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Personal Finance
Credit and debit
Pawnbroker Student loan
Employment contract
Salary Wage Employee stock option Employee benefit Direct deposit
Retirement
Pension Defined benefit Defined contribution Social security Business plan Corporate action
Personal budget
Financial planner Financial adviser Financial independence Estate planning
See also
Banks and credit unions Cooperatives
v t e

A debt is an obligation owed by one party (the debtor) to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.

A debt is created when a creditor agrees to lend a sum of assets to a debtor. Debt is usually granted with expected repayment; in modern society, in most cases, this includes repayment of the original sum, plus interest.^[1]

In finance, debt is a means of using anticipated future purchasing power in the present before it has actually been earned. Some companies and corporations use debt as a part of their overall corporate finance strategy.

Etymology[link]

The word comes from the French dette and ultimately Latin debere (to owe), from de habere (to have). The letter b in the word debt was reintroduced in the 18th century, possibly by Samuel Johnson in his Dictionary of 1755 – several other words that had existed without a b had them reinserted at around that time.

History of debt[link]

Debt is as old as economy. The anthropologist David Graeber argues in Debt: The First 5000 Years that trade starts with some sort of credit namely the promise to pay later for already handed over goods. Therefore credit and debt existed even before coins.^[2][3]

Payment[link]

Before a debt can be made, both the debtor and the creditor must agree on the manner in which the debt will be repaid, known as the standard of deferred payment. This payment is usually denominated as a sum of money in units of currency, but can sometimes be denominated in terms of goods or services. Payment can be made in increments over a period of time, or all at once at the end of the loan agreement.

Types of debt[link]

A company uses various kinds of debt to finance its operations. The various types of debt can generally be categorized into: 1) secured and unsecured debt, 2) private and public debt, 3) syndicated and bilateral debt, and 4) other types of debt that display one or more of the characteristics noted above.^[4]

A debt obligation is considered secured, if creditors have recourse to the assets of the company on a proprietary basis or otherwise ahead of general claims against the company. Unsecured debt comprises financial obligations, where creditors do not have recourse to the assets of the borrower to satisfy their claims.

Private debt comprises bank-loan type obligations, whether senior or mezzanine. Public debt is a general definition covering all financial instruments that are freely tradeable on a public exchange or over the counter, with few if any restrictions.

A basic loan or "term loan" is the simplest form of debt. It consists of an agreement to lend a fixed amount of money, called the principal sum, for a fixed period of time, with this amount to be repaid by a certain date. In commercial loans interest, calculated as a percentage of the principal sum per year, will also have to be paid by that date, or may be paid periodically in the interval, such as annually or monthly. Such loans are also colloquially called bullet loans, particularly if there is only a single payment at the end – the "bullet" – without a "stream" of interest payments during the "life" of the loan. There are many conventions on how interest is calculated – see day count convention for some – while a standard convention is the annual percentage rate (APR), widely used and required by regulation in the United States and United Kingdom, though there are different forms of APR.

In some loans, the amount actually loaned to the debtor is less than the principal sum to be repaid; the additional principal has the same economic effect as a higher interest rate (see point), and is sometimes referred to as a banker's dozen, a play on "baker's dozen" – owe twelve (a dozen), receive a loan of eleven (a banker's dozen). Note that the effective interest rate is not equal to the discount: if one borrows $10 and must repay $11, then this is ($11–$10)/$10 = 10% interest; however, if one borrows $9 and must repay $10, then this is ($10–$9)/$9 = 11 1/9 % interest.^[5]

Rather than the entire principal amount of the loan being due at the end of the loan, the principal may be slowly repaid or "amortized" over the course of the loan – see amortizing loan. This is particularly common in mortgages and in the minimum payment on credit cards.

A syndicated loan is a loan that is granted to companies that wish to borrow more money than any single lender is prepared to risk in a single loan, usually many millions of dollars. In such a case, a syndicate of banks can each agree to put forward a portion of the principal sum. Loan syndication is a risk management tool that allows the lead banks underwriting the debt to reduce their risk and free up lending capacity.

A bond is a debt security issued by certain institutions such as companies and governments. A bond entitles the holder to repayment of the principal sum, plus interest. Bonds are issued to investors in a marketplace when an institution wishes to borrow money. Bonds have a fixed lifetime, usually a number of years; with long-term bonds, lasting over 30 years, being less common. At the end of the bond's life the money should be repaid in full. Interest may be added to the end payment, or can be paid in regular installments (known as coupons) during the life of the bond. Bonds may be traded in the bond markets, and are widely used as relatively safe investments in comparison to equity.

Debt syndication[link]

A syndicated loan is one that is provided by a group of lenders, and is structured, arranged, and administered by one or several commercial banks or investment banks known as arrangers.

Letters of credit[link]

The LC can also be the source of payment for a transaction, meaning that redeeming the letter of credit will pay an exporter. Letters of credit are used primarily in international trade transactions of significant value, for deals between a supplier in one country and a customer in another. They are also used in the land development process to ensure that approved public facilities (streets, sidewalks, stormwater ponds, etc.) will be built. The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any. In executing a transaction, letters of credit incorporate functions common to giros and Traveler's cheques. Typically, the documents a beneficiary has to present in order to receive payment include a commercial invoice, bill of lading, and a document proving the shipment was insured against loss or damage in transit. However, the list and form of documents is open to imagination and negotiation and might contain requirements to present documents issued by a neutral third party evidencing the quality of the goods shipped, or their place of origin.

