"Whose law states""Bad money drives out good""?"
"own house in Bishopsgate Street and the rents from the Royal Exchange should be vested in the Corporation of London and the Mercers Company, for the purpose of instituting a college in which seven professors should read lectures, one each day of the week, in astronomy, geometry, physic, law, divinity, rhetoric and music. Thus, Gresham College, the first institution of higher learning in London, came to be established in 1597. Gresham's Law (stated simply as: ""Bad money drives out good"") takes its name from him (although others, including the astronomer Nicolaus Copernicus, had recognised the concept for years) because he"
"which applied the Sherman Antitrust Act to the securities company, has been described as a reaction to President Theodore Roosevelt's wish to dramatize the issues of monopolies and trusts. The legal scholar Glanville Williams questioned the adage's usage in 1957, writing, ""It used to be said that 'hard cases make bad law'—a proposition that our less pedantic age regards as doubtful. What is certain is that cases in which the moral indignation of the judge is aroused frequently make bad law."" Bryan A. Garner calls the phrase a cliche; while mentioning Williams's disparagement, he asserts that it remains in frequent"
"for its bullion value, money that is considered to be ""good"" tends to leave an economy through international trade. International traders are not bound by legal tender laws as citizens of the issuing country are, so they will offer higher value for good coins than bad ones. The good coins may leave their country of origin to become part of international trade, escaping that country's legal tender laws and leaving the ""bad"" money behind. This occurred in Britain during the period of the gold standard. The law was named after Sir Thomas Gresham, a sixteenth-century financial agent of the English"
"Goodhart's law Goodhart's law is an adage named after economist Charles Goodhart, which has been phrased by Marilyn Strathern as: ""When a measure becomes a target, it ceases to be a good measure."" One way in which this can occur is individuals trying to anticipate the effect of a policy and then taking actions which alter its outcome. Goodhart first advanced the idea in a 1975 paper, which later became used popularly to criticize the United Kingdom government of Margaret Thatcher for trying to conduct monetary policy on the basis of targets for broad and narrow money. His original formulation"
"is supposed to be, it would probably be twice as good as yesterday was. Law Number III: There are no lazy veteran lion hunters. Law Number IV: If you can afford to advertise, you don't need to. Law Number V: One-tenth of the participants produce over one-third of the output. Increasing the number of participants merely reduces the average output. Law Number VI: A hungry dog hunts best. A hungrier dog hunts even better. Law Number VII: Decreased business base increases overhead. So does increased business base. Law Number VIII: The most unsuccessful four years in the education of a"
"Hard cases make bad law Hard cases make bad law is an adage or legal maxim. The phrase means that an extreme case is a poor basis for a general law that would cover a wider range of less extreme cases. In other words, a general law is better drafted for the average circumstance as this will be more common. The original meaning of the phrase concerned cases in which the law had a hard impact on some person whose situation aroused sympathy. The expression dates at least to 1837. It was used in 1904 by US Supreme Court Justice"
"Public Law 110-343 Public Law 110-343 () is a US Act of Congress signed into law by U.S. President George W. Bush, which was designed to mitigate the growing financial crisis of the late-2000s by giving relief to so-called ""Troubled Assets."" Its formal title is ""An Act To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend"
"received special attention as the recipient of more care. The legal scholar Arthur Linton Corbin, writing in 1923, reversed the adage in an article entitled ""Hard Cases Make Good Law"": Hard cases make bad law Hard cases make bad law is an adage or legal maxim. The phrase means that an extreme case is a poor basis for a general law that would cover a wider range of less extreme cases. In other words, a general law is better drafted for the average circumstance as this will be more common. The original meaning of the phrase concerned cases in which"
"paid for an advertisement on Reuters describing a new law that would not allow Americans to take money out of their own USA accounts. The ad reads: ""New Law Cracks Down on Right to Use Cash. Americans are reporting problems taking their own money out of US banks."" The advertisement does not cite the law (the Foreign Account Tax Compliance Act or FATCA) to which it refers. Bill Bonner (author) Bill Bonner is an American author of books and articles on economic and financial subjects. He is the founder of The Agora, as well as a co-founder of Bonner &"
