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Moses Sternstein's avatar

Good piece!

Two quick points:

re. China Shock and job losses, we basically switched from manufacturing (manly) to healthcare service work (womanly). They net out, but the cultural impact is not zero. Far from it. It may be a good thing, but composition matters.

re. steelman, intuitively (ala Buffett), trading ownership tomorrow for consumption today, should give one pause. "Hey, we can consume all your stuff today, while tomorrow you'll cash in those IOUs" creates some duration-mismatched incentives. Just because the exchange is happening, doesn't mean it's a *good* exchange.

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