|The Case of Hillary and the Vanity Mirror||The New "Time": Big and Brawny?|
by Christopher Chantrill
March 12, 2007 at 11:34 am
REMEMBER 1999-2000? THAT was the heyday of the day traders, amateurs trying their hand at making money in the stock market during their coffee breaks at work. It was an early warning of the NASDAQ meltdown: when the little guy gets in, its time to head for the exits.
Its happened before. In 1929 Joe Kennedy (yes that Joe Kennedy) reckoned it was time to get out of the market when his shoe-shine boy started giving him stock tips.
Its deja vu all over again. In Fridays Wall Street Journal Yuka Hayashi writes about "Japanese Addiction: Currency Bets" (sub. required). A lot of Japanese small investors are borrowing yen to buy foreign currency. In other words, they are engaging in the "carry" trade just like the big boys in the hedge funds.
Only, of course, we are probably in the last days of the "carry" trade. It worked so long as people could borrow yen at nearly zero percent interest and then use the proceeds to buy other currencies and get five percent on their money.
But notice what happens if the yen goes up. That means that the other currency goes down. If it goes down by five percent or more, the investor is under water.
Take the case of Naomi Kashiwazaki. Hayashi writes:
She trades currencies from her small apartment in Tokyos suburbs. She started about a year and a half ago to supplement the income from her online store... In recent months, she has earned an average profit of $8,600 per month.
But probably not in the last month, for since March 1 the yen has suddenly risen by about four percent against the dollar.
This sounds like something that is going to end in tears.|
But I saw a man yesterday who knows a fellow who had it from a chappie
that said that Urquhart had been dipping himself a bit recklessly off the deep end.
Dorothy L. Sayers, Strong Poison
Civil Societya complex welter of intermediate institutions, including businesses, voluntary associations, educational institutions, clubs, unions, media, charities, and churchesbuilds, in turn, on the family, the primary instrument by which people are socialized into their culture and given the skills that allow them to live in broader society and through which the values and knowledge of that society are transmitted across the generations.
Francis Fukuyama, Trust
Tear down theory, poetic systems... No more rules, no more models... Genius conjures up
rather than learns... Victor Hugo
César Graña, Bohemian versus Bourgeois
We have met with families in which for weeks together, not an article of sustenance but potatoes had been used; yet for every child the hard-earned sum was provided to send them to school.
E. G. West, Education and the State
When we began first to preach these things, the people appeared as awakened from the sleep of agesthey seemed to see for the first time that they were responsible beings, and that a refusal to use the means appointed was a damning sin.
Finke, Stark, The Churching of America, 1776-1990
When we received Christ, Phil added, all of a sudden we now had a rule book to go by, and when we had problems the preacher was right there to give us the answers.
James M. Ault, Jr., Spirit and Flesh
A writer who says that there are no truths, or that all truth is merely relative, is asking you not to believe him. So dont.
Roger Scruton, Modern Philosophy
As far as the Catholic Church is concerned, the principal focus of her interventions in the public arena is the protection and promotion of the dignity of the person, and she is thereby consciously drawing particular attention to principles which are not negotiable...
[1.] protection of life in all its stages, from the first moment of conception until natural death; [2.] recognition and promotion of the natural structure of the family... [3.] the protection of the right of parents to educate their children.
Pope Benedict XVI, Speech to European Peoples Party, 2006
At first, we thought [the power of the West] was because you had more powerful guns than we had. Then we thought it was because you had the best political system. Next we focused on your economic system. But in the past twenty years, we have realized that the heart of your culture is your religion: Christianity.
David Aikman, Jesus in Beijing
But the only religions that have survived are those which support property and the family.
Thus the outlook for communism, which is both anti-property and anti-family, (and also anti-religion), is not promising.
F.A. Hayek, The Fatal Conceit
Conservatism is the philosophy of society. Its ethic is fraternity and its characteristic is authority the non-coercive social persuasion which operates in a family or a community. It says we should....
Danny Kruger, On Fraternity
Families helped each other putting up homes and barns. Together, they built churches, schools, and common civic buildings. They collaborated to build roads and bridges. They took pride in being free persons, independent, and self-reliant; but the texture of their lives was cooperative and fraternal.
Michael Novak, The Spirit of Democratic Capitalism