"are favorites to take the dollar's place in countries hostile towards America, like Iran. He then tackles the lack of regulatory oversight employed in the housing market and how the housing boom was allowed to run free under Alan Greenspan. The book concludes with the proposal that America is employing bad capitalism and extends Gresham's Law of currency to suggest that our good capitalism will be driven out by the bad. Kevin Phillips (political commentator) Kevin Price Phillips (born November 30, 1940) is an American writer and commentator on politics, economics, and history. Formerly a Republican Party strategist before becoming"
"stated in the 14th century, by Nicole Oresme , in his treatise ""On the Origin, Nature, Law, and Alterations of Money"", and by jurist and historian Al-Maqrizi (1364–1442) in the Mamluk Empire; and noted by Aristophanes in his play ""The Frogs"", which dates from around the end of the 5th century BC. Good money is money that shows little difference between its nominal value (the face value of the coin) and its commodity value (the value of the metal of which it is made, often precious metals, nickel, or copper). In the absence of legal-tender laws, metal coin money will"
"Crown in the city of Antwerp, to explain to Queen Elizabeth I what was happening to the English shilling. Her father, Henry VIII, had replaced 40 percent of the silver in the coin with base metals, to increase the government's income without raising taxes. Astute English merchants and even ordinary subjects would save the good shillings from pure silver and circulate the bad ones; hence, the bad money would be used whenever possible, and the good coinage would be saved and disappear from circulation. Gresham was not the first to state the law which took his name. The phenomenon had"
"go wrong!"", Yhprum's law, where the name is spelled backwards, is ""anything that can go right, will go right"" — the optimistic application of Murphy's law in reverse. Peter Drucker, the management consultant, with a nod to Murphy, formulated ""Drucker's Law"" in dealing with complexity of management: ""If one thing goes wrong, everything else will, and at the same time."" Mrs. Murphy's Law is a corollary of Murphy's Law. It states that things will go wrong when Mr. Murphy is away, as in this formulation: Murphy's law Murphy's law is an adage or epigram that is typically stated as: ""Anything"
"portions of the bill contained earmarks and pork barrel spending. Public Law 110-343 Public Law 110-343 () is a US Act of Congress signed into law by U.S. President George W. Bush, which was designed to mitigate the growing financial crisis of the late-2000s by giving relief to so-called ""Troubled Assets."" Its formal title is ""An Act To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986"
"Hobbs Act The Hobbs Act, named after Congressman Sam Hobbs (D-AL) and codified at , is a U.S. federal law enacted in 1946 that provides: Section 1951 also proscribes conspiracy to commit robbery or extortion without reference to the conspiracy statute at . Although the Hobbs Act was enacted as a statute to combat racketeering in labor-management disputes, the statute is frequently used in connection with cases involving public corruption, commercial disputes, and corruption directed at members of labor unions. The Hobbs Act criminalizes both robbery and extortion, where: In interpreting the Hobbs Act, the Supreme Court has held that"
"if you legislate to make the well-to-do prosperous, this prosperity will leak through on those below. The Democratic idea has been that if you legislate to make the masses prosperous their prosperity will find its way up and through every class and rest upon them."" That's the stuff! Give the prosperous man the dickens! Legislate the thriftless man into ease, whack the stuffing out of the creditors and tell the debtors who borrowed the money five years ago when money ""per capita"" was greater than it is now, that the contraction of currency gives him a right to repudiate. The"
"the message that money is an evil temptation. Pink Floyd warns us by saying ""get away"" because people with money are in their own world of greed and lust. Money may bring success but it is the ""root of all evil today"" as David Gilmour explicitly states in verse 3 of Pink Floyd's song. Remember to ""share it fairly, but don't take a slice of my pie"" a popular lyric that Pink Floyd wrote to prod society about their values. The song argues that money is evil; ironically the album ""Money"" is on has made Pink Floyd a substantial amount"
