This write up of 80s Japan (from 1990!) is worth a read
https://hbr.org/1990/05/power-from-the-ground-up-japans-land...
It’s also justified as the USA is by far the most dynamic economy in the world and has the most advanced military there to protect your investment in USD.
I wouldn't bet the farm on this one. The US ain't what it used to be and China is rising fast.
I’m happy for China and Chinese people having a better quality of life. But their economy is based on humans doing things inexpensive. It’s essentially a services business, not a SaaS business. It doesn’t scale well but they have so many poor people to exploit that they can make a thing of it.
When the seriously export culture, novel technology, or medicines then sure. When they aren’t a net importer of food then sure. But the yuan is not a serious threat to usd. It’s pegged to it.
> Right now, investing in public companies and tech is very risky, as valuations are at record highs. Many experts estimate near-zero returns for decades from public markets.
...is a big red arrow pointing to the fact that we're living in a castle made of sand
if we continue to let pathological incentives drive economic decisions the tide will wipe it all away
purchasing power is a mutually constructed fiction and remains a useful social technology only while material productivity can plausibly support the web of lies we tell each other
now that people have noticed the foundation caving in, it would be nice if we could formulate and incentivize a positive sum response, otherwise we get zero or negative sum dogfights over scraps as you describe