. It’s these kind of tales that cause US conservative media outlets to graphically describe Asia as ‘eating the lunch’ off the tables of patriotic, if sleep-walking, American citizens. If Apple had chosen to go to India, instead of China, the costs may have been slightly higher, but the supply of suitably qualified engineers would have been just as plentiful. While China may be the world’s biggest manufacturing plant, India is set to lead the way in the industry that poses the biggest threat to western middle-class parents seeking to put their sons or daughters through college: knowledge.

they’re all stuffed anyway, they agree when they leave uni it’s gonna be with a huge debt and crazy competition for jobs and the outrageous rental prices out there mean her generation will have to move back home forever, which will lead to even more of them despairing at the future and what with the planet about to go to shit with the United Kingdom soon to be disunited from Europe which itself is hurtling down the reactionary road and making fascism fashionable again and it’s so crazy that the disgusting perma-tanned billionaire has set a new intellectual and moral low by being president of America and basically it all means that the older generation has RUINED EVERYTHING and her generation is doooooomed unless they wrest intellectual control from their elders sooner rather than later

God created things which had free will. That means creatures which can go either wrong or right. Some people think they can imagine a creature which was free but had no possibility of going wrong; I cannot. If a thing is free to be good it is also free to be bad. And free will is what has made evil possible. Why, then, did God give them free will? Because free will though it makes evil possible, is also the only thing that makes possible any love or goodness or joy worth having. A world of automata—of creatures that worked like machines—would hardly be worth creating. The happiness which God designs for His higher creatures is the happiness of being freely, voluntarily united to Him and to each other in an ecstasy of love and delight compared with which the most rapturous love between a man and a woman on this earth is mere milk and water. And for that they must be free. Of course God knew what would happen if they used their freedom the wrong way: apparently He thought it worth the risk. Perhaps we feel inclined to disagree with Him. But there is a difficulty about disagreeing with God. He is the source from which all your reasoning power comes: you could not be right and He wrong any more than a stream can rise higher than its own source. When you are arguing against Him you are arguing against the very power that makes you able to argue at all: it is like cutting off the branch you are sitting on. If God thinks this state of war in the universe a price worth paying for free will—that is, for making a live world in which creatures can do real good or harm and something of real importance can happen, instead of a toy world which only moves when He pulls the strings—then we may take it it is worth paying.

McDougall was a certified revolutionary hero, while the Scottish-born cashier, the punctilious and corpulent William Seton, was a Loyalist who had spent the war in the city. In a striking show of bipartisan unity, the most vociferous Sons of Liberty—Marinus Willett, Isaac Sears, and John Lamb—appended their names to the bank’s petition for a state charter. As a triple power at the new bank—a director, the author of its constitution, and its attorney—Hamilton straddled a critical nexus of economic power. One of Hamilton’s motivations in backing the bank was to introduce order into the manic universe of American currency. By the end of the Revolution, it took $167 in continental dollars to buy one dollar’s worth of gold and silver. This worthless currency had been superseded by new paper currency, but the states also issued bills, and large batches of New Jersey and Pennsylvania paper swamped Manhattan. Shopkeepers had to be veritable mathematical wizards to figure out the fluctuating values of the varied bills and coins in circulation. Congress adopted the dollar as the official monetary unit in 1785, but for many years New York shopkeepers still quoted prices in pounds, shillings, and pence. The city was awash with strange foreign coins bearing exotic names: Spanish doubloons, British and French guineas, Prussian carolines, Portuguese moidores. To make matters worse, exchange rates differed from state to state. Hamilton hoped that the Bank of New York would counter all this chaos by issuing its own notes and also listing the current exchange rates for the miscellaneous currencies. Many Americans still regarded banking as a black, unfathomable art, and it was anathema to upstate populists. The Bank of New York was denounced by some as the cat’s-paw of British capitalists. Hamilton’s petition to the state legislature for a bank charter was denied for seven years, as Governor George Clinton succumbed to the prejudices of his agricultural constituents who thought the bank would give preferential treatment to merchants and shut out farmers. Clinton distrusted corporations as shady plots against the populace, foreshadowing the Jeffersonian revulsion against Hamilton’s economic programs. The upshot was that in June 1784 the Bank of New York opened as a private bank without a charter. It occupied the Walton mansion on St. George’s Square (now Pearl Street), a three-story building of yellow brick and brown trim, and three years later it relocated to Hanover Square. It was to house the personal bank accounts of both Alexander Hamilton and John Jay and prove one of Hamilton’s most durable monuments, becoming the oldest stock traded on the New York Stock Exchange.

