This is such an important post and points to a neglected part of history: "The Book of Acts" history on our country. After we won our independence, the work of getting out of debt, having a currency, etc. was not automatic, and had some interesting twists and turns. Eric Larson has a very good history on that time. The key is after a currency and a banking system (financial intermediaries) is Insurance . No one is building the Main Line or Erie Canal without some level of risk management. Without the NW Ordinance, this issue does not become critical. The Articles of Confederation did some good!
One thing missing regarding insurance's importance, however, is the cash it generates. Cash = business success, cultural influence. One company received funding, they live, the other does not. Cultural influence- Hundreds of billions of ad spend injected into the culture, etc. Berkshire Hathaway is simply a PE fund to invest in companies they own through cheaper cash. Insurance is the water we fish swim in...
I cannot think of an industry less understood that is that powerful.
This is such an important post and points to a neglected part of history: "The Book of Acts" history on our country. After we won our independence, the work of getting out of debt, having a currency, etc. was not automatic, and had some interesting twists and turns. Eric Larson has a very good history on that time. The key is after a currency and a banking system (financial intermediaries) is Insurance . No one is building the Main Line or Erie Canal without some level of risk management. Without the NW Ordinance, this issue does not become critical. The Articles of Confederation did some good!
One thing missing regarding insurance's importance, however, is the cash it generates. Cash = business success, cultural influence. One company received funding, they live, the other does not. Cultural influence- Hundreds of billions of ad spend injected into the culture, etc. Berkshire Hathaway is simply a PE fund to invest in companies they own through cheaper cash. Insurance is the water we fish swim in...
I cannot think of an industry less understood that is that powerful.
Never knew that government social security was devised as a tool to undercut socialism’s appeal. Quite ironic, giver today’s discourse