|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.|
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
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
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
[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
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
In England there were always two sharply opposed middle classes, the academic middle class and the commercial middle class. In the nineteenth century, the academic middle class won the battle for power and status... Then came the triumph of Margaret Thatcher... The academics lost their power and prestige and... have been gloomy ever since.
Freeman Dyson, The Scientist as Rebel
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
What distinguishes true Conservatism from the rest, and from the Blair project, is the belief in more personal freedom and more market freedom, along with less state intervention... The true Third Way is the Holy Grail of Tory politics today - compassion and community without compulsion.
Minette Marrin, The Daily Telegraph
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
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
There was nothing new about the Frankish drive to the east... [let] us recall that the continuance of their rule depended upon regular, successful, predatory warfare.
Richard Fletcher, The Barbarian Conversion
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