Money as Debt. Roubini: $2 Trillion in Debt Losses. Black Swan's "Rules for Living".
“Give me control over a nation's currency and I care not who makes its laws.”
Baron M.A. Rothchild
“Only the small secrets need to be protected. The big ones are kept secret by public incredulity.”
As the US and the UK witness their first bank runs in decades, I think it is extremely valuable to understand the US banking system. Whether you believe the US dollar will collapse or not, it is important to understand the lessons here. MOST AMERICANS DO NOT UNDERSTAND THE BANKING SYSTEM, you should. Depressions, recessions, bank runs, government and state confiscation of bank assets, hyper inflation, currency collapse, have all happened in American history. You should invest in what you know, you should know/understand banking.
Money as Debt Part 1/5 (10 Minutes): Money as Debt Part 2/5 (10 Minutes): Money as Debt Part 3/5 (10 Minutes): Money as Debt Part 4/5 (10 Minutes): Money as Debt Part 5/5 (3 Minutes):
These videos were passed to me from another CAPS player. I am sorry, I cannot find the orginial post, to give credit to the CAPS player, who gave me this link.
The Big Picture has two outstanding posts this week. Nouriel Roubini is one of the few people on TV worth listening to on corperate media. I have posted him several times. A write up and video worth your time here:
Roubini: $2 Trillion in Debt Losses
The video is here: Mr Doom and Gloom (4:40)
A book you should read is:
Black Swan by Nassim Taleb. A blog that is worth reading is: The Big Picture
Taken from the Big Picture, which took it from
Nassim Nicholas Taleb: the prophet of boom and doom Bryan Appleyard The Sunday Times, June 1, 2008 http://business.timesonline.co.uk/tol/business/economics/article4022091.ece
Rules for Living from Nassim Taleb
Taleb's top life tips
1. Scepticism is effortful and costly. It is better to be sceptical about matters of large consequences, and be imperfect, foolish and human in the small and the aesthetic.
2. Go to parties. You can’t even start to know what you may find on the envelope of serendipity. If you suffer from agoraphobia, send colleagues.
3. It’s not a good idea to take a forecast from someone wearing a tie. If possible, tease people who take themselves and their knowledge too seriously.
4. Wear your best for your execution and stand dignified. Your last recourse against randomness is how you act — if you can’t control outcomes, you can control the elegance of your behaviour. You will always have the last word.
5. Don’t disturb complicated systems that have been around for a very long time. We don’t understand their logic. Don’t pollute the planet. Leave it the way we found it, regardless of scientific ‘evidence’.
6. Learn to fail with pride — and do so fast and cleanly. Maximise trial and error — by mastering the error part.
7. Avoid losers. If you hear someone use the words ‘impossible’, ‘never’, ‘too difficult’ too often, drop him or her from your social network. Never take ‘no’ for an answer (conversely, take most ‘yeses’ as ‘most probably’).
8. Don’t read newspapers for the news (just for the gossip and, of course, profiles of authors). The best filter to know if the news matters is if you hear it in cafes, restaurants... or (again) parties.
9. Hard work will get you a professorship or a BMW. You need both work and luck for a Booker, a Nobel or a private jet.
10. Answer e-mails from junior people before more senior ones. Junior people have further to go and tend to remember who slighted them.