Wealth Actually

Today we were able to speak with Leslie Danks Burke. She is a public advocate and the Founder and President of  TRAILBLAZERS PAC :  a political action committee dedicated to finding and supporting candidates for local political office beyond typical party ideology and structure. Based in Horseheads, NY, Leslie’s goal is to improve the quality of candidates and the political discourse in this country, one municipality at a time.   Their mission statement states: “Trailblazers PAC reconnects citizens with democracy by moving politics out of the back room and onto the front porch. We educate candidates on building an honest donor relationship with their own voters. We invest in candidates for local office who take action for clean government.” She is here to help us make sense of the current political environment, its impact on the current political apparatus, and the direction of grass root campaigns going forward QUESTIONS Background Where are you located? Work Background Interest in politics Frustrations with the System Consensus between parties being thwarted Quality candidates scared off by a poor process Lack of new ideas / good ideas thwarted Entrenched interests Impact of money Issues The Impact of Trump on the Political Industrial Complex Big gov’t v. small gov’t Changes in the media and distortions in “story distribution” Gerrymandering / obstructionist voting laws and other distortions Lobbying interests Schisms in voters along income, education and cultural fault lines The pull of better economics (and weather!) in other states How do you establish consensus-common ground The Opportunities for Positive Change What does Trailblazers seek to do? What type of races are interesting What geography? Is there an ideology? Improving candidate quality/interparty dialogue? Predictions for the future How do we keep track of your progress? TRAILBLAZERSPAC.COM FACEBOOK.COM/TRAILBLAZERSPAC @TRAILBLAZERSPAC @LDANKSBURKE   https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

On Podcast #23, we have Eiland Glover, founder of Kowala. He helps us sort through the cryptocurrency noise, sets out the problems to be solved, and challenges us to think about cryptocurrencies in the future. Eiland Glover is the CEO and Cofounder of KOWALA, creator of the world’s first autonomously stabilizing cryptocurrency: kUSD. Eiland has spent his career creating systems and companies at the intersection of finance, technology, education, game theory, and human psychology.  He is a firm believer that new technologies must be consciously designed and utilized to empower humans. In 2012, Eiland learned about Bitcoin and wondered why this amazing technology had not become ubiquitous. He co-created Kowala based on his belief that a decentralized stable coin is necessary for the mainstream adoption of cryptocurrencies. As a lead up to our discussion, we referred to broader issues that affect cryptocurrencies: Outgrowth of the use of blockchain to add integrity in peer to peer transfers of digital information (and, more specifically, value) That has led to the development of cryptocurrencies which have exploded in popularity in recent years most acutely in the last year. Bitcoin, Ether, Dash, Ripple and many others have stormed the headlines as the curious have sought ways build on the promise of crypto currencies (and maybe get rich quick as well!) However as we have seen in recent weeks, volatility, hacking and generally uncertainty have become a bigger part of the crypto currency picture KOWALA’S kUSD VIDEO PREVIEW https://player.vimeo.com/video/252176369 QUESTIONS Eiland’s background and how he got interested in the space. A quick history of cryptocurrencies and their function and how we got to this point. Bitcoin, et al- how did we go from intellectual exercise to solve integrity issues in peer to peer information transfer to intangible value transfer? Obstacles of mass adoption of cryptocurrency What does the business person who would like to embrace cryptocurrecy as a method of payment need to be worried about? What does the casual cryptocurrency investor need to be worried about? What does the consumer who would like to pay in cryptocurrency need to worry about? (wait for?) Stable coin – its vital role in next phase of development in blockchain and cryptocurrency sector Speed of transfer- How do you get the distributed ledger participants to ratify block transactions faster so that commerce can flow more smoothly? Security of coin storage and value transfer- how does one minimize hacking, theft, double counting, broken hard-drives, lost passwords etc . . . Non-volatile store of wealth?  What is the value in being pegged to a country-backed currency?  Why not just be in the currency itself? Will countries cut out the middle man? And employ crypto currency features in their own currencies?  Would that work? Tipping point for adoption: will it be when it is common place to buy real estate with it?  Candy bars? Used as wages? – Different stable coins models, other coins compare to Kowala Which ones are out there?  What makes them good or bad? Digital coins melded to different state-backed currency? What happens if the USD goes haywire?  Can that be a source of volatility? How do miners help kUSD?  As important parts of the blockchain ratification process, how do you keep them happy? -How do we stay in touch with you, KOWALA, and kUSD? (THERE IS NO INVESTMENT ADVICE IN THIS PODCAST OR POST) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Podcast #22 features Norb Vonnegut, wealth management practitioner turned novelist and journalist at the Wall Street Journal.  