Corporate finance
Working capital
Cash conversion cycle Return on capital Economic Value Added Just-in-time Economic order quantity Discounts and allowances Factoring
Capital budgeting
Capital investment decisions The investment decision The financing decision
Sections
Managerial finance Financial accounting Management accounting Mergers and acquisitions Balance sheet analysis Business plan Corporate action
Societal components
Financial market Financial market participants Corporate finance Personal finance Public finance Banks and banking Financial regulation Clawback
v t e

Accounting debt[link]

In national accounting, debts are added according to those who are indebted. Household debt is the debt held by households. "National" or Public debt is the debt held by the various governmental institutions (federal government, states, cities ...). Business debt is the debt held by businesses. Financial debt is the debt held by the financial sector (from one financial institution to another). Total debt is the sum of all those debts, excluding financial debt to prevent double accounting. These various types of debt can be computed in debt/GDP ratios. Those ratios help to assess the speed of variations in the indebtness and the size of the debt due. For example, the USA has a high consumer debt and a low public debt, while in eastern European countries the opposite tends to be true.^{[citation needed]}

There are differences in the accounting of debt for private and public agents. If a private agent promises to pay something later, it has a debt, and this debt is enforceable by public agents. If a public body passes a law stating that it'll pay something later (a kind of promise), it keeps the right to change the law later (and not to pay). This is why, for instance, the money governments promised to pay for retirements does not show up in the public debt assessment, whereas the money private companies promised to pay for retirements does.

Securitization[link]

Securitization occurs when a company groups together assets or receivables and sells them in units to the market through a trust. Any asset with a cashflow can be securitized. The cash flows from these receivables are used to pay the holders of these units. Companies often do this in order to remove these assets from their balance sheets and monetize an asset. Although these assets are "removed" from the balance sheet and are supposed to be the responsibility of the trust, that does not end the company's involvement. Often the company maintains a special interest in the trust which is called an "interest only strip" or "first loss piece". Any payments from the trust must be made to regular investors in precedence to this interest. This protects investors from a degree of risk, making the securitization more attractive. The aforementioned brings into question whether the assets are truly off-balance-sheet given the company's exposure to losses on this interest.

Inflation and exchange rates[link]

As noted below, debt is normally denominated in a particular monetary currency, and so changes in the valuation of that currency can change the effective size of the debt. This can happen due to inflation or deflation, so it can happen even though the borrower and the lender are using the same currency. Thus it is important to agree on standards of deferred payment in advance, so that a degree of fluctuation will also be agreed as acceptable. It is for instance common^{[citation needed]} to agree to "US dollar denominated" debt.

The form of debt involved in banking accounts for a large proportion of the money in most industrialised nations (see money, broad money, and demand deposits for a discussion of this). There is therefore a relationship between inflation, deflation, the money supply, and debt. The store of value represented by the entire economy of the industrialized nation, and the state's ability to levy tax on it, acts to the foreign holder of debt as a guarantee of repayment, since industrial goods are in high demand in many places worldwide.

Inflation indexed debt[link]

Borrowing and repayment arrangements linked to inflation-indexed units of account are possible and are used in some countries. For example, the US government issues two types of inflation-indexed bonds, Treasury Inflation-Protected Securities (TIPS) and I-bonds. These are one of the safest forms of investment available, since the only major source of risk – that of inflation – is eliminated. A number of other governments issue similar bonds, and some did so for many years before the US government.

In countries with consistently high inflation, ordinary borrowings at banks may also be inflation indexed.^{[citation needed]}

Metrics and functions[link]

Risk free interest rates[link]

Lendings to stable financial entities such as large companies or governments are often termed "risk free" or "low risk" and made at a so-called "risk-free interest rate". This is because the debt and interest are highly unlikely to be defaulted. A good example of such risk-free interest is a US Treasury security^{[dubious – discuss]} - it yields the minimum return available in economics, but investors have the comfort of the (almost) certain expectation that the US Treasury will not default on its debt instruments. A risk-free rate is also commonly used in setting floating interest rates, which are usually calculated as the risk-free interest rate plus a bonus to the creditor based on the creditworthiness of the debtor (in other words, the risk of him or her defaulting and the creditor losing the debt). In reality, no lending is truly risk free, but borrowers at the "risk free" rate are considered the least likely to default.

However, if the real value of a currency changes during the term of the debt, the purchasing power of the money repaid may vary considerably from that which was expected at the commencement of the loan. So from a practical investment point of view, there is still considerable risk attached to "risk free" or "low risk" lendings. The real value of the money may have changed due to inflation, or, in the case of a foreign investment, due to exchange rate fluctuations.

The Bank for International Settlements is an organisation of central banks that sets rules to define how much capital banks have to hold against the loans they give out.

Ratings and creditworthiness[link]

Specific bond debts owed by both governments and private corporations is rated by rating agencies, such as Moody's, Fitch Ratings Inc., A. M. Best and Standard & Poor's. The government or company itself will also be given its own separate rating. These agencies assess the ability of the debtor to honor his obligations and accordingly give him or her a credit rating. Moody's uses the letters Aaa Aa A Baa Ba B Caa Ca C, where ratings Aa-Caa are qualified by numbers 1-3. Munich Re, for example, currently is rated Aa3 (as of 2004^[update]). S&P and other rating agencies have slightly different systems using capital letters and +/- qualifiers.

