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The best bond investor of all time's stance on US economy

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America simply doesn’t have the workforce trained to compete in today’s global economy, he argues. Instead of workers skilled in technology, math and science, we have too many people trained in finance and the liberal arts, or simply not trained at all.



Our human capital is invested in the wrong skills, and our physical capital is deteriorating. The contrast with China couldn’t be sharper.

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Nails it. And now we're doubling down on MBAs and JDs instead of getting more people into STEM fields (science, technology, engineering, mathematics).

I can't find the transcript of it, but I caught a bit of Science Fantastic with Michio Kaku (the guy who's all over the Science Channel) on the radio while driving Sunday night and he had a great piece about how some attribute the downfall of the British empire to the movement of the brightest minds to business instead of science and technology.

I think it was on a recent Fareed Zakaria special that I heard that for the first time ever China applied for more patents than the US.

What we're seeing is one of the downsides to capitalism. In a system in which the goal is to make money, if people can make money by gambling instead of developing a skill or manufacturing a product, they'll do that. When you consider that gambling wins are taxed at a lower level than actual work, that's a recipe for disaster and makes us easy pickins.
 
People follow the money. The easy path is business or law.
 
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