Besides talking finance and the future of wealth management, we talked a lot about his fiction writing.  He is the author of three Wall Street thrillers: The Trust Top Producer The Gods of Greenwich He also works on non-fiction. As a contributing columnist for WSJ.com, Norb probes wealth management issues ranging from Cybersecurity to The gender pay gap among industry professionals to The clash between Wall Street and Silicon Valley for market share of investment management. Norb knows what he is talking about.  He spent ten years in Private Wealth Management in New York City, where he developed an international practice with over $1 billion in assets under management. QUESTIONS Background Norb, we both come from a wealth management background, but you have morphed into a formidable writer covering wealth management and other topics. Take us through your background and how you got into the industry How did you scratch the writing bug?  What were your first experiences in getting published? Fiction writing – Your work centers around adventures of wealth managers that get in trouble around their rich clients Take us through your process in structuring plot and developing your characters? What is it like to come from an industry and dealing with an editor and customs of the publishing industry? What was it like to get your first edits and comments from your editor? Your attention to the details of the industry reminds me of John Grisham or Tom Clancy. How do you research the ins and outs of the wealth details that make your novels vivid and ring true? What are your plans for the series? Could this be the cornerstone of a movie or TV series? Non-Fiction You write a robust wealth management column for the WSJ- what is the process and timing for articles? How do you and the paper decide what is newsworthy and how does that square with what is intellectually interesting to you? Or what might be a niche issue but could have significant impact? Any plans for collecting your experiences/research for the broader reader? Trends in Wealth Management You must talk to a lot of professionals, clients and commentators- what are the broad trends that the industry is struggling to solve Evolving business models Justification for fees / compression issues Next-Gen Robo-Advice Fiduciary roles Technology Information asymmetry/synthesis Active v. Passive (Commoditization of investment management advice) Impact Investing Regulation Demographic shifts (aging advisor population) Destruction of free agency (Dismantling of Protocol, who owns the client, does this affect advice?) Others How do we stay in touch with you and how do we find/buy your work? WWW.NORBVONNEGUT.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Podcast #21 features a fascinating conversation with Bart Stephens on the emergence of Bitcoin and blockchain. Bart is the Co-founder and Managing Partner of BLOCKCHAIN CAPITAL, the first VC firm to raise a venture fund through an ICO, and the most active VC investor in the sector, with 72 portfolio companies across three funds. Bart is also a Managing Partner and Co-Founder of Stephens Investment Management, a family owned and operated hedge fund and venture capital firm. Bart has a background of 20 years as both an operating entrepreneur and a venture capitalist. Bart earned a B.A. in Political Science from Princeton University. We touch on a host of issues as I try to better understand the blockchain, its application to Bitcoin and its impact on industry in general. Interesting stuff as we try to peer into the future. INTRO- QUESTIONS- – Bart, you have a diverse background You started out at E-Trade and come from a deep background of operating and investing in technology based venture capital. What lessons did you pick up from your early experiences? – Now onto the blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. – The term usually is the second word mentioned after hearing Bitcoin and Etherium and other digital currencies that have become popular in the last 5+ years. – But it’s the blockchain system of recording and verifying transactions and data that seems to be the exciting game-changer across many industries. – Bart, perhaps a brief rundown of understanding what the blockchain is and how it works Help us understand the problem that blockchain helps to solve. From a 30,000 foot view, “How does it work? What are the terms we need to be familiar with? What is the benefit of block chain’s decentralization and affirmation of data by consensus? How does that disintermediate current manual processes and improve security over the system Public blockchain systems vs. private systems- can you make money on the public systems or is it the private systems where you have to play? What will Blockchain impact? What is the general bottleneck or way of doing things that the blockchain fixes or makes more efficient? Benefits for recording of events, Helping with medical records, Helping with identity management, Helping with transaction processing Improvements for provenance or basis tracking Other examples? Back to the currencies- where do you see the potential for Bitcoin, etherium and other ICO’s? Jamie Dimon’s comment Banking in underserved markets More frictionless and cheaper e-commerce transactions Impact on Western Union and traditional banks? Conflict with money laundering, banking secrecy laws? Where are blockchain advancements really going to affect financial institutions? Where are the opportunities? Describe some of the themes and businesses that are interesting What are the dangers? What seems like a fad or a business theme that is going in the wrong direction? Is there a risk that computational power can’t keep up with the explosion of data? Without centralized records, is that a problem? What if we get an EMP? What is the best way to follow the development of blockchain? How do we stay in touch with you? www.blockchain.capital @pbartstephens @blockchaincap OUTRO https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