A change in ratings can strongly affect a company, since its cost of refinancing depends on its creditworthiness. Bonds below Baa/BBB (Moody's/S&P) are considered junk- or high risk bonds. Their high risk of default (approximately 1.6% for Ba) is compensated by higher interest payments. Bad Debt is a loan that can not (partially or fully) be repaid by the debtor. The debtor is said to default on his debt. These types of debt are frequently repackaged and sold below face value. Buying junk bonds is seen as a risky but potentially profitable form of investment.

Consolidation[link]

Debt consolidation involves taking out one loan to pay off many others, i.e. combining multiple loans into a single loan. It is often done to secure a lower interest rate, secure a fixed interest rate, or for the convenience of servicing only one loan.^[6][7]

Cancellation[link]

Short of bankruptcy, it is rare that debts are wholly or partially relinquished. Traditions in some cultures demand that this be done on a regular (often annual) basis, in order to prevent systemic inequities between groups in society, or anyone becoming a specialist in holding debt and coercing repayment. An example is the Biblical Jubilee year, described in the Book of Leviticus.

Under English law, when the creditor is deceived into relinquishing the debt, this is a crime under the Theft Act 1978.

International Third World debt has reached the scale that many economists are convinced that debt cancellation is the only way to restore global equity in relations with the developing nations.^{[citation needed]}

Effects of debt[link]

Debt allows people and organizations to do things that they would otherwise not be able, or allowed, to do. Commonly, people in industrialised nations use it to purchase houses, cars and many other things too expensive to buy with cash on hand. Companies also use debt in many ways to leverage the investment made in their assets, "leveraging" the return on their equity. This leverage, the proportion of debt to equity, is considered important in determining the riskiness of an investment; the more debt per equity, the riskier. For both companies and individuals, this increased risk can lead to poor results, as the cost of servicing the debt can grow beyond the ability to pay due to either external events (income loss) or internal difficulties (poor management of resources).

Excesses in debt accumulation have been blamed for exacerbating economic problems.^[8] For example, prior to the beginning of the Great Depression debt/GDP ratio was very high. Economic agents were heavily indebted. This excess of debt, equivalent to excessive expectations on future returns, accompanied asset bubbles on the stock markets. When expectations corrected, deflation and a credit crunch followed. Deflation effectively made debt more expensive and, as Fisher explained, this reinforced deflation again, because, in order to reduce their debt level, economic agents reduced their consumption and investment. The reduction in demand reduced business activity and caused further unemployment. In a more direct sense, more bankruptcies also occurred due both to increased debt cost caused by deflation and the reduced demand.

It is possible for some organizations to enter into alternative types of borrowing and repayment arrangements which will not result in bankruptcy. For example, companies can sometimes convert debt that they owe into equity in themselves. In this case, the creditor hopes to regain something equivalent to the debt and interest in the form of dividends and capital gains of the borrower. The "repayments" are therefore proportional to what the borrower earns and so can not in themselves cause bankruptcy. Once debt is converted in this way, it is no longer known as debt.

Criticism of debt[link]

This section's citation style may be unclear. The references used may be made clearer with a different or consistent style of citation, footnoting, or external linking. (August 2011)

Some argue against debt as an instrument and institution, on a personal, family, social, corporate and governmental level. Islam forbids lending with interest even today, while the Catholic Church allowed it from 1822 onwards, and the Torah states that all debts should be erased every 7 years and every 50 years (in the Jubilee year, as described in the Book of Leviticus).

Debt will increase through time if it is not repaid faster than it grows through interest. This effect may be termed usury, while the term "usury" in other contexts refers only to an excessive rate of interest, in excess of a reasonable profit for the risk accepted.

In international legal thought, Odious debt is debt that is incurred by a regime for purposes that do not serve the interest of the state. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state.

In an economy with high interest rates, debt will be more costly to a business than more flexible dividends on equity investment. It may be easier for a struggling business to be financed through equity investment as it may be possible to avoid paying a dividend if times are hard.

At the household level, debts can also have detrimental effects. In particular when households make spending decisions assuming income to increase, or remain stable, for the years to come. When households take on credit based on this assumption, life events can easily change indebtedness into over-indebtedness. Such life events include unexpected unemployment, relationship break-up, leaving the parental home, business failure, illness, or home repairs. Over-indebtedness has severe social consequences, such as, financial hardship, poor physical and mental health, family stress, stigma, difficulty obtaining employment, exclusion from basic financial services (European Commission, 2009), work accidents and industrial disease, a strain on social relations (Carpentier and Van den Bosch, 2008), absenteeism at work and lack of organisational commitment (Kim et al., 2003), feeling of insecurity, and relational tensions.^[9]

Levels and flows[link]

Global debt underwriting grew 4.3% year-over-year to $5.19 trillion during 2004. It is expected to rise in the coming years if the spending habits of millions of people worldwide continue the way they do.

