🛡️ B̲R̲E̲A̲K̲I̲N̲G̲: R̲u̲s̲s̲i̲a̲ and China destroy ‘h̲o̲s̲t̲i̲l̲e̲ s̲u̲b̲m̲a̲r̲i̲n̲e̲’

Tensions are escalating fast - which is why you must prepare for a Chinese attack on Taiwan NOW... [TheEmpireTrading]( [Divider] Dear Fellow Investor, In a recent War Game, Russia and China destroyed a "hostile submarine" in the "Sea of Japan." John M. Keynes Biography John M. Keynes (5 June 1883 – 21 April 1946) was one of the most influential economists of the Twentieth Century. His groundbreaking work in the 1930s led to the development of a whole new economic discipline dedicated to macroeconomics. His economic theories, which became known as ‘Keynesianism’ advocated government intervention to end the Great Depression. keynesJohn M. Keynes was born in Cambridge to an upper-middle-class family. His father was a lecturer in economics and moral sciences at Cambridge University. He was a bright scholar who won a scholarship to Eton College. After Eton, he studied Maths at Kings College, Cambridge. At Cambridge, the great economist Alfred Marshall encouraged Keynes to take up the relatively new science of Economics. Keynes published his first economic article in 1909, and by 1911 was editor of the Economic Journal. During the First World War, Keynes acted as a government advisor for the government. He helped to negotiate terms with Britain’s creditors (UK debt rose sharply in World War One). At the end of the First World War, Keynes took part in the British delegation to the Treaty of Versailles. Keynes was shocked at the level of reparations the Allies wanted to impose on the Germans. Keynes resigned from the British delegation saying it was a recipe for bankrupting Germany. He wrote the Economic Consequences of the Peace in 1919, accurately predicting the difficulties Germany would have and the consequent political resentment at such as harsh peace treaty. “If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp.” The Economic Consequences of the Peace (1919) Chapter VII, Section 1, pg.268 John M. KeynesIn the 1920s, Keynes wrote a powerful critique of Britain’s decision to return to the Gold Standard at a pre-1914 level. Keynes argued that the artificially high value of sterling would make life difficult for British exporters. The decision to return to the Gold Standard in 1925 was widely blamed for the prolonged deflation and high unemployment the UK experienced in the 1920s. The Chancellor of the Exchequer, Winston Churchill, who was responsible for the decision admitted it was the biggest domestic mistake of his career. Keynes and the Great Depression It was the Great Depression of 1929-39, which gave Keynes the opportunity to disparage and challenge the classical orthodoxy which dominated economic theory at the time. At the outbreak of the Great Depression, the classical response was to rely on free markets and balance the budget – through tax increases and cutting government spending. In 1931, Keynes was particularly critical of Ramsay McDonald’s austerity budget which cut public investment, wages and increased taxes. Keynes argued that the government should be doing the opposite. Throughout the 1930s, Keynes was a consistent voice for advocating higher government spending funded through higher borrowing. However, in most democracies, it proved a lone voice – apart from intermittent spending as part of Roosevelt’s New Deal. The basic principle of Keynes’ work was that in a recession, there were wasted resources due to higher private savings and falling private sector investment and spending. Therefore, the government should intervene. The government should borrow from the surplus savings of the private sector and help unemployed resources, lying idle, to become used. See more at explanation of Keynesian economics Keynes was also a great publicist for his own views, with a knack for attracting attention. For example, when he saw a waiter with nothing to do, he knocked some serviettes on to the floor. He explained to his bemused friends he was trying to prevent unemployment by creating work. In his General Theory, he used the analogy of digging holes in the ground to explain concepts of aggregate demand. “To dig holes in the ground“, paid for out of savings, will increase, not only employment, but the real national dividend of useful goods and services. It is not reasonable, however, that a sensible community should be content to remain dependent on such fortuitous and often wasteful mitigations when once we understand the influences upon which effective demand depends.” – J.M. Keynes, The General Theory Of Employment, Interest, And Money Ch 4. His work created some notable soundbites – he popularised the idea of the paradox of thrift (individual saving causes aggregate spending to fall). He also coined the phrase ‘in the long run we are all dead’. “The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again.” – J.M. Keynes, A Tract on Monetary Reform (1923) Ch. 3. This phrase was an ironic criticism of classical theory, which argued markets would eventually return to equilibrium ‘in the long run.’ His groundbreaking work – The General Theory of Employment, Interest and Money (1936) provided a framework for macroeconomics and was a radical departure from the more limited classical framework. After the war, to varying degrees, governments in the West pursued Keynesian demand management in an attempt to achieve full employment. This led the US president R. Nixon to declare in the 1960s – “we’re all Keynesians now.” In the 1970s, the reputation of Keynes’ work was challenged by the stagflation of the decade and the response of neo-classical economists and monetarists, such as Milton Friedman. But, the great recession of 2008-2013, led to a resurgence of interest in Keynes’ explanation for prolonged recessions. In 1940, his health suffered, and he had to cut back on his workload. However, after the Second World War, he was asked to take part in the British negotiations with America over debt repayments. It was Keynes’ job to emphasise to the Americans how bankrupt the UK was. The American delegation who met Keynes was deeply impressed by his intellect and passion. Though they couldn’t meet his demands until Congress became worried about the spread of Communism in Europe, and agreed to extend the terms of credit. Outside economics, Keynes was a lover of the arts, opera and noted for his exceptional wit. He was a formidable intellect and even critics admitted he had both great intellect and powers of persuasion. “Every time I argued with Keynes, I felt that I took my life in my hands and I seldom emerged without feeling something of a fool.” – Bertrand Russell Austrian economist Friedrich Hayek who came up with an economic theory (Austrian economics), very different to Keynes, wrote: “He was the one really great man I ever knew, and for whom I had unbounded admiration. The world will be a very much poorer place without him.” Another quality of Keynes was his optimism and belief in finding a solution. While many despaired at the social and economic cost of the Great Depression, to Keynes he saw a way out – it need not be like this. He used his knowledge of economics to make a fortune on the stock market; though, in 1929, he failed to predict the stock market crash and lost a fortune. However, in the 1930s, he saw his financial investments make a good return, as he made a number of astute investments. He was a member of the Bloomsbury Group, a fashionable society of Cambridge graduates, who also included Virginia Woolf and E.M.Forster Keynes married the ballerina Lydia Lopokova but had a number of affairs with both women and men. He tragically died from a heart attack in 1946, just as he was helping to implement the post-war economic settlement and set up the Bretton-Woods system. Citation: Pettinger, Tejvan. “Biography of John M Keynes”, Oxford, www.biographyonline.net Published 3 Feb. 2013. Last updated 9 February 2018. Influence of John M Keynes Provided dissenting voice at Treaty of Versailles about the harshness of the peace treaty. Later, many in Britain felt guilt at the terms of Treaty, which justified appeasement. Opposition to Gold Standard. In 1931 Britain finally left Gold Standard, which Keynes had criticised for a long time. Giving a sense of hope in Great Depression. As Bertrand Russell says in his autobiography: “There are still many people in America who regard depressions as acts of God. I think Keynes proved that the responsibility for these occurrences does not rest with Providence.” A sustained attack on orthodox ‘classical economics’. In the 1930s, the UK and US governments didn’t really listen to Keynes, but he did change the study of economics, creating a seismic shift in the subject – which would later incorporate Keynesian ideas into textbooks and economic theory. Joan Robinson said: “The consequences of Mr. Keynes’s attack upon orthodoxy are very far reaching. First, it cuts the ground from under the pretended justification of inequality, and allows us to see the monstrous absurdity of our social system with a fresh eye.” Keynes is credited with the creation of the branch of macro-economics – which up until that point economics was only concerned with micro-economics. Keynes helped negotiated credit terms with the US after the war. In 1965, Time Magazine led with a story, quoting Milton Friedman ‘We’re all Keynesians now’ A pacifist for much of his life, in 1936, he argued Britain should rearm in face of the Nazi threat. [Submarine]( Tensions are escalating fast - which is why you must prepare for a Chinese attack on Taiwan NOW. [Get my 3 step action plan here ]( "The Buck Stops Here," Steve Jobs Biography steve-jobsSteve Jobs (Feb 24, 1955 – October 5, 2011) was an American businessman and inventor who played a key role in the success of Apple computers and the development of revolutionary new technology such as the iPod, iPad and MacBook. Early Life Steve Jobs was born in San Francisco, 1955, to two university students Joanne Schieble and Syrian-born John Jandali. They were both unmarried at the time, and Steven was given up for adoption. Steven was adopted by Paul and Clara Jobs, whom he always considered to be his real parents. Steven’s father, Paul, encouraged him to experiment with electronics in their garage. This led to a lifelong interest in electronics and design. Jobs attended a local school in California and later enrolled at Reed College, Portland, Oregon. His education was characterised by excellent test results and potential. But, he struggled with formal education and his teachers reported he was a handful to teach. At Reed College, he attended a calligraphy course which fascinated him. He later said this course was instrumental in Apple’s multiple typefaces and proportionally spaced fonts. Steve Jobs in India In 1974, Jobs travelled with Daniel Kottke to India in search of spiritual enlightenment. They travelled to the Ashram of Neem Karoli Baba in Kainchi. During his several months in India, he became aware of Buddhist and Eastern spiritual philosophy. At this time, he also experimented with psychedelic drugs; he later commented that these counter-culture experiences were instrumental in giving him a wider perspective on life and business. “Bill Gates‘d be a broader guy if he had dropped acid once or gone off to an ashram when he was younger.” – Steve Jobs, The New York Times, Creating Jobs, 1997 Job’s first real computer job came working for Atari computers. During his time at Atari, Jobs came to know Steve Wozniak well. Jobs greatly admired this computer technician, whom he had first met in 1971. Steve Jobs and Apple In 1976, Wozniak invented the first Apple I computer. Jobs, Wozniak and Ronald Wayne then set up Apple computers. In the very beginning, Apple computers