by John Rubino, Dollar Collapse:
When governments create insane amounts of money, the recipients of that money tend to behave accordingly. Consider:
Einstein scribbled his theory of happiness in place of a tip. It just sold for more than $1 million.
(Washington Post) – He is known as one of the great minds in 20th-century science. But this week, Albert Einstein is making headlines for his advice on how to live a happy life — and a tip that paid off.
In November 1922, Einstein was traveling from Europe to Japan for a lecture series for which he was paid 2,000 pounds by his Japanese publisher and hosts, according to Walter Isaacson’s biography, “Einstein: His Life and Universe.” During the journey, the 43-year-old learned he’d been awarded his field’s highest prize: the Nobel Prize in physics. The award recognized his contributions to theoretical physics.
News of Einstein’s arrival spread quickly through Japan, and thousands of people flocked to catch a glimpse of the Nobel laureate. Impressed but also embarrassed by the publicity, Einstein tried to write down his thoughts and feelings from his secluded room at the Imperial Hotel in Tokyo.
That’s when the messenger arrived with a delivery. He either “refused to accept a tip, in line with local practice, or Einstein had no small change available,” according to the AFP.
Instead, Einstein wrote two short notes and handed them to the messenger. If you are lucky, the notes themselves will someday be worth more than some spare change, Einstein said, according to the seller of the letters, a resident of Hamburg, Germany who is reported to be a relative of the messenger.
Those autographed notes, in which Einstein offered his thoughts on how to live a happy and fulfilling life, sold at a Jerusalem auction house Tuesday for a combined $1.8 million.
“A calm and modest life brings more happiness than the pursuit of success combined with constant restlessness,” reads one of the notes,written in German on the hotel’s stationery.
It just sold for $1.56 million. The letter had originally been estimated to sell for between $5,000 and $8,000, according to the Winner’s Auctions and Exhibitions website.
(CNBC) – The supply shortage that has been plaguing the nation’s housing market for the past two years has now affected the most expensive homes.
The number of multimillion-dollar listings is suddenly dropping, and that is only making these pricey homes, well, pricier.
The top 5 percent of homes by price sold in the third quarter saw their values increase 4.9 percent compared with a year ago, hitting an average of $1.71 million, according to Redfin, a real estate brokerage.
“There is still strong buyer demand for high-end homes,” said Redfin’s chief economist, Nela Richardson. “Despite declining inventory, luxury sales soared in the third quarter.”
Sales of homes priced at or above $1 million were up 11 percent from a year ago, while sales of homes priced at or above $5 million were up almost as much at 10 percent, Richardson explained.
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