Podcast version:

“The monastic life is probably the greatest example of low time preference! It’s all about passing on the traditions to future generations … This also has a huge impact on the culture, because it’s not all about satisfying one’s immediate desires, but building a better future.”

The Catholic Church is financially savvy. I was shocked when Pope Francis ordered all financial assets removed from outside banks by the end of September and returned to the Vatican. His timing was perfect.

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