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“Experience, however, shows that neither a State nor a Bank ever have had the unrestricted power of issuing paper money, without abusing that power.”
“In the United States, there are 11,000 miles of inland waterways that move half a million ton-miles of freight annually, which is nearly a third of the 1.7 million ton-miles of freight moved by 141,000 miles of railroads.”
― Thirst for Power: Energy, Water, and Human Survival
― Thirst for Power: Energy, Water, and Human Survival
“The fallacy is that what one may need to know in the real world does not necessarily match what one can perceive through intellect: it doesn’t mean that details are not relevant, only that those we tend (IYI-style) to believe are important can distract us from more central attributes of the price mechanism.”
― Skin in the Game: Hidden Asymmetries in Daily Life
― Skin in the Game: Hidden Asymmetries in Daily Life
“But things are even worse: in real life, every single bit of risk you take adds up to reduce your life expectancy. If you climb mountains and ride a motorcycle and hang around the mob and fly your own small plane and drink absinthe, and smoke cigarettes, and play parkour on Thursday night, your life expectancy is considerably reduced, although no single action will have a meaningful effect. This idea of repetition makes paranoia about some low-probability events, even that deemed “pathological,” perfectly rational.”
― Skin in the Game: Hidden Asymmetries in Daily Life
― Skin in the Game: Hidden Asymmetries in Daily Life
“You are one person in a game with seven billion other people and infinite moving parts. The accidental impact of actions outside of your control can be more consequential than the ones you consciously take.”
― The Psychology of Money
― The Psychology of Money
“Imagine how tricky it would be to bake a cake if the recipe called for 45 minutes in the oven, and you had to figure out if those were nominal minutes or inflation-adjusted minutes.”
― Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It
― Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It
William’s 2025 Year in Books
Take a look at William’s Year in Books, including some fun facts about their reading.
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