The United States imports more than it exports. Has for decades. It's the cost of being the reserve currency.
You must run deficits so the world has dollars to hold. The privilege and the problem are the same thing.
@naval the office was never about work
it was about control
the people who figured that out first are now building from Lisbon while the others are commuting
The Mongol Empire had the fastest communication network in the world for its time. Control of information infrastructure has always been a form of control. The medium changes. The principle doesn't.
Private equity figured out that operational improvement was harder than financial engineering. Most of them chose the second one. The industry is what it is because of that choice.
The Roman Empire lasted longer in the east than the west. Constantinople held for a thousand years after Rome fell. Institutions built correctly outlast the conditions that created them.
@thedankoe Living true to yourself and and vibrating on highest level of consciousness that is authenticity is the most important thing for a fulfilled life
Debt is just future consumption pulled into the present. Every country doing it simultaneously is an interesting experiment. We're still in the middle of it.
The average financial advisor underperforms a passive index fund.
They charge for this service.
The industry has survived this fact for forty years.
Marketing is a more durable competitive advantage than performance.
The petrodollar system works like this.
Saudi Arabia prices oil in dollars exclusively.
Every country that imports oil must hold dollar reserves to pay for it.
Global oil demand creates permanent global dollar demand.
That's the foundation of reserve currency status. Not military strength alone.