Like any good bubble, this belief– while rooted in truth– gets pushed to unhealthy levels. Thiel talks about consumption masquerading as investment during the housing bubble, as people would take out speculative interest-only loans to get a bigger house with a pool and tell themselves they were being frugal and saving for retirement. Similarly, the idea that attending Harvard is all about learning? Yeah. No one pays a quarter of a million dollars just to read Chaucer. The implicit promise is that you work hard to get there, and then you are set for life. It can lead to an unhealthy sense of entitlement. “It’s what you’ve been told all your life, and it’s how schools rationalize a quarter of a million dollars in debt,” Thiel says.
1) Shorten the work week. Start with a four-day work week. That means we can get 20% more people into the job market. With around 20% people currently out of work, or working part-time, that solves our jobless problem in one stroke. If that’s too big a wrench, cut down daily work hours at firms instead of firing people. That’s what they do in Germany, where they don’t have our job loss (they do everything better in Europe, but don’t get me started).
The past half-century of foreign intervention proves to be a queer mix of amplifying harm and entrenching anti-American attitudes the world over.
Strangely, foreigners prefer private investment from the U.S. rather than rockets and regime change.