“Libraries raised me,” Mr. Bradbury said. “I don’t believe in colleges and universities. I believe in libraries because most students don’t have any money. When I graduated from high school, it was during the Depression and we had no money. I couldn’t go to college, so I went to the library three days a week for 10 years.”
via Tom Sparks
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Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent but by compulsion, when you see that in order to produce, you need to obtain permission from men who produce nothing, when you see that money is flowing to those who deal not in goods but in favors, when you see that men get richer by graft and by pull than by work and your laws don't protect you against them, but protect them against you, when you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed.
Excerpt from Atlas Shrugged, by Ayn Rand, 1957.
Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent but by compulsion, when you see that in order to produce, you need to obtain permission from men who produce nothing, when you see that money is flowing to those who deal not in goods but in favors, when you see that men get richer by graft and by pull than by work and your laws don't protect you against them, but protect them against you, when you see corruption being rewarded and honesty becoming a self-sacrifice, you may know that your society is doomed.
Excerpt from Atlas Shrugged, by Ayn Rand, 1957.
via Means
Like Duchamp, Boggs documents conceptions of value that inform the art world, and investigates how worth comes into being. Furthermore, he plays with economic systems as if they were children's toys, like Duchamp did with the institutions of the art world.
To celebrate National Poetry Day, BBC News website readers have been sending in their poems on the credit crunch. via BBC
As the sell-off in global markets continues, RCM's CIO for Europe Neil Dwane believes the aftermath of Monday's events will lead to the formation of a 'new world order', in which the remaining financial giants will flourish. via CityWire
Only a small fraction of funding by investment banks, mortgage companies, brokerages, equity funds, hedge funds, commodities futures speculators, etc., comes from actual investor capital. The rest—up to ninety-seven percent, in the case of commodities futures contracts—is credit self-created by the banks.
Where did the banks get this credit? The answer is that they simply cranked it out through their fractional reserve privileges derived from their government charters. In fact the only way money comes into existence in this day and age is through a loan from a bank which must be repaid with interest. The loan is secured by the borrower’s collateral or promise to pay. But the cumulative interest load on the economy grows exponentially. As a part of the federal budget, for instance, interest on the national debt is around $500 billion a year and growing.
via Global Research: Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation
Poet. Lover of academy and porch.