In her book The Government-Citizen Disconnect, the political scientist Suzanne Mettler reports that 96 percent of American adults have relied on a major government program at some point in their lives. Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans' generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes. In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $6oo billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent). Altogether, the United States spent $1.8 trillion on tax breaks in 2021. That amount exceeded total spending on law enforcement, education, housing, healthcare, diplomacy, and everything else that makes up our discretionary budget. Roughly half the benefits of the thirteen largest individual tax breaks accrue to the richest families, those with incomes that put them in the top 20 percent. The top I percent of income earners take home more than all middle-class families and double that of families in the bottom 20 percent. I can't tell you how many times someone has informed me that we should reduce military spending and redirect the savings to the poor. When this suggestion is made in a public venue, it always garners applause. I've met far fewer people who have suggested we boost aid to the poor by reducing tax breaks that mostly benefit the upper class, even though we spend over twice as much on them as on the military and national defense.

As people come to understand the environmental damages being caused by carbon and industry pollutants, there is a call for "full-cost accounting." This is an effort to include the adverse environmental costs of manufacturing and other production in the price of producing those items--from the cost of cleanup to the health impacts of carbon pollution. Currently, companies' profit-and-loss statements don't account for these and other costs, which are paid for by us all, and disproportionately by the poor and vulnerable. By failing to pay for the real cost of production, by misrepresenting or ignoring the vast consequences of some of their work, certain businesses and corporations have pursued paths that are at odds with the interests of society. A greater movement toward full-cost accounting is critical if we are going to align business decisions with what is in the best interests of future generations...

Wal-Mart can't seem to grasp an essential fact: in 2006, the company has exactly the reputation it has earned. No, we don't give the company adequate credit for low prices. But the broken covenant Sam Walton had with how to treat store employees, the relentless pressure that hollows out companies and dilutes the quality of their products, the bullying of suppliers and communities, the corrosive secrecy, the way Wal-Mart has changed our own perception of price and quality, of value and durability--none of these is imaginary, or trivial, or easily changed with a fresh set of bullet points, an impassioned speech, and a website heavy with "Wal-Mart facts". If Wal-Mart does in fact double the gas mileage of its truck fleet, and thereby double the gas mileage of every long-haul truck in America, that will be huge. It will change gas consumption in the United States in a single stroke. But it hasn't happened yet. And even if it does, it will not make Wal-Mart a good company or a good corporate partner or a good corporate citizen.

Violent anti-communist fears by the military and munition makers justified the transformation of a once democratic nation into the fascist state we have today. Members of the Nazi Party now hold key positions in our universities, factories, aircraft and aerospace programs.14 When the Nazi empire collapsed in 1945, General Reinhard Gehlen joined forces with our OSS. Gehlen was placed in charge of wartime intelligence for Foreign Armies East. “It was not long before Gehlen was back in business, this time for the United States. Gehlen named his price and terms.”15 A series of meetings was arranged at the Pentagon with Nazi Gehlen, Allen Dulles, J. Edgar Hoover and others.16 The Gehlen organization combined forces and agents with the OSS, which was soon to become known as the CIA. Experts in clandestine and illegal control of Germany through political assassinations and reversal of judicial processes became the teachers of Allen Dulles and Richard Helms. They helped form the new CIA in 1947, based upon clandestine activities in Nazi Germany.17

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

Believe me," Dr. Tamalet summed up, "if you wanted that operation in France, you could get it" Which is, of course, the boon and the bane of France's health care system. It offers a maximum of free choice among skillful doctors and well-equipped hospitals, with little or not waiting, at bargain-basement prices [in out-of-pocket terms to the consumer]. It's a system that enables the French to live longer and healthier lives, with zero risk of financial loss due to illness. But somebody has to pay for all that high-quality, ready-when-you-need-it care--and the patients, so far, have not been willing to do so. As a result, the major health insurance funds are all operating at a deficit, and the costs of the health care system are increasing significantly faster than the economy as a whole. That's why the doctors keep striking and the sickness funds keep negotiating and the government keeps going back to the drawing board, with a new 'major health care reform' every few years. So far, the saving grace for France's system has been the high level of efficiency, as exemplified by the 'carte vitale,' that keeps administrative costs low--much lower than in the United States.

