|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.|
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
In 1911... at least nine million of the 12 million covered by national insurance were already members of voluntary sick pay schemes. A similar proportion were also eligible for medical care.
Green, Reinventing Civil Society
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
Law being too tenuous to rely upon in [Ulster and the Scottish borderlands], people developed patterns of settling differences by personal fighting and family feuds.
Thomas Sowell, Conquests and Cultures
The primary thing to keep in mind about German and Russian thought since
1800 is that it takes for granted that the Cartesian, Lockean or Humean scientific and
philosophical conception of man and nature... has been shown by indisputable evidence to be
F.S.C. Northrop, The Meeting of East and West
Inquiry does not start unless there is a problem... It is the problem and its
characteristics revealed by analysis which guides one first to the relevant facts and then,
once the relevant facts are known, to the relevant hypotheses.
F.S.C. Northrop, The Logic of the Sciences and the Humanities
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
I mean three systems in one: a predominantly market economy; a polity respectful of the rights of the individual to life, liberty, and the pursuit of happiness; and a system of cultural institutions moved by ideals of liberty and justice for all.
In short, three dynamic and converging systems functioning as one: a democratic polity, an economy based on markets and incentives, and a moral-cultural system which is plural and, in the largest sense, liberal.
Michael Novak, The Spirit of Democratic Capitalism
The incentive that impels a man to act is always some uneasiness...
But to make a man act [he must have]
the expectation that purposeful behavior has the power to remove
or at least to alleviate the felt uneasiness.
Ludwig von Mises, Human Action
[In the] higher Christian churches... they saunter through the liturgy like Mohawks along a string of scaffolding who have long since forgotten their danger. If God were to blast such a service to bits, the congregation would be, I believe, genuinely shocked. But in the low churches you expect it every minute.
Annie Dillard, Holy the Firm
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
The recognition and integration of extralegal property rights [in the Homestead Act] was a key element in the United States becoming the most important market economy and producer of capital in the world.
Hernando de Soto, The Mystery of Capital