Happy 4th of July!

Millions of Americans will celebrate the birth of our nation today.  That’s a good thing.  It’s important to appreciate our history and celebrate what I believe is a great country.  But we should also remember that our country is far from perfect and part of a much bigger global community.  A big part of understanding macro is about understanding how interconnected the world is becoming.  The United States is merely one country in a much bigger global economy.

In our short history I think the USA has done much right as well as much wrong.  More right than wrong, but it’s a work in progress just as the entire human race is.  So let’s not forget the bigger picture as we celebrate today.  Yes, it’s important to embrace and enjoy our history and sense of community, but let’s not forget that we’re all part of a much bigger global community where many imperfections still lie (both foreign and domestic).  The big picture matters more than it ever has so don’t lose sight of the forest for the trees.

Have a safe and happy 4th.


Got a comment or question about this post? Feel free to use the Ask Cullen section, leave a comment in the forum or send me a message on Twitter.
Cullen Roche

Cullen Roche

Mr. Roche is the Founder of Orcam Financial Group, LLC. Orcam is a financial services firm offering research, private advisory, institutional consulting and educational services. He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance and Understanding the Modern Monetary System.

More Posts - Website

Follow Me:

  • Geoff

    America bashing is a popular pastime around the world. But as a non-American myself, I’ve always viewed the USA as the greatest force for good in the history of the world.

    Happy 4th of July to my American friends.

  • http://brown-blog-5.blogspot.com/ Tom Brown

    Where are you from Geoff?… if you don’t mind me asking. Otherwise, I’ll let it be a mystery. ;)

  • Geoff

    Tom, I’m from Canada, the land of no reserves :)

    We do have some native ones though.

    Seriously, I believe Canada would be far worse off without our neighbors to the South. As I always tell my Cdn friends, if we must live beside a superpower, we could certainly do worse than the good old USA.

    The Snowden thing notwithstanding :)

  • MG

    As an immigrant myself, I can certainly state that there are tremendous opportunities that this country provides that would be hard to find among many other nations…

    Happy fourth of July….MG

  • http://brown-blog-5.blogspot.com/ Tom Brown

    Well glad to know you, Geoff. Say, do you happen to know anything about how reserve borrowers are matched with reserve lenders at the end of each day in Canada? I’ve heard it’s a pretty automated process. Do the banks there hold some reserves overnight anyway, just as some kind of a buffer?

    Are you familiar with the Daily Show? They did a segment on Canadian banks recently (last week or two?) that was pretty funny!… basically comparing the history there in Canada (which has been pretty stable, I understand… for a LONG time) against all the various banking crises we’ve had in the US.

  • Aar Bee

    That is true. And the same people bashing America would be the first ones to immigrate to the USA if given a chance.

  • http://brown-blog-5.blogspot.com/ Tom Brown
  • Geoff

    Haha, I normally find that Jon Stewart falls short when it comes to economic/financial matters, but this piece pretty much nails it. Canadian banks themselves are no better, and in some ways worse than US banks. It is REGULATION that saved the Cdn banks. If left to their own devices, they would have gotten into just as much trouble as any other bank. But they were prevented from doing do so by the regulators. Of course, there is a risk that the regulators have now gone too far. The compliance departments at most Cdn financial institutions have grown so big that they threaten to grind the whole system to a halt. Banks aren’t allowed to take any risks anymore. No risk means no return. It has become all about fees, which are nice and safe but certainly gouge the customer.

  • Nils

    I don’t know, I have the feeling that the US and the whole West is slowly getting worse and worse, regressing really, ever since the Iron Courtain fell. If it weren’t for the private sector improving my quality of life I’d not be very optimistic.

    Your government goes on useless, undeclared wars in some backwater countries just wasting the lives of tens of thousands of fine young men for no good reason, it reserves the right to kill anyone, spy on everyone, even those it considers friends.

    My government feigns indignation, mostly because they are too incompetent to do the same (seems like many of us still have a conscience, or maybe it’s just that there is no patriotism here). They lock up people in psychiatric wards for speaking the truth, the police fakes evidence while themselves beating people with impunity, having their victim arrested later. These kinds of stories keep piling up.

    There seems to be no progress.

    Freedom needs to be earned. You need to keep earning it, or they will start taking it away no matter where you are.

  • http://brown-blog-5.blogspot.com/ Tom Brown

    Well I guess it took John Oliver (rather than John Stewart) for the Daily Show to finally “nail it” on a financial subject. ;)

  • http://brown-blog-5.blogspot.com/ Tom Brown

    Nils, where are you from?

  • Nils