See also[link]

• Derivative (finance)
• Debt bondage
• Debtors' prison
• Dissaving
• Financial markets
• List of finance topics
• Revolving account
• Saving
• Time value of money
• Thomson Financial League Tables

References[link]

This article has been nominated to be checked for its neutrality. Discussion of this nomination can be found on the talk page. (September 2011)

Anthony "Tony" Robbins
Tony Robbins in 2009
Born	(1960-02-29) February 29, 1960 (age 52) North Hollywood, California, United States
Occupation	Author Actor Professional speaker Peak Performance Coach
Years active	1978–present
Height	6 ft 7 in (2.01 m)[1][2]
Spouse	Becky Robbins (m. 1982–2001) «start: (1982)–end+1: (2002)»"Marriage: Becky Robbins to Tony Robbins" Location: (linkback:http://en-wiki.pop.wn.com/index.php/Tony_Robbins) Sage Robbins (m. 2001) «start: (2001)»"Marriage: Sage Robbins to Tony Robbins" Location: (linkback:http://en-wiki.pop.wn.com/index.php/Tony_Robbins)

Anthony "Tony" Robbins (born February 29, 1960) is an American self-help author and motivational speaker. He became well known through his infomercials and self-help books, Unlimited Power: The New Science Of Personal Achievement and Awaken The Giant Within. Robbins writes about subjects such as health and energy, overcoming fears, persuasive communication, and enhancing relationships. Robbins began his career learning from many different motivational speakers, and promoted seminars for his personal mentor, Jim Rohn. He is deeply influenced by neuro-linguistic programming and a variety of philosophies.

Robbins's work has been featured in major media including Time, Newsweek, Fortune, Forbes, Life, GQ, Vanity Fair, Business Week, Tycoon and Success magazines, the CBS Evening News, NBC News, ABC's Prime Time Live, Fox News, CNN and A&E as well as newspapers, radio programs, and Internet media worldwide.^[3][4] Robbins has been mentioned or featured in 15 major motion pictures, including a cameo role a romantic comedy film Shallow Hal, starring Gwyneth Paltrow, Jack Black, and Jason Alexander.^[5] In 2007, he was named to Forbes magazine's "Celebrity 100" list.^[6]

Robbins' programs have reached over 4 million people from 100 countries around the world.^[7][8]

Robbins was ranked among the “Top 50 Business Intellectuals in the World” by Accenture’s Institute for Strategic Change.^[9] Robbins has spoken at Harvard Business School^[10] and was ranked by the school among the “Top 200 Business Gurus” (Harvard Business School Press, 2003).^[11][12][13] It was estimated by Forbes Magazine that Robbins earned approximately USD$30 million from his various business activities in 2007.^[14]

Early life[link]

Robbins was born Jay Mahavorick in North Hollywood, California, on February 29, 1960. He later moved to Azusa, California, and attended Glendora High School. Robbins says that he lived in a small low-rent apartment in the Los Angeles area during his early twenties and had dreamed of living in a mansion for years. In 1984, as his career began to take off, he bought the Del Mar Castle, designed by Richard Requa, for $1.7M. He sold the property in 1988 for $3.25M.^[15]

Career[link]

Robbins began his career promoting seminars for Jim Rohn. According to Robbins, Rohn taught him that "happiness and success in life are not the result of what we have, but rather of how we live. What we do with the things we have makes the biggest difference in the quality of life."^[16]

Later Robbins began his own work as a self-help coach. He taught neuro-linguistic programming (NLP) and Ericksonian Hypnosis after training with NLP co-founder John Grinder. In 1983, Robbins learned to firewalk from Tolly Burkan^[17] and began to incorporate it into his seminars.^[18][19]

Robbins promoted his services as a "peak performance coach" through his books and TV infomercials, gaining strong public recognition and lucrative sales. He conducts a large range of seminars and live events around the world dedicated to achieving greatness in his participants by unleashing their personal power and helping them align their values with their individual life goals.^[20] In 1997, Robbins began the Leadership Academy seminar, in which participants learn to "[c]reate an identity for them self as someone who can help 'anyone', no matter what his/her challenge may be."^[21] Robbins is a featured speaker on the seminar circuit sponsored by Learning Annex. Robbins appeared as a featured speaker at the 2007 Technology, Entertainment and Design (TED) conference. His talk is among the top ten TED talks viewed online.^[22]

Robbins is involved with the Robbins-Madanes Center for Strategic Intervention, which focuses on personal, family and organizational psychology, and claims to help people "find breakthrough strategies and solutions for overcoming the problems that confront us all."^[23]

Seminars[link]

Tony Robbins giving a talk at a Twitter conference in 2009

Robbins also conducts seminars, including his four-day Unleash the Power Within (UPW) seminar, Mastery University and Business Mastery.^{[24][25] [26]}

The UPW is also known as his firewalk seminar, during which the participants walk barefoot over hot coals at the end of the first evening. The aim of the seminar, demonstrated in the firewalk, is to illustrate that the main quality shared by those who achieve greatness is the ability to take action ("Personal Power").^[27]

Mastery University is promoted at the UPW seminar.^[24][25] Mastery University is composed of three seminars:

- Life Mastery, espouses Robbins' ideas about what makes for a healthy lifestyle, and has in the past featured guest lecturers including Deepak Chopra and John Gray.

- Wealth Mastery, espouses Robbins' ideas about what makes for a wealthy lifestyle.

- Date With Destiny, the only Mastery event at which Robbins is present for the entire event, is said to be designed to help participants align their values so that they are not in conflict, but rather are aligned with the participant's individual goals.^[28]

In 1997, Robbins initiated his Leadership Academy seminar,^[29] in which he invites participants to learn the skills he uses, with the stated goal of the program to enable the participant to "[c]reate an identity for yourself as someone who can help 'anyone', no matter what his/her challenge may be".^[21]

In 2009 Robbins created his Business Mastery program,^[26] designed to provide business leaders with tools to manage and grow their businesses. The seminar is conducted live by Robbins and features entrepreneur guest speakers. Past speakers have included Steve Wynn, CEO of Wynn Resorts,^[30] Peter Guber (Chairman & CEO of Mandalay Entertainment Group)^[31] and Tony Hsieh (CEO and Founder of Zappos.com).^[32][33]

Books[link]

Robbins has published two best-selling books, Unlimited Power and Awaken the Giant Within.

