The only valid political system is one that can handle an imbecile in power without suffering from it

Many people keep deploring the low level of formal education in the United states (as defined by, say, math grades). Yet these fail to realize that the new comes from here and gets imitated elsewhere. And it is not thanks to universities, which obviously claim a lot more credit than their accomplishments warrant. Like Britain in the Industrial Revolution, America's asset is, simply, risk taking and the use of optionality, this remarkable ability to engage in rational forms fo trial and error, with no comparative shame in failing again, starting again, and repeating failure.

Your reputation is harmed the most by what you say to defend it.

The fastest way to become rich is to socialize with the poor; the fastest way to become poor is to socialize with the rich.

You want failures to be small and informational. Silicon Valley does very well. It knows how to use failure as a tool for improvement.

Is the economy something organic or is it something engineered? I think it's closer to the organic. You harm it by artificially suppressing volatility in it.

I'm a capitalist but one who is smallist and localist, and who favours businesses where owners are still in charge.