You get rewarded for unique knowledge, not for effort.
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get rewarded for unique knowledge, not for effort.
Effort is required to create unique knowledge.
@naval
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If the banks cut access to your money , are you prepared?
"The welfare of humanity is always the alibi of tyrants."- Albert Camus
I just spoke with a friend who has close relatives in Lebanon. The Banks cut the access to their money. You can not use your money, you can't use your credit cards, you are poor. You can only take USD 50 a month at the official rate, you are poor one day to the next!
are you ready for this?
Is this impossible to happen, don't bet on that Lebanon is a country with a big banking tradition. Government officials can kill the people to help the people! Argentina did it but Lebanon was a decent country.
5 strategies to prevent disaster (if you are interested contact me directly)
a)have some money in a country that is not your country
b)have some bitcoins
c)have a corporation with some real business and let the money in the company not on a personal account
d)....................
e).....................
Don't buy gold if there is a crisis and you need food, you will exchange a kg of gold for a bag of rice. Gold is to speculate not for a disaster. In crises food , energy, soap and water become very very expensive, gold and jewelry are worthless.
From the FT
Meanwhile, customers are still fighting the banks for their own cash. For nearly a year banks have restricted access to deposits, citing fears of a bank run when mass protests broke out over corruption and inequality last October. Richard Howes, a British retiree who was born in Beirut and lives in Greece, says the small sums his Beirut-based bank releases to him are barely enough to get by. The 74-year-old says he can withdraw just $100 a month on a credit card and zero from his current account. “Spending is just on food and things like electricity,” he says. As for non-urgent medical care, “you say, ‘that can wait’.”
Meanwhile, customers are still fighting the banks for their own cash. For nearly a year banks have restricted access to deposits, citing fears of a bank run when mass protests broke out over corruption and inequality last October. Richard Howes, a British retiree who was born in Beirut and lives in Greece, says the small sums his Beirut-based bank releases to him are barely enough to get by. The 74-year-old says he can withdraw just $100 a month on a credit card and zero from his current account. “Spending is just on food and things like electricity,” he says. As for non-urgent medical care, “you say, ‘that can wait’.”
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One Bad Idea
Rent control
If Landlords are allowed to raise rents to reflect a monetary inflation and true conditions of supply and demand, individual tenants will economize by taking less space. This will allow others to share the accommodations that are in short supply. The same amount of housing shelter more people, until the shortage is relieved.
Rent control, however, encourages wasteful use of space. It discriminates in favor of those who already occupy houses or appartments in a particular city or region at the expense of those who find themselves outside.
Henry Hazlitt
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Canceling Student-Loan Debt Is a Bad Idea
“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.”
Henry Hazlitt
1.If Government pay the banks and " Cancel " student loans all the students that decided to pay instead of getting a credit feel stupid
2.People that studied and went to college are the least probable to lose their job in COVID. If you work in a restaurant probably you don't have a student loan.
3.The student that paid his loan yesterday is going to feel stupid.
4.When you sign a contract and you can escape by government intervention you become spoiled.
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Socialism always works
“...equitable treatment means we all end up at the same place.”
--Kamala HarrisArgentina began the 20th century as one of the wealthiest places on the planet. In
1913, it was richer than France or Germany, almost twice as prosperous as Spain,
and its per capita GDP was almost as high as that of Canada. Until the 1930s, the
French used the phrase ‘‘riche comme un Argentin’’ to describe the foolishly rich.
The century’s golden beginning was followed by far less prosperous decades. Over
the last 100 years, Argentina’s place in the hierarchy of nations dropped
precipitously, falling behind not only Europe but also many of the growing
countries in Asia.
Why did a nation that was doing so well end up doing so poorly? Argentina’s
mediocre 20th century performance matters not only for students of Latin American
economic history. That performance stands as a warning to the world. No country is
too rich to fail
Introduction to Argentine exceptionalism
Edward L. Glaeser1 • Rafael Di Tella1 • Lucas Llach2
In Venezuela everybody is in the same place. Poor.
If you don't want to be poor you have to accept that people are different and some will be very very rich but everybody gets better.
How does economy works
There are 2 people in the World Adam & Eve
Eve makes 100 & Adam makes 10 a year , difference 90
GDP grows at 10%
Eve makes 110 & Adam now makes 11, difference 99
inequality grows with growth. The rich guy grows more in USD than the poor guy, both end up better. If there is a big recession the rich guy suffers a lot and the poor will starve.
This is Socialism Basics, it always works , everybody ends poor .
“The inherent vice of capitalism is the unequal sharing of blessings. The inherent virtue of Socialism is the equal sharing of miseries.” —House of Commons, 22 October 1945, W Churchill
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Francisco Carneiro
Lisbon Family Office
There is always a Bull market in the World
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