"No good deed goes unpunished The phrase 'No good deed goes unpunished' is a sardonic commentary on the frequency with which acts of kindness backfire on those who offer them. In other words, those who help others are doomed to suffer as a result of their being helpful. It has been attributed to several luminaries, including Billy Wilder, writer Clare Booth Luce, American financier John P. Grier, banker Andrew W. Mellon, and Oscar Wilde, although its actual origin has never been established. The phrase appears in Brendan Gill's 1950 book ""The Trouble of One House"". The phrase is featured prominently"
"Craving drives all habits and is essential to starting a new habit, or destroying an old one. Duhigg describes how Procter and Gamble used research on the habit loop and its connection to cravings to develop the market for Febreze, a product that eliminates bad odors, to make a fortune. The Golden rule of habit change helps stop addictive habits and replace them with new ones. It states that if you keep the initial cue, replace the routine, and keep the reward, change will eventually occur, although individuals who do not believe in what they are doing will likely fall"
"a higher rate of return is required for investment to be profitable. Unless the government uses the borrowed funds to invest in projects with a similar rate of return to private investment, capital accumulation falls, with negative consequences upon economic growth. The Golden Rule was one of several fiscal policy principles set out by the incoming Labour government in 1997. These were first set out by then Chancellor of the Exchequer Gordon Brown in his 1997 budget speech. Subsequently they were formalised in the Finance Act 1998 and in the Code for Fiscal Stability, approved by the House of Commons"
"with less than 5,000 miles were actually worth more than MSRP. Lott claims that laws which limit money donated to politicians gives an advantage to incumbents. He also asserts that these laws redirect money from politicians to political action committees, thereby increasing the occurrence of negative campaigning. Lott makes an argument that reputations are an important, and often overlooked, asset in the economy. He gives examples of how hurt reputations can be more damaging than penalties imposed by law. Lott asserts that professional licensing prevents the highest quality entrants from entering professions from barbering to practicing law. He points out"
"some financial regulation of banks from the Glass–Steagall Act of 1933. During the economic recovery from the Great Recession of the late 2000s, Ryan supported the Troubled Asset Relief Program (TARP), which authorized the Treasury to purchase toxic assets from banks and other financial institutions, and the auto industry bailout; Ryan opposed the Credit CARD Act of 2009, which expanded consumer protections regarding credit card plans, and the Dodd–Frank Wall Street Reform and Consumer Protection Act, which strengthened financial regulation. In 2016, Ryan rolled out a set of anti-poverty proposals that ""seek to expand work requirements for those receiving federal"
"notes"" with ""United States Money"" and dismantle the Fed. In this, the Act Additionally, the Act would earmark funds for federal outlays in order to ""create 50 million jobs"" nationwide, in projects such as ""federal & state infrastructure investment, education, health care,"" etc. The bill's introduction was ""enthusiastically"" supported by the American Monetary Institute and other opponents of fractional reserve banking, as well as by opponents of the Federal System, in general, such as the Positive Money organisation. Kucinich stated that the bill would remove the power of creating money from the ""privately owned and controlled"" Federal Reserve System and"
"foundation for the Federal Reserve Act of 1913 and earlier US banking law. Glass and Willis argued the failure of banks to follow, and of the Federal Reserve to enforce, this theory had resulted in the ""excesses"" that inevitably led to the Wall Street Crash of 1929 and the Great Depression. Before and after the Wall Street Crash of 1929 Senator Glass used this commercial banking theory to criticize banks for their involvement in securities markets. Glass condemned banks for lending to stock market ""speculators"" and for underwriting ""risky"" or ""utterly worthless"" securities, particularly foreign securities, that were sold to"
"be no more than 15 percent of his public service income. This restriction applied only to ""earned"" income, while excluding investment income from stocks or bonds. About a half-dozen members of the House of Representatives reportedly would not speak to the Speaker of the House, Tip O'Neill, because he pushed the Act through. Their claim was that the Act favored people with ""unearned"" wealth, people who already had it, over people with ""earned"" additional income, usually with a law practice on the side. Democratic Representative David R. Bowen of Mississippi called the ethics climate of the time a ""witch-hunt"". Specific"
