It compared the current times, bull market in Technology and Chips and Space to the 1920s bull market.
We had quite a bull market in the 1920s in a time of little regulation and tax in most of the world including Europe.
One of her observations was back then it was difficult to get information and took days to werks for panic to spread even the banking crisis s in Europe took time to spread.
What really impressed me is how much trust there was back then despite the introduction of income tax in the US 1912 I believe and the introduction of the Fed, again 1912.
You could still withdraw gold and silver coins back then in most of the world including Africa, Asia and North America to Europe.
Of course not now, now its all fiat, except maybe in China. In China you can still get fiat but few people accept it, its all QR codes and apps their for the most part. Although you can still buy gold and USD 100 bills clean and crisp bills no less.
Lyn talked about the current inflation and wars and more importantly information. You cant really get accurate information online anymore.
With AI created videos and bots posting fake videos and pictures its hard to detect the truth. Plus they can spoof real people like you or me and make videos of us committing crimes, inflaming people to violence ect.
They can even erase your identity and sieze you bank and brokerage account, like what happened at Fidelity where a woman coulnt sign in to her account and when she called customer service and was helped by a bot or AI they didnt acknowledge her or her account.
Luckily she called a human and had saved her online statement s to her laptop and proved she had an account there and got things resolved and her money back.
As I understand a computer clich erased her account accidentally or on purpose I dont know but people will learn this can be done and gotten away with in some cases and some countries.
Owning a few gold coins in your wallet may come in handy one day.
Anyway Lyn had a good letter on how we live in interesting times and how we earn income is changing fast, AI will change everything and probably faster than I think.
What's the answer to all this?
I believe E.B. Tucker is right, one answer is to be in the moment and enjoy life. Some of the most enjoyable things are cheap to free if you live in the Western World.
I think in a low trust society it will be more important to live in smaller cities or towns where you can build up trust in those societies so when things go wrong you can band together and survive the crisis easier. Much like you see in Russia or other similar places.
I think living in smaller states in North America will be better and the smaller towns will do better but it will be similar in places like Saipan, or the Philippines or even Singapore even Sark comes to mind.
I think as things decentralize people will move to rural areas and live in places where government rules and regulations will not really be enforced even taxes to some extent.
It will be safer in those areas to, the downside is big city life and health care will be less.
As it becomes easier to earn and spend income and have things shipped by drones we will see people live where they are treated best so people will migrate to these places.
It will be difficult to stop the migration and the migration of capital just look at China.
Of course governments will have currency controls and will try to stop this but they cant stop migration from Africa to Europe or migration from Central America to North America.
Only time will tell. You already see people leaving the West for Asia, Eastern Europe and Latin America.
I think these trends will continue and thats where I will invest in.
Happy Hunting.
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