> In the 17th century, people sometimes issued perpetual debt. But it is very rare that there is an uninterrupted history when governments or other entities have not defaulted on those debts.
Ever see those banking website ads or financial planning brochures that tell you that you can become a millionaire by the time you retire if you sock away just $75 a month through the magic of compound interest? The math checks out, but the longer the time horizon the more likely it is that wars, bankruptcies, currency devaluations, revolutions, government confiscations, hyperinflationary periods, and other economic cataclysms will wipe out your investment.
Ever see those banking website ads or financial planning brochures that tell you that you can become a millionaire by the time you retire if you sock away just $75 a month through the magic of compound interest? The math checks out, but the longer the time horizon the more likely it is that wars, bankruptcies, currency devaluations, revolutions, government confiscations, hyperinflationary periods, and other economic cataclysms will wipe out your investment.