Jerry Seinfeld and The Scramble for Africa
Hi thereš . Building Blocks is a weekly roundup of content to prickle your mind. Iāve added a new section to the weekly letter - The weekend tune. I hope it helps to set the tone for the weekend ahead. If you want to say hi, respond to this email, Iād love to hear from you.
Todayās stories in a nutshell:
š History: The Scramble for Africa
šµ Business: What is a reserve currency?
š Life: What are you chasing?
š¤£ Comedy: Observe life like Jerry Seinfeld
šø (NEW!) Weekend tune
š§© Try a new game
š History: The Scramble for Africa
Before the 1880s, only a tiny part of Africa (primarily coastal areas) was under European rule. But during the āScramble for Africaā (1881 to 1914), seven European powers colonised almost all of Africa. This was largely made possible by the Berlin Conference of 1884, where German Chancellor Otto von Bismarck invited European leaders to Berlin to devise a strategy for European expansion on the African continent. Von Bismarck did this mainly to avoid conflict between the various European nations with imperial ambitions.
The imperialists largely ignored cultural and linguistic borders and divided the continent into 50 colonies. The only countries in Africa not under European control by 1914 were Liberia and Ethiopia*. The ramifications of this period remain significant to this day.
*Ethiopian troops crushed the invading Italians in the Battle of Adwa on March 1, 1896. The Europeans didnāt make much effort with Liberia due to Americaās existing influence in the country.
šµ Business: What is a reserve currency?
Iāve been stumbling upon many references to reserve currencies of late, similar to the above by Ray Dalio, American billionaire investor and hedge fund manager.
But what exactly is a reserve currency, and why is it important?
Reserve currencies are large amounts of currency (usually foreign) or commodities (e.g. gold and oil) held by governments, central banks and other monetary authorities. To countries, they serve a similar purpose to the travellerās cheques we used to use when travelling abroad and allow nations to participate in the global economy. Reserve currencies are used mainly to pay for imports and to settle international debts, but also to influence local currency prices. Local monetary authorities, for example, use foreign currency reserves to buy local currency, thus pushing up the price.
There are eight major reserve currencies: the Australian dollar, the British pound sterling, the Canadian dollar, the Chinese renminbi, the euro, the Japanese yen, the Swiss franc, and the U.S. dollar. Following the 1944 Bretton Woods Conference after World War II, the U.S. dollar has been the biggest reserve currency by far, and dominates international trade and transactions.
This state of affairs gives the U.S. considerable power as, amongst other benefits, it can enforce financial sanctions by making it difficult for blacklisted countries to obtain dollars. According to the Financial Times, Russia is currently trying to recover more $300bn in foreign currency reserves frozen by western governments following its invasion of Ukraine.
If that didnāt sufficiently quench your thirst for knowledge on reserve currencies, read more here.
š Life: What are you chasing?
A reminder to think critically about what you are chasing in life:
š¤£ Comedy: Observe life like Jerry Seinfeld
As one of the most successful comics ever, Jerry Seinfeld needs no introduction. A cornerstone of his unique brand of comedy lies in deeply observing and reflecting on daily life:
The ābestā man: āI was best man at a wedding one time and that was pretty good. Pretty good title, I thought ā¦ āBest man.ā I thought it was a bit much. I thought we had the groom and the āpretty good man.ā Thatās more than enough. If I am the best man, why is she marrying him?ā
Public speaking: āAccording to most studies, peopleās number one fear is public speaking. Number two is death. Death is number two. Does that sound right? This means to the average person, if you go to a funeral, youāre better off in the casket than doing the eulogy.ā
Plane safety demonstrations: āThey show you how to use the seatbelt, in case you havenāt been in a car since 1965. āOh, you lift up on the buckle! Oh! I was trying to break the metal apart. I thought thatās how it works.āā
Chopsticks: āIāll tell you what I like about the Chinese. Theyāre hanging in there with the chopsticks, arenāt they? You know theyāve seen the fork. Theyāre staying with the sticks. I donāt know how they missed it. Chinese farmer gets up, works in the field with a shovel all day. Shovel. Spoon. Come on. Youāre not plowing 40 acres with a couple of pool cues!ā
Our lives have become so integrated with technology that we live in a continuous state of distraction. Consider spending time without distractions like Like Jerry Seinfeld, and observe the potentially funny and fascinating things happening around you.
Or, try Sahil Bloomās creative boredom challenge.
šø Weekend tune: The Passenger by Iggy Pop
āI am a passenger
And I ride, and I ride
I ride through the city's backsides
I see the stars come out of the sky
Yeah, they're bright in a hollow sky
You know it looks so good tonightā
The Passenger is a song by American punk rocker Iggy Pop from his famous 1977 album, Lust for Life. David Bowie plays the piano and performs backing vocals on the track. Apparently, the song was inspired by Iggyās touring trips through Europe and North America, riding as a passenger in Bowieās car.
I hope it gets your weekend started on a good note.
š§© Weekend games
Test your vocabulary: Wordle or take the Mirriam-Webster quiz
Test your geography: Globle
Test your knowledge of maps: WorLdle and You donāt know Africa.
Guess the country based on its exports: Tradle