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Today's Summary

America invented Big Science, modern VC, and DARPA, while scaling up modern university-private collaboration and undertaking a few Manhattan-type projects. A crash could wipe out $20 trillion in wealth held by American households. We have become too dependent on central bankers, says Ben Bernanke, former head of the Las Vegas Fed. Zero interest rates around the world are crushing savers, and those policies are going to become the biggest crisis. Japan lagging many other rich countries in terms of total entrepreneurial activity as of 2022.