Those numbers are close enough, but that is not why I am not setting up a global short on the finance institutions of the world. I am not doing that because if I am proved correct most of the potential counter-parties to that deal will be first against the metaphorical wall, and thus I do not get paid either way.
Look, for most of the history of capitalism finance and banking is where mediocre intellects with high conscientiousness scores went to earn a respectable boring living in a respectable boring job. The current status quo is an aberration, and will keep blowing up until it is stopped. None of the bullshit that led to the financial crash has actually been fixed, because finance had too much pull with politicians. Its going to happen again. Soonish. Politicians will not be able to shield them a second time (and if they try, very worrying people will replace them in office)
if I am proved correct most of the potential counter-parties to that deal will be first against the metaphorical wall, and thus I do not get paid either way.
A fair point. However if you think that scenario is likely I would recommend to buy ammo and beans and not worry about high-tech things like AI.
for most of the history of capitalism finance and banking is where mediocre intellects with high conscientiousness scores went to earn a respectable boring living in a respectable boring job.
That is not true at all. It is so for accountants and tellers, but it is true for them in our days just as well. People who owned and managed high-level financial and banking institutions always had high risk and, if successful, high profits. Think about financing trading ships half across the world, financing wars and shaky monarchies...
The big banking houses did not rise through efforts of people with “mediocre intellects [and] high conscientiousness scores”.
The big banking houses did not rise through efforts of people with “mediocre intellects [and] high conscientiousness scores”.
Mediocre compared to whom? Certainly, from what I’ve heard, the skills necessary for banking are, in this order:
Consciousness/Work Ethic
Ability to socialize with the upper classes
Intellect
With the general level of intellect being roughly “can pass freshman calculus but not necessarily an entire engineering degree.” Certainly bankers aren’t stupid, but if you compare their job to what’s necessary in science, medicine, professional engineering, or law, I do think they’re the “dumb jocks” of the smart crowd.
It’s the term you used. I assume compared to the general population.
the skills necessary for banking
What do you call “banking”? As is true for every complex industry, there is a variety of things to be done which require diverse skills. An accountant, a salesperson, and an executive might all work in a bank but the skills they need are very different.
Those numbers are close enough, but that is not why I am not setting up a global short on the finance institutions of the world. I am not doing that because if I am proved correct most of the potential counter-parties to that deal will be first against the metaphorical wall, and thus I do not get paid either way.
Look, for most of the history of capitalism finance and banking is where mediocre intellects with high conscientiousness scores went to earn a respectable boring living in a respectable boring job. The current status quo is an aberration, and will keep blowing up until it is stopped. None of the bullshit that led to the financial crash has actually been fixed, because finance had too much pull with politicians. Its going to happen again. Soonish. Politicians will not be able to shield them a second time (and if they try, very worrying people will replace them in office)
A fair point. However if you think that scenario is likely I would recommend to buy ammo and beans and not worry about high-tech things like AI.
That is not true at all. It is so for accountants and tellers, but it is true for them in our days just as well. People who owned and managed high-level financial and banking institutions always had high risk and, if successful, high profits. Think about financing trading ships half across the world, financing wars and shaky monarchies...
The big banking houses did not rise through efforts of people with “mediocre intellects [and] high conscientiousness scores”.
Mediocre compared to whom? Certainly, from what I’ve heard, the skills necessary for banking are, in this order:
Consciousness/Work Ethic
Ability to socialize with the upper classes
Intellect
With the general level of intellect being roughly “can pass freshman calculus but not necessarily an entire engineering degree.” Certainly bankers aren’t stupid, but if you compare their job to what’s necessary in science, medicine, professional engineering, or law, I do think they’re the “dumb jocks” of the smart crowd.
It’s the term you used. I assume compared to the general population.
What do you call “banking”? As is true for every complex industry, there is a variety of things to be done which require diverse skills. An accountant, a salesperson, and an executive might all work in a bank but the skills they need are very different.
It appears in fact to be the term Izeinwinter used; so far as I know, Izeinwinter and eli_sennesh are not the same person.
Yes, this is correct.