Read Full Article 👇 👇

Read Full Article 👇 👇

Excess Wealth and Credit: A Recipe for Disaster

Excess Wealth and Credit: A Recipe for Disaster

Excess Wealth: A Catalyst for Disaster?

America's Credit Card: A Ticking Time Bomb?

The greatest thing that could transpire for America might be the eradication of its credit card system and the occurrence of a deep, extended recession that would drain the illusion of unlimited credit and the phantom bubble of wealth. The scarcity of money protects us from various harmful forms of mischief, while an excess of money or credit can lead to disaster. This is contrary to the common belief that having a lot of money simplifies life and makes it more expansive and as perfect as human life can be.

The Catastrophe of Excess Money and Credit

On a larger scale, such as that of nation-states, having too much money or credit can lead to disastrous wars of choice. For instance, having a couple million silver ducats to spare can lead to imperial temptations, such as assembling a massive fleet of warships and sending this Armada to conquer a problematic England. A comprehensive account of the Spanish Armada, "Armada: The Spanish Enterprise and England's Deliverance in 1588," provides a deep insight into this historical event.

Historical Perspective: The Spanish Armada

The authors, who dug deep into the extensive archives of the era, translated Philip II's voluminous correspondence and found that the annual arrival of galleons of silver from Spain's colonies in the Americas provided the Empire and its leadership with the means to conduct ongoing wars in the Netherlands and Italy, conquer Portugal and its island possessions, defend the Empire's far-flung holdings in the Caribbean and the Philippines, and entertain a variety of other costly Imperial schemes.

Excess Wealth and Military Adventures

Without the millions of silver ducats at his disposal, Philip would not have been able to pursue yet another expensive military adventure. Similarly, if the U.S. had not been able to borrow a couple of trillion dollars to fund wars of choice in Iraq and Afghanistan, these wars would have remained mere fantasies of the neoconservatives intent on imposing a secular version of a "holy war" to impose "our way of life" on other nations.

The Private Sector: Facebook/Meta's Misadventures

In the private sector, one can look at Facebook/Meta's disastrous waste of billions of dollars on a futile race to capture the mythical treasures of virtual reality, a quest that would have bankrupted a company with a smaller pile of ducats waiting for the misadventures of the leadership.

Present Scenario: America's Credit Card Splurge

This brings us to the present, with America's disastrous splurge with the nation's credit card, a card that seems to have no upper limit, until it's too late, and the interest payments spoil the party. Scarcity of resources, time, and cash forces innovation, experimentation, discipline, accountability, deferred gratification, and resourcefulness because these are the only affordable problem-solving tools available.

The Sin of Excess

In contrast, an abundance of ducats and credit encourages procrastination, avoidance of hard choices, narrative control as a substitute for actual problem-solving, loss of accountability, delusions of grandeur, the destruction of discipline, and the normalization of corruption. Excessive money or credit also gives free rein to all the classic sins: excessive pride, unbridled greed, wrath, envy, lust for power, gluttony in all things, and sloth.

A Wake-Up Call for America

The best thing that could happen to America would be the destruction of its credit card and a deep, prolonged recession that would drain the phantom bubble of wealth and the illusion of endless credit. Once the ducats and credit disappeared, we'd finally be forced to start actually solving problems rather than papering them over by borrowing and squandering additional trillions. Once seated at the banquet of consequences, we'd be forced to surrender the delusion that narrative control accomplishes anything other than delaying the inevitable reckoning.

Final Thoughts

The idea that having too much money can lead to catastrophe is certainly thought-provoking. It challenges conventional wisdom and forces us to rethink our attitudes towards wealth and credit. What are your thoughts on this matter? Feel free to share this article with your friends and engage in a lively discussion. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

Some articles will contain credit or partial credit to other authors even if we do not repost the article and are only inspired by the original content.

Show All
Top Stories
Show All