A million lemmings can't be wrong.
@CoinCube - you miss my point. My lemmings would cheerfully rush into Zimbabwean
dollars or Venezeuelan Pesos in the mistaken belief that access to debt makes them
wealthy. They are economically illiterate. I've come to the belief that the general lack
of understanding of matters financial is no accident, but the outcome of years of
careful engineering and education. These lemmings are not stupid BTW.
If you've read '1984' you will recall that ideas like freedom and suchlike were carefully
erased from the newspapers. Only a selected few were given access to restricted texts.
Replace 'freedom' with 'usury' and you will see what I mean.
I keep thinking that bitcoin owners have worked all this out, but find that they haven't.
Topic: Economic Devastation - page 7. (Read 504746 times)
Just this week, I underwent "my" first contactless debit card payment. I use "my" because
I wasn't directly participation in the transaction. Someone else took money out of my account.
I was there, they had my permission, but that wasn't necessary for the exchange.
Thinking about it, I wondered whether to empty my account and buy gold, or to buy bitcoin.
I mentioned my fears to the younger generation. They assured me that "contactless" was
a most welcome addition to their world. No more hassle spending money. Coincidentally
they have large (negative) credit card balances.
These are mutually exclusive views. One of us is improperly dressed.
I wasn't directly participation in the transaction. Someone else took money out of my account.
I was there, they had my permission, but that wasn't necessary for the exchange.
Thinking about it, I wondered whether to empty my account and buy gold, or to buy bitcoin.
I mentioned my fears to the younger generation. They assured me that "contactless" was
a most welcome addition to their world. No more hassle spending money. Coincidentally
they have large (negative) credit card balances.
These are mutually exclusive views. One of us is improperly dressed.
If you contact your bank and tell them you wish for all such "contactless" withdrawals to be declined they will tell you that they cannot help you.
The only easy way to stop an upcomming but disputed automatic withdrawal is to close the account in question.
Just this week, I underwent "my" first contactless debit card payment. I use "my" because
I wasn't directly participation in the transaction. Someone else took money out of my account.
I was there, they had my permission, but that wasn't necessary for the exchange.
Thinking about it, I wondered whether to empty my account and buy gold, or to buy bitcoin.
I mentioned my fears to the younger generation. They assured me that "contactless" was
a most welcome addition to their world. No more hassle spending money. Coincidentally
they have large (negative) credit card balances.
These are mutually exclusive views. One of us is improperly dressed.
While it's not that unusual to agree on the facts but reach totally different conclusions,
this seems to be happening to me more often this year. For example , the suggestion that
"people will use a competent and widely accepted money for their transactions," suggests a
worrying gap with reality and Gresham's law. For an explanation see here:
http://www.zerohedge.com/news/2017-05-26/bitcoin-rebounds-2600-greshams-law-looms
I'll mention that at the beginning of the collapse in Imperial Rome circa 300ad
the government insisted on part (or full) payment of taxes in gold. And guess what,
your friendly tax collector probably decided the exchange rate :-)
I wasn't directly participation in the transaction. Someone else took money out of my account.
I was there, they had my permission, but that wasn't necessary for the exchange.
Thinking about it, I wondered whether to empty my account and buy gold, or to buy bitcoin.
I mentioned my fears to the younger generation. They assured me that "contactless" was
a most welcome addition to their world. No more hassle spending money. Coincidentally
they have large (negative) credit card balances.
These are mutually exclusive views. One of us is improperly dressed.
While it's not that unusual to agree on the facts but reach totally different conclusions,
this seems to be happening to me more often this year. For example , the suggestion that
"people will use a competent and widely accepted money for their transactions," suggests a
worrying gap with reality and Gresham's law. For an explanation see here:
http://www.zerohedge.com/news/2017-05-26/bitcoin-rebounds-2600-greshams-law-looms
I'll mention that at the beginning of the collapse in Imperial Rome circa 300ad
the government insisted on part (or full) payment of taxes in gold. And guess what,
your friendly tax collector probably decided the exchange rate :-)
The best solution to that is to establish corporate taxes like what our government did. That way there will be balance in the three sectors that have been mentioned.
But the problem arise when corporations don't declare their income well but at least they pay tax.
