Magical Thinking

Can I confess something? I tell you this as an artist, I think you’ll understand. Sometimes when I
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Comments

  1. At least part of the problem here is that most of society finds the comfort created by artificially deferring the inevitable is preferable to confronting reality. Most of society prefers to work less (or better still, not at all) than to use tech and innovation to boost productivity, and nobody is structurally motivated to set us on a different course. Our reliance on magic spells provides the alt-priests with a source of power, which they like, and a basis for paternalistic overlord-like behavior, which they also like. As long as this setup also suits those holding political power, it’s hard to see any catalyst for change until some fairly disastrous consequences fall upon our economies and society. Then, after some period of extreme social and economic pain, everybody will forget and it can all start over.

  2. Amazingly enough, the U.S. can still grow its way out of the massive debt we’ve taken on. I know … hard to believe. But it’s true. The power of compounding is truly inexorable, and it’s amazing what a steady 3.5% growth rate on a huge economic base can do to make manageable even trillions of dollars in debt.

    Ben just wondering if you think this is still true ….it’s hard to believe it’s been over 5 years since I first read this note :scream_cat:

  3. On the same line, isn’t the US national debt actually a US national asset? Paying off the national debt would actually be the destruction of money. A 3.5% growth rate would just mean the national debt could grow larger. The US isn’t going to grow its way out of massive debt, it will grows its way into more debt. If stuck at 1% or 2%, then no more debt growth? I’m not sure, I think I have Lacy Hunt’s diminishing rate of return on debt in my head.

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