I recently spoke to Matt Cooney at NICKERSON PR about the development of Virtual and Augmented Reality. We charted the differences and Matt made predictions about the future of this technology on a variety of industries and businesses including real estate. This is fascinating stuff and vital as we try to understand where the trends in economic growth and employment are going. Forming and engaging communities has been the common thread in Matthew Cooney’s career path. He has built and scaled social media communities for organizations including the Picower Institute for Learning and Memory at M.I.T., iRobot, and Monster. Prior to joining NICKERSON, an award-winning full service marketing and communications agency, as Director of Social Media and Emerging Technologies, he served as a subject matter expert on virtual reality technology at Dell EMC. Today, he works at the intersection of real estate and emerging technologies, witnessing firsthand how virtual and augmented reality technologies are disrupting social media and the way we live and interact in both the real and digital worlds. Samantha Wolfe provides quick definition of Virtual and Augmented Reality HERE and a list of the typical tools and interface points HERE QUESTIONS – How did you get started in the technology space? – VR versus AR: what they are/what’s the difference? – What are practical applications for both? – How are they being used?  Entertainment, Education, Enhancement -How can these technological concepts be developed? -Who are the major players? -Where are the hotbeds of innovation? -What are the hurdles to adoption? -Technological limitations? -Ethical concerns? -Are there multiple approaches to the same problem? -What are the security concerns? -How does this intersect with the major leaps made recently with Artificial Intelligence? Big Data? -How does this intersect with the advances made in robotics and exoskeleton/cybernetic technology? -What does the future hold, both near term and within the next five years, and beyond? -What is exciting in space? -What is worrisome? -What industries are are in the crosshairs? -What will the impact be on social media? -Specifically, how we consume and share content, and congregate and interact online? -How do we keep up to date on NICKERSON and what you are working on? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

It is impossible to come away from a conversation with Marisa Arredondo and not be impressed.  She is the founder of skincare and lifestyle brand PHACE BIOACTIVE. After graduating from Stanford University, Marisa worked as an analyst on Wall Street for 12 years to research and invest in cosmetic, drug and biotech companies. There, she learned about skin biology, ingredient technology, and pH balance as it relates to anti-aging. She also graduated from Harvard Business School, where she conceived the business plan for PHACE BIOACTIVE. You can also check out the brand here: PHACE INSTAGRAM and PHACE FACEBOOK We touch on a host of topics: The joys and hardships of entrepreneurship, When she knew she was ready to give it a go, The evolution of the business past the startup stage, The evolution of the brand and using her unique experience to drive the story of the company Learning how to manage people and processes and when and how to delegate Getting ones arms around the marketing strategy and the importance of social media and TV. QUESTIONS Describe your how you discovered and developed your product- What need did you see that needed to be filled? How did your personal experience allow you to see this? At what point did you see the competition and decide- I have something that’s different and better? How did you know it was time to take the plunge? In brushing up on Phace Bioactive, you are involved in every aspect of the company. It’s rare that a person is a good at one or two things, but you seem to be on top of the science, finance, marketing, distribution and many other facets of the company.  How did your background inform these different areas of expertise? When do you decide that it’s time to bring in other experts and delegate? Once you felt like you had the product right, how did you think about your marketing plan? Once you have the formula right, how do you make sure it’s manufactured consistently? You had a great run on QVC where you presented extremely well- how did you get involved with them? What made them attractive? How did you prepare for that experience? How do you know when you have good advisors around you? How do you select them? Who has been helpful in mentoring you as you reach various stages of business development? How has the advice changed since you have gone from planning to liftoff to growth? As an entrepreneur, what was the thing or things that you ended up being the least prepared for? Or what was your biggest surprise? What were you most prepared for? How has your experience changed as you begin to manage more people? What are the plans for Phace Bioactive’s future- where do you see your next avenues for growth? I notice on the site that you have a section that deals with lifestyle branding around the product.  