This could be construed as an attempt at the normalization of abnormal human behavior. People 500 years ago did “x”, so you’re opinion on that now should be dictated as such.
I this see across media platforms. Not blatant support of an idea, but a perspective on it that assumes a specific reality. Not that this is necessarily what is going on here, but I am seeing it everywhere. Call me crazy...
GP is referring to the "argument from age" fallacy, the belief that prior generations had better knowledge/wisdom on certain topics simply because it lasted for so long before it disappeared in the modern age.
Yes it is. But the Fed is not stupid. This whole dollar losing its status fear is similar to “the next big depression, worse than 1929” or “the next big earthquake to knock California into the ocean”.
It’s just human nature to fear these events.
The us economy is rock solid and is basically the only economy innovating at all. This doesn’t mean that wages aren’t stagnant or that wealth inequality isn’t a problem.
The Fed is run by human beings, whom have biases and flaws.
The US economy is strong, however its fiscal discipline is not. Federal debt to GDP ratio is at an all time high, and will only go higher. Abstract this graph out at current trends:
Public debt growth is outpacing GDP growth, so its only a matter of time.
Do we anticipate that politicians will suddenly become conservative and start paying down debt? Unlikely. The pressure to keep the economy going and win elections is too strong. The power to create money (or artifically low interest rates) is a heroin addiction, impossible to wean your economy off of.
If you had to lock your wealth in over the next 10-25 years, you're not buying US government bonds. You're hiding out in gold, housing, and stocks. The dollar is not an asset you want to be part of.
> The us economy is rock solid and is basically the only economy innovating at all.
It is powerful, but not apparently healthy and experienced quite some scary events in recent years so "rock solid" is a very weird characterization. The U.S. capitalist system is inherently instable, it undergoes periodic crashes and extraction schemes that make people lose their property or get collectively more indebted. This makes people angry and willing to consider radical changes - see violence and rising popularity of socialism in U.S. It is hard to predict when it happens, but the outlook is not good. For economic/political stability, E.U. looks much better.
I've noticed this too. I wonder how much is ass covering? It would look really bad if Goldman never brought this up to their clients and it did happen.
I have the same problem. I just started at FAANG, make good money, and I. Am. So. Miserable. I studied so hard for this job and now all I want is out. The day to day logic is burning out my mind and making it hard to enjoy life
If it makes you feel any better, getting into FAANG is my life goal. Getting in even just once is enough. I'd finally win my own respect, that of my parents, and everyone else (though I'm sure no one really cares). I'm also jaded about programming in general and I know I'm not going to love the work, but at least the FAANG job experience will give you 1) proper credentials to get an interview easier at other jobs if needed and 2) a surefire path to financial independence. I currently work at a small company making around 1/3-1/5 your pay and when monthly expenses eat 60-80% of take home salary, building up wealth just isn't as optimistic. So give yourself a pat on the back.
How? There are many places around the world that at first world and where you can save 50+% of your (market) salary after all expenses. Maybe you’re underpaid in a very high COL area?
Also, friendly but unsolicited advice: if you base your happiness on other’s perception of you and your achievements, you’ll never ever be happy. There will always be someone judging you and deeming you inferior and/or someone who is way better at something than you are.
The Structure and Interpretation of Computer Programs
It’s a classic text on computer science that starts from basics and goes into functional programming