Perhaps the start of the anticipated 'melt-up'.
Here is an interesting (and in my opinion accurate) prediction from the ZeroHedge comments on the future of cryptocurrency.
Nice post by an east indian Quote from: East Indian
The bird has flown the coop. Bitcoin is already out of control. It has spread so far and wide, it will be impossible to control it. It will be a very good alternative to the paper-masquerading-as-gold investments.
Next, the fiat governments will "swing into action". There will be "official" cryptocurrencies, or coopting the existing altcoins - Ethereum has been swallowed by Microsoft; banksters have swallowed Ripple, that would have set the whole Forex futures on fire.
But such tricks will not last long. The monopoly on money creation has been pried away from the cold fingers of the unmentionable central bankster mafia. MONEY IS WHAT PEOPLE SAY IT IS. Not what Govt says it is. If the govt insists on collecting its dues in fiat, and paying its employees in fiat, let it do so. But sooner, than later, people will use a competent and widely accepted money for their transactions, and will buy fiat only to pay the govt taxes! And the govt employees will change their fiats immediately to open market money! Since the demand for fiat will be limited to the tax demands, eployees will find that they have to take a heavy hit if the govt overprints its fiat! Hence, the govt cannot thrust more fiat on the society than its tax demands! Voila! Ultimately the governments world over may have to eat crow and accept privately mined cryptocurrencies!
Next, the fiat governments will "swing into action". There will be "official" cryptocurrencies, or coopting the existing altcoins - Ethereum has been swallowed by Microsoft; banksters have swallowed Ripple, that would have set the whole Forex futures on fire.
But such tricks will not last long. The monopoly on money creation has been pried away from the cold fingers of the unmentionable central bankster mafia. MONEY IS WHAT PEOPLE SAY IT IS. Not what Govt says it is. If the govt insists on collecting its dues in fiat, and paying its employees in fiat, let it do so. But sooner, than later, people will use a competent and widely accepted money for their transactions, and will buy fiat only to pay the govt taxes! And the govt employees will change their fiats immediately to open market money! Since the demand for fiat will be limited to the tax demands, eployees will find that they have to take a heavy hit if the govt overprints its fiat! Hence, the govt cannot thrust more fiat on the society than its tax demands! Voila! Ultimately the governments world over may have to eat crow and accept privately mined cryptocurrencies!
wonder.who it is.. seems smartWell put. Too good a prediction to waste on ZeroHedge.
Here is an interesting (and in my opinion accurate) prediction from the ZeroHedge comments on the future of cryptocurrency.
Nice post by an east indian Quote from: East Indian
The bird has flown the coop. Bitcoin is already out of control. It has spread so far and wide, it will be impossible to control it. It will be a very good alternative to the paper-masquerading-as-gold investments.
Next, the fiat governments will "swing into action". There will be "official" cryptocurrencies, or coopting the existing altcoins - Ethereum has been swallowed by Microsoft; banksters have swallowed Ripple, that would have set the whole Forex futures on fire.
But such tricks will not last long. The monopoly on money creation has been pried away from the cold fingers of the unmentionable central bankster mafia. MONEY IS WHAT PEOPLE SAY IT IS. Not what Govt says it is. If the govt insists on collecting its dues in fiat, and paying its employees in fiat, let it do so. But sooner, than later, people will use a competent and widely accepted money for their transactions, and will buy fiat only to pay the govt taxes! And the govt employees will change their fiats immediately to open market money! Since the demand for fiat will be limited to the tax demands, eployees will find that they have to take a heavy hit if the govt overprints its fiat! Hence, the govt cannot thrust more fiat on the society than its tax demands! Voila! Ultimately the governments world over may have to eat crow and accept privately mined cryptocurrencies!
Next, the fiat governments will "swing into action". There will be "official" cryptocurrencies, or coopting the existing altcoins - Ethereum has been swallowed by Microsoft; banksters have swallowed Ripple, that would have set the whole Forex futures on fire.
