We have to understand #CosmicPerspective to manage our #Chauvinism. Cosmic Perspective enables us to see beyond our #Circumstances, allowing us to transcend the Primal #Craving. #UkraineWar #GreenNewDeal #CarlSagan @andrewmarkhenry @usefulcharts @AlMuqaddimahYT @FilipHolm9 #Care

#PoliticalEconomy #Wealth #EconomicSystems #SpanishEmpire #Potosi #Silver #ColonialHistory #GlobalTrade #LessonsFromHistory #SystemsThinking #LongTermThinking #Mindset #Civilization 27

warning: the most critical thing to cultivate is not wealth itself, but the wisdom and mindset to handle it. #History #EconomicHistory #GlobalHistory #Empires #Psychology #BehavioralEconomics #HumanNature #Incentives #Economics #DecisionMaking #ResourceCurse #DutchDisease 26

and people, who came to believe the #treasure was theirs by right, not by #effort. They ceased to be builders and became mere holders—and eventually, #prisoners—of their #fortune. In an age of potential new windfalls, from #AI to mineral booms, #Spain’s story is a 500-year-old 25

True #wealth is a #state of mind characterized by #curiosity, deferred gratification, respect for productive work, & the #humility to know that today’s advantage is temporary. Spain’s empire wasn’t conquered on the battlefield first. It was defeated in the minds of its #rulers 25

systems: joint-stock companies (like the VOC), naval #innovation, competitive manufacturing, and advanced finance. They focused on processes, not just prizes. The ultimate lesson is psychological: #Resilience is not born from #abundance but from the capacity to #create. 24

from individuals to empires. The Antidote: Cultivating a Builder’s #Mindset The contrast with Spain’s rivals is instructive. England and the Dutch Republic, with far less natural bounty, were forced to cultivate a builder’s and trader’s mindset. Their wealth emerged from 23

stability, and a stifling of innovation and political participation. · Personal Finance & Lottery Winners: The tragic arc of sudden personal wealth mirrors Spain’s—initial euphoria, identity confusion, reckless spending, and often bankruptcy—proving the psychology scales 22

led to a collapse far more severe than in diversified economies. · The "Rentier State" #Mentality: Nations from Saudi Arabia to Russia often exhibit similar psychological patterns: an over-reliance on resource extraction, a bloated public sector offering "rents" to maintain 21

Modern Parallels: The Same Brain, Different Resources We see Spain’s psychological script replaying in modern resource curses: · Venezuela & The Oil Trap: Like Spain, it mistook a resource boom (2000s oil) for permanent prosperity, hollowing out domestic industry. The bust 20

be taxed, and immediately travel north to settle debts and pay for manufactured goods. Spain became the world’s most powerful conduit economy, funnelling real wealth (silver) to its rivals in exchange for ephemeral consumption. 19

early 1600s, 90% of the crown's revenue came from its empire, yet it was perennially bankrupt. Meanwhile, Spanish merchants at the port of Seville often acted as fronts for Dutch and Genoese bankers who actually controlled the flow of goods and credit. The silver would arrive, 18

confused money with wealth. The silver pesos were a medium of exchange, but real national wealth is productive capacity—the farms, skilled labour, workshops, and innovative spirit. The silver flood made Spain monetarily rich but productively poor. The data is stark. In the 17

roads, education, or diversified industry were perpetually sacrificed for the immediate, dopamine-driven need to fund the next military campaign and maintain imperial prestige. 4. The Illusion of #Wealth vs. The Reality of Production Spain fell for a fundamental illusion: it 16

sovereign defaults: 1557, 1575, 1596, 1607, 1627, and 1647. Each bankruptcy destroyed trust and forced higher interest rates, trapping Spain deeper. The psychological state here was strategic myopia—the inability to plan beyond the next fiscal fix. Long-term investments in 15

American #silver as collateral. This created a devastating cycle of #debt and #default. The government was effectively spending #money before it arrived, locking itself into a treadmill. When fleets were delayed or lost, crises ensued. This led to #history’s first serial 14

the psychology of addiction. The crown, expecting the silver flow to be perpetual, developed a dependency on future shipments. To fund its endless wars, it began borrowing through asientos—high-interest loans from German and Genoese bankers like the Fuggers, using future 13

cities like Toledo and Segovia withered, unable to compete with cheaper, better-quality imports from England and the Netherlands that were, ironically, purchased with Spanish silver 3. The Addiction Cycle: Borrowing From a Future That Never Came The state’s finances mirrored 12

mastering a craft when a minor bureaucratic role near the source of silver offered greater prestige and easier #money? The psychological incentive to solve problems, innovate, and build—the very engine of a resilient economy—atrophied. As a result, Spain’s once-robust textile 11

and Portugal who converted to Christianity). This was more than snobbery; it was a societal pivot from a production mindset to an extraction mindset. Chroniclers of the time noted that artisans abandoned their workshops to seek easier government posts. Why invest years 10

the hidalgos, evolved into a rentier class. Their ideal shifted from martial or productive service to living off juros (government bonds backed by silver) or sinecures. Manual labour and commerce became viewed as vulgar pursuits for conversos (Jews and Moors in medieval Spain 9