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Jordan Peterson On Money, Risk Taking, and Finance - YouTube
Channel: CapitalRev
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you're accustomed to keeping things in
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the fog in general you're going to keep
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yourself in the fog with regards to your
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investments because in some sense
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everything you do is an investment right
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I mean some of its quantified in
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monetary terms but you're always
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investing in one man or another and so I
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think if your character has been
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disrupted by your persistent attempts to
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deceive yourself about the nature of
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reality you're gonna be a financial
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trainwreck and I mean I've certainly
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seen that my clinical practice seen
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people burn through amounts of money
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that you wouldn't think someone could
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burn through in that short a period of
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time because of self-deceptive
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blindness if you have a high IQ and
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you're conscientious which is another
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trait then you're more likely to be
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financials financially successful say by
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the time you're middle-aged and so that
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looks like a temperamental to
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temperamental traits whose presence
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enables you to beat randomness over time
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so those those traits work very well in
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this society about this time but you can
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also argue that that's also a matter of
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chance because there wouldn't be
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unconscious people if at some point in
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the past unconsciousness hadn't aided
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their survival so what constitutes
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beating a system depends on the
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parameters that you put around the
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system and you know you can think the
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same thing about well look at how
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successful he is okay you mean
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financially all right so then well how
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is his health how's his marriage power
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of his relationships with his children
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what price did he pay for his wealth you
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know like as he as you add dimensions of
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evaluation whether that particular
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person won or lost might not be so
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self-evident
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well the gamble partly because it's fun
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you know like and I mean that
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technically most of the neuro chemicals
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that your brain produces that are
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associated with the kind of pleasure
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that people really like which is like
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for example the kind of pleasure the
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drugs like cocaine produce are produced
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by risky high risky behavior that has
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the potential for high return we like
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that sort of thing
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and people are wired so that they're
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more responsive to the probability of
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something good happening than even to
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the good thing so for example we know
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that if people win the lottery over here
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later they're about the same as they
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were no better than or worse
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so actually winning all that money has a
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limited long-term impact on their
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happiness that's probably more
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determined by their trade temperament
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but the lead-up to the good event that's
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the exciting part it might happen it
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might happen that's excitement and
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that's produced by what gambling will
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produce that especially for some people
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because some people are really
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susceptible to that kind of reward
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everyone's susceptible to it to some
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degree and that can be manipulated and
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that's what tough slot machines do like
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slot machines manipulate the human
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propensity to engage in a certain kind
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of gambling behavior and why do people
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gamble sometimes taking a risk really
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pays off and not taking a risk is also a
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risk so there's no way out of wrist its
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gamble one way or another just like a
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lottery ticket winner you know what are
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they paying for they're paying for the
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fun that's associated with the
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anticipation of the reward and the brain
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you know your your emotional braiding
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isn't that great at calculating
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mathematical probabilities and so it's
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sort of says some chance you have some
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chance of winning 50 million dollars
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well it might be one in three hundred
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and eighty million but you're you know
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your anticipation system isn't a
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mathematical system it just says well
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you have some chance that's a lot more
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than none well in some ways it's
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infinitely more than none because at
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zero you have no chance and you know
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with one ticket you have some chance
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so that gets the old excitement going
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you can say a life without risk is
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hardly worth having you know it might be
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secure although it isn't because as I
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said not taking a risk also constitutes
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a risk and you know when you look back
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people often are more upset about the
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things they didn't do the chances they
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didn't take then the failures that they
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encounter now not always obviously it
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depends on the failure but you know you
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can sit at home encased in styrofoam and
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have your meals
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delivered and you're probably you know
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you're not gonna get mugged probably but
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what's a hell of a life
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men are more aggressive men have more
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testosterone than women and men are more
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aggressive than women and along with
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that aggression comes a greater
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propensity to take risks and so you see
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this the best example of that really the
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best example is and the best proof of it
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is the fact that there are way more male
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criminals than female criminals like way
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more and usually if you get a female
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criminal you know she's tangled up with
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some guy to drag her along I'm not
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always obviously but it's like ten to
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one so yeah and take more risks there
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are more great successes among men and
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more catastrophic failures and that's
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the case in most of the like sexually
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active animal kingdom men are relatively
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more expendable so here's an example
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more than twice as many of your
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ancestors are female than male because
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on average almost every woman has one
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child whereas many many men have none
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and some have a lot like really a lot I
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think they estimate that Genghis Khan's
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genes are present in something like 30%
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of the Asian population so there's
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massive mating success differential
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among men and that also inclines them to
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take risks because you can be
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fantastically successful genetically as
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a male although you can fail absolutely
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whereas with a woman can be moderately
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successful so you know people have tried
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to define what constitutes optimal
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health or optimal performance in a
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system or a person in a bunch of
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different ways you can say well
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deviation from the average is
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pathological but we don't think about
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that with talent or beauty or
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intelligence so as a general principle
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that can't be right
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some people have said for mental health
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that a system is unhealthy when it
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deviates from its evolutionary function
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well I don't buy that because it's very
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difficult to specify the evolutionary
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function of all sorts of things so that
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just
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doesn't solve the problem for me what
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seems to happen as far as I can tell is
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that things are useful up to a certain
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point and once they dominate and sort of
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like the Cyclops image with the Cyclops
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only seeing one thing if you get too
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single-minded about anything any virtue
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or any behavior for that matter it it
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hits a point where it starts to turn
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back on itself and then you've gone too
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far and what it turns back on itself it