But such tricks will not last long. The monopoly on money creation has been pried away from the cold fingers of the unmentionable central bankster mafia. MONEY IS WHAT PEOPLE SAY IT IS. Not what Govt says it is. If the govt insists on collecting its dues in fiat, and paying its employees in fiat, let it do so. But sooner, than later, people will use a competent and widely accepted money for their transactions, and will buy fiat only to pay the govt taxes! And the govt employees will change their fiats immediately to open market money! Since the demand for fiat will be limited to the tax demands, eployees will find that they have to take a heavy hit if the govt overprints its fiat! Hence, the govt cannot thrust more fiat on the society than its tax demands! Voila! Ultimately the governments world over may have to eat crow and accept privately mined cryptocurrencies!
wonder.who it is.. seems smart
Here is an interesting (and in my opinion accurate) prediction from the ZeroHedge comments on the future of cryptocurrency.
Quote from: East Indian
The bird has flown the coop. Bitcoin is already out of control. It has spread so far and wide, it will be impossible to control it. It will be a very good alternative to the paper-masquerading-as-gold investments.
Next, the fiat governments will "swing into action". There will be "official" cryptocurrencies, or coopting the existing altcoins - Ethereum has been swallowed by Microsoft; banksters have swallowed Ripple, that would have set the whole Forex futures on fire.
But such tricks will not last long. The monopoly on money creation has been pried away from the cold fingers of the unmentionable central bankster mafia. MONEY IS WHAT PEOPLE SAY IT IS. Not what Govt says it is. If the govt insists on collecting its dues in fiat, and paying its employees in fiat, let it do so. But sooner, than later, people will use a competent and widely accepted money for their transactions, and will buy fiat only to pay the govt taxes! And the govt employees will change their fiats immediately to open market money! Since the demand for fiat will be limited to the tax demands, eployees will find that they have to take a heavy hit if the govt overprints its fiat! Hence, the govt cannot thrust more fiat on the society than its tax demands! Voila! Ultimately the governments world over may have to eat crow and accept privately mined cryptocurrencies!
Next, the fiat governments will "swing into action". There will be "official" cryptocurrencies, or coopting the existing altcoins - Ethereum has been swallowed by Microsoft; banksters have swallowed Ripple, that would have set the whole Forex futures on fire.
But such tricks will not last long. The monopoly on money creation has been pried away from the cold fingers of the unmentionable central bankster mafia. MONEY IS WHAT PEOPLE SAY IT IS. Not what Govt says it is. If the govt insists on collecting its dues in fiat, and paying its employees in fiat, let it do so. But sooner, than later, people will use a competent and widely accepted money for their transactions, and will buy fiat only to pay the govt taxes! And the govt employees will change their fiats immediately to open market money! Since the demand for fiat will be limited to the tax demands, eployees will find that they have to take a heavy hit if the govt overprints its fiat! Hence, the govt cannot thrust more fiat on the society than its tax demands! Voila! Ultimately the governments world over may have to eat crow and accept privately mined cryptocurrencies!
Everyone is a Marxist to you. Doesn't make your long cryptic posts any more sympathetic. Care to tailor your message to the world for the 'stupid people' or not? That's the question. I certainly hope so. I learn more from people who think outside the box (even if a bit crazy or 'off the path') than people that stick to common wisdom. I just wish you drop the superiority thing.
...
STT
I think that you have the correct read on China.
I remember reading that "Japan got rich before it got old, but China is worried that it will get old before it gets rich."
Demographics are against China. And, IMO, Communism (even their hybrid system) will work against China. Also China has horrible environmental problems.
STT
I think that you have the correct read on China.
I remember reading that "Japan got rich before it got old, but China is worried that it will get old before it gets rich."
Demographics are against China. And, IMO, Communism (even their hybrid system) will work against China. Also China has horrible environmental problems.
China and Russia don't have the socialism and pension debts problem that the West has (their debts can be written off as their demographics and unfunded social liabilities are not yet a huge inertia so their downturn can bottom in 2020 whereas the West will continue to disintegrate even after 2032); thus as China is rebalancing their economy from the Industrial Age exports to the Knowledge Age service industry and consumption (see upthread links to Michael Pettis' blogs), they will displace the West, become the new financial center of the world, and be very strong.
China and Russia are of course part of the BRICS conventional thinking of next generation growth in the world. China has failed to see the growth it should have in the last 17 years. They have been part of open global trade and the opportunity for more has been there. Large amounts of growth in China has transformed it partly, maybe even surprising to us in the west in its extent but still far less then a capable developing country like China should have seen.
