No skin in the game countries (Europe).
What about if your future is not dependable on the economy of your own country and its development? While I take most responsibilities of failures and whatever occurrences, this one is hard to swallow on my end. I want to write about it.
What about if people get old and they only have savings and only look at a future with no further recurrent incomes and uncertainties, whatever savings they have (and might be much more than for good living) won’t be used. They stopped caring about what is next and what could be great for the country.
Old countries are not just a risk averse society they get owned by what there was and stop caring about what they will be, no meaningful new competition. Easy to see that not betting on the future of your own place has consequences for the productive youth. They only work for what there was, for the past, old industries, old technologies.
Past days I watched a documentary about Bernie Madoff, an American financier who ran a ponzi scheme for decades, and most of his customers were in Europe. As a British banker explained: my customers do not want risk. So he disregarded several warnings and disregarded diversification, only betting on what was considered safe Bernie Madoff. There is nothing safe. No risk means either no profits or just eating the downside. And that’s what happened. They lost most of their money.
Risk reward is not understood.
Another concept completely misunderstood in the continent has been the concept of fiat money, money is not anymore a piece of gold or silver to be kept for decades with a stable value. Fiat money is a tool to exchange value today and use within a short time (i. e. one year). Europe is completely illiterate at fiat money.
When it comes to software, Michael Dell says you need at least 1 million to build something meaningful. So guys trying to build software you know how much you need, raise funds while you can.
Having many family members and acquaintances from the US, I get many comments and constantly have to compare. I am thinking about the American dream but first considering a productive stop in Spain (a few years). You will get to know what comes.
Solar energy in all cases ☀️ and entrepreneurship!
In general I want this article to be taken as a wake up call for the society towards investing in promising projects at your level: corporations -> R&D, university -> +projects, individuals with high savings -> angel investing. Especially in Software, the next great source of wealth for advanced economies,taking the lead of industry.. Bet for the future or the future goes.