That was a pretty cool analysis/analogy 👍 It would work for me if I thought any particular piece of music or other art had any kind of absolute value relative to others - but I don’t. I agree with what I think Raoul Paul is trying to say - That the central banks have done what they should, that the wealthier countries are going to go the Japan way, and that we should focus on what the situation is without caring much and prepare accordingly.
I think that's my main gripe. I very much do not want to go the way of Japan. Wealth gets sealed in at the top in countries like Japan. Good ideas and merit matter less and less compared to the rules and norms in Japan. I don't want the U.S. to be this. The more money that gets printed, the harder it is for people to move from one class to another. I'm obviously a big Raoul Pal fan, but I very much don't like the word "should". It's easy for him to say that the biggest bank has done what it "should"; he doesn't live in the U.S. and he's already super wealthy.
I think RP meant that the central banks did what was necessary for the less fortunate most at all - I think there are better ways of distributing money, like a ‘new deal’ method - but basically I agree with him, I don’t think there was a viable alternative - as for the Japan route, I think it’s an observation of another unavoidable, and I think it doesn’t mean that any country becomes generally culturally the same as Japan in terms of how people behave - it just an observation of how they will deal with debt
I wondered if he was talking about the less fortunate or not. I took it that he was talking more for the good of civil society as a whole. I still see the way that the money was distributed as super corrupt, to put it mildly, but look at who was in charge. As for Japan, I didn't mean that people in the U.S. would behave like those in Japan. Maybe "rules" and "norms" wasn't the best way to put it. I was talking more about how stagnant the Japanese economy is as a result of the propping up of zombie companies. It's like there is no more creative destruction in Japan anymore. Without some clearing of the bush, I feel like it is hard for countries to move forward economically. They inevitably become more stagnant and more crony capitalist.
I also think that a country should only encourage creative destruction if they have an adequate welfare system that will allow people to effectively survive no job security
I think it’s clear that a breakdown of civil society would be the worst for the least fortunate, and I think RP said this - From my own experience and education, it’s the influence from the US that has hurt the Japanese economy - too much gambling and too little care for the long-term - I think Japan would be good to return to its support for sunrise industries and efforts to reduce sunset industries as in the 1960’s - I’ve asked multiple MITI officials over the years why they don’t do that, and the answer has been because big brother US won’t let them - I think what they are saying is correct
This part about the U.S. not allowing for more sunrise businesses is fascinating. I want to hear more about what you know about this next time we talk. Thanks for sharing!
Sounds good! I’m mot a big fan of Japan or Japanese culture in general, but during my time here, I’ve heard often from almost every part of Japanese society, a heavy disdain for the US, while at the same time bureaucrats telling me that they have to follow the US lead
That was a pretty cool analysis/analogy 👍 It would work for me if I thought any particular piece of music or other art had any kind of absolute value relative to others - but I don’t. I agree with what I think Raoul Paul is trying to say - That the central banks have done what they should, that the wealthier countries are going to go the Japan way, and that we should focus on what the situation is without caring much and prepare accordingly.
I think that's my main gripe. I very much do not want to go the way of Japan. Wealth gets sealed in at the top in countries like Japan. Good ideas and merit matter less and less compared to the rules and norms in Japan. I don't want the U.S. to be this. The more money that gets printed, the harder it is for people to move from one class to another. I'm obviously a big Raoul Pal fan, but I very much don't like the word "should". It's easy for him to say that the biggest bank has done what it "should"; he doesn't live in the U.S. and he's already super wealthy.
I think RP meant that the central banks did what was necessary for the less fortunate most at all - I think there are better ways of distributing money, like a ‘new deal’ method - but basically I agree with him, I don’t think there was a viable alternative - as for the Japan route, I think it’s an observation of another unavoidable, and I think it doesn’t mean that any country becomes generally culturally the same as Japan in terms of how people behave - it just an observation of how they will deal with debt
I wondered if he was talking about the less fortunate or not. I took it that he was talking more for the good of civil society as a whole. I still see the way that the money was distributed as super corrupt, to put it mildly, but look at who was in charge. As for Japan, I didn't mean that people in the U.S. would behave like those in Japan. Maybe "rules" and "norms" wasn't the best way to put it. I was talking more about how stagnant the Japanese economy is as a result of the propping up of zombie companies. It's like there is no more creative destruction in Japan anymore. Without some clearing of the bush, I feel like it is hard for countries to move forward economically. They inevitably become more stagnant and more crony capitalist.
I also think that a country should only encourage creative destruction if they have an adequate welfare system that will allow people to effectively survive no job security
I think it’s clear that a breakdown of civil society would be the worst for the least fortunate, and I think RP said this - From my own experience and education, it’s the influence from the US that has hurt the Japanese economy - too much gambling and too little care for the long-term - I think Japan would be good to return to its support for sunrise industries and efforts to reduce sunset industries as in the 1960’s - I’ve asked multiple MITI officials over the years why they don’t do that, and the answer has been because big brother US won’t let them - I think what they are saying is correct
This part about the U.S. not allowing for more sunrise businesses is fascinating. I want to hear more about what you know about this next time we talk. Thanks for sharing!
Sounds good! I’m mot a big fan of Japan or Japanese culture in general, but during my time here, I’ve heard often from almost every part of Japanese society, a heavy disdain for the US, while at the same time bureaucrats telling me that they have to follow the US lead