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Giving up everything must mean giving over everything to kingdom purposes, surrendering everything to further the one central cause, loosening our grip on everything. For some of us, this may mean ridding ourselves of most of our possessions. But for all of us it should mean dedicating everything we retain to further the kingdom. (For true disciples, however, it cannot mean hoarding or using kingdom assets self-indulgently.) ↗
I told her about my revenge on Topper the attempted rapist and the guy at the transient's hotel in Brooklyn, and, finally, I told her about stealing the money. "You did what?" She sat straight up in her chair, her eyes wide, her mouth open. "Shhh." Other diners were staring at us, frozen in silent tableau, some with forks or spoons halfway to mouth. Millie was blinking her eyes rapidly. Much quieter, she said, "You robbed a bank?" "Shhh." My ears were burning. "Don't make a scene." "Don't shush me! I didn't rob a bank." Fortunately she whispered it. The waiter walked up then and took our drink order. Millie ordered a vodka martini. I asked for a glass of white wine. I didn't know if it would help, but I figured it couldn't hurt. "A million dollars?" she said, after the waiter left. "Well, almost." "How much of it is left?" "Why?" She blushed. "Curiosity. I must look like a proper little gold digger." "About eight hundred thousand." "Dollars!" The man at the next table spilled his water. "Christ, Millie. You want me to leave you here? You're fifteen hundred miles away from home you know. ↗
#home
This book is an essay in what is derogatorily called "literary economics," as opposed to mathematical economics, econometrics, or (embracing them both) the "new economic history." A man does what he can, and in the more elegant - one is tempted to say "fancier" - techniques I am, as one who received his formation in the 1930s, untutored. A colleague has offered to provide a mathematical model to decorate the work. It might be useful to some readers, but not to me. Catastrophe mathematics, dealing with such events as falling off a height, is a new branch of the discipline, I am told, which has yet to demonstrate its rigor or usefulness. I had better wait. Econometricians among my friends tell me that rare events such as panics cannot be dealt with by the normal techniques of regression, but have to be introduced exogenously as "dummy variables." The real choice open to me was whether to follow relatively simple statistical procedures, with an abundance of charts and tables, or not. In the event, I decided against it. For those who yearn for numbers, standard series on bank reserves, foreign trade, commodity prices, money supply, security prices, rate of interest, and the like are fairly readily available in the historical statistics. ↗
My name, sir, is Virgilia Wessex. I am a Sunday school teacher from Sussex, England, and I have given you no leave to address me as anything.” His mouth seemed to almost smile, but if so, he caught it just on the brink and decided against it. “Well, I’ve just given the gent who found you first an obscene amount of money to address you however I please… Gillia. ↗
In Chapter 5 we consider swindles and defalcations. It happens that crashes and panics often are precipitated by the revelation of some misfeasance, malfeasance, or malversation (the corruption of officials) engendered during the mania. It seems clear from the historical record that swindles are a response to the greedy appetite for wealth stimulated by the boom. And as the monetary system gets stretched, institutions lose liquidity, and unsuccessful swindles are about to be revealed, the temptation to take the money and run becomes virtually irresistible. It is difficult to write on this subject without permitting the typewriter to drip with irony. An attempt will be made. ↗
Politicians have often declared that unbridled competition among financial intermediaries promotes failures that will harm the public. Although the evidence that competition does this is extremely weak, it has not stopped the state and federal governments from imposing many restrictive regulations. ↗
The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk. ↗
Hang you, DeVere! She's a close friend, nothing more." He furrowed his brow once again. "Though I do fear of late that she entertains some...expectations." "You think the young widow may aspire to quite another surrogate role? They all do, ol' chap. Expectations and demands—titles, money, time, attention. The female half of the species are little better than vampires, sucking away one's very lifeblood. ↗
