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The stock market also generally adjusts for currency devaluation, too. You can see that in Venezuela, where the currency is collapsing but the equity market is exploding higher to compensate for the fall in value of the bolívar. The process of going into a debt jubilee should see markets fall very heavily over the fear of an unmanaged default, and capital flight from the creditors... You’ll need nerves of steel to then sell your gold and buy equities, just when everyone else is in full panic. Kevin O’Leary, businessman, entrepreneur, and Shark Tank investor I think we have to fix the basic problem... For example, when you take out a student loan – between $40,000 and $60,000 is the average range – you have to have a plan on how you’re going to pay it back. Either you work while you’re in college, or you think really hard what degree you’re going after. Because if you borrow $60,000, it’d better be something you can pay back. I’m not against the arts, or taking history, or English lit, but what’s wrong with becoming a plumber or a welder or something in a craft that pays you $200,000 a year? We don’t all have to have history degrees. I think people and young people today should think really hard about what they’re investing in when they take and borrowmoney from a bank to get an education. What are you educating yourself for? It’s to get a job, and if you don’t see the path of that and you’re not willing to plunge yourself into debt for the rest of your life, think hard about where you’re going. And that’s my basic message.
I’ve met so many great entrepreneurs in my journey in the last 20 years with all this Shark Tank stuff, and I realized an education is not a prerequisite for success. I’ve met plenty of people that never finished high school that are multimillionaires. But the point is, if you’re going to invest in yourself, make sure you get a return. Pick something you can get a job in. In your 20s, you amass debt because you’re growing, maybe taking a student loan, you’re getting married, buying a house, and all that. But in your 40s, you have to pay it all back. So by the time you’re 65, you actually have a nest egg of some kind, which is why I’m such a huge advocate for really focusing on keeping debt low. You don’t have to have a $40,000 wedding. You don’t have to buy a house; you can rent one. Staying out of debt and amassing a nest egg is what it’s all about for the next 50 years.
Tama Churchouse, editor of Crypto Capital Highly redistributive policies and genuine “helicopter” money printing are definitely a substantial risk.
However, I think you’d need to be already living in a cave and wearing tinfoil to think that a wholesale debt jubilee, in the biblical sense of the word, is anything other than a minute possibility. Either way, I’d own hard assets like real estate, gold, overseas assets in reliable rule-of-law jurisdictions, bitcoin, non-U.S. currency, real businesses... and a spare non-U.S. passport.
50 | November 2017 October 2017
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