📚 Roger's Highlights

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Britain could not pursue Germany’s economic policy of autarchy. As exports declined with the switch to war-production (taking 1938 as 100, British exports had fallen to 29 per cent by 1943, imports only to 77 per cent), gold and dollar reserves disappeared. The Roosevelt administration was verbally sympathetic to the Allies but in practice unhelpful. Pitiful French calls for help in early June 1940 were coldly dismissed by Cordell Hull as ‘a series of extraordinary, almost hysterical appeals’. For some time Britain fared no better. Ambassador Joseph Kennedy, another Roosevelt campaign contributor, did not even provide verbal support: ‘From the start I told them they could expect zero help. We had none to offer and I know we could not give it and, in the way of any material, we could not spare it.’107 By the end of 1940 Britain had run out of convertible currency: she had only $12 million in her reserves, the lowest ever, and was obliged to suspend dollar

Modern Times

Paul Johnson

The most I can say is that the S&L control frauds powerfully affected our political system. My personal view is that they damaged it. The social and political effects of waves of control fraud are clear, and in Russia and some of the other former Soviet bloc nations, they are tragic. Life expectancy has fallen dramatically, violence has increased, respect for Western institutions has plummeted, and poverty and disease rates have surged. These social and political effects have made many Russians hostile to the United States, and the effects feed back into economic policies that can cause further damage (Stiglitz 2003). Effective markets are neither natural nor inevitable. Markets are institutions shaped by law, culture, and morals. They are vulnerable to control frauds. Such frauds cannot be defeated for all time; eternal vigilance is essential. Effective regulation is essential if modern markets are to remain honest and efficient.

The Best Way to Rob a Bank Is to Own One

William K. Black

Uphill and Downhill WITH AN UPHILL lie, you are going to pull the ball. Go ahead and make allowance for it. Shorten your uphill leg and straighten the other, so that your hips are level. You will naturally play the ball back in your stance, but don’t let your weight shift back with it. On a downhill lie, straighten your downhill leg and flex the uphill leg, again to level the hips. Play the ball back toward your right foot. Sole your club on the ground and the manufacturer will tell you about where it belongs when the face is square. You may hit the ball a little to the right. But do not play for a slice off a downhill lie. If you do, you are in danger of shanking it.

Harvey Penick's Little Red Book

Harvey Penick, Davis Love III (Introduction)

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