My Review of "Age of Discovery"

5 out of 5 stars.....

A must read! The authors, Ian Goldin and Chris Kutarna, brilliantly describe in detail how we are in a new Renaissance, starting in 1990, much like the original one of 1450-1550, initially centered around Florence and Venice, Italy.

A Renaissance, because it affects things worldwide, even seeing parallels with Gutenberg and Zuckerberg, both the printing press and digitization freeing speech. And Columbus discovering the new world with the falling of the Berlin Wall, spreading culture.

This is the most prosperous time in history (% above poverty), literate (estimated more alive today with college degrees than all before 1980), longest average life expectancy, most peaceful (% dying from war), due mostly from spreading of democracy and trade, etc.

And with both come great income inequality and great resistance from established thoughts, seeing parallels between Copernicus' heliocentric proof and today's scientists' proof of climate change. And back then, the Inquisition, now al Qaeda and ISIS, also here in the US, religion based resistance to same sex marriage, transgender civil rights and Planned Parenthood.

So, with all these advancements, come massive job losses and other distresses. The book even uses the Renaissance's Michelangelo's sculpture of David as both an example and metaphor for the advanced skills of a Renaissance versus the dullard brutish Golliath, culminating in our choices now, which will we choose.

The book goes into how there has been a paradigm shift from cause and effect to quantum superposition. Also, nanotechnology and its future are mentioned. Complexity is covered, how it advanced finance, yet also brought new risks.

Etc,etc.

I strongly recommend the book.

My Review of "5 Easy Theses"

What differentiates this from just being a very good book to what I think is an excellent one, is the background of the author, James M. Stone. Not only does he have an excellent financial academic start, but then in high level government positions, to starting and managing a decent size financial (insurance) company. So, a well diversified background to write about the  challenges America must face, all depending heavily on understanding finance.

He sees 5 main areas to tackle. Following each are some items covered.

 1.  Fiscal Balance

 Fix Social Security (adjust for life expectancy), Medicare (too generous) and Government pensions (defined contribution and matches for new enrollees), eliminate home mortgage interest tax deduction, eliminate corporation debt interest tax deduction.

 2.  Inequality

Both income and wealth distribution need to be addressed, in tax law especially looking at tax dodging by the wealthy and corporations via trusts, etc, also favoring long term investing and reducing speculating. The author also favors an annual tax on unrealized capital gains and also repealing the "step-up" cost basis for inherited assets.

3. Education

More money into poor areas, more use of charter schools and more vocational education - better tracking of kids, also a national service program, increased early childhood education, longer school hours.

4. Healthcare

Lots of changes here - drug negotiating and other things plus a single negotiator, tackle end of life care, single payer and regulator, reduce excessive testing, reduce overuse of specialist doctors, salary more doctors, more use of specialized nurses and physician assistants.

5. Financial Reform

Break up big banks - basically incentivize them to break up, less bank leverage, more disclosure, less use of derivatives, hedge funds regulated like mutual funds, reduce finanialization of our economy - it reduces productivity.

I recommend the book.