Finance/insurance looks to employ about 9 million people in the US, contributing under 10% to US GDP, about $2Tn. These stats are circa 2020s. Any idea what the ratio was pre-1971, or over time?
Someone asked me today if I am a believer in God. I said, no, I can't honestly say that I believe in a God. But I do see wisdom in spirituality (a belief in something bigger than yourself, a grand plan, a humility in realizing we may not know or see everything, or know full reality, etc). And I think there is a role for spirituality: we are all trying to fill holes in our selves, and eliminate feelings of hurt and emptiness. Some people try to fill it with high time preference, buying fancy things. Some with alcohol or drugs. Some with sex. Some with exercise. Some people with community, family, work, sport, friends. Some with religion. Etc. Of all the choices, some are healthier than others, and probably none are good in the extreme. But I do see spirituality as a key component to healing, and it can clearly be a healthy substitute for the other, more damaging and harmful alternatives.
#PV
Listen to your people. Ask them for their thoughts. Trust them. Then empower them to make the needed change identified, and support the same. Effectively, let people know you are a safe zone where they can speak openly without fear. Let them know that, while you may not approve every idea, you will always listen and talk it through, and make a decision which is clear and quick. Don't let them suffer with indecision. Make a call. If you make the wrong decision (it will happen, you are human), you can always change your mind. Lastly, HAVE FUN!
If you are a bitcoiner in the US, and a single issue voter, and don't want to win at the expense of normies' stupidity (ie, you care about the world), your only choice is RFKjr. He is not 100% there, but mostly so. The problem with Trump is that he simply has not done the work. He is clueless, beyond whomever is cheering loudest for him that moment.
Most professional money managers talk about younger folks being more able to hold a higher allocation of volatile assets, due to the ability to take a long term approach.
I think this is generally bad advice. Younger people have big, important expenditures early in life, too. Tuition. House. Family. Not to mention, having the fortitude to hold long term takes patience and conviction. These characteristics are not typically fully matured in younger folks, increasing the likelihood of a sale at the wrong time.
Instead, the best strategy supporting a high allocation to volatility is hard work and living below your means with low time preference. You can do this at any age. If you don't need or want the liquidity, it is easier to HODL.
Not a political statement, but just sayin' ...
"Your support of Bitcoin [and Nostr!] puts you in same category as the framers of the [US] Constitution...you are the current manifestation of that impulse, so thank you all...." -RFKjr, Bitcoin 2023
When confronted with toxicity, I try to remember that everyone is doing the best they can at any given moment. It is a form of forgiveness, which can allow me to detach and deflect from toxicity with calm. Then, without wasting time or energy on it, I can simply feel bad for those who try to tear others down. Onward.
It may seem crazy and unreal to us, but most people do not fear the repression from governmental market manipulation, intervention and socialism. Worse, the vast majority of people on the street can't answer the question, "what is money?"
Now, more and more are losing trust and becoming increasingly open-minded, and willing to teach themselves, which is reflected in #bitcoin's price. But most are not. It is still very early.
In Bitcoin We Trust
https://m.primal.net/JMnm.png
nostr:nevent1qqs2txnjhpdw06smydma7zw22875h82k7wmvl0qfkyfmrsmyqpve26qpr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs0eac2gh86s9l24qfmnw52xawhz0f3d862yleaetpafygjmanaxlsrqsqqqqqp7ac44e
#Bitcoin encourages health and freedom.
When you get healthy and you are free, your life gets very big, very fast.
You go places, you meet people, you think thoughts, you smile, you exercise, you are happy, and you attract the world's best.
When you are addicted or in the grasp of those who are, your life is very small. You are not fulfilled. You are a slave, constantly searchg to fill the void, chasing the latest thing, spinning on a merry go-round going nowhere, just finding more and more despair and confusion.
Break the fiat addiction. Stay humble, stack sats. Buy #bitcoin. Get healthy. Be free. Hang on Nostr. Be happy.
Oddbean new post about login | logout
Notes by Toby McMann | export