If we translate that to its application in the real world, it goes a little something like this:
To create value, you can:
Do things people don't do. (non-specific, $)
Do things people won't do. (specific, $$)
Do things people can't do. (ultra-specific, $$$)
In 2004 I got the opportunity to work with Jeff Bezos to develop the original Kindle. It was Amazon’s first foray into hardware and I learned a ton from my interactions with Jeff. Here’s some of the stories and lessons that I took away from that experience:
Signs of wisdom:
- you aren't scared of saying you don't know
- you talk to be understood, not to impress
- you stay calm even around the angry
- you apologize when you wronged
- you admit it when you're wrong
- you are detached but focused
- you never blame
- you seek to help
(2/2) Since the US borrows in its own currency, it can also create more of that currency at any time.
Therefore, a country cannot actually default on its debt, except by choice.
At any given time Congress can authorize the Treasury to print the dollars it needs to pay any debt.
(1/2) The main option for repaying the national debt is through monetary policy.
This means that, rather than raising taxes to generate more revenue, the government simply prints the money it uses to pay down the debt.