|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.|
[W]hen I asked a liberal longtime editor I know with a mainstream [publishing] house for a candid, shorthand version of the assumptions she and her colleagues make about conservatives, she didn't hesitate. Racist, sexist, homophobic, anti-choice fascists, she offered, smiling but meaning it.
Harry Stein, I Can't Believe I'm Sitting Next to a Republican
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
[To make] of each individual member of the army a soldier who, in character, capability, and knowledge, is self-reliant, self-confident, dedicated, and joyful in taking responsibility [verantwortungsfreudig] as a man and a soldier. — Gen. Hans von Seeckt
MacGregor Knox, Williamson Murray, ed., The dynamics of military revolution, 1300-2050
For [the left] there is only the state and the individual, nothing in between. No family to rely on, no friend to depend on, no community to call on. No neighbourhood to grow in, no faith to share in, no charities to work in. No-one but the Minister, nowhere but Whitehall, no such thing as society - just them, and their laws, and their rules, and their arrogance.
David Cameron, Conference Speech 2008
Imagining that all order is the result of design, socialists
conclude that order must be improvable by better design of some superior mind.
F.A. Hayek, The Fatal Conceit
[Every] sacrifice is an act of impurity that pays for a prior act of greater impurity... without its participants having to suffer the full consequences incurred by its predecessor. The punishment is commuted in a process that strangely combines and finesses the deep contradiction between justice and mercy.
Frederick Turner, Beauty: The Value of Values
[The Axial Age] highlights the conception of a responsible self... [that] promise[s] man for the first time that he can understand the fundamental structure of reality and through salvation participate actively in it.
Robert N Bellah, "Religious Evolution", American Sociological Review, Vol. 29, No. 3.
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
[T]he way to achieve a system of determining admission to the public schools on a nonracial basis,
Brown II, 349 U. S., at 300–301, is to stop assigning students on a racial basis. The way to stop
discrimination on the basis of race is to stop discriminating on the basis of race.
Roberts, C.J., Parents Involved in Community Schools vs. Seattle School District
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
Paul Dirac: When I was talking with Lemaître about [the expanding universe] and feeling stimulated
by the grandeur of the picture that he has given us, I told him that
I thought cosmology was the branch of science that lies closest to religion.
However [Georges] Lemaître [Catholic priest, physicist, and
inventor of the Big Bang Theory] did not agree with me. After thinking it over he
suggested psychology as lying closest to religion.
John Farrell, The Creation Myth
Within Pentecostalism the injurious hierarchies of the wider world are abrogated and replaced by a single hierarchy of faith, grace, and the empowerments of the spirit... where groups gather on rafts to take them through the turbulence of the great journey from extensive rural networks to the mega-city and the nuclear family...
David Martin, On Secularization
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