They show the failed inept government we suffer thanks to the burden of communism and also tying their currency to the dollar has not enabled the grass roots strength it would have. China does not parallel the growth of the new union of united american states or that Europe saw during the industrial revolution. In both cases those economies had a capitalist system that allowed for the common worker to become far better off.
There is a cost to failed policies from Chinese government, one reason they will fail in future growth also is their falling working population. It makes for a strange headline that USA is ahead of China in growth in one vital area which is actual population growth. People are the strongest most versatile asset a country can have and by default are incredibly productive but China lacks this, they will have to do more with less and rising inflation from wages will be part of their dynamic now and the worlds also due to their size.
The Chinese economy may transform but it will not do nearly as well as it could have if left unhindered. Its too late to fix Chinese demographic and they will suffer as a nation for decades, I guess they are similar to Japan and the most optimistic outlook is they can export labour needs similarly. I do not see them being a world leader unless somehow the whole world also fails and cannot beat a communist command economy for a better direction.
I hope India does better but Im waiting not expecting that
Interesting article on the future of large cities in regards to decentralized solutions from charles hugh smith
Are Cities the Incubators of Decentralized Solutions?
http://www.oftwominds.com/blogmar17/cities-solutions3-17.html
Are Cities the Incubators of Decentralized Solutions?
http://www.oftwominds.com/blogmar17/cities-solutions3-17.html
Quote
Those urban regions that pursue decentralized, networked, localized solutions will likely prosper as the adaptive advantages of these principles pay self-reinforcing dividends.
In yesterday's entry, I suggested that rather than bemoan the inevitable failure of centralized "fixes," let's turn our efforts to the real solutions: decentralized, networked, localized. To commentators such as Richard Florida, decentralized, networked, localized describes cities.
He describes the transition from central states imposing solutions to cities being the incubators of solutions as The Most Disruptive Transformation in History: How the clustering of knowledge lays bare the need to devolve power from the nation-state to the city.
Florida has authored three books on the increasing concentration of the "creative class" and capital in urban zones--cities and their surrounding satellite cities, suburbs and exurbs: The Rise of the Creative Class and Who's Your City?: How the Creative Economy Is Making Where to Live the Most Important Decision of Your Life.
More recently, he addressed the soaring costs of living in these urban area in The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class—and What We Can Do About It.
Florida's main thesis is straightforward: solutions are coming from city governments, institutions and enterprises, not central states. Since the world's populace has rapidly urbanized, this transformation affects the majority of people in both the developed and developing worlds.
I've often written about the need to move from centralization to decentralization: centralized command-and-control mechanisms are optimized for the economy and society of the late 1940s - early 1960s, not the economy/society of today that is being creatively disrupted by the 4th Industrial Revolution (digital communications, software, automation, robotics, Internet).
Florida's premise makes a great deal of common-sense, for the basic reason that different cities face different problems (or different versions of the same problem), and each regional mega-city is embedded in a different state and economy.
Cities also have different resources and dominant political cultures.
In effect, devolving political power to cities would enable a suite of local solutions rather than a single "fix" imposed by a topdown centralized authority.
This article illustrates the spectrum of cities (the categories are somewhat arbitrary, of course): The Megacity Economy: How Seven Types Of Global Cities Stack Up.
To understand why the city may be the ideal political-social-economic unit to manage successful adaptation, look at these three maps of the U.S. The first reflects the GDP generated within each county; the second shows real growth in GDP by region, and the third displays the wages of the so-called "creative class"--those with high-demand skillsets, education and experience.
The spikes reflect enormous concentrations of GDP. This concentrated creation of goods and services generates jobs and wealth, and that attracts capital and talent. These are self-reinforcing, as capital and talent drive wealth/value creation and thus GDP.
Unsurprisingly, there is significant overlap between regions with high GDP and strong GDP expansion. The engines of growth attract capital and talent.
Those urban regions that pursue decentralized, networked, localized solutions will prosper as the adaptive advantages of these principles pay self-reinforcing dividends.
