Dear Mother, I am getting on nicely in my work at the bank, and like it ... I want to find out something about the science of money while I am at it; it is an extraordinarily interesting subject.
I have one other issue I'd like to throw on the table. I hesitate to do it, but let me tell you some of the issues that are involved here. If we are dealing with psychology, then the thermometers one uses to measure it have an effect. I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market. There's an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
We rarely use much debt and, when we do, we attempt to structure it on a long-term fixed rate basis. We will reject interesting opportunities rather than over-leverage our balance sheet. This conservatism has penalized our results but it is the only behavior that leaves us comfortable, considering our fiduciary obligations to policyholders, depositors, lenders and the many equity holders who have committed unusually large portions of their net worth to our care.
What's very interesting about the violence in Lebanon and the violence in Iraq and the violence in Gaza is this: These are all groups of terrorists who are trying to stop the advance of democracy. They're trying to thwart the will of millions who simply want a normal, hopeful life. That's what we're seeing.
There is a reward structure in science that is very interesting: Our highest honors go to those who disprove the findings of the most revered among us. So Einstein is revered not just because he made so many fundamental contributions to science, but because he found an imperfection in the fundamental contribution of Isaac Newton.
In the matter of physics, the first lessons should contain nothing but what is experimental and interesting to see. A pretty experiment is in itself often more valuable than twenty formulae extracted from our minds.
See, one of the interesting things in the Oval Office - I love to bring people into the Oval Office - right around the corner from here - and say, this is where I office, but I want you to know the office is always bigger than the person.
Never to see or describe any interesting appearance in nature, without connecting it by dim analogies with the moral world, proves faintness of Impression. Nature has her proper interest; & he will know what it is, who believes & feels, that every Thing has a life of it's own, & that we are all one Life.