How does that relate to your future plans? What is the best way to find PHACE BIOACTIVE? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Podcast #18 gives us a chance to speak with hedge fund manager and documentary producer, John Fichthorn, about his documentary, “Betting on Zero”.   John co-founded Dialectic Capital Management, LLC in 2003 and serves as its Portfolio Manager. “Betting on Zero” offers an inside look at the controversy behind multi-level marketing companies and the gamesmanship that occurs on Wall Street. The documentary follows Bill Ackman, principal of Pershing Square, and the impact on Herbalife after Ackman makes a billion dollar bet against the company. The film documents the short position and the conflict it causes between Ackman, Herbalife CEO Michael Johnson and Wall Street titan, Carl Icahn.  BOZ also follows the stories of former distributors and employees of Herbalife and provides examples of the controversial impacts Herbalife has had on the communities it serves.  The film is available on iTunes, Google Play and Netflix. We cover a lot in a short amount of time including what made the story interesting for John and how he and director, Ted Braun, were able to get the amazing access.  Finally, we hear about the business (or lack thereof) of documentaries and some of John’s future plans. [*THERE IS NO INVESTMENT ADVICE IN THE PODCAST] QUESTIONS Bill Ackman is a huge figure in the shadowy world of hedge funds and his flirtation with Herbalife has become the stuff of legends. How did you become interested in the man and this particular trade? Why was it important to produce a documentary on the subject? You have a pretty high stress day job . . . How did you become involved with the project? How was the team assembled?  How was the director, Ted Braun, chosen and who were the other driving factors behind the project? The film ultimately comes down to two strong-minded characters, Michael Johnson, then CEO of Herbalife, who believes in the promise and growth of Herbalife, and Bill Ackman who has bet a substantial amount of money that company will fail. In short strokes, take us through why there is such a divergence of opinion as to whether Herbalife is thriving business or a recipe for failure. The film takes great pains to present the various impacts that Herbalife has on its employees, customers and investors. How were these constituencies assembled? In a world of regulations, compliance and other red-tape snarls, I was stunned that Johnson and Ackman provided as much access as the did. How did you get these two figure heads to agree to appear? How did you get them comfortable with the idea of a documentary? One of the key subplots, is there emergence of Carl Ichan, another famous financier, who emerges later in the process and seems to relish, not only profiting on the other side of the Ackman trade, but in embarrassing him as well. How much of that goes on in finance?  When the investments become emotional/personal? When does it become a bet more than an investment? Since the film was released, Michael Johnson has left Herbalife. Governmental investigations haven’t yielded any particular smoking guns. Without having to get too specific, what are the implications of these events? What do you see going forward? The film has a had a nice reception at the Southampton and Tribeca Film festivals. And it’s now on Netflix . . . What is the plan for the documentary now? I was part of a low-budget horror movie and I learned first-hand that movie-making isn’t for sissies. Now that you have one under your belt, has it become an addiction? Are there any other stories that you would like to see told? What is the best way for people to see Betting on Zero? [*THERE IS NO INVESTMENT ADVICE IN THE PODCAST] https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

I recently met and spoke with New York City playwright, Jonathan Leaf, about the challenges and success of his new play DECONSTRUCTION. He has written numerous plays and most recently had a successful run for DECONSTRUCTION which played at the Storm Theater in New York City. I was lucky enough to see it and experience firsthand the intelligent thought provocation that his work achieves.  DECONSTRUCTION dives into the one of the main scandals in the field of literary criticism . . . “Set in 1949, the play imagines the rumored love affair between famous novelist Mary McCarthy and young aspiring academic Paul de Man. Later in his life, de Man gained worldwide notoriety as the foremost American promoter of deconstruction, a concept inspired by German philosopher Martin Heidegger. The story exposes de Man’s hidden past in war-torn Belgium, where he was suspected as an embezzler and Nazi collaborator.”   The play has been extremely well received: ” . . .Jonathan Leaf’s Deconstruction Bravely and Brilliantly Delves into the Difficulties of Truth . . .” – Victoria Ordin, Broadway World “… an erudite detective story, an inquiry into a man’s personality wrapped up in an in inquiry about philosophical concepts … Leaf strikes a rare balance between narrative and thesis, between action and thought. – Kyle Smith, The New Criterion “Peterson and Dobbins handle their roles admirably, particularly as the emotional pitch of events escalates. Dobbins is a convincing McCarthy, shifting seamlessly between vulnerability and icy wit, while Peterson’s amorphous de Man manages to be both repulsive and pitiable. These subtleties are facilitated by Leaf’s smart script and the simple set, constituted largely of scattered books.” – Ian Tuttle, National Review ” … a REFRESHING and CONTEMPORARY take on love and philosophy.”  