Those urban regions that pursue the hierarchical, one "solution" fits all, high-cost bureaucratic model of central states will sink into the same cesspool of corruption, cronyism, sclerosis and failure to adapt that characterize central states.
If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.
Check out both of my new books, Inequality and the Collapse of Privilege ($3.95 Kindle, $8.95 print) and Why Our Status Quo Failed and Is Beyond Reform ($3.95 Kindle, $8.95 print). For more, please visit the OTM essentials website.
In yesterday's entry, I suggested that rather than bemoan the inevitable failure of centralized "fixes," let's turn our efforts to the real solutions: decentralized, networked, localized. To commentators such as Richard Florida, decentralized, networked, localized describes cities.
He describes the transition from central states imposing solutions to cities being the incubators of solutions as The Most Disruptive Transformation in History: How the clustering of knowledge lays bare the need to devolve power from the nation-state to the city.
Florida has authored three books on the increasing concentration of the "creative class" and capital in urban zones--cities and their surrounding satellite cities, suburbs and exurbs: The Rise of the Creative Class and Who's Your City?: How the Creative Economy Is Making Where to Live the Most Important Decision of Your Life.
More recently, he addressed the soaring costs of living in these urban area in The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class—and What We Can Do About It.
Florida's main thesis is straightforward: solutions are coming from city governments, institutions and enterprises, not central states. Since the world's populace has rapidly urbanized, this transformation affects the majority of people in both the developed and developing worlds.
I've often written about the need to move from centralization to decentralization: centralized command-and-control mechanisms are optimized for the economy and society of the late 1940s - early 1960s, not the economy/society of today that is being creatively disrupted by the 4th Industrial Revolution (digital communications, software, automation, robotics, Internet).
Florida's premise makes a great deal of common-sense, for the basic reason that different cities face different problems (or different versions of the same problem), and each regional mega-city is embedded in a different state and economy.
Cities also have different resources and dominant political cultures.
In effect, devolving political power to cities would enable a suite of local solutions rather than a single "fix" imposed by a topdown centralized authority.
This article illustrates the spectrum of cities (the categories are somewhat arbitrary, of course): The Megacity Economy: How Seven Types Of Global Cities Stack Up.
To understand why the city may be the ideal political-social-economic unit to manage successful adaptation, look at these three maps of the U.S. The first reflects the GDP generated within each county; the second shows real growth in GDP by region, and the third displays the wages of the so-called "creative class"--those with high-demand skillsets, education and experience.
The spikes reflect enormous concentrations of GDP. This concentrated creation of goods and services generates jobs and wealth, and that attracts capital and talent. These are self-reinforcing, as capital and talent drive wealth/value creation and thus GDP.
Unsurprisingly, there is significant overlap between regions with high GDP and strong GDP expansion. The engines of growth attract capital and talent.
Those urban regions that pursue decentralized, networked, localized solutions will prosper as the adaptive advantages of these principles pay self-reinforcing dividends.
Those urban regions that pursue the hierarchical, one "solution" fits all, high-cost bureaucratic model of central states will sink into the same cesspool of corruption, cronyism, sclerosis and failure to adapt that characterize central states.
If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.
Check out both of my new books, Inequality and the Collapse of Privilege ($3.95 Kindle, $8.95 print) and Why Our Status Quo Failed and Is Beyond Reform ($3.95 Kindle, $8.95 print). For more, please visit the OTM essentials website.
Satoshi our great NWO master:
If you wanted to utilize Bitcoin reserves which could not be visibly spent until it was time to enslave the world, how would you do it?
What if you could print paper high powered SDRs implicitly backed by Bitcoin. And then create Basel rounds that progressively ratchet the old banking system to default by requiring Tier 1 reserves of this quality.
What you describe, what you are suggesting, perhaps, is that a benevolent Satoshi has great power to do good, and that, conversely, a malevolent Satoshi has a nuclear bomb in regard to his private keys.
If you wanted to utilize Bitcoin reserves which could not be visibly spent until it was time to enslave the world, how would you do it?
What if you could print paper high powered SDRs implicitly backed by Bitcoin. And then create Basel rounds that progressively ratchet the old banking system to default by requiring Tier 1 reserves of this quality.
