The Awesome Science of Chinonomics

If you ask me to name the one thing that makes the United States the most powerful and influential country in human history...  I don't answer its military. Even though the U.S. defense budget is staggering. I don't answer its rule of law. Even though the U.S. ranks very high in the world .  I don't answer its living standards. Even though the U.S. ranks in the top 5  in economic freedom. I don't answer its cultural inclination to dominate and conquer faraway lands , nor the facility (and most importantly, the willingness ) of its citizens to move within its borders in search for a better future. Laudable as that may be.   Even if the % of movers has decreased since the 90's, close to 17MM people moved within the US in 2017 alone.  That's almost  the equivalent of the Netherlands, or Ecuador, or Senegal moving houses in 12 months  🤯 .  I would not even answer its marvelous capacity  to take in immigrants from all other the world for mor...

9/11 changed our way of life. It eroded our liberties. The Patriot Act made us slaves to a new reality in which we now gladly accept to be taken pictures that penetrate our clothes by the TSA with the sole objective of confirming we will not hijack our plane and slam it into a landmark. COVID19 will erode our liberties too. Just like 9/11 makes us willfully pose naked in exchange for the right to fly, COVID19 will eventually and make us gladly share our location to cross-reference it with healthcare databases to know if we've been exposed to infected people in exchange for the right to walk into a restaurant, a stadium or visit grandma at the nursing home. Just like life on the streets went on after 9/11 --it in a slightly different way-- life will go on on the streets after COVID19 --in a slightly  different way. The change in the world of economics will be more pronounced, though. The stock market represents the present value of the cash flows to equity, not...