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If homeowners with mortgages had been owed something resembling royalties whenever a mortgage was leveraged, then there would not have been overleveraging. The cost of risk would have been built in from the start, and would have been paid for by the investor creating the risk. Benefits would have b…

It's worse than foolish to imagine that technologists will be able to fix the world if economists and politics have gone insane. We can't function alone. What we do is empower people. The world needs to be approximately sane for us to make any positive difference.

Trying to create an overly flattened society inevitably and unintentionally creates new centers of power. A revolution might dethrone the old rich, but only at the expense of empaneling an unchallenged communist party, along with a politburo and legions of clever schemers and ass kissers who turn i…

I wish I didn't have to use mortgages as a point of reference since as I'm writing this, the world is still suffering from financial troubles that radiated from stupidly securitized mortgages. Mortgages were a reliable, clean mechanism for many years. What happened in the early 21st century was exc…

[...] Once in a risk pool, you'd have a much better shot at attracting investors than as individuals. Maybe then you could issue a bond to the newspaper in order to read it.