provide principles for guiding how people should deal with reality, and most importantly how they should deal with each other.

To review, holding debt as an asset that provides interest is typically rewarding early in the long-term debt cycle when there isn’t a lot of debt outstanding, but holding debt late in the cycle, when there is a lot of debt outstanding and it is closer to being defaulted on or devalued, is risky relative to the interest rate being offered.

advances in and the wider use of quantum computing with AI will lead to unimaginable advances in rates of learning and improvement and changes in global wealth and power.

Briefly, a credit collapse happens because there is too much debt. Typically, the central government has to spend a lot of money it doesn’t have and make it easier for debtors to pay their debts and the central bank always has to print money and liberally provide credit—like

While many countries have natural resources that they are able to draw upon, human capital is the most sustainable capital because inherited assets that are drawn down eventually disappear, whereas human capital can exist forever.

the debt that is denominated in these currencies is an overhang, so money will probably be printed to service debts and debt growth4 and interest rates will probably be held below inflation and economic/income growth rates.

These struggles happened in timeless and universal ways

political supremacy as the prize of victory.”

the Chinese are excellent at this.