RENEWABLE ENERGY REVOLUTION: SOLAR + WIND + BATTERIES In addition to AI, we are on the cusp of another important technological revolution—renewable energy. Together, solar photovoltaic, wind power, and lithium-ion battery storage technologies will create the capability of replacing most if not all of our energy infrastructure with renewable clean energy. By 2041, much of the developed world and some developing countries will be primarily powered by solar and wind. The cost of solar energy dropped 82 percent from 2010 to 2020, while the cost of wind energy dropped 46 percent. Solar and onshore wind are now the cheapest sources of electricity. In addition, lithium-ion battery storage cost has dropped 87 percent from 2010 to 2020. It will drop further thanks to the massive production of batteries for electrical vehicles. This rapid drop in the price of battery storage will make it possible to store the solar/wind energy from sunny and windy days for future use. Think tank RethinkX estimates that with a $2 trillion investment through 2030, the cost of energy in the United States will drop to 3 cents per kilowatt-hour, less than one-quarter of today’s cost. By 2041, it should be even lower, as the prices of these three components continue to descend. What happens on days when a given area’s battery energy storage is full—will any generated energy left unused be wasted? RethinkX predicts that these circumstances will create a new class of energy called “super power” at essentially zero cost, usually during the sunniest or most windy days. With intelligent scheduling, this “super power” can be used for non-time-sensitive applications such as charging batteries of idle cars, water desalination and treatment, waste recycling, metal refining, carbon removal, blockchain consensus algorithms, AI drug discovery, and manufacturing activities whose costs are energy-driven. Such a system would not only dramatically decrease energy cost, but also power new applications and inventions that were previously too expensive to pursue. As the cost of energy plummets, the cost of water, materials, manufacturing, computation, and anything that has a major energy component will drop, too. The solar + wind + batteries approach to new energy will also be 100-percent clean energy. Switching to this form of energy can eliminate more than 50 percent of all greenhouse gas emissions, which is by far the largest culprit of climate change.

Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points in a few minutes. A few minutes later, like a drunk trying to pretend he hadn’t just knocked over the fishbowl and killed the pet goldfish, it bounced right back up to where it was before. If you weren’t watching closely you could have missed the entire event—unless, of course, you had placed orders in the market to buy or sell certain stocks. Shares of Procter & Gamble, for instance, traded as low as a penny and as high as $100,000. Twenty thousand different trades happened at stock prices more than 60 percent removed from the prices of those stocks just moments before. Five months later, the SEC published a report blaming the entire fiasco on a single large sell order, of stock market futures contracts, mistakenly placed on an exchange in Chicago by an obscure Kansas City mutual fund. That explanation could only be true by accident, because the stock market regulators did not possess the information they needed to understand the stock markets. The unit of trading was now the microsecond, but the records kept by the exchanges were by the second. There were one million microseconds in a second. It was as if, back in the 1920s, the only stock market data available was a crude aggregation of all trades made during the decade. You could see that at some point in that era there had been a stock market crash. You could see nothing about the events on and around October 29, 1929.

The overall U.S. homeownership rate increased from 64 percent in 1994 to a peak in 2004 with an all-time high of 69.2 percent. Real estate had become the leading business in America, more and more speculators invested money in the business. During 2006, 22 percent of homes purchased (1.65 million units) were for investment purposes, with an additional 14 percent (1.07 million units) purchased as vacation homes. These figures led Americans to believe that their economy was indeed booming. And when an economy is booming nobody is really interested in foreign affairs, certainly not in a million dead Iraqis. But then the grave reality dawned on the many struggling, working class Americans and immigrants, who were failing to pay back money they didn't have in the first place. Due to the rise in oil prices and the rise of interest rates, millions of disadvantaged Americans fell behind. By the time they drove back to their newly purchased suburban dream houses, there was not enough money in the kitty to pay the mortgage or elementary needs. Consequently, within a very short time, millions of houses were repossessed. Clearly, there was no one around who could afford to buy those newly repossessed houses. Consequently, the poor people of America became poorer than ever. Just as Wolfowitz's toppled Saddam, who dragged the American Empire down with him, the poor Americans, that were set to facilitate Wolfowitz's war, pulled down American capitalism as well as the American monetary and banking system. Greenspan's policy led an entire class to ruin, leaving America's financial system with a hole that now stands at a trillion dollars.