Ed Malin, Theatre In The Now Jonathan Leaf has been nominated for “Best Original Full-Length Script” by the New York Innovative Theatre Awards for his play “The Caterers.” His plays have been produced and performed at 59E59 Theaters, the 29th Street Rep, the Arclight Theater and The Mint. As a journalist and critic, he has written for The New Yorker, The Weekly Standard, National Review, The New York Post, New York Press, New York Daily News, New York Sun, The American, Humanities Magazine, City Journal, City Arts, Forbes.com, NewPartisan, TheStream, EdgeMedia, ContemporaryThinkers.org, and Mosaic Magazine, among other publications. A Tikvah Fellow and Yale graduate, he is the author of the play “The Germans in Paris,” which was the highest-rated play in audience surveys on TheaterMania.com during its run. You can follow his exploits here:  http://jonathanleaf.weebly.com/ We covered a lot of ground in a short period of time . . . here is the format of the podcast: You grew up Trenton and went to Yale- where did you get bitten by the writing bug? How did your experience as a teacher influence you? Let’s talk about Deconstruction- where did you get the idea to take on this affair in 1949? What are you trying to communicate to the audience? What do you want them to think about or stubble with? What are the themes that predominate in your plays? Are there any taboos or sacred cows that are in your crosshairs? When you sit down to write a play how do you go through the exercise? Do you have a set process? Then there is the process of producing a play- that seems daunting in and of itself. Take us through the story of how Deconstruction got from the blank page onto the stage? How does the casting process work? Do you find yourself writing parts with certain people in mind? What is the next step for the play? You have written a well received book on the Politically Incorrect History of the 60’s. How is that different from writing plays? Given your playwright background, are you interested in TV or movies. How does that differ from the play process? Or is it similar enough that the distinctions are more form over substance? What’s next for you? What are you interested in writing about going forward? How do we keep tabs on your next moves and how do we take in Deconstruction? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

I recently spoke with Ashley Koff.  A registered dietitian, Ashley is not only one of the top people in the nutrition field, but she’s a terrific entrepreneur as well. We have known each other since college so it was particularly fun to catch up on her exploits. [In typical Frazer fashion, the last time we saw each other was in a NYC steakhouse . . . which must have been real fun for a top nutritionist!]. Ashley is a Registered Dietitian and one of the top Nutritionists in the country. In addition to major corporate clients and individuals, Ashley advises many Hollywood and TV productions on better nutrition. She is the author of two books and acts as a spokesperson for many brands. She launched the Ashley Koff Approved brand to house and manage the many facets of her practice. You can find information about her programs and projects at https://www.ashleykoffapproved.com/. With all of that, I wanted to pick her brain on two fronts: 1) What are the trends in nutrition and healthy living that we should focus on and 2) How have you turned your expertise into a successful business? Nutritionist/Dietitian questions-  When do people make the decision to see you? How do you get them think about their goals?  Number on the scale vs. performance/energy vs appearance goals? When someone walks in to your office, what is your process to assess where they are and where they should go with their nutrition? Once you have an idea of a person’s situation, what are the next steps in implementing a process for them? Concept of a balanced diet- vitamins vs. calories vs. person’s physical attributes- How detailed does your analysis go? Picking a theme and sticking with it Overflow of information- fad diets Vegetarians vs. vegans vs. pescatrians vs Paleos Herbs/Vitamins- how do you focus on the important details (and ignore the less important ones) Water consumption Caffeine Nutrasweet Speed of eating Timing of eating Portion control Rest Exercise Grocery stores: Buying fresh v. organic v. what we normally see Avoiding processed foods- what does “processed” mean now? Restaurants: how do you teach good habits in navigating those environments? Competing with time challenges when preparing foods Budget issues- expensive to eat well Demonization of Fat v. sugar and carbs Fruits and vegetables- obvious benefits, but can you overdo it? Cleanses Are there true superfoods that you can’t go wrong with? Business Questions Clients are individuals, companies, brands, organizations in addition to media products- How do you organize your time? How did you come up with the AKA brand? How do you incorporate employees or partners in your concept and vision? What was the role of media and books in building your brand? Was there a big break? Does social media work for you? How does that translate into business? What are your broader plans? Does that include a prepared foods line? Exercise programs? Other partnerships? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

