Written by Paul Siluch
October 10, 2025

The railway boom began with a boom. Literally.

Up until 1768, steam engines were underpowered and risky. They were useful for pumping water out of mines, but due to high pressure and poor-quality iron, early steam engines had a bad tendency to explode.

Along came James Watt in 1769. His efficient – and lower-pressure – steam engines ushered in the industrial revolution (Wikipedia). In particular, the steam locomotive. The railway boom swept across the world with a frenzy of building from 1850 to 1873 in the United States.

Capable of moving goods at less than half the cost of a canal boat, steam-powered locomotives changed the world. They moved people and goods faster than at any time in history. War accelerated the build-out even more, once governments realized how quickly they could move troops, signalling the end of the horse-drawn era.

Written By Paul Siluch
September 19^th, 2025

My sister once dated a man who sold Canadian lottery tickets through the mail to Americans. Before 1996, most American lotteries—like those in California—paid winnings annually over 26 years, while Canadian lotteries paid out in one lump sum. People preferred one big cheque over twenty-six smaller ones.

He sold a lot of Canadian lottery tickets.

It was illegal, of course. My sister tended to see the best in people, even when she probably shouldn't have. But one thing he said stuck with me...

Written by Paul Siluch
September 5^th, 2025

Once upon a time, one of your neolithic ancestors – let’s call her Lilly - was hungry. She had a spare deer hide but nothing she could eat.

Her neighbour – let’s call him Ug - caught some fish and offered her two in exchange for the fur. She demanded four but the two settled on three because he was cold, and she needed to eat.

This was barter, the earliest form of monetary transaction.

What makes any form of money work? There are five qualities...