T HE money
allocated to defence is a critical element in a country’s ability
to defend itself and field effective military forces. As with all policy
areas, like health, education or social care, adequate resources are a
prerequisite for satisfactory performance. In this case, however,
headline figures for defence expenditure are also notoriously imprecise
measures of military capability. Spending public money on defence is no
guarantee that a country can deploy first-class armed forces. And since
The sterling money market
located in London is a wholesale market for short-term funds and
consequently provides facilities for economic units to adjust their
cash position quickly. The rationale for its existence is that
receipts of and payments in cash are not generally synchronised.
Quite large cash balances are needed if
two chambers of the House of Commons and the House of Lords. The country acquired a bicameral legislature.
Parliament was summoned only when the king needed support – there were some lengthy periods when it was never called – and ultimate power rested with the monarch. However, within the first two centuries of its existence, Parliament developed functions that rendered it a significant political body. The king became dependent on Parliament's assent to raising money through taxation, and Parliament began to insist on grievances being redressed before it gave
estimating claims for future expenses, especially where the patient is so badly injured as to be unable to manage his own affairs. Large sums of money can be claimed to cover the cost of future care in expensive nursing homes. But there is no guarantee that that money will be so spent. The patient may be consigned to the NHS and the money deposited to grow with interest and eventually, when the patient dies, to form a windfall for relatives. The courts are alert to this danger. They will seek to ensure that the sum awarded is such as will be wholly exhausted by care of the
answers as to what Britain’s overall security policy should be.
But the defence element within that security policy is not so obscure
that it cannot be clearly understood, even though it is normally
surrounded by specialist jargon and high-technology responses. The
essential anatomy of what governments call ‘defence
policy’ is not difficult to categorise, and the six chapters that
follow examine each essential element in turn. It consists of the money
that is allocated to it; the equipment the armed forces
- service economy’, the subtitle of my 1978 book: ‘economy’ in this context, of course not denoting any sort of independent sphere of economic action (though the Greek origin of the term meant literally ‘household’ in the grand sense of ‘landed estate’). It was always clear to me that, in general, only those with secure paid employment would have the money to buy the domestic capital equipment and materials. This was simply a mechanism for acquiring some final services without the involvement of some specific sorts of paid final service labour: a contrast, in short, to
termed a ‘fixed priced reoffer’ technique.
The secondary market in eurobonds is mainly over the
counter, with settlement being achieved via one of the international
clearing systems (i.e. Euroclear or Clearstream).
11.3 Money market instruments issued
through the eurosecurities markets
In contrast to the longer
insurance company pays a capital sum on the death of the person
assured, whenever that event occurs. An alternative form of life
assurance is an endowment policy, where a capital sum is paid out at
the end of some specified term or earlier if the assured dies within
the term. Endowment policies may be ‘without profits’,
in which case the money value of the benefit is fixed in advance, or
position of Judaism in the contemporary enslaved world.
Let us consider the actual, worldly Jew – not the Sabbath Jew , as Bauer does, but the everyday Jew.
Let us not look for the secret of the Jew in his religion, but let us look for the secret of his religion in the real Jew.
What is the secular basis of Judaism? Practical need, self-interest. What is the worldly religion of the Jew? Huckstering. What is his worldly God? Money.
Very well then! Emancipation from huckstering and money , consequently from practical, real Judaism, would be the self
the development of capitalism.
I conclude with a warning. However much I have stressed the importance of all forms of work in this book, it is clear that only the work of employment or self-employment generates income. And money is necessary to do all the other forms of work. In general, I can report that the work ethic is alive and well: people enjoy working and there is plenty to do. Often they may not particularly enjoy their employment, but they do enjoy and need the money that it brings. If there were a national minimum wage instead of the present