Unlimited Power, published in 1987, discusses the topics of health and energy, overcoming fears, persuasive communication, and enhancing relationships.^[34] One reviewer called the book "uplifting and idealistic" and referenced the "dynamic enthusiasm" of the book;"^[35] and another describes Robbins as “a persuasive communicator who spends more linage on step-by-step details of his recommendations than in self-boosterism."^[36] while another reviewer said it's "too wordy" and "reads like a transcript of a series of talks."^[37] Other reviewers dispute the book's originality, pointing to ideological similarities with Maxwell Maltz, Norman Vincent Peale, Napoleon Hill, and Dale Carnegie, all of whom Robbins acknowledges in his book.^[38] Some have criticized the chapter called "Energy: The Fuel of Excellence" which includes information on food combining, lymphology, and deep breathing to promote health. Robbins makes reference to the book Fit for Life and its authors, Harvey and Marilyn Diamond, whom he refers to as his "former partners".^[39] The National Council for Reliable Health Information wrote a critical review of the chapter and called his sources unreliable.^[40][41]

Awaken the Giant Within, published in 1992, was an expansion of his personal development techniques and strategies taught through a motivational self-help type approach. Robbins made the distinction between his techniques, coined as Neuro-Associative Conditioning as distinct from Neuro-Linguistic Programming because the trademarked difference is defined by the application of "conditioning" to a newly learned personal development technique and/or skill or strategy rather than "being programmed" and suggest-ably fixed once and for all by someone else who had more power than the individual to make a change.^[42]

Movie appearances and TV show[link]

Robbins has cameo roles in the 2001 movie Shallow Hal, the 1994 movie Reality Bites, three episodes of The Roseanne Show and an episode of The Sopranos.^[43] In July 2010, NBC debuted Breakthrough with Tony Robbins, a reality show that followed Robbins as he helped the show's participants face their personal challenges.^[44][45] NBC canceled the show, after airing two of the planned six episodes, due to low viewership of 2.8 million.^[46] In March 2012 the OWN Network picked the show up for another season beginning with the original first season set to re-run and thereafter leading directly into the new 2012 season.^[47]

In April 2012, Robbins began co-hosting "Oprah's Lifeclass" on the OWN Network ^[48]

Anthony Robbins Foundation[link]

In 1991, Robbins launched a charity, the Anthony Robbins Foundation.^[49] It is dedicated to empowering students and prisoners through food drives and learning programs based on his teachings.^[50] According to the official website, the foundation has "products and programs in more than 2,000 schools, 700 prisons, and 100,000 health and human service organizations."^[51] These programs have been written about and featured in many dozens of articles, appearing on various websites, like Cherish Our Children International^[52] and Harmony With No Limits.^[53] The independent charity watchdog, Charity Navigator, gives the foundation a rating of two out of four stars.^[54] The official website states that "the Foundation is committed to make a difference in the quality of life for children, the homeless, the prison population, and the elderly through its various programs". The foundation has subsequently led to the forming of "Basket Brigades" across the world that occur each Thanksgiving. Individuals and groups have joined together to assemble and deliver dinner baskets to needy families.^[49]

Lawsuits[link]

Federal Trade Commission: In May 1995, Robbins Research International (RRI) responded to Federal Trade Commission charges of misrepresentation of potential earnings to franchise investors. RRI and the FTC entered into a stipulated settlement agreement, in which RRI agreed to pay $221,260 (USD) in consumer redress. RRI did not admit guilt under the settlement.^[55]

Wade Cook: Financial seminar guru Wade Cook also sued Robbins for copyright infringement and plagiarism, alleging that Robbins used proprietary terms in his seminars and in his book Wall Street Money Machine. In 1998, a Tacoma, Washington, jury ordered Robbins to pay Cook US$650,900 in damages. The order to pay damages was temporarily withdrawn^[56] until 2000, when the ninth circuit court ruled that the trial judge has misinterpreted the statutes.

The verdict and damages were reinstated with a statement that "The Court found that U.S. District Court Judge, Jack Tanner, erred in "finding a conclusion contrary to the jury award" and sent instructions to reinstate the award. "This is a landmark decision by the 9th Circuit Court because of the high profile players and issues at stake" said lead attorney and Wade Cook General Counsel, Troy Romero. "The Court is telling individuals that, no matter who you are, the protection of copyrightable material will be preserved." Robbins was forced to pay the entire amount.^[57]

In 2001, Robbins filed a lawsuit against the Vancouver Sun newspaper, alleging defamation and libel. The judge determined the Vancouver Sun defamed Robbins when it called him a hypocrite. Awarding Robbins $20,000 in damages, the judge wrote "While damages are presumed, the plaintiff's failure to take the witness stand and to testify about his feelings and the impact of the defamation upon his reputation leaves the court somewhat in the dark about these matters". The court awarded Robbins his attorneys' fees and costs in addition to damages.^[58][59]

Celebrity status[link]

