Morgan Housel

And that's probably, if I were to make, what is the most likely outcome to get out of this?

Which is different than a prediction.

Just what do I think is the most likely?

It's probably something like that.

And we're in the 1970s.

Slow growth, high inflation, a lot of pissed off people, a lot of political revolutions, if you want to call that.

You know, not terrible revolutions, but the Reagan revolution, let's say.

that by and large we muddled through.

And we look back at it as a terrible period, which is why people don't think fondly of Jimmy Carter as president.

And also within that era was Watergate and Vietnam.

So there was just a lot in the 1970s.

It was just America sucks.

America sucks right now.

But we got through it.

And I think if we had a time machine and you and I went back to New York in 1976, we would not find it to be a hell hole.

We might find elements of it quite pleasant.

Here's another example of this.

What other country lost its empire because it had too much debt and overextended in the last hundred years and ceded its power to the next superpower?

The UK.

the UK, that ceded its power to the United States.