@traincarswreck there is no such thing as a stable fungible value. It can't exist as it violates the laws of physics. That is Nash's error. And there is no such thing as a plurality of asymptotically fungible stable values. That is a fantasy in the mind of a crazy, brilliant man who didn't quite figure out his error. His mistake was not realizing that his ideal would only be plausible in the non-fungible case. He was close to realizing that.
Nash was on the right track though. We can have an asymptotic plurality of stable values, when they are all non-fungible. And my project will bring that theory into existence.
Bitcoin will be destroyed. Mankind will prosper. And I will prove you are wrong. But it won't happen overnight. It will take a while yet.
Fungible money will die. Slowly but it will wither away.
End of story.
I am tired of talking. The discussion is redundant. I will reply to @dinofelis' other errors then end my participation in this thread. Adios amigos.
P.S. thanks to all for the discussion.
Any one who whoreships fungible value can never believe me, for their entire thesis is destroyed. So they will just have to be destroyed. It is their destiny.
Love of money, is the root of all evil.
Love of knowledge and production is glorious and fruitful.
I am a true capitalist. The financiers (especially the whale-most of all financiers) are leeches and parasites.
Nash was on the right track though. We can have an asymptotic plurality of stable values, when they are all non-fungible. And my project will bring that theory into existence.
Bitcoin will be destroyed. Mankind will prosper. And I will prove you are wrong. But it won't happen overnight. It will take a while yet.
Fungible money will die. Slowly but it will wither away.
That is what my Rise of Knowledge, Demise of Finance points out. Yeah atoms are heavily but they don't get heavier. Relative value will decline (the absolute value will always have mass but that is irrelevant as I had pointed about to Eric Raymond on his blog, c.f. the Dark Enlightenment thread).
There are no stable values in a relativistic universe. But this is a good thing, otherwise we would not exist because the past and the future would collapse into indistinguishable (the light cones of relativity would overlap) if there could be any absolute reference point because relativism wouldn't exist.
There are no stable values in a relativistic universe. But this is a good thing, otherwise we would not exist because the past and the future would collapse into indistinguishable (the light cones of relativity would overlap) if there could be any absolute reference point because relativism wouldn't exist.
End of story.
I am tired of talking. The discussion is redundant. I will reply to @dinofelis' other errors then end my participation in this thread. Adios amigos.
P.S. thanks to all for the discussion.
No one believes you.
Any one who whoreships fungible value can never believe me, for their entire thesis is destroyed. So they will just have to be destroyed. It is their destiny.
Love of money, is the root of all evil.
Love of knowledge and production is glorious and fruitful.
I am a true capitalist. The financiers (especially the whale-most of all financiers) are leeches and parasites.
@CoinCube, you wanted to understand money and the knowledge age.
Here is all the edification readers will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation.
Here is all the edification readers will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation.
Okay, I'm going to read this stuff in the hopes that it's not some manic-depressive delusional sideways conspiratorial ranting treatise based upon unsound logic which is what I am suspecting it might be. I will read it and if it's sound, I will provide my critique.
I am interested in sound critiques (and even summaries) of iamnotback's work, as it is very dense and hard for me to follow. So, yes, please do read what you need to, and post back.
I am suspecting that his work likely IS important, perhaps very important, but hesitate to commit the time and energy to try and understand the huge amount of material.
* * *
EDIT:
Has CoinCube offered up a general opinion on iamnotback's work? I have not explored this thread at all thoroughly, and CC is an articulate guy who might be able to tease out main points with suggestions of which routes to follow to for beginners to gain further insight.
@CoinCube, you wanted to understand money and the knowledge age.
Here is all the edification readers will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation.
Here is all the edification readers will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation.
Okay, I'm going to read this stuff in the hopes that it's not some manic-depressive delusional sideways conspiratorial ranting treatise based upon unsound logic which is what I am suspecting it might be. I will read it and if it's sound, I will provide my critique.
@CoinCube, you wanted to understand money and the knowledge age.
Here is all the edification readers will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation.
Here is all the edification readers will ever need. Make sure you click the link in the linked post, which will take you to my main elucidation.
Deflationary crypto-currency will correspond with a change from debt-based, industrial age to investment-based, knowledge age.
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