In his book Awaken the Giant Within, Robbins recalls meetings with various celebrities, saying he was a student of their success. People he mentioned were Nelson Mandela, Mikhail Gorbachev, Bill Clinton, Margaret Thatcher, François Mitterrand, and Princess Diana.^[60] In Robbins' infomercials, celebrity appearances were made by Fran Tarkenton, Pamela Anderson, Quincy Jones, Erin Brockovich and Anthony Hopkins. Robbins stated that they came without any compensation.^[61]

In 1994, President Bill Clinton invited Robbins, Marianne Williamson and Steven R. Covey to a meeting at Camp David. All parties "refused to divulge the substance of their meeting with the Clintons".^[62]

Personal life[link]

In 1984, Robbins and his ex-girlfriend, Liz Acosta, had a son, Jairek Robbins.^{[citation needed]}

In 1999, Robbins and his first wife Becky Robbins (née Jenkins) separated. Their divorce was finalized on June 21, 2001. Becky already had three children from two former marriages. Robbins considers them his own children.^[63]

In June 2001, Robbins married Bonnie Humphrey (now known as Sage Robbins)^[64]

Robbins alludes to his personal belief in God in Unlimited Power, giving the grand complexity of life as evidence of an intelligent designer.^[65]

See also[link]

	Biography portal
	Psychology portal

• Kaizen, the continuous improvement philosophy
• Self-help

References[link]

Publications[link]

Books[link]

• Robins, Anthony (1986). Unlimited Power: The New Science of Personal Achievement. New York: Simon & Schuster. pp. 448 pages. ISBN 0-684-84577-6. 
• Robbins, Anthony (1992). Awaken the Giant Within. New York: Simon & Schuster. pp. 544 pages. ISBN 0-671-79154-0. 
• Robbins, Anthony (1994). Giant Steps. New York: Fireside. pp. 416 pages. ISBN 0-671-89104-9. 
• Robbins, Anthony (1995). Notes from a Friend: A Quick and Simple Guide to Taking Control of Your Life. New York: Fireside. pp. 112 pages. ISBN 0-684-80056-X. 

CD/DVDs[link]

• Robbins, Anthony (2006). The Edge: The Power to Change Your Life Now. Megaforce / Nightingale-Con. pp. DVD. ASIN B000I5XD1K. 
• Robbins, Anthony (2002). Live with Passion!: Strategies for Creating a Compelling Future. Simon & Schuster. ISBN 0-7435-2521-3. 
• Robbins, Anthony (2001). Get The Edge (incl. Personal Power Classic Edition). Guthy-Renker. ASIN B000207IT4. 
• Robbins, Anthony (2000). Get The Edge. Guthy-Renker. ASIN B000BMASVS. 
• Robbins, Anthony (1998). Lessons in Mastery. Simon & Schuster Audio/Nightingale-Con. ISBN 0-7435-2515-9. 
• Robbins, Anthony (1996). Personal Power Classic Edition. Guthy-Renker. ASIN B000NE70MY. 

Other[link]

• Living Health
• The Time of Your Life
• Mastering Influence
• The Ultimate Relationship Program (Robbins-Madanes)
• Leadership In Times of Crisis (Robbins-Madanes)
• Reclaiming Your True Identity (Robbins-Madanes)
• Conquering Overwhelming Loss (Robbins-Madanes)
• Personal Training System
• Unleash The Power Within

External links[link]

Find more about Tony Robbins on Wikipedia's sister projects:
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• Official website
• Antony Robbins Foundation, website
• Anthony Robbins at the Internet Movie Database
• Tony Robbins on Facebook

David Graeber
Born	(1961-02-12) February 12, 1961 (age 51)
Residence	London, United Kingdom
Citizenship	United States
Fields	anthropology
Institutions	Yale University Goldsmiths, University of London
Alma mater	State University of New York at Purchase University of Chicago
Influences	Edmund Leach, Marshall Sahlins
Influenced	Occupy movement

David Rolfe Graeber (born 12 February 1961) is an American anthropologist and anarchist who is Reader in Social Anthropology at Goldsmiths, University of London.^[1] He was an associate professor of anthropology at Yale University, although Yale controversially declined to rehire him,^[2] and his term there ended in June 2007. Graeber has been involved in social and political activism, including the protests against the World Economic Forum in New York City in 2002 and Occupy Wall Street. He is a member of the labor union Industrial Workers of the World and of the Interim Committee for the emerging International Organization for a Participatory Society.^[3]

Early life[link]

Graeber's parents, who were in their forties when Graeber was born, were self-taught working-class intellectuals. Graeber's mother, Ruth Rubenstein, had been a garment worker, and played the lead role in the 1930s musical comedy revue Pins & Needles, staged by the International Ladies’ Garment Workers’ Union.^[4] Graeber's father Kenneth, who was affiliated with the Youth Communist League, participated in the Spanish Revolution in Barcelona and fought in the Spanish Civil War.^[5] He later worked as a plate stripper on offset printers. Graeber grew up in New York, in a cooperative apartment building described by Business Week magazine as "suffused with radical politics."^[6] Graeber has been an anarchist since the age of 16, according to an interview he gave to The Village Voice in 2005.^[7]

Graeber graduated from Phillips Academy Andover in 1978 and received his B.A. from the State University of New York at Purchase in 1984. He gained his Masters degree and Doctorate at the University of Chicago, where he won a Fulbright fellowship and completed his Ph.D. thesis on magic, slavery, and politics in Madagascar.^[2]

Academic career[link]

