Decisions

Because it’s not mysterious (almost magical) like tech and can’t be propped up for years on end with promises of outlandish future growth.

Industry also requires a lot more capital to build the infrastructure than tech (pre-AI) and other IP dependent businesses. It’s just not possible to get those outsized earnings multiples when you’ve got so much overhead.

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Milei saving Argentina using free market libertarian ideas is our only chance to have a friend on the continent and could be an example for surrounding countries if successful.

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Bingo. Milei is on the right track. It’s just going to take time for the economy to get through the withdrawal pains. I get why people don’t want us to send money abroad anywhere, though.

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I wonder who will bail us out when we can no longer service our debt?

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We can always service our current debt. It’s denominated in our dollars which we are free to print, after all. What we can’t guarantee is the willingness of other countries to continue to make loans to us in our dollars in the first place.

I would short it to hell out the gate, personally. I’ve heard some horror stories about their non performing loans.

Some of us actually do have discipline while enjoying the occasional cheap thrill.

Abstinence is the path of the weak.

As with all things it depends, lol.

If you’re in Louisiana and not on the Red River or any of its distributaries it’s almost a guarantee your ph is low and in need of lime.

Not at all. It’s a bit more involved for us to do it since we’re the world’s reserve currency, but this is the most likely path. It also helps with paying off national debt since that debt is denominated in our dollars. Not necessarily the most……popular move on the world stage, but everyone’s out for themselves so we might as well be, too.

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any time a bank did get over its skis simply fold them up, make depositors whole, and zero out the bad loans and equity holders.

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I’m not a monster. I’m not saying the innocent bystanders that are depositors and savers should be punished. But if you’re elderly and still playing in the serious investing markets like the rest of us (rather than converting to T-Bills, cash, dividend payers, or paid-off rent producing property) then I’ve got no pity for you. You knew the risks.

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Hamilton was born an impoverished bastard son in the Caribbean. Immigrated to the US and proceeded to fight in the Revolutionary War

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I’m well aware of his life’s story. The circumstances of a man’s birth is not the sole determinant of his political leanings later in life, though.

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got the Constitution ratified in New York

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And yet didn’t care too much about the sanctity of the document as his argument for the establishment of a central bank essentially rested on “well the Constitution doesn’t say you don’t have the power to create one”. Tenuous at best.

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He died in a duel and left his family pretty heavily in debt. Not particularly aristocratic in my opinion..

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Dueling was extremely common amongst high society in those days. Living above one’s means in an aspirational way has never been out of style.

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I think he saw the world influence and power that Great Britain wielded through their banking/commerce and simply wanted to replicate that for America.

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I agree. Do you not think of the Britain of that time as extremely aristocratic with a large, dispossessed underclass?

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Not only that, I don't really think there was a consolidated national currency until the late 1800s or so. States had their own currencies and all. It was a mess.

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The real consolidation happened during the Civil War, but prior to that the major issuers were individual banks.

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Also, for all the gold/silver fetishists, I'm not sure you would have the stomach for the various "panics" that happened fairly often back in those days.

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Then as now most of the panics were caused due to government distortions. You should read Murray Rothbard’s “A History of Money and Banking in the United States”. He lays it all out beautifully.

After reading his book I firmly believe that the consolidation of money and banking power in the U.S. has been one of the greatest forces in impoverishing and enserfing our people. The power is too much for one group to hold. Banking branches need to be restricted back to within state boundaries and the Federal Reserve needs to be abolished.

TLDR: Jefferson and Jackson were right to oppose and strike down the central bank. Hamilton was an elitist who wanted nothing more than a new American aristocracy based around banking and (to a lesser extent) big industry.

They haven’t moved at all. I’m asking you how often you expect people to accomplish these major life accomplishments, what most people would term “getting ahead”, without the use of these common forms of leverage.

I know the Money Talk is full of outliers, but I don’t believe even they have won at such a clip as 80% never needing or using these tools.