4 ms·
> On the other side of the globe? I guess that wouldn't cross my mind. Everything is interconnected. If your country is the only one on the planet that is doin
by rcarr 3y ago
> On the other side of the globe? I guess that wouldn't cross my mind.
Everything is interconnected. If your country is the only one on the planet that is doing well, it will not be long until resentments start brewing. If inequality stretches too far, eventually it results in instability. You can see this now with the amount of people immigrating to richer countries, both legally and illegally, and the resulting instability it causes, both in the countries that people immigrate to and those that they have left. Taken to the extreme, it eventually leads to wars between countries over resources. The United States might have the biggest military in the world, but it can't win a war against the rest of the world combined.
This is why Joe Biden came out and said that it wasn't the United States economy that worried him, but the economical weakness in the rest of the world. If people think that the United States prints money only to look after the interests of the United States, it will lose its status as the reserve currency of the world. This is already starting to happen, with China making strong inroads in Africa and Latin America with disgruntled countries that have been left behind. If America loses influence in these countries, it's power diminishes and it will only be a matter of time until it is your doctors who are being paid less than convenience store managers in foreign countries. You might not be alive to see it, but your grandchildren might be. It was only 90 years ago that it was the UK and not the United States that was the dominant world power.
Ray Dalio is quite insightful on this:
https://www.youtube.com/watch?v=xguam0TKMw8 https://www.youtube.com/watch?v=xguam0TKMw8
> I do like the idea that there are well paid jobs that don't require many years of schooling. Seems good for social mobility.
Only if those jobs require a similar amount of years of experience to attain. Otherwise people stop pursuing the jobs that require many years of education in favour of earning more money in those that don't and your systems start to collapse as everyone chases the easy money.[1] As Dalio explains in the video above, it is investment in education which is the first step for those countries that begin to ascend and grow.
[1] https://www.theguardian.com/society/2017/may/08/nhs-staff-quitting-to-work-in-supermarkets-because-of-poor-pay https://www.theguardian.com/society/2017/may/08/nhs-staff-qu...
- bagacrap 3y agoSo the UK was a dominant power 90 years ago and now it's a minor player, meanwhile the US is dominating... but yeah, it's the US that's got capitalism wrong. Okay. Perhaps it's your socialized medicine that is causing doctors to be commoditized and undervalued.
- rcarr 3y agoHow did the UK lose its status as dominant power? By being involved in two costly wars within the space of 30 years that, even though it won, left it essentially bankrupt. The US has already been involved in Afghanistan and Iraq, it has an incredible amount of debt, it has domestic problems and it’s now spending an increasingly large sum of money on the Ukraine Russia war. If China decides to kick off in Taiwan and the US gets involved in that one too then, even if the US ended up winning, it could very well be in so much debt that, like the UK, it is superseded by an emerging power. In this scenario, China would be depleted from the loss and it would likely be India that took the mantle as the emergent superpower.