One of my favorite quotes of all time.
Global warming, climate change, all these things are just a dream come true for politicians. The opportunities for taxation, for policies, for control, for crony capitalism are just immense… —
I’ll bet all my life’s earnings that politicians will be responsible for the extinction of humanity long before the planet will.
And the answer to his question is “Government Intervention”.
This is actually a great article and it outlines the idea, that both Thiel and I share, that government intervention (such as hampering the internet, curtailing technology like bitcoin or stem cells, etc) has caused a retardation in the growth and progress of technology and since technology hasn’t been growing as fast as it can, there’s been very limited investment opportunities.
If there are limited investment opportunities, then companies, investors and banks generally invest less and wait around more. The longer they wait, the more capital/credit piles up and the more money and willing investors there are for the limited opportunities. Eventually, credit freezes up and you get the capital crunch, which brings about a recession and worse.
Thiel also points out that the central bankers are depending on tech growth to drive the willingness of investors to put more capital out into the market for use, which in turn helps turn the gears of the economy.
If there’s not enough growth, there’s not enough investment and if there’s not enough investment, there’s economic turmoil. And all of this comes down to government interfering with the innovations and growth of technology.
Don’t worry about [time], this is the Internet, it goes on forever.—
Joe Rogan to Peter Schiff
Edward Snowden after months of NSA revelations, says his mission’s accomplished (via thinksquad)
P.J. O’Rourke, All The Trouble In The World (via anarcho-americana)
I love P.J. O’Rourke