"should be changed to primarily benefit consumers, and have no other purpose. Free market economist Milton Friedman states that he initially agreed with the underlying principles of antitrust laws (breaking up monopolies and oligopolies and promoting more competition), but that he came to the conclusion that they do more harm than good. Thomas Sowell argues that, even if a superior business drives out a competitor, it does not follow that competition has ended: Alan Greenspan argues that the very existence of antitrust laws discourages businessmen from some activities that might be socially useful out of fear that their business actions"
"financed. Every dollar that the government spends is a dollar taken from American workers, regardless whether it is from debt or taxes. Taxes simply redistribute purchasing power, doing so in a particularly inefficient manner, reducing the incentives to produce or hire and borrowing simply forces businesses and investors to anticipate higher taxes later on. The Democratic-Republican Party of Thomas Jefferson supported a weak central government and a more ""laissez-faire"" approach than that of the Federalist Party of Jefferson's rival Alexander Hamilton. They opposed Hamilton's plan to pay off the debts owed by the states for the expense of the American"
"practices, broadened their lending powers, and raised the deposit insurance limit from $40,000 to $100,000, which caused moral hazard. Banks rushed into real estate lending, speculative lending, and other ventures as the economy soured. By mid-1982, the number of bank failures was rising steadily. Bank failures reached 42, the highest since the depression, as both the recession and high interest rates took their toll. By the end of the year, the Federal Deposit Insurance Corporation (FDIC) had spent $870 million to purchase bad loans in an effort to keep various banks afloat. In July 1982, the US Congress enacted the"
"that the restriction on free speech was minimal. It then found that the restriction was justified by the government's legitimate interest in preventing ""both the actual corruption threatened by large financial contributions and... the appearance of corruption"" that might result from those contributions. In response to challenges that the law was too broad and unnecessarily regulated conduct that had not been shown to cause corruption (such as advertisements paid for by corporations or unions), the Court found that such regulation was necessary to prevent the groups from circumventing the law. Justices O'Connor and Stevens wrote that ""money, like water, will"
"is nonexistent. The indirect evidence, as found in papers by Black and Nagin and Ayres and Donohue [cited in Chapter 6], is controversial. Indeed, the Ayres and Donohue paper shows that there was a ""statistically significant downward shift in the trend"" of the murder rate (Chapter 6, page 135). This suggests to me that for people interested in RTC laws, the best evidence we have is that they impose no costs but may confer benefits. . . . In sum, I find that the evidence presented by Lott and his supporters suggests that RTC laws do in fact help drive"
"circulate, remaining in the possession of coin collectors, this can increase demand for coinage. On the other hand, bad money is money that has a commodity value considerably lower than its face value and is in circulation along with good money, where both forms are required to be accepted at equal value as legal tender. In Gresham's day, bad money included any coin that had been debased. Debasement was often done by the issuing body, where less than the officially specified amount of precious metal was contained in an issue of coinage, usually by alloying it with a base metal."
"Finagle's law Finagle's law of dynamic negatives (also known as Melody's law or Finagle's corollary to Murphy's law) is usually rendered as ""Anything that can go wrong, will—at the worst possible moment."" The term ""Finagle's law"" was first used by John W. Campbell, Jr., the influential editor of ""Astounding Science Fiction"" (later ""Analog""). He used it frequently in his editorials for many years in the 1940s to 1960s, but it never came into general usage the way Murphy's law has. One variant (known as O'Toole's corollary of Finagle's law) favored among hackers is a takeoff on the second law of"
"Omnibus Foreign Trade and Competitiveness Act The Omnibus Foreign Trade and Competitiveness Act of 1988 is an act passed by the United States Congress and signed into law by President Ronald Reagan. During the 1970s, the American trade surplus slowly diminished and morphed into an increasing deficit. As the deficit increased through the 1980s, some of the blame fell on the tariffs placed on American products by foreign countries, and the lack of similar tariffs on imports into the United States. Workers, unions and industry management all called for government action against countries with an unfair advantage. The Omnibus Foreign"