Westerners, not just Lincoln Steffens. It took in the Central Intelligence Agency of the United States. It even took in the Soviet Union’s own leaders, such as Nikita Khrushchev, who famously boasted in a speech to Western diplomats in 1956 that “we will bury you [the West].” As late as 1977, a leading academic textbook by an English economist argued that Soviet-style economies were superior to capitalist ones in terms of economic growth, providing full employment and price stability and even in producing people with altruistic motivation. Poor old Western capitalism did better only at providing political freedom. Indeed, the most widely used university textbook in economics, written by Nobel Prize–winner Paul Samuelson, repeatedly predicted the coming economic dominance of the Soviet Union. In the 1961 edition, Samuelson predicted that Soviet national income would overtake that of the United States possibly by 1984, but probably by 1997. In the 1980 edition there was little change in the analysis, though the two dates were delayed to 2002 and 2012. Though the policies of Stalin and subsequent Soviet leaders could produce rapid economic growth, they could not do so in a sustained way. By the 1970s, economic growth had all but stopped. The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites. In addition, once all the very inefficiently used resources had been reallocated to industry, there were few economic gains to be had by fiat. Then the Soviet system hit a roadblock, with lack of innovation and poor economic incentives preventing any further progress. The only area in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies. Gosplan was the supposedly all-powerful planning agency in charge of the central planning of the Soviet economy. One of the benefits of the sequence of five-year plans written and administered by Gosplan was supposed to have been the long time horizon necessary for rational investment and innovation. In reality, what got implemented in Soviet industry had little to do with the five-year plans, which were frequently revised and rewritten or simply ignored. The development of industry took place on the basis of commands by Stalin and the Politburo, who changed their minds frequently and often completely revised their previous decisions. All plans were labeled “draft” or “preliminary.” Only one copy of a plan labeled “final”—that for light industry in 1939—has ever come to light. Stalin himself said in 1937 that “only bureaucrats can think that planning work ends with the creation of the plan. The creation of the plan is just the beginning. The real direction of the plan develops only after the putting together of the plan.” Stalin wanted to maximize his discretion to reward people or groups who were politically loyal, and punish those who were not. As for Gosplan, its main role was to provide Stalin with information so he could better monitor his friends and enemies. It actually tried to avoid making decisions. If you made a decision that turned

The first cut at the problem—the simplest but still eye-opening—is to ask how much income would have to be transferred from rich countries to poor countries to lift all of the world’s extreme poor to an income level sufficient to meet basic needs. Martin Ravallion and his colleagues on the World Bank’s poverty team have gathered data to address this question, at least approximately. The World Bank estimates that meeting basic needs requires $1.08 per day per person, measured in 1993 purchasing-power adjusted prices. Using household surveys, the Ravallion team has calculated the numbers of poor people around the world who live below that threshold, and the average incomes of those poor. According to the Bank’s estimates, 1.1 billion people lived below the $1.08 level as of 2001, with an average income of $0.77 per day, or $281 per year. More important, the poor had a shortfall relative to basic needs of $0.31 per day ($1.08 minus $0.77), or $113 per year. Worldwide, the total income shortfall of the poor in 2001 was therefore $113 per year per person multiplied by 1.1 billion people, or $124 billion. Using the same accounting units (1993 purchasing power adjusted U.S. dollars), the income of the twenty-two donor countries of the Development Assistance Committee (DAC) in 2001 was $20.2 trillion. Thus a transfer of 0.6 percent of donor income, amounting to $124 billion, would in theory raise all 1.1 billion of the world’s extreme poor to the basic-needs level. Notably, this transfer could be accomplished within the 0.7 percent of the GNP target of the donor countries. That transfer would not have been possible in 1980, when the numbers of the extreme poor were larger (1.5 billion) and the incomes of the rich countries considerably smaller. Back in 1981, the total income gap was around $208 billion (again, measured in 1993 purchasing power prices) and the combined donor country GNP was $13.2 trillion. Then it would have required 1.6 percent of donor income in transfers to raise the extreme poor to the basic-needs level.

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