Graeber in January 2002

In 1998, two years after completing his PhD, Graeber joined Yale University as an assistant professor.^[2] In May 2005, the Yale anthropology department decided not to renew Graeber's contract, preventing him from coming up for consideration for tenure as he would otherwise have been scheduled to do in 2008. Pointing to Graeber's highly regarded anthropological scholarship, his supporters (including fellow anthropologists, former students, and activists) accused the decision of being politically motivated. More than 4,500 people signed petitions supporting him, and well-known British anthropologist Maurice Bloch called for Yale to rescind its decision.^[2] Bloch, who had been a professor of anthropology at the London School of Economics and the Collège de France, and world renowned scholar on Madagascar, made the following statement about Graeber in a letter to the university:

"His writings on anthropological theory are outstanding. I consider him the best anthropological theorist of his generation from anywhere in the world."^[8]

The Yale administration argued that Graeber's dismissal was in keeping with Yale's policy of granting tenure to few junior faculty and Yale gave no formal explanation for its actions. Graeber has suggested that his support of a student of his who was targeted for expulsion because of her membership in GESO, Yale's graduate student union, may have played a role in the university's decision.^{[9][2][10][11]}

In December 2005, Graeber agreed to leave the university after a one-year paid sabbatical. That spring he taught two final classes: an introduction to cultural anthropology (attended by over 200 students) and a course entitled “Direct Action and Radical Social Theory” – the only explicitly radical-themed course at Yale he ever taught.

On 25 May 2006, Graeber was invited to give the Malinowski Lecture at the London School of Economics; his address was entitled "Beyond Power/Knowledge: an exploration of the relation of power, ignorance and stupidity".^[12] The anthropology department at the university honors an anthropologist at a relatively early stage of their career to give the Malinowski Lecture each year, and only invite those who are considered to have made a significant contribution to anthropological theory. That same year, Graeber was asked to present the keynote address in the 100th anniversary Diamond Jubilee meetings of the Association of Social Anthropologists.^[13] In April 2011 he presented the anthropology department's annual Distinguished Lecture at Berkeley.^[14]

Authorship[link]

David Graeber is the author of Fragments of an Anarchist Anthropology and Towards an Anthropological Theory of Value: The False Coin of Our Own Dreams. He has done extensive anthropological work in Madagascar, writing his doctoral thesis (The Disastrous Ordeal of 1987: Memory and Violence in Rural Madagascar) on the continuing social division between the descendants of nobles and the descendants of former slaves. A book based on his dissertation, Lost People: Magic and the Legacy of Slavery in Madagascar appeared from Indiana University Press in September 2007. A book of collected essays, Possibilities: Essays on Hierarchy, Rebellion, and Desire was published by AK Press in November 2007 and Direct Action: An Ethnography appeared from the same press in August 2009, as well as a collection of essays co-edited with Stevphen Shukaitis called “Constituent Imagination: Militant Investigations//Collective Theorization” (AK Press, May 2007). These were followed by a major historical monograph, Debt: the First Five Thousand Years (Melville House), which appeared in July 2011.^[15] As of December 2011^[update], Graeber is working on a book for Random House connecting "the story of the Occupy movement to an exploration of the past and future of direct action, participatory democracy, and political transformation", and another for Melville House combining two essays on bureaucracy (one of which he delivered as the Malinowski Lecture in 2006).^[16]

Activism[link]

Graeber (left) at a rally for immigrant rights at Union Square, New York City in May 2007

In addition to his academic work, Graeber has a history of both direct and indirect involvement in political activism, including membership in the labor union Industrial Workers of the World, a role in protests against the World Economic Forum in New York City in 2002, support for the 2010 UK student protests,^[17] and an early role in the Occupy Wall Street movement. He is co-founder of the Anti-Capitalist Convergence.^[18] In November 2011, Rolling Stone magazine credited Graeber with giving the Occupy Wall Street movement its theme: "We are the 99 percent." Rolling Stone says Graeber helped create the first New York City General Assembly, with only 60 participants, on August 2.^[19] He spent the next six weeks involved with the burgeoning movement, including facilitating general assemblies, attending working group meetings, and organizing legal and medical training and classes on nonviolent resistance. A few days after the encampment of Zuccotti Park began, he left New York for Austin, Texas.^[6]

Graeber has argued that the Occupy Wall Street movement's lack of recognition of the legitimacy of either existing political institutions or the legal structure, its embrace of non-hierarchical consensus decision-making and of prefigurative politics make it a fundamentally anarchist project.^[20] Comparing it to the Arab Spring, Graeber has claimed that Occupy Wall Street and other contemporary grassroots protests represent "the opening salvo in a wave of negotiations over the dissolution of the American Empire."^[21]

Publications[link]

Books[link]

• — (2001). Toward an anthropological theory of value: the false coin of our own dreams. New York: Palgrave. ISBN 978-0-312-24044-8. OCLC 46822270. 
• — (2004). Fragments of an anarchist anthropology. Chicago: Prickly Paradigm Press (distributed by University of Chicago Press). ISBN 978-0-9728196-4-0. OCLC 55221090. 
• — (2007). Lost people: magic and the legacy of slavery in Madagascar. Bloomington: Indiana University Press. ISBN 978-0-253-34910-1. OCLC 82367869. 
• — (2007). Possibilities: essays on hierarchy, rebellion, and desire. Oakland, CA: AK Press. ISBN 978-1-904859-66-6. OCLC 154704091. 
• — (2009). Direct action: an ethnography. Edinburgh Oakland: AK Press. ISBN 978-1-904859-79-6. OCLC 182529207. 
• — (2011). Debt: the first 5,000 years. Brooklyn, N.Y: Melville House. ISBN 978-1-933633-86-2. OCLC 426794447. 
• — (2011). Revolutions in reverse. London New York: Minor Compositions. ISBN 978-1-57027-243-1. OCLC 759171790. 