(This appeared in Rick Lazio’s Ignite Blog back in July of 2011 . . . I reread it and liked it, so I thought I would repost it.) MATHLESSNESS – AMERICA’S FUNDAMENTAL PROBLEM by Frazer Rice. Modern Americans are largely innumerate. They are, to borrow Richard Posner’s felicitous phrase, mathless- most can’t use or judge the effects of numbers. Such ignorance would be of little concern, except that math permeates everything and ignorance of it imperils both America and Americans. For example, mathless Americans can’t understand or interpret statistics popularly discussed in the media, thereby disabling their ability critically to assess what’s reported. Nor can they comprehend the scale of the numerical problems addressed in government budgets, leaving them to the not-so-tender mercies of craven politicians funding government programs through deficit spending. Most importantly, mathless Americans lack the quantitative tools to prosper financially and avoid bad investments, critical skills of self-reliance in a non-welfare state. If you want to see this in action, watch a lawyer try to equitably divide the bill and calculate a tip at a nice restaurant. It takes twenty minutes and they usually have to consult an accountant … by phone. Consider the millions of people who bought houses they couldn’t afford. Cautionary tales abound about people making $50k/year who were living in $400K houses that are now in foreclosure. The analysis exposing such folly isn’t rigorous: Assume (optimistically) after-tax income of $37,000, or $3,125 per month, that the buyer paid 10% of the purchase price ($400,000) at closing, which leaves $360,000 remaining. With an interest-only mortgage of 5% (historically low, but a reasonable figure), the buyer pays at least $1,500 in monthly interest, which is nearly half his or her take-home pay (you do get to deduct the interest, but you don’t see that until the following year). The above scenario is unmercifully tight, especially if income taxes or the cost of living increases and/or income declines. Financial common sense bristles at such a position. Unfortunately, most Americans lack such common sense. And that is the core of the problem: math can help lead logical decision-making by spelling out future realities that predatory lenders hawking teaser rates don’t want you to consider. Lotteries, casinos and the investment banks thrive in part because Americans can’t or don’t want to think about math. As Homer Simpson put it when told that having mayonnaise and whiskey at the same time was a bad idea, That’s a problem for Future Homer. Obviously, one can’t prepare for every eventuality, but more mathematical common sense could have prevented people from committing what amounted to financial suicide. The ability to see the immediate snapshot of a mathematical situation isn’t the glaring problem for America. Intuition and the advice of others tend to get most past square one. The real issue is getting people to conceptualize the numbers governing their lives in such a way that they can anticipate future consequences of financial decisions. For that task they are ill equipped. Mathless Americans are also increasingly outstripped by foreign competitors. There are 98.8 color televisions for every 100 U.S. households. Television is the most important thing in America! There used to be over 70 US TV manufacturers. However, in 1995, Zenith sold to LG. That brought the number of U.S. TV manufacturers to zero. Only tiny startup Olevia assembles Asian TV parts in this country. In the business world, being deficient in math is going to be like running a race with no legs. According to Time Warner Cable’s Connect a Million Minds program, eighty percent of jobs created in the next decade will require math and science skills. Furthermore, the American education system isn’t up to the task. According to the Programme for International Student Assessment, the United States ranks thirty-fifth in terms of the mean score for mathematics. Ours is not the path back to economic competitiveness, let alone dominance. Mathematical considerations increasingly dictate the world economy. Meanwhile, the United States government spent billions to bailout an auto industry that didn’t understand two simple mathematical realities: their costs were too high and they didn’t sell enough cars. The uptick in unemployment is the latest symptom of the American difficulty in competing in business without the required numerical skills. Domestically, mathlessness perpetuates caustic social and income inequalities. The small fraction of people who understand math and can use it as a tool do exceedingly well. The ones who can’t cope with numbers are left behind – far behind. Such disequilibrium fosters creation of an elite “over class” the mathless will never be able to join (except, perhaps, by winning the lottery). Adult American mathlessness is a problem politicians won’t address, given anyone doing so obliquely implies that potential voters are stupid. More cynically, politicians prefer an ignorant, pliable electorate less likely to call them to account. Until American mathematical literacy improves, most Americans will be at the not-so-tender mercies of unfriendly foreign nations, self-aggrandizing government and, worst of all, their own ignorance. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/