I was a fairly good amateur musician, and I was an average professional. But the one thing I saw was that the big band business was fading.
Manufacturing capacity is not a rigid level against which one bounces. When you are dealing with a world economy, with a flexibility to employ production facilities other than one's own, then the concept of capacity is vaguer.
The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.
Unless you are willing to compromise, society cannot live together.
I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said.
The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.
To succeed, you will soon learn, as I did, the importance of a solid foundation in the basics of education - literacy, both verbal and numerical, and communication skills.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
The very nature of finance is that it cannot be profitable unless it is significantly leveraged... and as long as there is debt, there can be failure and contagion.
Corruption, embezzlement, fraud, these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.
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