Is our national debt really a threat? What is a “mild” recession, exactly? If you’re worried about your bank account balance, job security, or mortgage rate, what data should you be keeping tabs on? All this and more is answered in Kyla Scanlon’s new book: In This Economy: How Money and Markets Really Work.
I’ve held several personal money beliefs for a while now that I sometimes hint around with people but have never really left the closet and said. Until now.
- We already have a one world monetary system, which is the U.S. dollar.
- Our belief in borders is a holdover from the true nation-states of pre-World War Two; there are no real borders, and no true nations in the traditional sense.
- We never recovered from the 2008 housing crisis, which is why many of us are working three and a half jobs.
- Our supply chain is super fragile; the Pandemic proved that, and one wrong move will send us tumbling again.
- Money’s value derives from military strength; that Robert Fulghum meme about fighter jets and bake sales has got it wrong—more fighter jets mean we can have more bake sales, and who doesn’t like cake.
I’ve become publicly bold in sharing my economic ideas because all of a sudden, I’m not the only one saying this stuff which all sounds very close to conspiracy theory. In fact, the book I’m reading right now, In This Economy: How Money & Markets Really Work by Kyla Scanlon unabashedly says everything I’ve been secretly thinking.
Scanlon, born in 1997—gads, she’s young, graduated from Western Kentucky’s University’s Gordon Ford College of Business in 2019, triple majoring in financial management, economics, and business data analytics. She began writing in the third grade, and her first book, “The Little Penguin,” I don’t think is actually published anywhere. She sold cars for a minute, and began her finance career with Capital Group working in asset management, conducting macroeconomic analysis and modeling investment strategies. As a sophomore in college, she began a blog on day trading. She coined the term, “vibecession” to describe the public perception of the American economy.
And, she says crazy things in her newsletter like, “…housing is a very personal experience. It’s the ideal state, home ownership. It’s the one way we know to build wealth in the U.S. despite it not really… working. ($10,000 invested in equities in June 1974 would today be worth $2.4 million. If invested in housing, it would be worth $139,000 today.)” Seriously, as a real estate agent, quotes like that are incredibly mind-blowing as the industry pounds into our heads over and over that the only way to make true wealth in this country is through purchasing real estate.
Her book is one of the clearest explanations of a fiat monetary system I have ever read. She is one of the few people who I’ve heard actually say money is not so much real as much as the value of money is a shared idea wrapped in trust and confidence—that the economy is not money, but people.
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