Literature

“Under the reign of William III, the charging of interest was soon allowed and bank-friendly laws were introduced. Given the previous repeated defaults by indebted kings and a raid on the national mint; Parliament and creditors of the state (namely the merchants and goldsmiths) lobbied for the creation of a privately owned Bank with public privileg

Unproductive credit creation (for non-GDP transactions) will result in asset price inflation, bursting bubbles and banking crises as well as resource misallocation and dislocation. In contrast credit used for the production of new goods and services, or to enhance productivity, is productive credit creation that will deliver non-inflationary growth

Banks decide where to allocate credit in the economy. The incentives that they face often lead them to favour lending against collateral, or existing assets, rather than lending for investment in production. As a result, new money is often more likely to be channeled into property and financial speculation than to small businesses and manufacturing

Little Fly,

Thy summer’s play

My thoughtless hand

Has brushed away.

Am not I

A fly like thee?

Or art not thou

A man like me?

For I dance

And drink, and sing,

Till some blind hand

Shall brush my wing…

William Blake

“Violence is the last refuge of the incompetent.”

Asimov

“In the fall, do leaves on the trees still change color if no one is there to see them?”

Last July I read a book about the Great Depression. In it they described a carnival tent, kept at arm's length from the others, where men would gather at night. And they would peer through a gauzy curtain to watch a woman lie on a fainting couch and await the coming dawn. The men could not make out her face, or even if she was truly beautiful, but

Human beings often cling to their certainties for fear that their opinions will be proven false. But a certainty that cannot be called into question is not a certainty. Solid certainties are those that survive questioning. In order to accept questioning as the foundation for our voyage toward knowledge, we must be humble enough to accept that today

Being aware that we may be wrong is different from claiming that it is senseless to speak of right and wrong. Recognizing diversity and taking seriously ideas that diverge from our own is different from claiming that all ideas are equally worthy. Knowing that a given judgement is born within a complex cultural context and is related to many others