As co-editor

• — (2007). Constituent imagination: militant investigations/collective theorization. Oakland, CA: AK Press. ISBN 978-1-904859-35-2. OCLC 141193537. 

Articles[link]

• — (December 27, 1998). "Rebel Without A God". In These Times. http://penseenoir.wordpress.com/2008/11/26/rebel-without-a-god-the-anti-authoritarian-attributes-of-buffy-the-vampire-slayer/. Retrieved February 15, 2012.  A meditation on the anti-authoritarian elements of Buffy the Vampire Slayer
• — (August 21, 2000). "Give it Away". In These Times 24, (19). http://www.inthesetimes.com/issue/24/19/graeber2419.html. Retrieved February 15, 2012.  An article about the French intellectual Marcel Mauss
• — (January-February 2002). "The New Anarchists". New Left Review (13). Archived from the original on January 30, 2010. http://web.archive.org/web/20100130062023/http://newleftreview.org/A2368. Retrieved February 15, 2012. 
• — (June 1, 2003). "The Twilight of Vanguardism". Indymedia DC. http://dc.indymedia.org/newswire/display/71522/index.php. Retrieved February 15, 2012.  An essay originally delivered as a keynote address during the "History Matters: Social Movements Past, Present, and Future" conference at the New School for Social Research on May 3rd, 2003
• — (January 06, 2004). "Anarchism in the 21st Century". Z Magazine. http://www.zmag.org/content/showarticle.cfm?SectionID=41&ItemID=4796. Retrieved February 15, 2011.  Co-authored with Andrej Grubacic
• — (December 6, 2005). On the phenomenology of giant puppets: broken windows, imaginary jars of urine, and the cosmological role of the police in American culture. http://www.libcom.org/files/puppets.pdf. Retrieved February 15, 2012.  Originally an address to Anthropology, Art and Activism Seminar Series at Brown University's Watson Institute, December 6, 2005
• — (March 2006). "Transformation of Slavery Turning Modes of Production Inside Out: Or, Why Capitalism is a Transformation of Slavery". Critique of Anthropology 26 (1): 61–85. DOI:10.1177/0308275X06061484. http://www.faculty.fairfield.edu/dcrawford/graeber_2006a.pdf. Retrieved February 15, 2012. 
• — (January 2007). "Army of Altruists". Harper's. http://harpers.org/archive/2007/01/0081344. Retrieved February 15, 2012.  An attempt to solve the riddle of why so many working class Americans vote right-wing
• — (October 12, 2007). "The Shock of Victory". Infoshop News. http://news.infoshop.org/article.php?story=2007graeber-victory. Retrieved February 15, 2012. 
• — (October 16, 2007). "Revolution in Reverse". Infoshop News. http://news.infoshop.org/article.php?story=2007graeber-revolution-reverse. Retrieved February 15, 2012. 
• — (April 1, 2008). "The Sadness of Post-Workerism, or, "Art and Immaterial Labour" Conference: a Sort of Review". The Commoner. http://www.commoner.org.uk/wp-content/uploads/2008/04/graeber_sadness.pdf. Retrieved February 15, 2012.  An assessment of recent trendy autonomist theory (à la Negri, Lazzarato, etc.), with some comments on the relation of art, value, scams, and the fate of The Future
• — (November 17, 2008). Hope in Common. Autonomedia.org. Archived from the original on February 10, 2009. http://web.archive.org/web/20090210032906/http://slash.autonomedia.org/node/11569. Retrieved February 15, 2012. 
• — (February 10, 2009). "Debt: The First Five Thousand Years". Mute Magazine 2 (12). http://www.metamute.org/en/content/debt_the_first_five_thousand_years. Retrieved February 15, 2012. 
• — (November 2010). "Against Kamikaze Capitalism: Oil, Climate Change and the French refinery blockades". Shift. http://shiftmag.co.uk/?p=389. Retrieved February 15, 2012. 
• — (December 7, 2010). "To Have is to Owe". Triple Canopy (10). http://www.canopycanopycanopy.com/10/to_have_is_to_owe. Retrieved February 15, 2011.  An illustrated essay on the history of debt, containing excerpts from Debt: the first 5,000 years (2011)

References[link]

Further reading[link]

• Sutton, David (September 2004). "Anthropology's Value(s): A Review of David Graeber's Toward an Anthropological Theory of Value". Anthropological Theory 4 (3): 373–379. DOI:10.1177/1463499604042818. 
• Guyer, Jane I. (December 2009). "On 'possibility': A response to ‘How Is Anthropology Going?’". Anthropological Theory 9 (4): 355–370. DOI:10.1177/1463499609358143. 

External links[link]

• Academic profile at Goldsmiths, University of London
• Interview to Mark Thwaite (for Ready Steady Book)
• Works by or about David Graeber in libraries (WorldCat catalog)
• David Graeber at the Internet Movie Database
• In Conversation: World of Debt: David Graeber with Spencer Woodman, The Brooklyn Rail