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hits up what's technically called a
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positive feedback loop and then the
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things spirals out of control
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catastrophic ly and unpredictably and I
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can give you some examples of that so
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let's say you start to get depressed
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okay and you know maybe you're slowly
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getting more and more depressed well
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there's gonna be a tipping point or
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there often is a tipping point where
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you're so depressed you quit going to
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work and you lose your job well that's
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not so good for your depression because
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now you're not only depressed you're
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unemployed and you don't have any money
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well then maybe you know your wife is
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getting pretty tired of having to deal
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with you because you're depressed and
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now you also don't have a job and the
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stress is too much for her and so you
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fight a lot and that makes you more
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depressed then you start to stay at home
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because you don't really want to show
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your face in public
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so you lose all your friends and man
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it's a cliff so you're you're doing not
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too bad even though it might be a
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downhill walk until you hit this like
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single event and then it just goes whomp
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you know because being unemployed makes
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you more depressed and that makes it
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more less likely that you're gonna look
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for a job and you can okay with
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alcoholism what seems in other forms of
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addiction what seems to happen to me is
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that you hit the positive feedback loop
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point when you start using the drug to
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cure its own withdrawal symptoms so
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you're not in trouble with cocaine until
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you start using it because the cocaine
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has made you feel bad into withdrawal
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same with alcohol you're all shaky and
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you got the shakes and so on and you
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figure out one day Jesus short vodka I'm
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good yeah no you're firmly in that grip
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of the devil or not at that point and I
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think a lot of systems are like this
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they work fine but but as they get more
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and more exaggerated they get closer and
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closer to a tip-off point and then the
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tip-off point is where
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hell breaks loose and virtues are even
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like that so we know for example that
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conscientiousness is a trait and
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conscientious people are industrious and
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orderly so it's like the Protestant work
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ethic okay we also know that order
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dienes is grounded in disgust
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sensitivity okay we know that orderly
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people on average have better hygienic
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habits and they live longer but they're
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also more inclined to radically
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disapprove of homosexual behavior there
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are also more anti-foreigner because
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they have a real tight minami
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discrimination system and they're
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disgusted by what's not me well that's
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good you don't like dirt and you can be
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sure that among our forefathers
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it was very frequent if you were an
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explorer and you went out to meet a
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bunch of strangers you and your whole
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damn crew were dead three weeks later
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cuz they gave you some disease you have
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no resistance to whatsoever and it just
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wiped you out I mean that's what
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happened to the Native Americans and
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wait don't 95% of them you know it's
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this is a deadly thing anyways as
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orderliness increases in its intensity
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it starts to shade into like vicious
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intolerance so the fascists for example
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the Nazis were orderly they didn't like
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parasites and they thought of anything
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that wasn't just like them their
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corporate body the areas was a parasite
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and it should be eradicated that's a
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pretty good idea when you're eradicating
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parasites
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I mean Hitler tried to get rid of
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tuberculosis to begin with but then the
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question rises what's a parasite at some
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point it's like everyone who isn't me
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you know Hitler got to that point before
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he died because he felt that the whole
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German society he lost faith in the air
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in society as the war was being lost and
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he was perfectly happy that the bloody
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place went up from the fire which is a
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purifying element so you know even lower
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conscientiousness is virtuous but you
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take any virtue too far off the cliff
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you fall so so there's there's like this
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range within which something works and
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when you push it past that range it
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starts to feed on
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it turns into some variant of health so
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enthusiasm can easily get out of control
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that's what happens when the party gets
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out of control that's what happens
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enthusiasm makes people impulsive it
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makes them discount the future because
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today is so great enthusiasm turns into
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mania and so you know everybody said
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well you should be happy you should be
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doing positive effect all the time
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no wrong pause that effect is dangerous
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you're always telling your kids to stop
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being so happy you don't notice it but
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they're running around causing trouble
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they're having a wild time they're
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throwing their arms in the air and
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they're laughing and they're running
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around they're having fun you say hey
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quiet down and if you count your
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disciplinary actions you'd be shocked at
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how often what you're doing is telling
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your children to stop having so much fun
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it's disruptive and you know what
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happens to if you let your kids have fun
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out of control sooner or later one of
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them bangs their head on a table or
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falls down the stairs or gives another
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kid a poker you know like it will or
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break something or you know indeed it
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isn't just that it bothers people it's
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that it's the Dionysian it's Dionysian
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danger it's orgiastic danger and get too
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enthusiastic about things you get to
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trouble it's not negative emotion that
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dries teenage pregnancy it's impulsive
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positive emotion right the problem is
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and this is this actually speaks to what
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people are like benefit is finite risk
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is infinite you can die you can only be
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so happy you know like you can be really
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happy yeah yeah you can be late just
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100% dead and you're actually kind of
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wired that way because people are more
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sensitive to negative events than to
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positive events so a loss will hurt you
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more than a gain of the same magnitude
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will please you so not the reason I'm
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saying that is because it shows you that
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we're actually set up for a miski world
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our nervous systems are tuned to be more
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sensitive to negative information
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because the world so damn risky now we'd
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be completely
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be like a nocturnal animal except that
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you know we figured out ways to make
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risk value so we were ambivalent
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creatures you know we were thrilled by
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opportunity and terrified by it at the
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same time which is exactly what how it
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should be risk is everywhere that's the
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first truth of Buddhism right suffering
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is inevitable life is suffering same
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thing risk is everywhere life is
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suffering period so you know partly when
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you're saying well can you regulate the
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collapse of these macro systems you're
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saying what can you eliminate risk
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well no you can't I don't think in fact
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you could argue I shouldn't say that
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exactly I think there is one way that
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you can minimize risk don't be crooked
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the less crooked your society is the
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more you mitigating risk but you can't
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eliminate
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you
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