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Showing posts from June, 2021

Abyss of economics

The world today is 281 trillion in debt to itself. There is no science more mysterious than that of money. What drives my enthusiasm for finance is its underlying devotion to mathematics, just like most of the pure sciences. This pride in being extremely logical and putting rationality before empirical bias is what makes it worthy of a Nobel (though not the original one). But its influence on daily life is enormous, a genuinely distinct feat in pure sciences. So let's delve into the unapparent philosophical side of the currency. 281 trillion is a significant amount. If everyone called on their cards, we would have a lost game of poker. In fact, we have such a bluff on the table that we can't risk calling it. It is horrifying that this accounting deficit makes no difference to the world. Has there ever been a scam this benign? Or do we need a piece of the puzzle? The latter seems rational. The reason for this debt is simple, sovereigns have printed more and more money over the y