The danger, when you're playing for credibility, is that it can become detached from the interests you were supposed to protect. Governments start taking risks not because the prize is worth the cost, but because leaders fear that further restraint might start to communicate weakness.
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why failure can be valuable when it produces real learning, and what it takes to develop the judgment and people skills that can't simply be learned from a textbook.
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The scary part is what's not in plain sight here and that is 800 plus billion is pushed off the books into shell companies. So it's hard to see who's going to eat the losses. Plus, this debt is backed by chips that can lose value overnight if a better one emerges.
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The thing that I've observed about the truly great investors is that they have an absolute obsession about not losing money. It's a very different orientation from people who are obsessed with making money. The ones obsessed with not losing money tend to make a great deal of it.
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