Dwarkesh Hirani

So what was incentivizing them to keep?

I find it fascinating the fact that –

whether a corrupt political equilibrium leads to more construction or less construction, because the political equilibrium in America today is that, I don't know, California isn't the least corrupt state in the world.

But the political equilibrium is that

The fact that there's so many different factions who get their hand into the pocket means that it's not that everybody's like, we need California Rail to happen yesterday because I need my share of it.

It's that, oh, I'm going to get a little consulting fee to slow this down by five years.

So it's quite interesting.

And if you read the...

Cairo biography of Robert Moses, and you look at the strategies he employed, it actually is very similar to what you're mentioning here, where it's in every single faction's interest that a bridge that Robert Moses is working on gets done through some of the mechanisms you mentioned.

For example, he would give the banks these discounted bonds

For this construction.

So the the bank lobbyists were encouraged to keep the construction going and he would give Obviously the unions wanted employment.

So they'd want the construction to have every single person at every stage was incentivized So I find it interesting that China has maintained to me keeping political equilibrium which encourages too much building whereas our political equilibrium is That the guy it's discouraged and

Yeah.

Okay.

And then what would a solution to this problem look like?

Yeah.

Why is it the case that economists – so when they're talking about rebalancing more towards consumption, they'll often suggest that you should do increasing amount of welfare.

But it seems like the more straightforward thing to do would just be to –

get rid of financial repression so that by default savers would have more purchasing power, get rid of currency devaluation.