were sold from Jobs parents’ garage. Over the next few years, Apple computers expanded rapidly as the market for home computers began to become increasingly significant. In 1984, Jobs designed the first Macintosh. It was the first commercially successful home computer to use a graphical user interface (based on Xerox Parc’s mouse driver interface.) This was an important milestone in home computing and the principle has become key in later home computers. Despite the many innovative successes of Jobs at Apple, there was increased friction between Jobs and other workers at Apple. In 1985, removed from his managerial duties, Jobs resigned and left Apple. He later looked back on this incident and said that getting fired from Apple was one of the best things that happened to him – it helped him regain a sense of innovation and freedom, he couldn’t find work in a large company. Life After Apple Steve_Jobs_and_Bill_Gates_(522695099) Steve Jobs and Bill Gates. Photo Joi Ito On leaving Apple, Jobs founded NeXT computers. This was never particularly successful, failing to gain mass sales. However, in the 1990s, NeXT software was used as a framework in WebObjects used in Apple Store and iTunes store. In 1996, Apple bought NeXT for $429 million. Much more successful was Job’s foray into Pixar – a computer graphic film production company. Disney contracted Pixar to create films such as Toy Story, A Bug’s Life and Finding Nemo. These animation movies were highly successful and profitable – giving Jobs respect and success. In 1996, the purchase of NeXT brought Jobs back to Apple. He was given the post of chief executive. At the time, Apple had fallen way behind rivals such as Microsoft, and Apple was struggling to even make a profit. Return to Apple Steve_Jobs_with_the_Apple_iPad_no_logo Photo: Matt Buchanan Jobs launched Apple in a new direction. With a certain degree of ruthlessness, some projects were summarily ended. Instead, Jobs promoted the development of a new wave of products which focused on accessibility, appealing design and innovate features. The iPod was a revolutionary product in that it built on existing portable music devices and set the standard for portable digital music. In 2008, iTunes became the second biggest music retailer in the US, with over six billion song downloads and over 200 million iPods sold. In 2007, Apple successfully entered the mobile phone market, with the iPhone. This used features of the iPod to offer a multi-functional and touchscreen device to become one of the best-selling electronic products. In 2010, he introduced the iPad – a revolutionary new style of tablet computers. The design philosophy of Steve Jobs was to start with a fresh slate and imagine a new product that people would want to use. This contrasted with the alternative approach of trying to adapt current models to consumer feedback and focus groups. Job’s explains his philosophy of innovative design. “But in the end, for something this complicated, it’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” – Steve Jobs, BusinessWeek (25 May 1998) Apple has been rated No.1 in America’s most admired companies. Jobs management has been described as inspirational, although c-workers also state, Jobs could be a hard taskmaster and was temperamental. NeXT Cofounder Dan’l Lewin was quoted in Fortune as saying of that period, “The highs were unbelievable … But the lows were unimaginable.” “My job is not to be easy on people. My jobs is to take these great people we have and to push them and make them even better.” – All About Steve Jobs [link] Under Jobs, Apple managed to overtake Microsoft regarding share capitalization. Apple also gained a pre-eminent reputation for the development and introduction of groundbreaking technology. Interview in 2007, Jobs said: “There’s an old Wayne Gretzky quote that I love. ‘I skate to where the puck is going to be, not where it has been.’ And we’ve always tried to do that at Apple. Since the very very beginning. And we always will.” Despite, growing ill-health, Jobs continued working at Apple until August 2011, when he resigned. Wealth “I was worth over $1,000,000 when I was 23, and over $10,000,000 when I was 24, and over $100,000,000 when I was 25, and it wasn’t that important because I never did it for the money.” – Steve Jobs Jobs earned only $1million as CEO of Apple. But, share options from Apple and Disney gave him an estimated fortune of $8.3billion. Personal life In 1991, he married Laurene Powell, together they had three children and lived in Palo Alto, California. In 2003, he was diagnosed with Pancreatic Cancer. Over the next few years, Jobs struggled with health issues and was often forced to delegate the running of Apple to Tim Cook. In 2009, he underwent a liver transplant, but two years later serious health problems returned. He worked intermittently at Apple until August 2011, where he finally retired to concentrate on his deteriorating health. He died as a result of complications from his pancreatic cancer, suffering cardiac arrest on 5 October 2011 in Palo Alto, California. In addition to his earlier interest in Eastern religions, Jobs expressed sentiments of agnosticism. “Sometimes I believe in God, sometimes I don’t. I think it’s 50-50 maybe. But ever since I’ve had cancer, I’ve been thinking about it more. And I find myself believing a bit more. I kind of – maybe it’s ’cause I want to believe in an afterlife. That when you die, it doesn’t just all disappear.” Quote in Biography by Walter Isaacson. Steve Jobs is buried in an unmarked grave at Alta Mesa Memorial Park, a nonsectarian cemetery in Palo Alto. [Signature]   At The Emрire Тrading, we keep an eye out for favorable circumstances we believe will interest our readers. The following is one such message from one of our colleagues I think you’ll appreciate. 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